06 March 2018 Daily Analysis
Greenback on the verge of falling?
Dollar index was traded lower against a trade-weighted basket of major currencies by 0.17% to 89.93 following investors that took profit ahead major release of meeting minutes by other central banks and Non-farm Payroll this week. Overnight, the Greenback achieved minor gains of 0.04% following House Speaker Paul Ryan who urged President Donald Trump to dismiss his proposal on aluminium and steel tariffs to prevent breakout of a possible trade war. Overall, investors will be on-eyed towards statement released by the central banks as well as the NFP event this week to grasp further indication on the strength of the Greenback. On the contrary, EUR/USD rose 0.09% to $1.2358 following an ease in geopolitical tension when Angela Merkel successfully secured her position as a chancellor for the fourth term after Germany’s Social Democrats (SPD) supported a coalition deal with conservative Christian Democratic Union (CDU).
In the commodities market, crude oil price rose 2.16% to $62.72 per barrel, buoyed by a decline in crude stockpiles by 600K at the Cushing storage hub in Oklahoma, thus suggesting healthy domestic economic growth to continue supporting crude demand. Likewise, gold price rose 0.36% to $1322.82 a troy ounce following recent weakness of the dollar.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
11:30 AUD RBA Rate Statement
20:30 USD FOMC Member Dudley Speaks
Today’s Highlight Economy Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 08:01 | GBP – BRC Retail Sales Monitor (YoY) (Feb) | 0.6% | 0.5% | 0.6% |
| 08:30 | AUD – Retail Sales (MoM) (Jan) | -0.5% | 0.4% | 0.1% |
| 11:30 | AUD – RBA Interest Rate Decision | 1.50% | 1.50% | – |
| 23:00 | USD – Factory Orders (MoM) (Jan) | 1.7% | -0.4% | – |
| 23:00 | CAD – Ivey PMI (Feb) | 55.2 | 56.3 | – |
| 05:30 | CrudeOIL – API Weekly Crude Oil Stock | 0.933M | – | – |
GBPUSD
GBPUSD, H4: GBPUSD was traded higher prior breaking resistance level at 1.3800. MACD histogram that portrays increasing bullish momentum would suggest the pair to extend its gains towards the resistance level at 1.3915.
Resistance level: 1.3920, 1.4050
Support level: 1.3800, 1.3660
EURUSD
EURUSD, H4: EURUSD was traded higher prior breaking resistance level at 1.2310. The pair is currently testing the next resistance level at 1.2345. MACD histogram that portrays increasing bullish momentum would suggest the pair to extend its gains if the current candlestick successfully closes above the said resistance level.
Resistance level: 1.2345, 1.2390
Support level: 1.2310, 1.2280
USDJPY
USDJPY, H4: USDJPY was traded higher prior rebound from support level at 105.25. MACD histogram that portrays increasing bullish momentum would suggest the pair to extend its gains if breakout at resistance level 106.40 is successful.
Resistance level: 106.40, 107.10
Support level: 105.25, 103.45
CrudeOIL
CrudeOIL, H1: Crude oil price was traded higher prior gaining its support above the 200-MA line. However, MACD histogram that portrays diminishing bullish momentum would suggest the commodity price to undergo short-term technical correction to trade lower before continuing its bullish bias.
Resistance level: 63.25, 64.55
Support level: 61.80, 60.90
GOLD
GOLD_, H1: Gold price was traded lower prior breaking support by 200-MA line. However, MACD histogram that portrays diminishing bearish momentum would suggest the safe-haven asset price to trade higher thus retesting the MA line.
Resistance level: 1326.80, 1335.20
Support level: 1316.20, 1308.50