17 April 2019 Afternoon Session Analysis
China shines, AUD flies.
Australian dollar extended its gains during Asian trading session following better-than-expected economic data from its major trade partner – China. Official data from China showed that its economy expanded at an annualized rate of 6.4% for the first quarter of 2019, exceeding economist forecast for a growth of up to 6.3%. The data confounded investors’ worries over a possible slowdown in the world’s second largest economy after International Monetary Fund (IMF) gave bearish assessments with regards to global economic growth for the year 2019. As of writing, the pair of AUD/USD rose 0.16% to 0.7187, its highest level in 8-weeks. On the other hand, pair of EUR/USD recovered its losses by 0.17% to 1.1300 this morning. Euro received tremendous bearish selloff on yesterday following dovish rhetoric given by the European Central Bank (ECB). According to ECB, they expressed their doubts over prior economic projection and its model used as they are deemed too optimistic. Such signal has further piled up market concern over the economic progression in EU as recent data portrays some recessive risk in the region.
As for commodities, crude oil price rose 0.19% to $64.43 per barrel. Oil prices extended its gains following the release of bullish China data which has eased market concern over global economic recession. Otherwise, gold price ticked down 0.01% to $1,276.83 a troy ounce due to diminishing risks in the market.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
21.00 GBP BoE Gov Carney Speaks
Today’s Highlight Economic Data
| Time | Market & Data | Previous | Forecast | Actual |
| 16:30 | GBP – CPI (MoM) (Mar) | 0.5% | 0.3% | – |
| 16.30 | GBP – PPI Input (MoM) (Mar) | 0.6% | 0.3% | – |
| 17.00 | EUR – CPI (YoY) (Mar) | 1.4% | 1.4% | – |
| 20.30 | CAD – CPI (MoM) (Mar) | 1.5% | 1.9% | – |
| 22.30 | CrudeOIL – Crude Oil Inventories | 7.029M | 1.711M | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from the top level of downward channel. MACD which illustrate diminishing bullish momentum suggest index to extend its losses toward the support level at 96.35.
Resistance level: 96.75, 97.05
Support level: 96.35, 96.15
GBPUSD, H4: GBPUSD was traded higher following prior rebound from the lower level. MACD which illustrate diminishing bearish momentum suggest the pair to be traded higher in short term toward the resistance level at 1.3065.
Resistance level: 1.3065, 1.3105
Support level: 1.3015, 1.2935
EURUSD, H4: EURUSD was traded higher following prior rebound from the support level at 1.1280. MACD which illustrate diminishing bearish 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 112.00. MACD which display bearish momentum and the formation of death cross 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 0.7195. MACD which display bullish momentum and the formation of golden cross suggest the pair to extend its gains after successfully breakout the resistance level at 0.7195.
Resistance level: 0.7195, 0.7215
Support level: 0.7175, 0.7145
NZDUSD, H1: NZDUSD was traded higher following prior rebound from the support level at 0.6705. MACD which illustrate diminishing bearish momentum suggest the pair to extend its rebound toward the resistance level at 0.6740.
Resistance level: 0.6740, 0.6780
Support level: 0.6705, 0.6675
USDCAD, H4: USDCAD was traded lower while currently testing the support level at 1.3345. MACD which illustrate diminishing bullish momentum and formation of death cross suggest the pair to extend its losses after successfully breakout the support level at 1.3345.
Resistance level: 1.3390, 1.3440
Support level: 1.3345, 1.3290
USDCHF, H4: USDCHF was traded lower while currently testing the support level at 1.0065. MACD which display diminishing bullish momentum suggest the pair to extend its losses after successfully breakout below the support level at 1.0065.
Resistance level: 1.0090, 1.0120
Support level: 1.0065, 1.0030
CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level at 64.50. MACD which display bullish bias momentum suggest the commodity to extend its gains after successfully breakout above the resistance level at 64.50.
Resistance level: 64.50, 65.95
Support level: 63.45, 62.85
GOLD_, H4: Gold price was traded higher from the lower level while currently testing the resistance level at 1277.05. MACD which illustrate diminishing bearish momentum suggest gold to extend gains after successfully breakout above the resistance level at 1277.05.
Resistance level: 1277.05, 1284.05
Support level: 1266.30, 1254.50