2 May 2017 Daily Analysis
Dollar unfazed as financial market resumes trading.
US dollar was traded flat during early Asian session on Tuesday as the market resumes its trading following yesterday’s Labour Day while investors look ahead to Australia’s central bank board meeting minutes. The dollar index was unchanged at 98.88 against six major peers as of writing. Overnight, the dollar inches higher despite disappointing economic data while bullish remarks from US Treasury Secretary Steven Mnuchin failed to lift greenback further. According to Mnuchin, it may take up to two years for the US economy to achieve 3% growth while highlighted that Trump’s tax reform and regulatory relief plans would be the main catalyst to induce economic growth. Meanwhile, pound sterling was up 0.15% to $1.2905 although remained under pressure as EU leaders may likely to demand UK to pay its liabilities before a new trade deal can be discussed.
As for the commodities market, crude oil price drifted lower in Asia, down 0.10% to $48.79 as investors look forward for latest weekly estimates on crude inventories due tomorrow morning. Otherwise, gold price was up 0.29% to $1,256.99 as investors took the opportunity to buy the asset from a lower price following prior consecutive losses.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
12:30 AUD RBA Rate Statement
Today’s Highlight Economy Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 09:45 | CNY – Caixin Manufacturing PMI (Apr) | 51.2 | 51.2 | – |
| 12:30 | AUD – RBA Interest Rate Decision (May) | 1.50% | 1.50% | – |
| 16:30 | GBP – Manufacturing PMI (Apr) | 54.2 | 54.0 | – |
| 04:30 | Crude Oil – API Weekly Crude Oil Stock | 0.897M | – | – |
GBPUSD
GBPUSD, H1: GBPUSD were traded higher following a rebound from the support level of 1.2890. The signal line from MACD histogram begins to form an upward signal suggests GBPUSD to be traded higher in short-term as technical correction.
Resistance level: 1.2915, 1.2965
Support level: 1.2890, 1.2865
EURUSD
EURUSD, H4: EURUSD remains traded within a trading range while recently rebounded from the support level of 1.0895. It is expected to be traded higher in short-term, towards the target of resistance level at 1.0950. Long-term trend direction could only be determined after a successful breakout from either side of the range.
Resistance level: 1.0950, 1.1000
Support level: 1.0895, 1.0850, 1.0800
USDJPY
USDJPY, H4: USDJPY extended its gains following prior formation of golden cross by both moving average line. A successful closure above the resistance level of 112.20 would suggest USDJPY to extend its upward momentum.
Resistance level: 112.20, 112.90
Support level: 111.40, 110.60
CrudeOIL
CrudeOIL, H1: Crude oil price was traded lower following previous formation of death cross by both MA lines. As both lines continue to expand downwards, a closure below the support level of 48.65 would suggest crude oil price to extend its downtrend.
Resistance level: 48.95, 49.20
Support level: 48.65, 48.20
GOLD
GOLD_, H4: Gold price was traded lower following prior closure below the strong support level of 1260.85. As the MACD histogram continues to illustrate downward signal, gold price is expected to advance further down, towards the target of support level at 1251.45.
Resistance level: 1260.85, 1267.40
Support level: 1251.45, 1239.50