8 May 2019 Afternoon Session Analysis
RBNZ cut rate, NZD slump sharply.
New Zealand dollar received tremendous selling pressure following the release of interest rate decision from Reserve Bank of New Zealand (RBNZ). As of writing, pair of NZD/USD was quoted down 0.43% to 0.6573 during mid-Asian trading session. As widely expected, RBNZ announced to cut its interest rate by 25 basis points from 1.75% to 1.50% due to bleak economic progression in New Zealand. RBNZ quoted that there are still large uncertainties which surrounds the economy and one of the major factors lies upon US-China trade war. Likewise, the central bank was surprised by a weaker downturn in business sentiment and consumer spending, thus initiating an interest cut to balance out the economy. On the other hand, pair of AUD/USD rose 0.09% to 0.7017. Australian dollar was unfazed by weaker-than-expected trade data from China as market participants pay their attention upon US-China trade talk.
As for commodities, crude oil price rose 0.68% to $61.78 per barrel. Oil price received some support following US sanction against crude oil exporters such as Iran. With sanction in place, investors expect its crude exports to fell more than 500,000 barrels per day, down from 1 million barrels per day in April. Otherwise, gold price rose 0.16% to $1,286.46 a troy ounce following weaker US dollar.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
19:30 EUR ECB President Draghi Speaks
19:30 EUR ECB Publishes Account of Monetary Policy Meeting
Today’s Highlight Economic Data
| Time | Market & Data | Previous | Forecast | Actual |
| 22:30 | CrudeOIL – Crude Oil Inventories | 9.934M | 1.215M | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from the resistance level at 97.40. MACD which illustrate bearish momentum and the formation of death cross suggest the index to extend its losses toward the support level at 97.05.
Resistance level: 97.40, 97.60
Support level: 97.05, 96.70
GBPUSD, H4: GBPUSD was traded higher following prior rebound from the support level at 1.3045. MACD which illustrate diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 1.3090.
Resistance level: 1.3090, 1.3145
Support level: 1.3045, 1.3005
EURUSD, H4: EURUSD was traded higher following prior rebound from the support level at 1.1180. MACD which illustrate bullish momentum and the formation of golden cross suggest the pair to extend its gains toward the resistance level at 1.1215.
Resistance level: 1.1215, 1.1255
Support level: 1.1180, 1.1125
USDJPY, H4: USDJPY was traded lower following prior breakout below the previous support level at 110.05. MACD which display bearish signal suggest the pair to extend its losses toward the support level at 109.75.
Resistance level: 110.05, 110.35
Support level: 103.75, 109.25
AUDUSD, H4: AUDUSD was traded higher following prior rebound from the 20 moving average line (Red). MACD which illustrate bullish bias momentum and the formation of golden cross suggest the pair to extend it gains toward the resistance level at 0.7025.
Resistance level: 0.7025, 0.7055
Support level: 0.6995, 0.6960
NZDUSD, H4: NZDUSD was traded lower following while currently testing the support level at 0.6585. MACD which illustrate bearish bias momentum suggest the pair to extend its losses after successfully closes its candle below the support level at 0.6585.
Resistance level: 0.6630, 0.6670
Support level: 0.6585, 0.6545
USDCAD, H4: USDCAD was traded lower following prior retracement from the resistance level at 1.3475. MACD which illustrate diminishing bullish momentum suggest the pair to extend its losses toward the support level at 1.3440.
Resistance level: 1.3475, 1.3505
Support level: 1.3440, 1.3415
USDCHF, H4: USDCHF was traded lower while currently testing the support level at 1.0180. MACD which display diminishing bullish momentum suggest the pair to extend its losses after successfully breakout below the support level at 1.0180.
Resistance level: 1.0220, 1.0245
Support level: 1.0180, 1.0155
CrudeOIL, H4: Crude oil was traded higher following prior breakout above the previous resistance level at 61.45. MACD which illustrate bullish momentum suggest the commodity to extend its gains toward the resistance level at 62.75.
Resistance level: 62.75, 64.45
Support level: 61.45, 60.20
GOLD_, H4: Gold was traded higher following prior rebound from the 20 moving average line (Red). MACD which illustrate bullish bias momentum suggest the commodity to extend its gains toward the resistance level at 1287.65.
Resistance level: 1287.65, 1293.20
Support level: 1278.45, 1272.60