8 April 2019 Afternoon Session Analysis
Dollar hold gains as job reports continue to weigh.
Dollar index managed to retain its gains following market sentiment which remains positive after last Friday release on U.S jobs report. The upbeat data on nonfarm payrolls which rose by a solid 196,000 in March have eased investors’ fear of a sharper slowdown in the world’s largest economy. At the same, U.S-Sino trade talk also provide positive news as both nations are inching closer to a trade deal following both powerhouses will be talking again this week via teleconferencing, according to reports. The greenback edge higher 0.06% to 96.95 as of writing. On the contrary, USD/JPY have fell 0.33% to 111.36 at the time of writing following upbeat data and geopolitical tension. Japan’s current account and trade balance data have surpassed forecast and prior, which in turn offered an initial short-covering to the Japanese Yen. Besides that, US Secretary of State Mike Pompeo urged Libyan National Army to stop its offensive on Tripoli highlighted the latest geopolitical tensions in Libya, adding further to the positive momentum for the Yen as market seeks for safe-haven currency such as Yen to evade risk.
As for commodities, crude oil price surge 0.22% to $63.30 per barrel following ongoing optimism by OPEC supply cut with addition of Iran and Venezuela sanctions. Oil price rose to its highest since five month which currently continue to be driven by supply cuts which already last for 4 months in a row and various sanctions that reduce the supply even further. Besides that, geopolitical tensions in Libya also boosted further price as escalating conflict in OPEC producer Libya already raising supply concerns. On the other hand, gold price skyrocketed 0.37% to $1296.03 a troy ounce at the time of writing as the safe-haven metal was unfazed by strong U.S jobs report following China in demand for the yellow metal to increase their gold supply.
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 |
| 22:00 | USD – Factory Orders (MoM) (Feb) | 0.1% | -0.5% | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded in a sideway channel following prior retracement from the resistance level 97.00. MACD which illustrate bearish bias signal with the formation of death cross suggest the dollar to extend its retracement towards the support level 96.50.
Resistance level: 97.00, 97.65
Support level: 96.50, 96.20
GBPUSD, H4: GBPUSD was traded higher following breakout above the previous resistance level 1.3065. MACD which illustrate diminishing bearish momentum suggest the pair extend its gains towards the resistance level 1.3185.
Resistance level: 1.3185, 1.3350
Support level: 1.3045, 1.2960
EURUSD, H4: EURUSD was traded higher following prior rebound from the support level 1.1215. MACD which illustrate bullish momentum with the formation of golden cross suggest the pair to extend its gains towards the resistance level 1.1275.
Resistance level: 1.1275, 1.1325
Support level: 1.1215, 1.1180
USDJPY, H4: USDJPY was traded lower while currently testing near the support level 111.30. MACD which illustrate bearish bias signal with the formation of death cross suggest the pair to extend its losses after it breaks below the support level 111.30.
Resistance level: 111.75, 112.10
Support level: 111.30, 110.95
AUDUSD, H4: AUDUSD remain traded in a sideway channel following recent retracement from the resistance level 0.7120. MACD which display bearish momentum with the formation of death cross suggest the pair to extend its retracement towards the support level 0.7070.
Resistance level: 0.7120, 0.7155
Support level: 0.7070, 0.7045
NZDUSD, H4: NZDUSD was traded higher following prior rebound from the support level 0.6725.MACD which illustrate bullish bias signal suggest the pair to extend its rebound towards the resistance level 0.6770.
Resistance level: 0.6770, 0.6815
Support level: 0.6725, 0.6680
USDCAD, H4: USDCAD was traded lower following prior retracement from its high levels. MACD which illustrate diminishing bullish momentum suggest the pair to extend its retracement towards the support level 1.3365.
Resistance level: 1.3460, 1.3570
Support level: 1.3365, 1.3295
USDCHF, H4: USDCHF was traded lower following prior retracement from the resistance level 1.0000. MACD which illustrate bearish momentum with the formation of death cross suggest the pair to extend its retracement towards the support level 0.9965.
Resistance level: 1.0000, 1.0025
Support level: 0.9965, 0.9910
CrudeOIL, H4: Crude oil price was traded higher following prior breakout above the previous resistance level 62.50. However, MACD which illustrate diminishing bullish momentum suggest the commodity to experience a technical correction in short term towards the support level 62.50.
Resistance level: 64.10, 65.90
Support level: 62.50, 60.20
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 1298.05.
Resistance level: 1298.05, 1308.10
Support level: 1287.00, 1280.85