25 March 2019 Afternoon Session Analysis
Greenback flattens as market hold back.
Greenback was traded flat while market participants continues to scrutinize further developments in the United States with regards to trade war and economic data releases. During Asian trading session, the dollar index ticked down 0.01% to 96.07. Traders adopt a “wait-and-see” approach as they remained cautious following dovish comments delivered by the US Federal Reserve last week. According to Fed Chair Jerome Powell, he suggested that the central bank may held off from raising interest rates further as growth outlook in the US and rest of the world turned towards bearish. In terms of trade war, top Chinese official announced on Sunday that they will work to boost up their imports and achieve a more balance of trade with the United States, a few days before latest round of talks kickstart in Beijing (March 28th). However, a separate report stated that China will not concede to US demands to ease curbs on technologies companies, providing mixed signals to the market with regards to US-China trade talk. Against other major currencies, pair of GBP/USD was down by 0.08% to 1.3198 while EUR/USD slipped 0.13% to 1.1298.
In the commodities market, crude oil price slumped 0.72% to $58.27 per barrel. Oil prices extended its losses on Monday following brewing market concern over global economic slowdown which may reduce the demand for crude oil in the near term. On the other hand, gold price rose 0.16% to $1,315.56 a troy ounce following higher risk in the market.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
14:30 JPY BoJ Board Member Harada Speaks
Today’s Highlight Economic Data
| Time | Market & Data | Previous | Forecast | Actual |
| 17:00 | EUR – German Ifo Business Climate Index | 98.5 | 98.7 | – |
| 05:45 (26th) | NZD – Trade Balance (MoM) (Feb) | -914M | -200M | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower following recent retracement from the resistance level 96.25. MACD which illustrate diminishing bullish momentum suggest the dollar to extend its retracement towards the support level 95.65.
Resistance level: 96.25, 96.80
Support level: 95.65, 95.15
GBPUSD, H4: GBPUSD was traded lower while currently testing near the support level 1.3180. MACD which illustrate diminishing bullish momentum suggest the pair to extend its retracement after it breaks below the support level 1.3180.
Resistance level: 1.3250, 1.3350
Support level: 1.3180, 1.3095
EURUSD, H4: EURUSD was traded flat while currently testing the resistance level 1.1295. However, MACD which illustrate bullish bias signal suggest the pair to be traded higher after it successfully breaks above the resistance level 1.1295.
Resistance level: 1.1295, 1.1355
Support level: 1.1260, 1.1215
USDJPY, H4: USDJPY was traded lower following recent breakout below the previous support level 110.35. However, MACD which illustrate diminishing bearish momentum suggest the pair to experience a short-term technical correction towards the resistance level 110.35.
Resistance level: 110.35, 111.10
Support level: 109.60, 108.95
AUDUSD, H4: AUDUSD was traded flat following recent breakout below the previous support level 0.7085. However, MACD which illustrate bullish bias signal suggest the pair to be traded higher as a short-term technical correction towards the resistance level 0.7085.
Resistance level: 0.7085, 0.7130
Support level: 0.7050, 0.7005
NZDUSD, H4: NZDUSD was traded lower while currently testing the support level 0.6875. MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to extend its losses after it successfully breaks below the support level.
Resistance level: 0.6905, 0.6935
Support level: 0.6875, 0.6815
USDCAD, H4: USDCAD was traded higher following prior breakout above the resistance level 1.3350. However, MACD which illustrate diminishing bullish momentum suggest the pair to undergo a short-term technical correction towards the support level 1.3350.
Resistance level: 1.3460, 1.3570
Support level: 1.3350, 1.3290
USDCHF, H4: USDCHF was traded higher following prior rebound from the support level 0.9915. MACD which illustrate bullish bias signal suggest the pair to extend its rebound towards the resistance level 0.9965.
Resistance level: 0.9965, 1.0000
Support level: 0.9915, 0.9855
CrudeOIL, H4: Crude oil price was traded lower while currently testing near the support level 57.90. However, MACD which illustrate diminishing bearish momentum suggest the commodity to experience a short-term technical correction towards the resistance level 60.20.
Resistance level: 60.20, 63.10
Support level: 57.90, 55.60
GOLD_, H4: Gold price was traded higher while currently testing the resistance level 1315.80. MACD which illustrate bullish bias signal with the formation of golden cross suggest the commodity to extend its gains after it breaks above the resistance level.
Resistance level: 1315.80, 1323.10
Support level: 1308.10, 1299.15