4 April 2019 Afternoon Session Analysis
NFP to determine greenback’s fate.
Greenback was traded flat against other major currencies while investors awaits the release of highly anticipated Nonfarm Payrolls report due tomorrow night. On yesterday, US dollar was unfazed by dovish economic data after its losses were limited by a slump in other major currencies such as pound sterling and euro due to geopolitical and economic risks. However, economists noted that recent data from the US reaffirms Federal Reserve view to keep interest rate on hold as they monitor current market condition which signals diminishing economic activity. Likewise, yesterday’s release of bearish ISM Non-Manufacturing PMI has increased more concern in the market as services sector accounts for more than 60% of US Gross Domestic Product (GDP). As of writing, the dollar index slipped 0.02% to 96.60. In the EU-zone, pair of EUR/USD extended gains by 0.07% to 1.1243 during Asian trading session. On yesterday, Euro was sold across the FX market following a large decline in Germany’s bond yield.
As for commodities, crude oil price depreciates by 0.24% to $62.21 per barrel. Oil price received some bearish bias as recent data from major economies portrays possible slowdown. A slowdown in the economy may reduce market demand for crude oil in the future. On the other hand, gold price rebounds by 0.17% to $1,292.14 a troy ounce following weaker US dollar.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
19.30 EUR ECB Publishes Account of Monetary Policy Meeting
Today’s Highlight Economic Data
| Time | Market & Data | Previous | Forecast | Actual |
| 15:30 | GBP – Construction PMI (Mar) | 49.5 | 49.8 | – |
| 20.30 | USD – Initial Jobless Claims | 211K | 216K | – |
| 22.00 | CAD – Ivey PMI | 50.6 | 51.1 | – |
Technical Analysis
DOLLAR_INDX, H1: Dollar index was traded higher following prior rebound from the support level at 96.45. MACD which illustrate bullish bias momentum suggest index to extend its gains toward the resistance level at 96.80.
Resistance level: 96.80, 97.20
Support level: 96.45, 96.15
GBPUSD, H1: GBPUSD was traded lower following prior retracement from the resistance level at 1.3185. MACD which display bearish momentum suggest the pair to extend its retracement toward the support level at 1.3145.
Resistance level: 1.3185, 1.3215
Support level: 1.3145, 1.3075
EURUSD, H4: EURUSD was traded higher while currently testing the 50 moving average line (Blue). MACD which illustrate bullish bias momentum suggest the pair to extend its gains after successfully breakout above 50 moving average line.
Resistance level: 1.1280, 1.1320
Support level: 1.1220, 1.1180
USDJPY, H4: USDJPY was traded lower following prior breakout below the previous support level at 111.40. MACD which display bearish momentum and the formation of death cross suggest the pair to extend its losses toward the support level at 110.85.
Resistance level: 111.40, 112.00
Support level: 110.85, 110.35
AUDUSD, H4: AUDUSD was traded lower following prior retracement from the top level of downward channel. MACD which display diminishing bullish momentum suggest the pair to extend its retracement toward the support level at 0.7070.
Resistance level: 0.7120, 0.7145
Support level: 0.7070, 0.7045
NZDUSD, H4: NZDUSD was traded higher following prior rebound from the support level at 0.6775. MACD which illustrate bullish momentum suggest the pair to extend its gains toward the resistance level at 0.6820.
Resistance level: 0.6820, 0.6865
Support level: 0.6775, 0.6740
USDCAD, H4: USDCAD was traded higher following prior breakout above the previous resistance level at 1.3345. MACD which illustrate bullish momentum and the formation of golden cross suggest the pair to extend its gains toward the resistance level at 1.3375.
Resistance level: 1.3375, 1.3440
Support level: 1.3345, 1.3290
USDCHF, H4: USDCHF was traded higher following prior rebound from the support level at 0.9965. MACD which display diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 0.9995.
Resistance level: 0.9995, 1.0025
Support level: 0.9965, 0.9930
CrudeOIL, H1: Crude oil price was traded lower following prior retracement from the resistance level at 62.85. MACD which display bearish bias momentum suggest the commodity to extend its losses toward the support level at 61.25.
Resistance level: 62.85, 64.10
Support level: 61.25, 60.25
GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1292.30. MACD which illustrate bullish bias momentum suggest gold to extend its gains after successfully breakout the resistance level at 1292.30.
Resistance level: 1292.30, 1300.25
Support level: 1283.70, 1277.05