5 April 2019 Morning Session Analysis
Greenback climbs following upbeat jobless numbers.
U.S dollar have advanced against it basket of six major rival pairs after following the release of Initial Jobless Claims data. According to the U.S Department of Labor, the number of people who filed for unemployment assistance fell to an almost-50-year low last week, with the reading of 202K, better than expected reading of 216K which is the lowest since December 1969, provide hope that the U.S economy is not slowing down. Besides that, recent progress on trade talk between U.S and China remains ongoing and positive. However, market will shift their focus on highly important job data that is Non-Farm Payroll which will release on Friday for further confirmation. U.S dollar rose 0.21% to 97.29 as of writing. Meanwhile, pound sterling have fell after three day gains following warning from BoE Governor Mark Carney on Brexit. According to recent reports, BoE Governor Mark Carney have stated that the likelihood of a hard Brexit remained “alarmingly high” and that warned of the dangers of a no-deal scenario. At the same time, he said that London’s financial center could cope with Britain leaving the EU without a deal.
As for commodities, crude oil price continues its climb towards $70 and rose 0.19% to $62.48 per barrel as tightening supply in the market continue to support the confidence of oil investors. Despite recent surprise climb in the inventory, market has gaining back its momentum as efforts from OPEC and its allies in cutting supply in addition with Iran and Venezuela sanctions outweigh rising inventories pressure. At the same time, refinery maintenance season is also drawing to a close which could provide further demand for crude oil. On the other hand, gold price fell 0.11% to $1288.90 a troy ounce as of writing following a strong jobless claims data that support the dollar which weakening the appeal of 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 |
| 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 April） | CrudeOIL – U.S. Baker Hughes Oil Rig Count | 816 | – | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher while currently testing the resistance level 96.85. MACD which illustrate bullish bias signal with the formation of golden cross suggest the dollar to extend its gains after it breaks above the resistance level.
Resistance level: 96.85, 97.15
Support level: 96.20, 95.70
GBPUSD, H4: GBPUSD was traded lower while currently testing near the support level 1.3065. MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to extend its losses after it breaks below the support level 1.3065.
Resistance level: 1.3180, 1.3350
Support level: 1.3065, 1.2960
EURUSD, H4: EURUSD was traded lower while currently testing near the support level 1.1215. MACD which illustrate bearish momentum signal with the starting formation of death cross suggest the pair to extend its losses after it breaks below the support level.
Resistance level: 1.1275, 1.1325
Support level: 1.1215, 1.1180
USDJPY, H4: USDJPY was traded higher while currently testing the resistance level 111.75. MACD which illustrate bullish bias signal with formation of golden cross suggest the pair to extend its gains after it breaks above the resistance level.
Resistance level: 111.75, 112.10
Support level: 111.40, 110.95
AUDUSD, H4: AUDUSD remain traded in a sideway channel while currently testing near the resistance level 0.7120. However, MACD which illustrate diminishing bullish momentum with the formation of death cross suggest the pair to be traded lower as a technical correction in short-term towards the support level 0.7070.
Resistance level: 0.7120, 0.7155
Support level: 0.7070, 0.7045
NZDUSD, H4: NZDUSD was traded lower after it breaks below the previous support level 0.6770. MACD which display bearish momentum signal with the formation of death cross suggest the pair to extend its losses towards the support level 0.6725.
Resistance level: 0.6770, 0.6815
Support level: 0.6725, 0.6680
USDCAD, H4: USDCAD was traded higher following prior breakout above the previous resistance level 1.3350. MACD which illustrate persistent bullish momentum suggest the pair to extend its gains towards the resistance level 1.3460.
Resistance level: 1.3460, 1.3570
Support level: 1.3350, 1.3295
USDCHF, H4: USDCHF was traded higher while currently testing the resistance level 1.0000. MACD which illustrate bullish momentum with the formation of golden cross suggest the pair to extend its gains after it breaks above the resistance level.
Resistance level: 1.0000, 1.0025
Support level: 0.9965, 0.9910
CrudeOIL, H4: Crude oil price was traded lower following recent retracement from the resistance level 62.50. MACD which illustrate bearish momentum with the formation of death cross suggest the commodity to extend its retracement towards the support level 60.20.
Resistance level: 62.50, 64.10
Support level: 60.20, 58.05
GOLD_, H4: Gold price remain traded in a sideway channel following recent rebound from the support level 1287.00. MACD which illustrate bullish momentum suggest the commodity to extend its rebound towards the resistance level 1298.00.
Resistance level: 1298.00, 1308.10
Support level: 1287.00, 1280.85