5 April 2019 Afternoon Session Analysis
Yen depreciates as spending contracts.
Japanese yen extended its losses during mid-Asian session, buoyed by bearish economic data from the region. For the month of February, Japan’s Household Spending contracted more than expected with -2.0%, missing economist forecast for a contraction up to -0.5%. The data has reiterated Bank of Japan’s projection whereby Japan may fail to achieve its inflation target of 2% within two years. A significant depreciation in household spending may force BoJ to execute more expansionary policy tools in order to support the economy. As such, pair of USD/JPY appreciates by 0.05% to 111.70. On the other hand, pair of AUD/USD rose 0.14% to 0.7121 during Asian trading session. Australian dollar was well in bid after recent comments from the United States and Chinese policymakers shows higher chances to untangle trade tension in between both nations. However, gains on the pair of AUD/USD remains limited as investors places their attention over US Nonfarm Payrolls report which has portrayed outstandingly low reading for February which is deemed to be “too low”.
In the commodities market, crude oil price depreciates by 0.16% to $61.95 per barrel. Oil prices continues its bearish momentum as traders book their profits from prior uptrend. Otherwise, gold price slumped 0.35% to $1,287.80 a troy ounce following diminishing trade war risk between US and China.
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 |
| 20.30 | USD – Average Hourly Earnings (MoM) (Mar) | 0.4% | 0.2% | – |
| 20.30 | USD – Nonfarm Payrolls (Mar) | 20K | 175K | – |
| 20.30 | USD – Unemployment Rate (Mar) | 3.8% | 3.8% | – |
| 20.30 | CAD –Employment Change (Mar) | 55.9K | -10.0K | – |
| 20.30 | CAD – Unemployment Rate (Mar) | 5.8% | 5.8% | – |
| 01.00
（6th） |
CrudeOIL – U.S. Baker Hughes Oil Rig Count | 816 | – | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher following prior breakout above the previous resistance level at 96.80. MACD which illustrate bullish bias momentum and the formation of golden cross suggest index to extend its gains toward the resistance level at 97.05.
Resistance level: 97.05, 97.60
Support level: 96.80, 96.45
GBPUSD, H4: GBPUSD was traded higher following prior rebound from the support level at 1.3075. MACD which display diminishing bearish momentum suggest the pair to extend its rebound toward the resistance level at 1.3145.
Resistance level: 1.3145, 1.3185
Support level: 1.3075, 1.3020
EURUSD, H1: EURUSD was traded higher following prior breakout above the previous resistance level at 1.1220. MACD which illustrate bullish bias momentum and the formation of golden cross suggest the pair to extend its gains toward the resistance level at 1.1250.
Resistance level: 1.1250, 1.1280
Support level: 1.1220, 1.1180
USDJPY, H4: USDJPY was traded higher following prior breakout above the previous resistance level at 111.40. MACD which display bullish momentum and the formation of golden cross suggest the pair to extend its gains toward the resistance level at 112.00.
Resistance level: 112.00, 112.35
Support level: 111.40, 110.85
AUDUSD, H4: AUDUSD was traded higher following prior breakout above the top level of upward channel. MACD which display bullish bias momentum suggest the pair to extend its gains toward the resistance level at 0.7145.
Resistance level: 0.7145, 0.7190
Support level: 0.7120, 0.7070
NZDUSD, H4: NZDUSD was traded lower while currently testing the support level near 0.6745. MACD which illustrate bearish momentum and the formation of death cross suggest the pair to extend its losses after successfully breakout below the support level at 0.6745.
Resistance level: 0.6775, 0.6820
Support level: 0.6745, 0.6715
USDCAD, H4: USDCAD was traded lower following prior rebound from the higher level. MACD which illustrate diminishing bullish momentum suggest the pair to extend its retracement toward the support level at 1.3345.
Resistance level: 1.3375, 1.3440
Support level: 1.3345, 1.3290
USDCHF, H4: USDCHF was traded higher following prior breakout above the previous resistance level at 0.9995. MACD which display bullish momentum and the formation of golden cross suggest the pair to extend its gains toward the resistance level at 1.0025.
Resistance level: 1.0025, 1.0065
Support level: 0.9995, 0.9965
CrudeOIL, H4: 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 lower following prior retracement from the resistance level at 1292.30. MACD which illustrate bearish momentum suggest gold to extend its losses toward the support level at 1283.72.
Resistance level: 1292.30, 1300.25
Support level: 1283.70, 1277.05