22 April 2019 Morning Session Analysis
Greenback retraces while losses remains limited.
US dollar inched lower during early Asian trading session as a number of markets around the globe reopens following Good Friday holiday last week. The dollar index was quoted down 0.10% to 97.07 this morning. Overall, the losses on the greenback remains limited as the currency remained underpinned by optimistic outlook towards the US economy. Last Thursday, latest data shows that US retail sales grew at its strongest pace in 1 and a half years for the month of March. The data suggests that consumer spending in the market remains resilient which would continue to bring some support upon US inflation progression. For the week ahead, market participants will be looking forward to central bank meetings in Japan and Canada to gain fresh insights from policymakers with regards to global economic outlook. Likewise, traders will also continue to scrutinize trade negotiation in between US and China which had made significant progress for the past few weeks. Against other major peers, pair of GBP/USD was up 0.05% to $1.2995 while EUR/USD was down 0.03% to 1.1242.
In the commodities section, crude oil price rose 0.50% to $64.28 per barrel this morning. Oil prices remained supported by bullish sentiment following a drop in crude shipments from Saudi Arabia and a draw in US oil inventories last week. Otherwise, gold price inched up 0.07% to $1,276.51 a troy ounce due to a weaker greenback.
Today’s Holiday Market Close
Time Market Event
All Day AUD Easter Monday
All Day GBP Easter Monday
All Day CHF Easter Monday
All Day NZD Easter Monday
All Day EUR Easter Monday (Germany)
Today’s Highlight Events
Time Market Event
N/A
Today’s Highlight Economic Data
| Time | Market & Data | Previous | Forecast | Actual |
| 21:45 | USD – Manufacturing PMI (Apr) | 52.4 | 53.6 | – |
| 22:00 | USD – Existing Home Sales (Mar) | 5.51M | 5.31M | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was opened lower while currently testing at the support of 97.00. MACD which illustrate diminished upward momentum suggests the index to be traded lower in short-term as technical correction.
Resistance level: 97.30, 97.65
Support level: 97.00, 96.75
GBPUSD, Daily: GBPUSD was traded lower following prior closure below the support at 1.3000. MACD which illustrate bearish signal suggests the pair to extend its losses in mid-term, towards the direction of 1.2900.
Resistance level: 1.3000, 1.3120
Support level: 1.2900, 1.2805
EURUSD, H4: EURUSD was traded higher while currently testing near the resistance of 1.1245. MACD which illustrate diminished downward momentum suggests the pair to extend its gains after closing above 1.1245.
Resistance level: 1.1245, 1.1285
Support level: 1.1215, 1.1180
USDJPY, H4: USDJPY remains traded within a sideways channel in between 111.75 and 112.20. Due to the lack of signal from MACD and price action, it is suggested to wait for a breakout before entering the market.
Resistance level: 112.20, 112.80
Support level: 111.75, 111.45
AUDUSD, H1: AUDUSD was traded lower following prior close below 0.7150. MACD which illustrate diminishing upward momentum suggests the pair to extend its losses, towards the direction of 0.7130.
Resistance level: 0.7150, 0.7165
Support level: 0.7130, 0.7110
NZDUSD, H1: NZDUSD was traded flat in between 0.6695 and 0.6670. However, MACD which illustrate diminished upward momentum suggests the pair to extend its losses in short-term, towards the direction of 0.6670.
Resistance level: 0.6695, 0.6720
Support level: 0.6670, 0.6630
USDCAD, H4: USDCAD was traded lower following prior retracement from the top level of sideways channel. MACD which illustrate diminished upward momentum suggests the pair to be traded lower in short-term.
Resistance level: 1.3400, 1.3435
Support level: 1.3370, 1.3340
USDCHF, Daily: USDCHF was traded higher following prior closure above 1.0100. MACD which illustrate bullish bias suggests the pair to extend its gains in mid-term, towards the direction of 1.0190.
Resistance level: 1.0190, 1.0265
Support level: 1.0100, 1.0055
CrudeOIL, H4: Crude oil price remains traded within a sideways channel while currently testing at the top level. MACD which illustrate bullish signal suggests its prices to advance further up after closing above 64.65.
Resistance level: 64.65, 66.00
Support level: 63.70, 63.15
GOLD_, H4: Gold price was traded higher following prior rebound from the support of 1275.30. MACD which illustrate bullish signal suggests its prices to advance further up in short-term as technical correction.
Resistance level: 1284.15, 1295.65
Support level: 1275.30, 1267.00