24 April 2019 Afternoon Session Analysis
Dollar remains high on housing data, Aussie plummets.
Dollar index measuring against a basket of six major currency pairs remain dominated by bullish investors as current market remains positive towards strong housing data. Data showing sales of new U.S. homes jumped to a near 1-1/2-year high in March on Tuesday. Besides that, greenback also further supported by recent positive readings in retail sales and exports. As upcoming data GDP will be released this week, the first quarter data could strengthen then case of U.S in on path of a firmer footing in economy compared to other leading economies. Market will focused on upcoming U.S GDP economic data release to attain further confirmation and determine further direction for the greenback. Dollar index rose 0.06% to 97.29 as of writing. Meanwhile, AUDUSD suffered huge losses and plummets 1.00% to 0.7030 at the time of writing following the disappointing CPI release. According to the Australian Bureau of Statistics, consumer price index have slipped to 0.0% which is weaker than expected reading of 0.2%. At the same time with the weaker than expected inflation figures, the spread between the Aussie and US 10-year government bond yields have dropped to -0.76 basis points – the lowest level since October 1981.
As for commodities market, crude oil price have fell from its highs and slumped 0.39% to $65.83 per barrel at the time of writing which showing signs of investors taking profit following global markets remain adequately supplied. Despite tighter sanctions on Iran and Venezuela, International Energy Agency (IEA) have stated on Tuesday that the markets are “adequately supplied” and that “global spare production capacity remains at comfortable levels.” Besides that, reports on news supply comes from U.S where crude oil production has already rose 2 million barrels per day. On the other hand, gold price extend its losses by 0.22% to $1269.30 as of writing following strong dollar and a recent huge sell-off by Venezuela.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
22:00 CAD BoC Rate Statement
22:00 CAD BoC Monetary Policy Report
23:15 CAD BoC Press Conference
Today’s Highlight Economic Data
| Time | Market & Data | Previous | Forecast | Actual |
| 16:00 | EUR – German Info Business Climate Index | 99.6 | 99.9 | – |
| 22:00 | CAD – BoC Interest Rate Decision | 1.75% | 1.75% | – |
| 22:30 | CrudeOIL – Crude Oil Inventories | -1.396M | 1.255M | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher following prior breakout above previous sideway channel at 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 while currently testing the support level 1.2935. MACD which illustrate bearish momentum with the formation of death cross suggest the pair to extend its losses after successfully breaking below the support level.
Resistance level: 1.2985, 1.3045
Support level: 1.2935, 1.2850
EURUSD, H4: EURUSD was traded lower while currently testing the support level 1.1210. MACD which display bearish momentum with the formation of death cross suggest the pair to extend its losses after successfully breaking below the support level.
Resistance level: 1.1245, 1.1280
Support level: 1.1210, 1.1180
USDJPY, H4: USDJPY was traded lower following prior retracement from the resistance level 112.00. However, due to lack of momentum from the MACD, a breakout above or below the resistance and support level is required for further confirmation before entering the market.
Resistance level: 112.00, 112.40
Support level: 111.45, 110.95
AUDUSD, H4: AUDUSD was traded lower following prior breakout below the previous support level 0.7050. MACD which illustrate persistent bearish momentum suggest the pair to extend its losses towards the support level 0.7020.
Resistance level: 0.7050, 0.7070
Support level: 0.7020, 0.6995
NZDUSD, H4: NZDUSD was traded lower after breaking below previous support level of 0.6630. MACD which illustrate persistent bearish momentum with the formation of death cross suggest the pair to extend its losses towards the support level 0.6590.
Resistance level: 0.6630, 0.6670
Support level: 0.6590, 0.6540
USDCAD, H4: USDCAD was traded higher following prior breakout above previous resistance level at 1.3440. MACD which display ongoing bullish momentum suggest the pair to extend its gains towards the resistance level 1.3485.
Resistance level: 1.3485, 1.3535
Support level: 1.3440, 1.3400
USDCHF, H4: USDCHF was traded lower following prior retracement from the resistance level 1.0225. MACD which illustrate diminishing bullish momentum suggest the pair to extend its retracement towards the support level 1.0190.
Resistance level: 1.0225, 1.0255
Support level: 1.0190, 1.0160
CrudeOIL, H4: Crude oil was traded lower after closing below previous support level 66.00. MACD which illustrate bearish bias signal suggest the commodity to extend its losses towards the support level 64.65.
Resistance level: 66.00, 67.35
Support level: 64.65, 63.70
GOLD_, H4: Gold price was traded lower following prior breakout below previous support level at 1272.60. MACD which display bearish momentum and the starting formation of death cross suggest gold to extend its losses towards the support level 1264.00.
Resistance level: 1272.60, 1283.80
Support level: 1264.00, 1253.20