13 April 2018 Daily Analysis
Dollar regains strength after Trump backtracked his aggressive stance.
Dollar index was traded higher against a weighted basket of major currencies by 0.30% to 89.43 as of writing following easing of tensions between the U.S. and Syria despite the release of weaker economic data in the region. Overnight, Greenback rebounded from its session low after U.S. President Donald Trump toned down his threats of military action in Syria, stating that the military strike could come “very soon, or not soon at all”. His tweet which has backed away from his aggressive stance earlier kept the dollar on higher ground, erasing some of its losses following the release of initial jobless claims that shown a reduce of 9,000 to a seasonally adjusted 233,000 last week which has missed the expected reading for a drop to 231,000. On the contrary, EUR/USD was down 0.41% to 1.2323 after policymakers expressed their worry over the potential trade-war risk with the U.S. as well as stronger Euro that could cast a harmful impact to the economy in the European zone.
In the commodities market, crude oil price was traded lower by 0.9% to $66.78 per barrel following an ease of geopolitical tensions between the U.S. and Syria. All in all, the losses was expected to be short-term following ongoing efforts made by the OPEC and non-OPEC to cut its global crude supplies. Likewise, gold price extended losses by 1.35% to $1338.35 a troy ounce following cooling of U.S.-Syria geopolitical tensions.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
16:00 CrudeOIL IEA Monthly Report
20:00 USD FOMC Member Rosengren Speaks
21:00 USD FOMC Member Bullard Speaks
01:00 (Sat) USD FOMC Member Kaplan Speaks
Today’s Highlight Economy Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 11:00 | CNY – Trade Balance (USD) (Mar) | 33.75B | 27.21B | – |
| 14:00 | EUR – German CPI (MoM) (Mar) | 0.4% | 0.4% | – |
| 17:00 | EUR – Trade Balance (Feb) | 19.9B | 20.2B | – |
| 22:00 | USD – JOLTs Job Openings (Feb) | 6.312M | 6.220M | – |
| 22:00 | USD – Michigan Consumer Sentiment | 101.4 | 100.8 | – |
| 01:00 | CrudeOIL – US Baker Hughes Oil Rig Count | 808 | – | – |
GBPUSD
GBPUSD, H1: GBPUSD was traded higher following breakout at resistance level 1.4190. However, MACD that displays diminishing bullish momentum would suggest the pair to undergo short-term technical correction to trade lower.
Resistance level: 1.4240, 1.4270
Support level: 1.4190, 1.4160
EURUSD
EURUSD, H4: EURUSD was traded lower after breaking support level at 1.2330. Absence of significant signals from both candlestick pattern and MACD would suggest to wait for confirmation breakout to grasp the next movement of the pair in short-term.
Resistance level: 1.2330, 1.2360
Support level: 1.2300, 1.2280
USDJPY
USDJPY, H4: USDJPY was traded higher prior breaking resistance level at 107.00 MACD that portrays increasing bullish momentum would suggest the pair to extend its gains if breakout at the next resistance level 107.50 is successful.
Resistance level: 107.50, 107.90
Support level: 107.00, 106.70
CrudeOIL
CrudeOIL, H4: Crude oil price was traded lower following retracement from resistance level at 67.40. Death-cross as displayed by MACD signal line would suggest the commodity price to extend losses towards the support level at 66.60.
Resistance level: 67.40, 69.50
Support level: 66.60, 66.20
GOLD
GOLD_, H1: Gold price was traded higher prior breaking resistance by 200-MA line. It is currently testing to break resistance level at 1337.70. MACD that portrays a golden-cross would suggest the safe-haven asset price to trade higher if candlestick successfully closes above the said resistance level.
Resistance level: 1337.70, 1342.50
Support level: 1335.00, 1327.90