26 April 2019 Afternoon Session Analysis
Bulls dominate greenback as market awaiting GDP.
Dollar index which measuring against a basket of six major currency pairs remains hovered near two-year high as market sentiment remain boosted by strong U.S durable orders. Although initial jobless claims have shown some weakness in its figure, market remains overall positive as recent data such as retail sales, goods orders and exports also displaying improvement which have eased concerns of economy slowdown in the world’s biggest economy. The markets will now place their focus on the first quarter GDP to determine further momentum for the greenback. Dollar index rose 0.02% to 97.89 as of writing. Meanwhile, NZD/USD have slowly recover from its losses and rose 0.30% to 0.6640 as of writing following upbeat trade balance data. According to Statistics New Zealand, trade balance in New Zealand have improved $922M, stronger than market expectations with the reading of $131M. Besides that, exports in New Zealand have also improved by $5.70B which is higher than forecasted reading of $5.30B. The strong data which showing signs of strength in New Zealand’s economy have thus regain investors’ confidence in the Kiwi.
As for commodities market, crude oil price have dipped 0.29% to $64.90 per barrel at the time of writing as market hopes on OPEC in raising output to compensate for decline in Iran’s export. In recent reports, Saudi Arabia oil minister have stated that any output increases made by Saudi Arabia and OPEC would be need-based and not pre-emptively to fill lost Iranian barrels. Despite this, market remains tight as Germany, Poland and Slovakia suspended imports of Russian oil via a major pipeline, citing poor quality which could limit the downside for the commodity. On the other hand, gold price recovers 0.20% to $1279.67 as of writing as mixed U.S data and consolidating U.S stock market support the demand for gold.
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 | USD – GDP (QoQ) (Q1) | 2.2% | 2.0% | – |
| 22:00 | USD – Michigan Consumer Sentiment (Apr) | 96.9 | 97.1 | – |
| 01:00
(27th) |
CrudeOIL – US Baker Hughes Oil Rig Count | 825 | – | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from its top-levels. MACD which illustrate diminished bullish momentum suggest index to extend its retracement towards the support level 97.60.
Resistance level: 98.25, 99.55
Support level: 97.60, 97.00
GBPUSD, H4: GBPUSD was traded higher following prior rebound from low-levels. MACD which display bullish bias signal and the starting formation of golden cross suggest the pair to extend its rebound towards the resistance level 1.2945.
Resistance level: 1.2945, 1.3015
Support level: 1.2845, 1.2770
EURUSD, H4: EURUSD was traded higher while currently retesting the resistance level 1.1145. MACD which display diminishing bearish momentum suggest the pair to extend its gains after successfully breaking above the resistance level.
Resistance level: 1.1145, 1.1180
Support level: 1.1100, 1.1010
USDJPY, H4: USDJPY was traded lower following prior breakout below previous sideway channel at 111.75. MACD which display bearish momentum suggest the pair to extend its losses towards the support level 111.45.
Resistance level: 111.75, 112.20
Support level: 111.45, 110.95
AUDUSD, H4: AUDUSD was traded higher following prior rebound from support level 0.7000. MACD which illustrate bullish bias signal with the formation of golden cross suggest the pair to extend its rebound towards the resistance level 0.7050.
Resistance level: 0.7050, 0.7090
Support level: 0.7000, 0.6930
NZDUSD, H4: NZDUSD was traded higher following prior breakout above previous resistance level 0.6630. MACD which display bullish momentum with the formation of golden cross suggest the pair to extend its gains towards the resistance level 0.6670.
Resistance level: 0.6670, 0.6720
Support level: 0.6630, 0.6580
USDCAD, H4: USDCAD was traded lower following prior breakout below previous support level 1.3485. MACD which illustrate bearish momentum with the formation of death cross suggest the pair to extend its losses towards the support level 1.3435.
Resistance level: 1.3485, 1.3530
Support level: 1.3435, 1.3380
USDCHF, H4: USDCHF was traded lower while currently testing near the support of 1.0190. MACD which illustrate bearish signal suggests the pair to extend its losses in short-term after closing below 1.0190.
Resistance level: 1.0265, 1.0310
Support level: 1.0190, 1.0100
CrudeOIL, H4: Crude oil price was traded lower while currently testing the support level 64.65. MACD which illustrate bearish momentum suggest the commodity to extend its losses after breaking below the support level.
Resistance level: 66.00, 67.65
Support level: 64.65, 63.45
GOLD_, H4: Gold price was traded higher while currently testing the 60-MA line (red). MACD which illustrate persistent bullish momentum suggest gold to extend its gains towards the resistance level 1285.80 after successfully closing above the MA line.
Resistance level: 1285.80, 1295.65
Support level: 1277.30, 1268.50