12 April 2019 Afternoon Session Analysis
Greenback droops albeit limited by optimistic data.
Dollar index which measures its strength against a basket of six major currencies have edge lower by 0.19% to 96.55 at the time of writing after investors book their profit following price surge due to robust data. The data which was released on Thursday have displayed that U.S jobless claims have dropped to 196K which is 1/2-year low, indicating that US labor market remains stable and resilient. In addition, US Producer prices increased by 0.6%, its largest upsurge since October 2018. Due to the lack of market catalyst as of now, investors book their gains while currently remain in focus upon future economic releases from the region. On the other hand, AUD/USD fell 0.05% to 0.7125 following the release of Reserve Bank of Australia’s (RBA) Financial Stability Review report. According to the report, RBA stated that overall growth forecasts is being revised lower while noting significant risks in Australia. At the same time, the report also stated there are various vulnerabilities upon key trading partners and global financial system.
As for commodities, crude oil price extended its depreciation by 0.06% to $63.73 per barrel as of writing following plans of OPEC to mull output hike. Recent reports stated that OPEC may raise output in July if Venezuelan and Iranian supplies fall further and prices keep rallying due to persistent production cuts with Russia and other allies. On the other hand, gold price fell 0.05% to $1292.53 a troy ounce as the safe-haven metal pressured by a rebound in US dollar.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
N/A
Today’s Highlight Economic Data
| Time | Market & Data | Previous | Forecast | Actual |
| 17:00 | EUR – Industrial Production (MoM) (Feb) | 1.4% | -0.5% | – |
| 20:30 | USD – Import Price Index (MoM) (Mar) | 0.6% | 0.4% | – |
| 22:00 | USD – Michigan Consumer Sentiment (Apr) | 98.4 | 98.1 | – |
| 01:00
(13th) |
CrudeOIL – US Baker Hughes Oil Rig Count | 831 | – | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from upper levels. MACD which illustrate diminishing bullish momentum suggest index to extend its retracement towards the support level 96.45.
Resistance level: 97.00, 97.60
Support level: 96.45, 95.70
GBPUSD, H4: GBPUSD was traded higher following prior rebound from lower levels. MACD which illustrate persistent bullish momentum suggest the pair to extend its rebound towards the resistance level 1.3100.
Resistance level: 1.3100, 1.3185
Support level: 1.3020, 1.2965
EURUSD, H4: EURUSD was traded higher following prior breakout above previous resistance level 1.1280. MACD which illustrate bullish bias signal suggest the pair to extend its gains towards the resistance level 1.1335.
Resistance level: 1.1335, 1.1400
Support level: 1.1280, 1.1230
USDJPY, H4: USDJPY was traded higher while currently testing near the resistance level 111.80. MACD which illustrate bullish momentum suggest the pair to extend its gains after successfully breaking above the resistance level.
Resistance level: 111.80, 112.35
Support level: 111.45, 110.95
AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level of 0.7130. MACD which illustrate diminishing bearish momentum suggest the pair to extend its gains after successfully breaking above the resistance level.
Resistance level: 0.7130, 0.7155
Support level: 0.7095, 0.7070
NZDUSD, H4: NZDUSD was higher following prior rebound from low-levels. MACD which display diminishing bearish momentum suggest the pair to extend its rebound towards the resistance level 0.6745.
Resistance level: 0.6745, 0.6795
Support level: 0.6720, 0.6660
USDCAD, H4: USDCAD was traded lower following prior retracement from its top-levels. MACD which illustrate bearish bias signal suggest the pair to extend its retracement towards the support level 1.3335.
Resistance level: 1.3400, 1.3440
Support level: 1.3335, 1.3295
USDCHF, H4: USDCHF was traded lower following prior retracement from the resistance level 1.0030. MACD which illustrate diminishing bullish momentum suggest the pair to extend its retracement towards the support level 0.9980.
Resistance level: 1.0030, 1.0070
Support level: 0.9980, 0.9935
CrudeOIL, H4: Crude oil price was traded higher after successfully closing above the previous resistance level 63.70. MACD which display diminishing bearish momentum suggest the commodity to extend its gains towards the resistance level 64.65.
Resistance level: 64.65, 66.00
Support level: 63.70, 62.80
GOLD_, H4: Gold price was traded lower following prior breakout from the support of 1295.65. However, MACD which illustrate diminishing bearish momentum suggest gold to undergo short-term technical correction and rebound towards the resistance level 1295.65.
Resistance level: 1295.65, 1304.00
Support level: 1287.50, 1280.10