17 April 2018 Daily Analysis
Trump resumes his aggressive tweet, endless fall for the Dollar?
Dollar index was traded lower against a basket of major currencies by 0.39% to 89.04 as of writing following heightened geopolitical risks when an accusation was made by U.S. President Donald Trump towards China and Russia of currency devaluation. Overnight, the Greenback has failed to pare its losses despite retail sales data showing a better-than-expected reading of 0.6% versus 0.4% seen. The Greenback sell-off continues instead after the Empire State Manufacturing Index revealed an actual reading of 15.80 versus the economists’ forecast of 18.80. All in all, the Greenback remained under pressure as investors await further development when U.S has announced to impose economic sanctions on Russia prior to its involvement in Syria’s use of chemical weapons. On the contrary, GBP/USD rose 0.58% to its 10-month highs at $1.4343, buoyed by optimistic market sentiment towards the Bank of England (BoE) to increase its interest rates as soon as next month.
In the commodities market, crude oil price stabilized around $66.50 per barrel following market participants mulled over Syria related news while shifting their attention to the US sanctions on Russia and Iran. Otherwise, gold price extended gains by 0.07% to $1348.42 a troy ounce following the softening of the Greenback.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
09:30 AUD RBA Meeting Minutes
21:15 USD FOMC Member Williams Speaks
22:00 USD FOMC Member Quarles Speaks
23:00 USD FOMC Member Harker Speaks
05:40 USD FOMC Member Bostic Speaks
Today’s Highlight Economy Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 10:00 | CNY – GDP (YoY) (Q1) | 6.8% | 6.8% | – |
| 10:00 | CNY – Industrial Production (YoY) (Mar) | 7.2% | 6.4% | – |
| 12:30 | JPY – Industrial Production (MoM) (Feb) | 4.1% | 4.0% | – |
| 16:30 | GBP – Average Earnings Index + Bonus (Feb) | 2.8% | 3.0% | – |
| 16:30 | GBP – Claimant Count Change (Mar) | 9.2K | 13.3K | – |
| 16:30 | GBP – Employment Change 3M/3M (MoM) | 168.0K | 55.0K | – |
| 16:30 | GBP- Unemployment Rate (Feb) | 4.3% | 4.3% | – |
| 17:00 | EUR – German ZEW Economic Sentiment (Apr) | 5.1 | -0.8 | – |
| 20:30 | USD – Building Permits (Mar) | 1.321M | 1.330M | – |
| 20:30 | USD – Housing Starts (Mar) | 1.236M | 1.269M | – |
| 20:30 | CAD – Manufacturing Sales (MoM) (Feb) | -1.0% | 1.1% | – |
| 21:15 | USD – Industrial Production (MoM) (Mar) | 0.9% | 0.3% | – |
| 04:30 | CrudeOIL – API Weekly Crude Oil Stock | 1.758M | – | – |
GBPUSD
GBPUSD, H1: GBPUSD was traded higher after breaking resistance level at 1.4290. However, death-cross as displayed by MACD signal line would suggest the pair to undergo short-term technical correction to trade lower before continuing its bullish bias.
Resistance level: 1.4370, 1.4560
Support level: 1.4290, 1.4230
EURUSD
EURUSD, H4: EURUSD was traded higher after gaining its support at 1.2350. MACD that portrays ongoing bullish momentum would suggest the pair to extend its gains if candlestick successfully closes above resistance level at 1.2380.
Resistance level: 1.2380, 1.2400
Support level: 1.2350, 1.2330
USDJPY
USDJPY, H4: USDJPY was traded lower prior retracement from resistance level at 107.50 and the pair is currently testing the support level at 107.00. MACD that shows increasing bearish momentum would suggest the pair to extend its losses if breakout at the said support level is successful.
Resistance level: 107.50, 107.90
Support level: 107.00, 106.70
CrudeOIL
CrudeOIL, H1: Crude oil price was traded higher prior rebound from support level at 66.10. Golden-cross as shown by MACD signal line would suggest the commodity price to extend its gains if breakout at the 50.0 Fibonacci level is successful.
Resistance level: 66.60, 67.40
Support level: 66.10, 65.80
GOLD
GOLD_, H4: Gold price was traded higher after breaking resistance level at 1346.40. MACD that portrays ongoing bullish momentum would suggest the safe-haven asset price to extend its gains towards the resistance level at 1354.75.
Resistance level: 1354.75, 1361.15
Support level: 1346.40, 1340.90