7 March 2019 Afternoon Session Analysis
Greenback hover ahead of Nonfarm Payroll.
Dollar index, which gauge the value of Greenback against six major peers lingered within a tight range since yesterday while investors remain cautious ahead of Nonfarm Payroll data which will be announced on this Friday. Earlier this week, the appeal of greenback was propelled following the release of crucial data such as ISM Non-Manufacturing PMI and New Home Sales portrayed that the economy is still remain resilient. Nevertheless, ADP Nonfarm Payroll data which reputed to be known as a good predictor of the government nonfarm payroll report came in at a disappointed figure of only 183K, weaker than economist forecast of 189K. Recent economic data painted a mixed picture on US economy growth and thus, urged market participants to standstill while waiting for further confirmation before entering the dollar market. Dollar index down 0.01% to 96.75 during Asian trading session. On the other hand, the pair of USD/CAD quoted up 0.01% to 1.3440 amid pessimistic Ivey PMI data from yesterday. According to Richard Ivey School of Business, Ivey PMI data for February dropped sharply to 50.6 from 54.7, indicating that Canada economic performance is slowing down, hence fueling the overall negative sentiment towards Canadian Dollar market.
In the commodities market, crude oil price was quoted up 0.45% to $56.40 per barrel despite EIA Crude Oil Inventories showed a sharp build up in stock. Ongoing OPEC oil production cut and U.S sanctions against Venezuela and Iran managed to form a strong ‘tripod’ to support the crude oil price. Besides, gold price edged up 0.02% to $1286.65 a troy ounce while investor are waiting for confirmation from NFP report.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
21:30 EUR ECB Press Conference
Today’s Highlight Economic Data
| Time | Market & Data | Previous | Forecast | Actual |
| 18:00 | EUR – GDP (QoQ) (Q4) | 0.2% | 0.2% | – |
| 20:45 | EUR – Deposit Facility Rate | -0.40% | -0.40% | – |
| 20:45 | EUR – ECB Marginal Lending Facility | 0.25% | 0.25% | – |
| 20:45 | EUR – ECB Interest Rate Decision (Mar) | 0.00% | 0.00% | – |
| 21:30 | USD – Nonfarm Productivity (QoQ) (Q4) | 2.2% | 1.6% | – |
| 21:30 | USD – Initial Jobless Claims | 225K | 225K | – |
| 21:30 | USD – Unit Labor Costs (QoQ) (Q4) | 1.2% | 1.6% | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded flat following recent retracement from the resistance level 96.90. However, MACD which display bearish bias signal suggest the pair to be traded lower as a short term technical correction towards the support level 96.40.
Resistance level: 96.90, 97.15
Support level: 96.40, 96.05
GBPUSD, H4: GBPUSD was traded higher following prior rebound from the support level of 1.3095. MACD which begins to form a golden cross signal suggests the pair to extend its gains in short-term, toward the direction of 1.3205.
Resistance level: 1.3205, 1.3285
Support level: 1.3095, 1.2975
EURUSD, H4: EURUSD was traded lower following prior retracement from its high level. However, MACD which indicate bullish momentum signal with the formation of golden cross suggest the pair to be traded higher towards the resistance level 1.1340.
Resistance level: 1.1340, 1.1395
Support level: 1.1295, 1.1260
USDJPY, H4: USDJPY was traded lower following prior retracement from the top level of ascending channel. MACD which illustrate persistent bearish signal suggest the pair to extend its losses towards the support level 111.10.
Resistance level: 112.10, 112.70
Support level: 111.10, 110.35
AUDUSD, H4: AUDUSD was traded higher following prior rebound from the support level 0.7005. MACD which illustrate bullish signal with the starting formation of golden cross suggests the pair to extend its rebound towards the resistance level 0.7055.
Resistance level: 0.7055, 0.7085
Support level: 0.7005, 0.6950
NZDUSD, H4: NZDUSD was traded higher following prior rebound from the support level 0.6765. MACD which has formed a bullish signal with the formation of golden cross suggest the pair to extend its rebound towards the resistance level 0.6800.
Resistance level: 0.6800, 0.6845
Support level: 0.6765, 0.6725
USDCAD, H4: USDCAD extend its gains while currently testing the resistance level 1.3440. However, MACD which illustrate diminishing bullish momentum suggest the pair to undergo a technical correction in short term towards the support level 1.3375.
Resistance level: 1.3440, 1.3505
Support level: 1.3375, 1.3310
USDCHF, H4: USDCHF was traded lower following recent retracement from the resistance level 1.0055. MACD which illustrate bearish bias signal suggest the pair to extend its retracement towards the support level 1.0025.
Resistance level: 1.0055, 1.0085
Support level: 1.0025, 0.9975
CrudeOIL, H4: Crude oil price remains traded in sideway channel following recent rebound from support level 55.60. However, MACD which display bullish momentum suggest the pair to be traded higher following its major trend towards the resistance level 57.50.
Resistance level: 57.50, 59.20
Support level: 55.60, 54.30
GOLD_, H4: Gold price was traded flat in sideway channel. However, MACD which illustrate bullish momentum with the formation of golden cross suggest the commodity to be traded higher after it successful breaks above the channel.
Resistance level: 1289.35, 1295.15
Support level: 1284.10, 1278.90