23 April 2019 Morning Session Analysis
Greenback skids as housing data disappoints.
US dollar was traded lower on yesterday following the release of bearish economic data from the region. As of writing, the dollar index was quoted down 0.20% to 96.90 during Asian trading session. On yesterday, financial markets in Australia, Hong Kong and other major countries were closed in conjunction with Easter holiday. However, greenback found some renewed bearish pressure after Existing Home Sales came in lower than expected with 5.21 million versus forecast of 5.30 million for the month of March. Major economist commented that the softer housing data are not as weak as investor’s are concerning as its lower reading may be due to the approaching selling season in spring. On the other hand, pair of USD/CAD extended losses by 0.02% to 1.3341. Canadian dollar received higher bidding on yesterday after crude oil prices surged to 24-weeks high following bullish signals in the market. Oil price movements will bring higher impact upon the Canadian dollar as it is one of Canada’s major exports.
As for commodities market, crude oil price extended gains by 0.21% to $65.72 per barrel. Oil prices jumped more than 3% on yesterday after Trump administration announced the end of sanction waivers for importers of Iranian oil. Otherwise, gold price depreciates slightly by 0.02% to $1,274.70 a troy ounce due to higher appeal for riskier assets in the market.
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 |
| 20:30 | CAD – Wholesale Sales (MoM) (Feb) | 0.6% | 0.1% | – |
| 22:00 | USD – New Home Sales (Mar) | 667K | 647K | – |
| 04:30
(24th) |
CrudeOIL – API Weekly Crude Oil Stock | -3.096M | – | – |
Technical Analysis
DOLLAR_INDX, H1: Dollar index was traded higher following prior rebound from the lower levels. MACD which illustrate diminishing downward momentum suggests the index to be traded higher, towards the direction of 97.00.
Resistance level: 97.00, 97.10
Support level: 96.75, 96.50
GBPUSD, Daily: GBPUSD was traded lower following prior closure below 1.3000. MACD which illustrate bearish signal suggests the pair to extend it losses in the mid-term, towards the direction of 1.2900.
Resistance level: 1.3000, 1.3120
Support level: 1.2900, 1.2805
EURUSD, H4: EURUSD was traded lower following prior retracement from its higher level. MACD which illustrate diminished upward momentum suggests the pair to be traded lower in short-term as technical correction.
Resistance level: 1.1285, 1.1315
Support level: 1.1245, 1.1215
USDJPY, H4: USDJPY remains traded within the sideways channel of 111.75 and 112.20. Due to the lack of signal from MACD and price action, it is suggested to wait for a breakout before entering the market.
Resistance level: 112.20, 112.80
Support level: 111.75, 111.45
AUDUSD, H4: AUDUSD was traded lower while currently testing near the support of 0.7130. MACD which continues to illustrate bearish signal suggests the pair to extend its losses after closing below 0.7130.
Resistance level: 0.7150, 0.7165
Support level: 0.7130, 0.7110
NZDUSD, H1: NZDUSD was traded lower following prior retracement from the 60-MA line (green). MACD which illustrate diminishing bullish momentum suggests the pair to extend its losses after closing below 0.6670.
Resistance level: 0.6695, 0.6720
Support level: 0.6670, 0.6630
USDCAD, H1: USDCAD was traded higher following prior rebound from the support level of 1.3340. MACD which begins to form a bullish signal suggests the pair to be traded higher in short-term towards the direction of 1.3370.
Resistance level: 1.3370, 1.3400
Support level: 1.3340, 1.3300
USDCHF, Daily: USDCHF was traded higher following prior close above 1.0100. MACD which continues to illustrate bullish signal suggests the pair to advance further up, towards the direction of 1.0190 in the mid-term.
Resistance level: 1.0190, 1.0265
Support level: 1.0100, 0.9975
CrudeOIL, H4: Crude oil price was traded flat while currently testing near the resistance at 66.00. MACD which illustrate diminished upward momentum suggests its prices to experience technical correction for short-term.
Resistance level: 66.00, 67.65
Support level: 64.65, 63.70
GOLD_, H4: Gold price was traded lower following prior closure below 1275.30. MACD which illustrate diminished upward momentum suggests its prices to extend its losses, towards the direction of 1267.00.
Resistance level: 1275.30, 1284.15
Support level: 1267.00, 1253.25