8 April 2019 Morning Session Analysis
Greenback rose albeit mixed NFP report.
Greenback extended its gains during last Friday trading despite mixed employment report that may hinder Federal Reserve from raising interest rates further for the year 2019. As of writing, the dollar index was up 0.02% to 96.94 during early Asian trading session. According to Bureau of Labor Statistics, Nonfarm Payrolls for the month of March came in at 182,000, significantly higher than forecast of 175,000. While unemployment rate remained unchanged at 3.8%, Average Hourly Earnings slowed down to 0.1%, missing economists’ forecast for a rise of 0.3%. A slowdown in wage growth may lead to slower progression in inflation and rising inflation is one of the key reasons for raising interest rates in the United States. On the other hand, pound sterling experienced tremendous selling pressure on last Friday following bearish developments in the UK with regards to Brexit. According to reports, EU leaders commented that UK Prime Minister Theresa May had not delivered credible reason to be granted an extension on Brexit deadline. Such comments spark higher concern in the market whereby UK may leave EU without any deal on 12th April. The news came after May and opposition leader Jeremy Corbyn failed to break the Brexit deadlock, leaving the PM little option but to ask EU for a second extension. Pair of GBP/USD ticks up 0.02% to 1.3039 this morning.
In the commodities, crude oil price rose by 0.24% to $63.31 per barrel during Asian trading session. Oil futures was well in bid after reports shows substantial decline in oil production at Saudi Arabia’s largest oil field. Likewise, a possible military clash in Libya has also bolstered market optimism as political unrest may lead to the shutdown of oilfield activities in the region. On the other hand, gold price rose 0.13% to $1,293.24 a troy ounce following larger buyback near the key level of $1,285.00.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
N/A
Today’s Highlight Economic Data
| Time | Market & Data | Previous | Forecast | Actual |
| 14:00 | EUR – German Trade Balance (Feb) | 18.5B | 18.0B | – |
| 22:00 | USD – Factory Orders (MoM) (Feb) | 0.1% | -0.5% | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from the resistance of 97.00. MACD which illustrate diminishing upward momentum suggests the index to be traded lower in short-term as technical correction.
Resistance level: 97.00, 97.40
Support level: 96.50, 95.95
GBPUSD, H4: GBPUSD was traded higher following prior rebound from the lower level of the channel. MACD which illustrate diminished downward momentum suggests the pair to be traded in short-term as technical correction.
Resistance level: 1.3100, 1.3155
Support level: 1.3015, 1.2960
EURUSD, H4: EURUSD was traded lower following prior retrace from the resistance of 1.1245. MACD which begins to form a death cross signal suggests the pair to be traded in a downtrend for mid-term, towards the level of 1.1185.
Resistance level: 1.1245, 1.1300
Support level: 1.1185, 1.1100
USDJPY, H4: USDJPY was traded lower following prior retracement from the resistance at 111.75. MACD which begins to form a bearish signal suggests the pair to be traded lower in short-term as technical correction.
Resistance level: 111.75, 112.20
Support level: 111.45, 111.00
AUDUSD, H4: AUDUSD was traded lower following prior retracement from the top level of descending channel. MACD which has formed a death cross signal suggests the pair to extend its losses after a closure below 0.7090.
Resistance level: 0.7115, 0.7130
Support level: 0.7090, 0.7070
NZDUSD, H4: NZDUSD was traded lower following prior closure below 0.6745. MACD which illustrate bearish signal suggests the pair to advance further down, towards the direction of 0.6700.
Resistance level: 0.6745, 0.6795
Support level: 0.6700, 0.6650
USDCAD, H4: USDCAD was traded lower while currently testing near the support of 1.1370. MACD which illustrate diminished upward momentum suggests the pair to extend its losses after closing below the target of 1.1370.
Resistance level: 1.3400, 1.3435
Support level: 1.3370, 1.3340
USDCHF, H4: USDCHF was traded flat near the support level of 0.9995. MACD which begins to form a death cross signal suggests the pair to experience technical correction following a successful closure below the support level of 0.9995.
Resistance level: 1.0040, 1.0070
Support level: 0.9995, 0.9945
CrudeOIL, H4: Crude oil price was traded higher following prior rebound from the support near 61.60. MACD which has formed a golden cross signal suggests its prices to be traded higher in short-term after closing above 63.70.
Resistance level: 63.70, 66.00
Support level: 61.60, 59.65
GOLD_, H4: Gold price was traded flat near the 20-MA line (red). However, MACD which illustrate persistent bullish signal suggests its prices to be traded higher in short-term, towards the direction of 1295.65.
Resistance level: 1295.65, 1302.50
Support level: 1284.15, 1275.30