15 April 2019 Afternoon Session Analysis
AUD in bid following positive China data.
Australian dollar received higher demand in the FX market following better-than-expected monetary data from China – one of Australia’s largest trade partner. As of writing, pair of AUD/USD rose 0.08%, last seen around 0.7177 during mid-Asian trading session. For the month of March, New Loans rose to 1690 billion Yuan, significantly higher than forecasted reading of 1250 billion Yuan. Similarly, China’s export improved to a reading of 14.2% for the month of March after falling down by 20.8% for the month prior. Both reports show resilient market momentum in terms of China’s economy and expansion while dialing down market fears over a possible slowdown. Due to improvement in risk sentiment, most investors shifted their capital from safe-haven assets to riskier offerings in the market such as New Zealand dollar and Euro. As such, pair of USD/JPY rose 0.03% to 111.98.
In terms of commodities, crude oil price slumped 0.11% to $63.66 per barrel. Oil prices slumped after OPEC and Russia was reported to ditch oil curb deal in order to fight for market share with the United States. If the deal was being abandoned, oil prices may slump sharply to as low as $40 per barrel or even lesser. As such, investors will continue to scrutinize developments in between OPEC and its allies to obtain further market signals. Otherwise, gold price depreciates by 0.20% to $1,286.18 a troy ounce due to higher demand for risky assets in the market.
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 |
| 14:30 | CHF – PPI (MoM) (Mar) | 0.2% | 0.2% | – |
| 20:30 | USD – NY Empire State Manufacturing Index (Apr) | 3.70 | 8.10 | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower while currently testing the support level at 96.40. MACD which illustrate bearish momentum and the formation of death cross suggest index to extend its losses after successfully breakout the support level at 96.40.
Resistance level: 97.05, 97.60
Support level: 96.40, 96.15
GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level at 1.3100. Due to lack of signal from MACD, a retracement from or breakout above the resistance level is required to attain further confirmation before entering the market.
Resistance level: 1.3100, 1.3140
Support level: 1.3055, 1.3005
EURUSD, H4: EURUSD was traded higher following prior breakout above the previous resistance level at 1.1280. MACD which illustrate bullish bias momentum suggest the pair to extend its gains toward the resistance level at 1.1320.
Resistance level: 1.1320, 1.1355
Support level: 1.1280, 1.1255
USDJPY, H4: USDJPY was traded lower following prior retracement from the resistance level at 112.05. MACD which display bearish momentum suggest the pair to extend its losses toward the support level at 111.40.
Resistance level: 112.00, 112.35
Support level: 111.40, 110.85
AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level at 0.7175. MACD which display bullish bias momentum suggest the pair to extend its gains after successfully breakout the resistance level at 0.7175.
Resistance level: 0.7175, 0.7195
Support level: 0.7145, 0.7120
NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level near 0.6775. MACD which illustrate bullish momentum suggest the pair to extend its gains after successfully breakout above the resistance level at 0.6775.
Resistance level: 0.6775, 0.6820
Support level: 0.6745, 0.6715
USDCAD, H4: USDCAD was traded lower following prior breakout below the previous support level at 1.3345. MACD which illustrate bearish momentum suggest the pair to extend its losses toward the support level at 1.3290.
Resistance level: 1.3345, 1.3390
Support level: 1.3290, 1.3220
USDCHF, H4: USDCHF was traded lower while currently testing the upward trend line. MACD which display bearish bias momentum suggest the pair to extend its losses after successfully breakout below the upward trend line.
Resistance level: 1.0030, 1.0065
Support level: 1.0005, 0.9965
CrudeOIL, H4: Crude oil price was traded lower while currently testing the support level at 63.45. MACD which display bearish bias momentum suggest the commodity to extend its losses after successfully breakout the support level at 63.45.
Resistance level: 64.55, 65.95
Support level: 63.45, 61.85
GOLD_, H4: Gold price was traded lower following prior breakout below the previous support level at 1293.20. However, MACD which illustrate diminishing bearish momentum suggest gold to undergo technical correction in short term toward the resistance level at 1293.20.
Resistance level: 1293.20, 1300.25
Support level: 1285.50, 1277.05