25 April 2017 Daily Analysis
Euro nears session high, second-round off in focus.
US dollar rebounded slightly in Asia on Tuesday while investors keep a close watch for further developments in the Korean Peninsula as USS Carl Vinson aircraft carrier-led battle group heads to the Sea of Japan. The dollar index nudged up 0.06% to 98.97 against a basket of six major peers as of writing. In the other region, euro eased away from its 5½-months high against the dollar while remained hovered near prior session high as investors flushed into the single currency yesterday after the outcome of French first round of presidential election goes in tandem with expectations. Both Emmanuel Macron and Marine Le Pen will advance to the second round of election which is scheduled to be held on May 7th. Previously, euro rose more than 1% on Monday after Macron’s triumph over Le Pen, whom are notorious for her anti-EU stance and retaliation towards globalization.
As for commodities, crude oil price rebounded in Asia and was up 0.41% to $49.43 while investors look ahead to industry estimates of crude oil inventories in the United States. Otherwise, gold price slumped 0.12% to $1,274.33 while investors keep an eye on global geopolitical risk and uncertainty.
Today’s Holiday Market Close
Time Market Event
All Day AUD ANZAC Day
All Day NZD ANZAC Day
Today’s Highlight Events
Time Market Event
N/A
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 22:00 | USD – CB Consumer Confidence (Apr) | 125.6 | 122.5 | – |
| 22:00 | USD – New Home Sales (Mar) | 592K | 583K | – |
| 04:30 | Crude Oil – API Weekly Crude Oil Stock | -0.840M | – | – |
GBPUSD
GBPUSD, H1: GBPUSD remains traded within a sideways channel while currently testing at the bottom level of the channel at 1.2770. A breakout from this level would signal a change in trend direction to move further downwards. Otherwise, a rebound would suggest GBPUSD to be traded higher in the short-term within the sideways channel.
Resistance level: 1.2810, 1.2845, 1.2905
Support level: 1.2770, 1.2735
EURUSD
EURUSD, H1: EURUSD remains traded within a trading range of 1.0830 and 1.0875 following prior retracement from the top level of the range. Recent closure below the 20-moving average line (red) suggests EURUSD to be traded lower in short-term, towards the bottom level of the range at 1.0830. Long-term trend direction could only be determined after a successful breakout from either side of the range.
Resistance level: 1.0875, 1.0920
Support level: 1.0830, 1.0795
USDJPY
USDJPY, H1: USDJPY were traded higher following prior rebound near the 60-moving average line (green) at 109.65. With regards to the downward signal from MACD histogram which continues to narrow upwards, USDJPY is expected to advance further upwards after breaking the resistance level of 110.00.
Resistance level: 110.00, 110.35
Support level: 109.65, 109.35
CrudeOIL
CrudeOIL, H1: Crude oil price remains traded within a downward channel while recently rebounded from the mid-level of the channel. A successful closure above the 20-moving average line (red) would suggest crude oil price to advance further up, towards the upper level of the downward channel.
Resistance level: 49.70, 50.20
Support level: 49.10, 48.65
GOLD
GOLD_, H4: Gold price remains traded within a downward channel while currently testing to near the support level of 1274.00. A closure below this level would suggest gold price to advance further downwards, towards the target of support level at 1267.40.
Resistance level: 1282.15, 1295.35
Support level: 1274.00, 1267.40