03 April 2019 Morning Session Analysis
Dollar pares gain following soft Durable Goods Orders.
Dollar index fell against its basket of six major currency pairs on Tuesday as Durable Goods orders record a slowdown. According to US Census Bureau, durable goods orders exclude fell for the first time in three month, came out at 0.1% which is lower than economist forecast with the reading of 0.3%. The weak results have adding to signs that the slowdown in the U.S economy could extend at the end of last year. Besides that, International Monetary Fund (IMF) also stated that it expects 70% of the global economy will experience a slowdown following the growth across the world have losses its momentum, thus dragging the greenback sentiment which cause it to give up some of its gains. Dollar index fell 0.07% to 96.83 as of writing. Meanwhile, GBP/USD rose 0.02% to 1.3127 at the time of writing as market fear over no-deal Brexit have eased. In recent reports, UK Prime Minister Theresa May have stated that she would ask the EU for an extension to the Brexit deadline and offered cross-party talks with the leader of opposition, Jeremy Corbyn, to break the Brexit deadlock. With just 10 days until the EU’s latest Brexit deadline on April 12, Theresa May also gave assurances that she would agree a new plan with Corbyn and put it to a vote before April 10.
In the commodities market, crude oil price remains bullish despite recent oil inventory have recorded an increase. According to the official data by API, weekly crude oil stock have increased with the reading of 2.963M, higher than previous reading of 1.930M. However, oil investors’ remains stoked in confidence and adding further bets on the black commodity as further decline in supply from OPEC have signaled that global markets are tightening with Saudi Arabia pressed on with output curbs and as power blackouts in Venezuela further squeezed supplies. Crude oil price rose 0.32% to $62.62 per barrel as of writing. On the other hand, gold price recovers 0.05% to $1291.60 a troy ounce at the time of writing following soft U.S data offered mild support to the safe-haven metal.
Today’s Holiday Market Close
Time Market Event
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Today’s Highlight Events
Time Market Event
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Today’s Highlight Economic Data
| Time | Market & Data | Previous | Forecast | Actual |
| 16.30 | GBP – Service PMI | 51.3 | 51.0 | – |
| 20.15 | USD – ADP NonFarm Employment Change | 183K | 184K | – |
| 22.00 | USD – ISM Non-Manufacturing PMI (Mar) | 54.4 | – | – |
| 22.30 | CrudeOIL-Crude Oil Inventories | 2.800M | 0.425M | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from the resistance level 97.05. MACD which illustrate bearish momentum with the formation of death cross suggest index to extend its losses towards the support level 96.70.
Resistance level: 97.05, 97.60
Support level: 96.70, 96.20
GBPUSD, H4: GBPUSD was traded higher following prior breakout from previous resistance level 1.3085. MACD which display bullish momentum suggest the pair to extend its gains towards the resistance level 1.3180.
Resistance level: 1.3180, 1.3300
Support level: 1.3085, 1.3000
EURUSD, H4: EURUSD was traded higher while currently testing the resistance level 1.1215. MACD which illustrate bullish bias signal suggest the pair to extend its gains after successfully breaking above the resistance level.
Resistance level: 1.1215, 1.1260
Support level: 1.1175, 1.1125
USDJPY, H4: USDJPY was traded higher while currently testing near the resistance level 111.45. However, MACD which illustrate diminished bullish momentum suggest the pair to undergo short-term technical correction and retrace towards the support level 110.95.
Resistance level: 111.45, 112.00
Support level: 110.95, 110.35
AUDUSD, H4: AUDUSD was traded higher while currently testing near the two MA-line. MACD which illustrate diminishing bearish momentum suggest the pair to extend its gains after successfully closing above the two MA-line.
Resistance level: 0.7115, 0.7150
Support level: 0.7070, 0.7025
NZDUSD, H4: NZDUSD was traded higher following prior rebound from the support level 0.6730. MACD which illustrate diminishing bearish momentum suggest the pair to extend its rebound towards the resistance level 0.6775.
Resistance level: 0.6775, 0.6820
Support level: 0.6730, 0.6685
USDCAD, H4: USDCAD was traded lower following prior retracement from the resistance level 1.3350. MACD which display bearish momentum suggest the pair to extend its retracement towards the support level 1.3290.
Resistance level: 1.3350, 1.3400
Support level: 1.3290, 1.3245
USDCHF, H4: USDCHF was traded lower while currently testing the support level 0.9980. MACD which display bearish bias signal suggest the pair to extend its losses after successfully closing below the support level.
Resistance level: 1.0010, 1.0040
Support level: 0.9980, 0.9950
CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level 62.50. However, MACD which display diminishing bullish momentum suggest the commodity to undergo short-term technical correction and retrace towards the support level 61.85.
Resistance level: 62.50, 63.30
Support level: 61.85, 61.15
GOLD_, H4: Gold price was traded higher following prior rebound from the support level 1285.70. MACD which illustrate bullish momentum suggest gold to extend its rebound towards the resistance level 1294.50
Resistance level: 1294.50, 1299.50
Support level: 1285.70, 1279.70