15 March 2018 Daily Analysis
Dollar calms following absence of catalysts.
Dollar index was traded steadily against its major peers while last quoted at 89.60 as of writing following release of economic data that displayed mixed results while political and trade uncertainties continued to weigh on dollar. Overnight, the Labor Department reported its producer price index that rose 0.2% last month, slightly better than the expected reading of 0.1%. However, the upbeat data has failed to lift the Greenback following release of U.S. retail sales data that recorded its third consecutive monthly decline by 0.1%, thus raising market fears over a potential slowdown in the growth of U.S. economy during the first quarter. In addition, concerns over political and trade uncertainties were heightened after U.S. President Trump has been reported to impose tariffs on $60 billion of Chinese imports mainly on the technology and telecommunication sectors. On the contrary, EUR/USD fell 0.14% to $1.2380 following dovish remarks by European Central Bank (ECB) president Mario Draghi yesterday. During the meeting minutes, Draghi has mentioned that monetary stimulus would only be removed if there is more evidence that inflation is moving nearer to its target of 2%.
In the commodities market, crude oil price rose by 0.43% to $61.02 per barrel following a massive draw in gasoline inventories by 6.271 million barrels while shadowing a large increase in crude stockpiles. Likewise, gold price extended gains by 0.20% to $1326.80 a troy ounce while dollar was still being pressured by bearish forces.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
16:30 CHF SNB Monetary Policy Assessment
17:00 CrudeOIL IEA Monthly Report
Today’s Highlight Economy Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 05:45 | NZD – GDP (QoQ) (Q4) | 0.6% | 0.8% | 0.6% |
| 16:30 | CHF – SNB Interest Rate Decision | -0.75% | -0.75% | – |
| 20:30 | USD – Import Price Index (MoM) (Feb) | 1.0% | 0.3% | – |
| 20:30 | USD – Initial Jobless Claims | 231K | 230K | – |
| 20:30 | USD – NY Empire State Manufacturing Index (Mar) | 13.10 | 15.00 | – |
| 20:30 | USD – Philadelphia Fed Manufacturing Index (Mar) | 25.8 | 23.2 | – |
| 20:30 | USD – Philly Fed Employment (Mar) | 25.2 | – | – |
| 20:30 | CAD – ADP Nonfarm Employment Change | 10.7K | – | – |
GBPUSD
GBPUSD, D1: GBPUSD was traded higher prior breaking trend line of descending triangle. Successful closure of the candlestick above the trend line and MACD histogram that portrays increasing bullish momentum would suggest the pair to extend its gains towards the resistance level at 1.4070.
Resistance level: 1.4070, 1.4340
Support level: 1.3780, 1.3590
EURUSD
EURUSD, H1: EURUSD was traded higher after rebound from support level at 1.2350. MACD signal line that displays a golden-cross would suggest the pair to extend its gains towards the resistance level at 1.2400.
Resistance level: 1.2400, 1.2430
Support level: 1.2350, 1.2300
USDJPY
USDJPY, H4: USDJPY was traded lower after breaking support level at 106.40. The pair is currently testing the next support level at 105.90. MACD histogram that portrays increasing bearish momentum would suggest the pair to extend its losses if closure of candlestick below the said support level is successful.
Resistance level: 106.40, 106.90
Support level: 105.90, 105.30
CrudeOIL
CrudeOIL, H4: Crude oil price was traded higher following rebound from support level at 60.50. MACD signal line that portrays a golden-cross would suggest the pair to extend short-term gains towards the trend line of descending triangle.
Resistance level: 62.00, 63.60
Support level: 60.50, 58.80
GOLD
GOLD_, H1: Gold price was traded higher following rebound from support by 200-MA line. The safe-haven asset price is currently testing the resistance level at 1326.80. Golden-cross as displayed by MACD signal line would suggest gold price to trade higher if breakout at the said resistance level is successful.
Resistance level: 1326.80, 1335.20
Support level: 1316.20, 1309.60