5 March 2019 Afternoon Session Analysis
Aussie pressured by RBA rate decision, dollar remains solid.
Dollar index which measures its strength against its basket of six major currency pair continues to accelerate it bullish momentum as market sentiment remain positively strong over recent trade news. As news on Washington and Beijing is one step closer to reach a trade agreement, risk appetite remains strong in the market as positive sentiment continue to boost the greenback. Besides that, dollar also enjoyed support from higher Treasury Yields and recent upbeat data which ease investor’s fear of a potential slowdown in economic health. Dollar index gains 0.08% to 96.60 as of writing. On the other hand, AUDUSD remains in struggle and slips 0.18% to 0.7072 at the time of writing after Reserve Bank of Australia (RBA) kept its interest rate unchanged. However, recent remarks from Governor Phillip Lowe which stated RBA is more likely adopt a dovish tone in this year dragged the sentiment down. Moreover, recent data such as China Services PMI missed estimate which further pushed the Aussie to the lowest since Feb 12.
In the commodities market, crude oil price fell 0.30% to 56.06 as of writing following China have lowered its growth target for the year and the uncertainty surrounding trade deal between U.S and China whether it could affect the growth in the demand for crude oil. On the other hand, gold price recovers 0.13% to 1288.60 as concerns about trade deal impact have provide some support for the safe-haven asset.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
23:35 GBP BoE Gov Carney Speaks
Today’s Highlight Economic Data
| Time | Market & Data | Previous | Forecast | Actual |
| 15:30 | CHF – CPI (MoM) (Feb) | -0.3% | 0.4% | – |
| 16:55 | EUR – German Services PMI (Feb) | 55.1 | 55.1 | – |
| 17:00 | EUR – Markit Composite PMI (Feb) | 51.4 | 51.4 | – |
| 17:00 | EUR – Services PMI (Feb) | 52.3 | 52.3 | – |
| 17:30 | GBP – Services PMI (Feb) | 50.1 | 49.9 | – |
| 23:00 | USD – ISM Non-Manufacturing Employment (Feb) | 57.8 | – | – |
| 23:00 | USD – ISM Non-Manufacturing PMI (Feb) | 56.7 | 57.3 | – |
| 23:00 | USD – New Home Sales (Dec) | 657K | 600K | – |
| 23:00 | CAD – Ivey PMI (Feb) | 54.7 | – | – |
| 05:30
(6th) |
CrudeOIL – API Weekly Crude Oil Stock | -4.200M | – | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher while currently testing near the resistance level of 96.65. However, MACD which illustrate diminishing bullish momentum suggest index to undergo short-term technical correction and retrace towards the support level 96.00.
Resistance level: 96.65, 97.00
Support level: 96.00, 95.50
GBPUSD, H4: GBPUSD was traded lower following prior breakout below the previous support level at 1.3180. MACD which illustrate bearish momentum suggest the pair to extend its losses towards the support level of 1.3085.
Resistance level: 1.3180, 1.3280
Support level: 1.3085, 1.3000
EURUSD, H4: EURUSD was traded lower while currently testing the support level 1.1325. However, MACD which display diminishing bearish momentum suggest the pair to undergo short-term technical correction and rebound towards the resistance level at 1.1365.
Resistance level: 1.1365, 1.1400
Support level: 1.1325, 1.1275
USDJPY, H4: USDJPY was traded higher while currently testing near the resistance level 111.85. However, MACD which illustrate bearish momentum suggest the pair to undergo short-term technical correction and retrace towards the support level at 111.35.
Resistance level: 111.85, 112.35
Support level: 111.35, 110.90
AUDUSD, H4: AUDUSD remains traded within a sideways channel following prior retracement from the mid-level channel near 0.7100. MACD which display bearish bias signal suggest the pair to extend its retracement towards the bottom-level of the channel at 0.7060.
Resistance level: 0.7100, 0.7170
Support level: 0.7060, 0.7030
NZDUSD, H4: NZDUSD was traded lower while currently testing near the support level 0.6780. MACD which illustrate bearish bias signal suggest the pair to extend its losses after successfully breaking below the support level.
Resistance level: 0.6850, 0.6915
Support level: 0.6780, 0.6715
USDCAD, H4: USDCAD was traded higher while currently testing the resistance level 1.3325. However, MACD which display diminishing bullish momentum suggest the pair to undergo short-term technical correction and retrace from the resistance level.
Resistance level: 1.3325, 1.3400
Support level: 1.3245, 1.3185
USDCHF, H4: USDCHF was traded lower following prior retrace from the resistance of 1.0010. MACD which illustrate diminishing bullish momentum suggest the pair to extend its retracement towards the support level 0.9980.
Resistance level: 1.0010, 1.0030
Support level: 0.9980, 0.9950
CrudeOIL, H4: Crude oil price remains traded within a sideway channel while currently testing near the mid-level of the channel and support level of 56.15. MACD which illustrate bearish bias signal suggest the commodity to extend its losses towards the bottom-level of the channel after successfully breaking below the support level.
Resistance level: 57.50, 58.70
Support level: 56.15, 55.00
GOLD_, Daily: Gold price was traded lower while currently testing near the support level 1288.00. MACD which illustrate ongoing bearish momentum suggest gold to extend its losses after successfully breaking below the support level.
Resistance level: 1302.50, 1325.00
Support level: 1288.00, 1275.30