9 April 2019 Afternoon Session Analysis
Dollar under pressure by commodities-backed currencies.
Dollar index which measures the greenback against a basket of six major currency pairs was down by 0.05% to 96.55 before European trading session amid investors shift in portfolio. The dollar has extended its gains last week supported by upbeat jobs data. However, as investors digested the news, market sentiment remained cautious while the crude oil market became the main attraction in the FX market. Moreover, dollar received further pressure from a slowdown in wage increase although with strong jobs data. A slowdown in the Average Hourly Earnings by 1 basis-point will affect the inflation level in the US as lower income will lead to lower spending activities in the long-run, providing the Fed more affirmation to pause any interest rate hike this year. In other news, the Canadian dollar which is a major crude oil-backed currency was surged in value, causing the pair of USD/CAD to fall by 0.03% to 1.3305 after oil bulls celebrated another daily gain as expectations of oil supply tightening grew. Besides that, loonie received further support from last Friday’s job data when their Employment Change data was recorded higher at -7.2K vs -10.0K. Investors will be more focused on crucial crude oil sentiment to further gauge the movement of loonie for this week.
As for commodities market, crude oil price further its gains by 0.16% to $64.50 per barrel after surging more than 2% and hitting a 5-months high yesterday. Crude oil price continues to be supported by growing geopolitical tensions in Libya which may affects its oil production and also continues effort of OPEC+ glut cut. Overall sentiment in the oil market remained positive while investors await further signals from US-Sino trade war which may affect global demand for the commodity. Likewise, gold price increased by 0.14% to $1299.00 a troy ounce following weaker dollar.
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 – JOLTs Job Openings (Feb) | 7.581M | 7.550M | – |
| 04:30
(10th) |
CrudeOIL – API Weekly Crude Oil Stock | 2.963M | – | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index remain traded in a sideway channel while currently testing the support level 96.50. MACD which illustrate bearish momentum suggest the dollar to extend its losses after it breaks below the support level 96.50.
Resistance level: 97.00, 97.65
Support level: 96.50, 96.15
GBPUSD, H4: GBPUSD was traded higher following prior rebound from the support level 1.3045. MACD which illustrate bullish bias signal with the formation of golden cross suggest the pair to extend its rebound towards the resistance level 1.3185.
Resistance level: 1.3185, 1.3350
Support level: 1.3045, 1.2960
EURUSD, H4: EURUSD was traded higher while currently testing near the resistance level 1.1275. However, MACD which illustrate diminishing bullish momentum suggest the pair to experience a technical correction in short term towards the support level 1.1245.
Resistance level: 1.1275, 1.1325
Support level: 1.1245, 1.1215
USDJPY, H4: USDJPY was traded lower while currently testing near the support level 111.30. MACD which illustrate persistent bearish momentum suggest the pair to extend its losses after it breaks below the support level.
Resistance level: 111.75, 112.10
Support level: 111.30, 110.95
AUDUSD, H4: AUDUSD was traded higher following prior breakout above the previous resistance level 0.7130. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to extend its gains towards the resistance level 0.7155.
Resistance level: 0.7155, 0.7190
Support level: 0.7130, 0.7070
NZDUSD, H4: NZDUSD was traded higher following prior rebound from the support level 0.6725. MACD which illustrate bullish bias signal with the formation of golden cross 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 recent breakout below the previous support level 1.3365. MACD which illustrate bearish bias signal suggest the pair to extend its losses towards the support level 1.3295.
Resistance level: 1.3365, 1.3460
Support level: 1.3295, 1.3220
USDCHF, H4: USDCHF was traded lower following prior retracement from the resistance level 1.0000. MACD which illustrate bearish momentum signal suggest the pair to extend its losses 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 64.00. However, MACD which illustrate diminishing bullish momentum suggest the commodity to experience a technical correction in short term towards the support level 64.00.
Resistance level: 65.90, 67.85
Support level: 64.00, 62.75
GOLD_, H4: Gold price was traded higher while currently testing near the resistance level 1300.10. However, MACD which illustrate diminishing bullish momentum suggest the commodity to experience a short-term technical correction towards the support level 1293.55.
Resistance level: 1300.10, 1310.70
Support level: 1293.55, 1287.00