23 April 2019 Afternoon Session Analysis
Greenback pared losses, Yen gains.
Dollar index measuring against a basket of six major currency pairs pared its losses and edged higher by 0.03% to 96.95 ahead of early European trading session following Bank of Japan’s (BoJ) comments on their monetary policy. Earlier today, BoJ’s executive director Eiji Maeda reiterates that the bank will further ease their monetary policy through various or a combination of steps and also focusing on the impacts and side effects if their target inflation goal of 2% is threatened. It is widely expected that the bank will keep their monetary policy steady during it’s’ policy meeting this Thursday despite their inflation missing its targeted level. BoJ had kept their interest rate level at a low of -0.10% since early 2016 to tackle the country’s deflation however was still unable to push their inflation level higher since. Investors will now focus on the bank’s continuous efforts to raise inflation level and place their confident in the Japanese Yen if the bank’s policy is deemed fitting by the market. As of writing, pair of USD/JPY fell by 0.06% to 111.86.
As for commodities market, crude oil price further its gains by 0.29% to $65.84 per barrel. Oil prices continued to be supported by ongoing OPEC production cut as well as the end of sanction waivers for importers of Iranian oil. Likewise, gold price depreciates slightly by 0.02% to $1,274.44 a troy ounce following stronger 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 |
| 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, H4: Dollar index remain traded in a sideway channel while currently testing near the resistance level 97.00. However, MACD which illustrate bearish bias signal with the formation of death cross suggest the dollar to be traded lower as a short term technical correction towards the support level 96.45.
Resistance level: 97.00, 97.60
Support level: 96.45, 96.10
GBPUSD, H4: GBPUSD was traded higher following recent rebound from its low levels. However, Due to lack of momentum and clear signal from MACD, it is suggest the wait until further signal appear such as breakout above the closest resistance level or below the support level before entering the market.
Resistance level: 1.3020, 1.3115
Support level: 1.2960, 1.2845
EURUSD, H4: EURUSD was traded lower while currently testing the support level 1.1245. MACD which illustrate diminishing bullish momentum suggest the pair to extend its losses after it breaks below the support level.
Resistance level: 1.1280, 1.1325
Support level: 1.1245, 1.1215
USDJPY, H4: USDJPY remain traded in a sideway channel while currently testing the support level 111.80. MACD which illustrate bearish momentum signal suggest the pair to be traded lower after it breaks below the support level.
Resistance level: 112.10, 112.70
Support level: 111.80, 111.30
AUDUSD, H4: AUDUSD was traded lower following prior breakout below the support level 0.7130. MACD which illustrate bearish bias signal suggest the pair to extend its losses towards the support level 0.7070.
Resistance level: 0.7130, 0.7165
Support level: 0.7070, 0.7045
NZDUSD, H4: NZDUSD was traded lower while currently testing the support level 0.6675. MACD which illustrate diminishing bullish momentum suggest the pair to extend its losses after it breaks below the support level.
Resistance level: 0.6720, 0.6770
Support level: 0.6670, 0.6640
USDCAD, H4: USDCAD remain traded in a sideway channel following recent rebound from its low levels. MACD which illustrate bullish bias signal suggest the pair to be traded higher towards the resistance level 1.3380.
Resistance level: 1.3380, 1.3460
Support level: 1.3295, 1.3220
USDCHF, H4: USDCHF was traded higher while currently testing the resistance level 1.0160. However, MACD which illustrate bearish bias signal suggest the pair to experience a short term technical correction towards the support level 1.0115.
Resistance level: 1.0160, 1.0175
Support level: 1.0115, 1.0080
CrudeOIL, H4: Crude oil was traded higher while currently testing the resistance level 65.85. However, MACD which illustrate diminishing bullish momentum signal suggest the commodity to experience a technical correction in short term towards the support level 64.55.
Resistance level: 65.85, 67.85
Support level: 64.55, 63.15
GOLD_, H4: Gold price was traded in a sideway channel following recent retracement from the resistance level 1280.45. MACD which illustrate bearish bias signal suggest the commodity to extend its retracement towards the support level 1272.05.
Resistance level: 1280.45, 1287.00
Support level: 1272.05, 1264.60