24 April 2019 Morning Session Analysis
Greenback rides as New Home Sales surged.
US dollar propelled further on yesterday following optimistic economic data which suggests a resilient housing market ahead. The dollar index was quoted up 0.31% to 97.19 during Asian trading session. According to US Commerce Department, New Home Sales for the month of March came in at 692,000 units, its highest level since November 2017. The data is well above economist forecast for a decline to 647,000 units. An increase in new home sales came amid exceedingly positive performance in the South and Midwest of US following deduction in mortgage interest that may have hastened up population migration from high-cost and high-tax states. Likewise, greenback’s bullish momentum was also helped by a slump in both euro and pound sterling. On the other hand, pair of GBP/USD extended its losses by 0.01% to 1.2936. Sterling received tremendous selling pressure on yesterday following little signs of a breakthrough in Brexit talks between British PM Theresa May and opposition leader Jeremy Corbyn.
As for commodities, crude oil price depreciates by 0.14% to $66.00 per barrel. Oil prices continues to hover around 6-months high while investors’ digest the possibility of an increase output from OPEC and US oil sanctions against Iran. On the other hand, gold price tumbled down 0.06% to $1,271.67 a troy ounce following resilient greenback.
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, H1: Dollar index was traded lower following prior retracement near 97.30. MACD which illustrate diminishing upward momentum suggests the index to experience technical correction for short-term.
Resistance level: 97.30, 97.65
Support level: 97.10, 97.00
GBPUSD, Daily: GBPUSD extended its losses following prior close below 1.3000. MACD which illustrate bearish signal suggests the pair to advance further down, towards the direction of 1.2900.
Resistance level: 1.3000, 1.3120
Support level: 1.2900, 1.2805
EURUSD, H4: EURUSD was traded lower following prior retracement from the 20-MA line (red). MACD which has formed a death cross signal suggests the pair to extend its losses, towards the direction of 1.1200.
Resistance level: 1.1245, 1.1280
Support level: 1.1200, 1.1180
USDJPY, H4: USDJPY remains traded within a sideways channel in between 111.75 and 112.20. MACD which has formed a bearish signal suggests the pair to be traded lower in short-term, towards 111.75.
Resistance level: 112.20, 112.80
Support level: 111.75, 111.45
AUDUSD, H4: AUDUSD was traded higher following prior rebound from the support at 0.7090. MACD which illustrate diminished bearish momentum suggests the pair to be traded higher in short-term before extending its bearish bias.
Resistance level: 0.7110, 0.7130
Support level: 0.7090, 0.7070
NZDUSD, Daily: NZDUSD was traded lower following prior breakout from the resistance at 0.6670. MACD which illustrate bearish signal suggests the pair to advance further down, towards the direction of 0.6630.
Resistance level: 0.6670, 0.6695
Support level: 0.6630, 0.6580
USDCAD, H4: USDCAD was traded higher while currently testing near the resistance at 1.3435. MACD which illustrate bullish signal suggests the pair to extend its gains after breaking the resistance at 1.3435.
Resistance level: 1.3435, 1.3485
Support level: 1.3400, 1.3370
USDCHF, H4: USDCHF was traded lower following prior retracement from its higher levels. MACD which illustrate diminishing upward momentum suggests the pair to be traded lower in short-term as technical correction.
Resistance level: 1.0265, 1.0310
Support level: 1.0190, 1.0100
CrudeOIL, H1: Crude oil price remains traded within an ascending channel. However, MACD which has formed bearish signal suggests its prices to be traded lower in short-term, towards the direction of 64.65.
Resistance level: 66.00, 67.65
Support level: 64.65, 63.70
GOLD_, H4: Gold price was traded lower following prior retracement from the 20-MA line (red). MACD which begins to form a death cross signal suggests its prices to be traded lower, towards the direction of 1267.00.
Resistance level: 1275.30, 1284.15
Support level: 1267.00, 1253.25