25 April 2018 Daily Analysis
Dollar faded over recession of U.S. treasury yields.
Dollar index retreated from two-month highs against its major peers by 0.13% to 90.52 as of writing over the backdrop of fading U.S. treasury yields and the release of mixed economic data in the region. Overnight, new home sales was reported to achieve gains of 4% to a seasonally adjusted annual rate of 694,000 units which was better than the economists’ forecast for 1.9% gains to 625,000 units. In addition, Conference Board Consumer Confidence data has recorded an increase of 1.7 to 128.7 versus the expected reading of 126. However, gains of the Greenback was pared following Richmond Fed manufacturing index that missed the expected reading of 16, last stood at 15. In addition, a retreat of the 10-year U.S. treasury yield from its key psychological level below 3% added bearish pressure on the Greenback.
In the commodities market, crude oil price fell 1.4% to $67.65 per barrel following market participants abandoning their bets on US Sanctions against Iran after the U.S. and France were reported to reach an agreement to preserve the Iran nuclear deal through 2025. Otherwise, gold recovered its losses by 0.66% to $1328.39 a troy ounce following retracement of the Greenback. However, gains of the safe-haven asset price was expected to be limited amid optimistic market sentiment towards the Federal Reserve to increase its rates in a more aggressive pace this year.
Today’s Holiday Market Close
Time Market Event
All Day AUD/NZD ANZAC Day
Today’s Highlight Events
Time Market Event
04:15 (Thu) CAD BoC Gov Poloz Speaks
Today’s Highlight Economy Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 22:30 | CrudeOIL – Crude Oil Inventories | -1.071M | -1.429M | – |
| 22:30 | CrudeOIL – Gasoline Inventories | -2.968M | -0.227M | – |
GBPUSD
GBPUSD, H1: GBPUSD was traded higher after breaking resistance level at 1.3960. However, MACD that portrays diminishing bullish momentum would suggest the pair to undergo short-term technical correction to trade lower to retest its previous high.
Resistance level: 1.4020, 1.4090
Support level: 1.3960, 1.3910
EURUSD
EURUSD, H1: EURUSD was traded lower prior retracement from resistance level at 1.2240. Diminishing bullish momentum as shown by MACD would suggest the pair to extend its losses towards the support zone around 38.2 Fibonacci level.
Resistance level: 1.2240, 1.2290
Support level: 1.2160, 1.2050
USDJPY
USDJPY, H1: USDJPY was traded higher prior rebound from trend line of ascending channel. MACD that portrays diminishing bearish momentum would suggest the pair to extend its gains towards the resistance level at 109.10.
Resistance level: 109.10, 109.70
Support level: 108.50, 108.10
CrudeOIL
CrudeOIL, H4: Crude oil price was traded lower after breaking support level at 68.40. MACD that shows increasing bearish momentum would suggest the commodity price to extend its losses if breakout at the support level 67.70 is successful.
Resistance level: 68.40, 69.00
Support level: 67.70, 67.20
GOLD
GOLD_, H1: Gold price was traded higher after breaking resistance level at 1327.50. However, diminishing bullish momentum as shown by MACD would suggest the safe-haven asset price to extend its losses towards the support level at 1327.50.
Resistance level: 1334.30, 1338.80
Support level: 1327.50, 1321.60