25 April 2019 Afternoon Session Analysis
Greenback slides but remained supported by poor Eurozone.
Dollar index measuring against a basket of six major currency pairs slides by 0.10% to 97.72 ahead of European trading session after recording more than half percent of gains on Wednesday amid poor eurozone data. Yesterday’s release of German Ifo Business Climate Index data missed its expectations of 99.9, falling to 99.2 which spiraled worries among investors towards the eurozone as they shift their portfolio from euro market into safe-haven dollar. As trade tensions further pressuring the German economy, it reaffirms the European Central Bank (ECB) dovish stance towards Euro growth slowdown. However, dollar gains were limited after Bank of Canada (BoC) released their somewhat less dovish note during their monetary policy statement yesterday. In its statement, BoC kept their interest rate at 1.75%, however indicating that the bank is more likely be open to future rate hikes than a cut provided that their growth was inline with their forecast with the GDP well maintained at 2.2%. As for now, BoC will continue to evaluate suitable policy accommodation based on future key economy data. Pair of USD/CAD edged higher by 0.04% to 1.3494 as of writing.
As for commodities market, crude oil price pared part of its losses by 0.12% to $65.83 per barrel after being pressured by unexpected rise in crude oil inventories reported by US Energy Information Administrations (EIA). However, sentiment remains on the upside in oil markets as sanctions on Venezuela and Iran provided further support to oil prices. Besides that, ongoing production cut lead by OPEC also continues to push oil prices higher at least till the month of June when OPEC and its allies holds another meeting to discuss whether or not to further its glut cut plans. Otherwise, gold prices fell by 0.03% to $1275.00 per troy ounce despite dollar’s retracement.
Today’s Holiday Market Close
Time Market Event
All Day AUD ANZAC Day
All Day NZD ANZAC Day
Today’s Highlight Events
Time Market Event
16:00 EUR ECB Economic Bulletin
Today’s Highlight Economic Data
| Time | Market & Data | Previous | Forecast | Actual |
| 18:00 | GBP – CBI Industrial Trends Orders (Apr) | 1 | 3 | – |
| 20:30 | USD – Core Durable Goods Orders (MoM) (Mar) | -0.1% | 0.2% | – |
| 20:30 | USD – Initial Jobless Claims | 192K | 199K | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher following prior breakout above previous resistance level 97.60. However, MACD which illustrate diminishing bullish momentum suggest the dollar to experience a short term technical correction towards the support level 97.60.
Resistance level: 98.35, 99.30
Support level: 97.60, 97.00
GBPUSD, H4: GBPUSD was traded lower while currently testing near the support level 1.2890. However, MACD which illustrate diminishing bearish momentum suggest the pair to experience a technical correction in short term towards the resistance level 1.2960.
Resistance level: 1.2960, 1.3020
Support level: 1.2890, 1.2845
EURUSD, H4: EURUSD was traded lower following prior breakout below the previous support level 1.1180. However, MACD which illustrate diminishing bearish momentum suggest the pair to be traded higher as technical correction in short term towards the resistance level 1.1180.
Resistance level: 1.1180, 1.1215
Support level: 1.1115, 1.1025
USDJPY, H4: USDJPY remain traded in a sideway channel following recent retracement from the resistance level 112.10. Due to lack of momentum and signal, it is suggested to wait until further clear signal appear such as breakout above the resistance level 112.10 or below the support level 111.80 before entering the market.
Resistance level: 112.10, 112.70
Support level: 111.80, 111.30
AUDUSD, H4: AUDUSD was traded lower while currently testing near the support level 0.7005. However, MACD which illustrate diminishing bearish momentum suggest the pair to experience a short term technical correction towards the support level 0.7005.
Resistance level: 0.7050, 0.7085
Support level: 0.7005, 0.6950
NZDUSD, H4: NZDUSD was traded lower while currently testing near the support level 0.6585. However, MACD which illustrate bullish bias signal suggest the pair to be traded higher as a short term technical correction towards the resistance level 0.6640.
Resistance level: 0.6640, 0.6675
Support level: 0.6590, 0.6550
USDCAD, H4: USDCAD was traded higher following prior breakout above previous resistance level 1.3465. However, MACD which illustrate diminishing bullish momentum suggest the pair to experience a technical correction in short term towards the support level 1.3465.
Resistance level: 1.3520, 1.3570
Support level: 1.3465, 1.3430
USDCHF, H4: USDCHF was traded higher while currently testing the resistance level 1.0200. However, MACD which illustrate bearish bias signal with the formation of death cross suggest the pair to be traded lower in short term as a technical correction towards the support level 1.0160.
Resistance level: 1.0200, 1.0230
Support level: 1.0160, 1.0115
CrudeOIL, H4: Crude oil remain traded in a sideway channel while currently testing near the support level 65.55. MACD which illustrate bearish bias signal suggest the commodity to be traded lower after it breaks below the support level.
Resistance level: 66.55, 67.85
Support level: 65.55, 64.55
GOLD_, H4: Gold price remain traded in a sideway channel following prior rebound from the support level 1271.80. MACD which illustrate bullish bias signal suggest the commodity to be traded higher towards the resistance level 1280.45.
Resistance level: 1280.45, 1287.00
Support level: 1271.80, 1263.45