9 April 2019 Morning Session Analysis
Greenback fell as data disappoints.
US dollar fell against other major currencies on Monday following a slight decline in US factory orders which has spark some concerns within the market upon economic growth momentum. The dollar index was quoted down 0.34% to 96.60 as of writing. According to US Commerce Department, US Factory Goods Orders for the month of February shrank within expectation with the reading of -0.5%. The decline in factory orders has raised some concerns over US economic growth momentum which is the main topic for the region as of recent. However, losses on the greenback remains limited due to its positive appeal when being compared to pound sterling and euro which are currently facing higher risks ahead such as Brexit and deteriorating economic conditions respectively. On the other hand, pound sterling was traded flat around 1.3060 during Asian trading session. Traders continues to scrutinize further developments of Brexit as UK Prime Minister Theresa May continued her talks with opposition leader Jeremy Corbyn in a bid to break the Brexit impasse. In addition, May is expected to meet with German Chancellor Angela Merkel and French President Emmanuel Macron on Tuesday in order to secure an extension to Brexit deadline which is being set on 12th April.
As for commodities market, crude oil price extended gains by 0.05% to $64.30 per barrel this morning. Oil prices rally more than 2% on yesterday following geopolitical tension which arises in Libya, one of the oils producing countries and member of OPEC. Such tension could halt their oil production which may reduces global oil supply and prop up its prices for short-term. On the other hand, gold price rose 0.08% to $1,298.55 a troy ounce following a slump in greenback.
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 |
| 13:45 | CHF – Unemployment Rate s.a. (Mar) | 2.4% | 2.4% | – |
| 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 was traded higher following prior rebound from the support at 96.50. Stochastic Oscillator which illustrate rebound signal suggests the index to be traded higher in short-term.
Resistance level: 97.00, 97.40
Support level: 96.50, 95.95
GBPUSD, H4: GBPUSD was traded higher following prior rebound from the support of 1.3015. MACD which begins to form a golden cross signal suggests the pair to extend its gains in short-term after closing above the 20-MA line (red).
Resistance level: 1.3100, 1.3155
Support level: 1.3015, 1.2965
EURUSD, H4: EURUSD was traded higher following prior closure above 1.1245. MACD which illustrate bullish signal suggests the pair to advance further up, towards the direction of 1.1300.
Resistance level: 1.1300, 1.1360
Support level: 1.1245, 1.1185
USDJPY, H4: USDJPY was traded lower while currently testing at the support of 111.45. MACD which illustrate bearish signal suggests the pair to extend its losses after closing below of 111.45.
Resistance level: 111.75, 112.20
Support level: 111.45, 111.00
AUDUSD, H4: AUDUSD was traded higher following prior rebound from the support near 0.7115. MACD which illustrate bullish signal suggests the pair to extend its gains, towards the direction of 0.7130.
Resistance level: 0.7130, 0.7150
Support level: 0.7115, 0.7090
NZDUSD, H4: NZDUSD was traded higher while currently testing near the top level of descending channel. MACD which illustrate bullish signal suggests the pair to advance further up following a successful breakout from the top.
Resistance level: 0.6745, 0.6795
Support level: 0.6700, 0.6650
USDCAD, H4: USDCAD was traded lower while currently testing near the support level of 1.3300. MACD which illustrate bearish signal suggests the pair to extend its losses after closing below the target of 1.3300.
Resistance level: 1.3345, 1.3370
Support level: 1.3300, 1.3270
USDCHF, H4: USDCHF remains traded within an ascending channel following prior rebound from the bottom. MACD which illustrate diminishing downward momentum suggests the pair to extend its gains in short-term after closing above 0.9995.
Resistance level: 0.9995, 1.0040
Support level: 0.9945, 0.9900
CrudeOIL, Daily: Crude oil price extended gains following prior closure above 63.70. MACD which illustrate bullish signal suggests its prices to advance further up, towards the direction of 66.00 in mid-term.
Resistance level: 66.00, 69.50
Support level: 63.70, 61.60
GOLD_, H4: Gold price was traded lower following prior retracement from the resistance near 1302.50. MACD which illustrate diminished upward momentum suggests its prices to be traded lower in short-term as technical correction.
Resistance level: 1302.50, 1311.40
Support level: 1295.65, 1284.15