19 April 2019 Morning Session Analysis
Dollar advance following upbeat economic figures.
Dollar index have rallied against its basket of six major currencies pairs after a series of upbeat data release on Thursday. According to the Commerce Department, retail sales in U.S have rose to 1.6% which is stronger than expected reading of 0.9%. Besides that, U.S Department of Labor also reported that initial jobless claims have fell by 13,000 to 192K, which is also better than market expectation with the forecasted reading on 205K. Despite manufacturing index have display a slower reading, mostly upbeat economic data have proved the increasing strength of the U.S underlying economic which have regained confidence of investors. At the same time, Canada retail sales also came in unexpectedly strong. According to Statistic Canada who release the official data, retail sales in Canada for February also improved to 0.8%, higher than economist forecast with the expected reading of 0.4%. The data also pointing to increasing economic conditions in Canada. However, as U.S conditions also taking advantage from its upbeat economic releases, the pair didn’t have any issue staying in the positive territory. Dollar index rose 0.07% to 97.07 while USD/CAD fell 0.06% to 1.3375 at the time of writing.
As for commodities, crude oil price rose 0.03% to $63.96 per barrel at the time of writing as U.S oil drillers have reduce its oil rig for the first week . According to reports from Bakers Hughes, oil drillers have reduce the oil rigs by 8 bringing the total count of rigs down to 825. The data added further confidence that the production growth forecast to remain in shrinking. In addition, OPEC production cuts and sanction against Venezuela and Iran continues to provide support for the price of the commodity. On the other hand, gold price recovers 0.06% to $1275.43 a troy ounce as of writing following as scattered weak spots in the global economy have assist the yellow metal to attract some bid from market despite strong dollar.
Today’s Holiday Market Close
Time Market Event
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Today’s Highlight Events
Time Market Event
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Today’s Highlight Economic Data
| Time | Market & Data | Previous | Forecast | Actual |
| 20:30 | USD – Building Permits | 1.291M | 1.300M | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher following prior breakout above previous resistance level 97.00. MACD which illustrate bullish momentum suggest index to extend its gains towards the resistance level 97.60.
Resistance level: 97.60, 98.05
Support level: 97.00, 96.40
GBPUSD, H4: GBPUSD was traded lower following prior breakout from the bottom-level of the sideway channel at 1.3010. MACD which illustrate bearish momentum suggest the pair to extend its losses towards the support level 1.2935.
Resistance level: 1.3010, 1.3100
Support level: 1.2935, 1.2850
EURUSD, H4: EURUSD was traded lower while currently testing near the support level 1.1230. However, MACD which illustrate diminishing bearish momentum suggest the pair to undergo short-term technical correction and rebound towards the resistance level 1.1280.
Resistance level: 1.1280, 1.1320
Support level: 1.1230, 1.1180
USDJPY, H4: USDJPY was traded higher while currently testing the resistance level 112.00. MACD which illustrate bullish bias signal suggest the pair to extend its gains after successfully breaking above the resistance level.
Resistance level: 112.00, 112.40
Support level: 111.45, 110.95
AUDUSD, H4: AUDUSD was traded lower following prior breakout below previous support level 0.7155 and the upward trend line. MACD which display bearish momentum suggest the pair to extend its losses towards the support level 0.7130.
Resistance level: 0.7155, 0.7180
Support level: 0.7130, 0.7095
NZDUSD, H4: NZDUSD was traded lower following prior breakout below previous support level 0.6705. However, MACD which display diminishing bearish momentum suggest the pair to undergo short-term technical correction towards the resistance level 0.6705.
Resistance level: 0.6705, 0.6745
Support level: 0.6640, 0.6600
USDCAD, H4: USDCAD was traded lower following prior retracement from the resistance level 1.3400. MACD which illustrate diminishing bullish momentum suggest the pair to extend its retracement towards the support level 1.3355.
Resistance level: 1.3400, 1.3440
Support level: 1.3355, 1.3295
USDCHF, H4: USDCHF was traded lower after retracing from the resistance level 1.0160. MACD which display diminishing bullish momentum suggest the pair to extend its retracement towards the support level 1.0115.
Resistance level: 1.0160, 1.0225
Support level: 1.0115, 1.0070
CrudeOIL, H4: Crude oil price remain traded in a sideway channel following prior rebound from the support level 63.70. MACD which illustrate bullish bias signal suggest oil price to extend its rebound towards the top-level of the channel at 64.65.
Resistance level: 64.65, 66.00
Support level: 63.70, 62.80
GOLD_, H4: Gold price was traded higher following prior rebound near the support level 1274.10. MACD which illustrate bullish momentum and the formation of golden cross and ‘positive divergence’ suggest gold to extend its gains towards the resistance level 1283.80.
Resistance level: 1283.80, 1295.65
Support level: 1274.10, 1268.00