17 May 2019 Afternoon Session Analysis
Kiwi pressured by downbeat data, Yen gains.
New Zealand dollar was quoted higher by 0.06% to 0.6535 after being pressured by lower than expected PPI reading. Earlier today, New Zealand released its PPI Input for the first quarter which fell to -0.9%, missing economists’ expectation of 1.4%, indicating a poor inflationary level for the country which reaffirmed Reserve Bank of New Zealand (RBNZ) rate cut stance prior. The single currency was further pressured by escalating trade war tensions which supported dollar’s appeal as a safe-haven asset, causing investors to sell riskier assets and buying dollar. In other news, pair of USD/JPY fell by 0.15% to 109.65 as of writing following market risk aversion as political tension rose between Saudi Arabia and Iran. According to recent news, Saudi Arabia had accused Iran for attacking its oil facilities, causing investors to flee from risky assets into safe-haven Yen. Further supporting the Yen was ongoing trade tensions between US and China which remained unresolved, fueling more uncertainties into the market.
In the commodities market, crude oil price was traded lower by 0.21% to $62.98 per barrel. Oil price remained pressured by trade tensions between US and China as well as political tensions between Saudi Arabia and Iran. On the other hand, gold price rebounded by 0.07% to $1,287.30 a troy ounce amid market risk aversion.
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 |
| 17:00 | EUR – CPI (YoY) (Apr) | 1.7% | 1.7% | – |
| 22:00 | USD – Michigan Consumer Sentiment (May) | 97.2 | 97.8 | – |
| 01:00
(18th) |
CrudeOIL – US Baker Hughes Oil Rig Count | 805 | – | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher while currently testing the resistance level at 97.60. However, MACD which illustrate diminishing bullish momentum suggest the index to be traded lower in short term toward the support level at 97.40.
Resistance level: 97.60, 98.00
Support level: 97.40, 97.00
GBPUSD, Daily: GBPUSD was traded lower following prior breakout below the previous support level at 1.2805. MACD which illustrate bearish momentum suggest the pair to extend its losses toward the support level at 1.2735.
Resistance level: 1.2805, 1.2905
Support level: 1.2735, 1.2665
EURUSD, H1: EURUSD was traded higher following prior breakout above the previous resistance level at 1.1175. MACD which illustrate bullish momentum and the formation of golden cross suggest the pair to extend its gains toward the resistance level at 1.1210.
Resistance level: 1.1210, 1.1245
Support level: 1.1175, 1.1125
USDJPY, H4: USDJPY was traded lower following prior retracement from the 50 Moving Average (Blue). MACD which display diminishing bullish suggest the pair to extend its retracement toward the support level at 109.55.
Resistance level: 110.05, 110.35
Support level: 109.55, 109.25
AUDUSD, H4: AUDUSD was traded lower following prior breakout below the previous support level at 0.6915. MACD which illustrate bearish bias momentum suggest the pair to extend its losses toward the support level at 0.6865.
Resistance level: 0.6915, 0.6995
Support level: 0.6865, 0.6825
NZDUSD, H4: NZDUSD was traded lower following prior breakout below the support level at 0.6545. MACD which illustrate bearish bias momentum suggest the pair to extend its losses toward the support level at 0.6505.
Resistance level: 0.6545, 0.6585
Support level: 0.6505, 0.6470
USDCAD, H4: USDCAD was traded higher while currently testing the resistance level at 1.3475. MACD which illustrate bullish momentum and the formation of golden cross suggest the pair to extend its gains after successfully breakout above the resistance level at 1.3475.
Resistance level: 1.3475, 1.3505
Support level: 1.3440, 1.3415
USDCHF, H4: USDCHF was traded lower while following prior retracement from the resistance level at 1.0100. MACD which display diminishing bullish momentum suggest the pair to extend its retracement toward the support level at 1.0050.
Resistance level: 1.0100, 1.0130
Support level: 1.0050, 1.0030
CrudeOIL, H4: Crude oil was traded lower following prior retracement from the resistance level at 63.50. MACD which illustrate diminishing bullish momentum suggest the commodity to extend its losses toward the support level at 62.75.
Resistance level: 63.50, 64.50
Support level: 62.75, 60.50
GOLD_, H4: Gold was traded higher following prior rebound from the lower level. MACD which illustrate diminishing bearish momentum suggest the commodity to extend its gains toward the resistance level at 1288.50.
Resistance level: 1288.50, 1293.20
Support level: 1278.45, 1272.45