10 April 2018 Daily Analysis
Trump’s tweet sent dollar to a lower ground.
Dollar index was down 0.26% against a trade-weighted basket of major currencies to 89.47 following U.S. President Donald Trump’s criticism on current trade dispute with China. Overnight, President Trump tweeted about the inequitable practices allowed by predecessors when tariff imposed on exported American cars to China was ten times greater at 25% while Chinese-made vehicle sent to U.S. was only 2.5%. The president’s tweet has thus added investors’ fear over the prospect of trade war between the world’s two largest economies. In addition, USD/CAD was sent to a lower ground by 0.67% to $1.2697 following a rise in the Loonie on a more positive view on NAFTA negotiations and investors’ optimism for another rate hike by the Bank of Canada (BoC) this year.
In the commodities market, crude oil price rose 2.25% to $63.38 a barrel following a healthy market demand and continuous measures taken by OPEC and non-OPEC to restraint market oversupplies. Likewise, gold price extended gains by 0.21% to $1334.91 a troy ounce following ongoing dollar weakness.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
16:30 USD FOMC Member Kaplan Speaks
Today’s Highlight Economy Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 09:30 | AUD – NAB Business Confidence (Mar) | 9 | 12 | 7 |
| 20:30 | USD – PPI (MoM) (Mar) | 0.2% | 0.1% | – |
| 20:30 | CAD – Building Permits (MoM) (Feb) | 5.6% | 1.3% | – |
| 04:30 | CrudeOIL – API Weekly Crude Oil Stock | -3.280M | – | – |
GBPUSD
GBPUSD, H1: GBPUSD was traded higher prior gaining its support above 23.6 Fibonacci level. Formation of pin bar candlestick and diminishing bearish momentum as displayed by MACD histogram would suggest the pair to extend its gains towards the resistance level at 1.4160.
Resistance level: 1.4160, 1.4240
Support level: 1.4110, 1.4080
EURUSD
EURUSD, H1: EURUSD was traded lower prior retracement from resistance level at 1.2330. Negative divergence as displayed by MACD histogram would suggest the pair to undergo short-term technical correction to trade lower towards the support level at 1.2300.
Resistance level: 1.2330, 1.2360
Support level: 1.2300, 1.2280
USDJPY
USDJPY, H1: USDJPY was traded higher after rebound from support level at 106.60. MACD histogram that shows diminishing bearish momentum would suggest the pair to undergo short-term technical correction to trade higher towards the resistance by descending trend line.
Resistance level: 107.00, 107.50
Support level: 106.60, 106.40
CrudeOIL
CrudeOIL, H4: Crude oil price was trade higher after breaking resistance level at 63.00. MACD histogram that portrays increasing bullish momentum would suggest the commodity price to extend its gains towards the trend line of descending channel.
Resistance level: 63.80, 64.20
Support level: 63.00, 62.30
GOLD
GOLD_, H1: Gold price was traded lower prior retracement from resistance level at 1337.70. MACD histogram that portrays decreasing bullish momentum would suggest the safe-haven asset price to undergo short-term losses to retest its previous high.
Resistance level: 1337.70, 1342.80
Support level: 1334.90, 1327.90