26 April 2017 Daily Analysis
ECB may signal tapering, Euro lifts further.
Single common currency – euro has extended its prior rally after investors prospects were buoyed by centrist candidate Emmanuel Macron’s victory during the first round of France’s presidential election. Pair of EUR/USD nudged up 0.1% to $1.0938, not far from 5½ months high of $1.0950. In addition, three sources close to ECB’s Governing Council told Reuters that with the fading treat of a run-off between to presidential candidates in France while coupled with improved economic performance, a handful of policymaker see the scope for sending small signal in June towards reducing their current monetary stimulus. On the other hand, the greenback traded lower against its major peers, trampled by the release of mixed US economic data overnight. The dollar index was flat at 98.65 during early Asian trading hours.
In the commodities market, crude oil price resumed its slide, down 0.42% to $49.35 as data showed a rise in US crude inventories earlier today. Concurrently, gold price sheds 0.13% to $1,264.01 despite a weaker dollar as investors continued to favor riskier assets.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
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Today’s Highlight Economy Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 09:30 | AUD – CPI (QoQ) (Q1) | 0.5% | 0.6% | 0.5% |
| 20:30 | CAD – Core Retail Sales (MoM) (Feb) | 1.7% | -0.3% | – |
| 22:30 | Crude Oil – Crude Oil Inventories | -1.034M | -1.611M | – |
GBPUSD
GBPUSD, H4: GBPUSD remains traded within the trading range while currently testing near the resistance level of 1.2845. With regards to the downward signal from MACD histogram which continues to narrow sideways, GBPUSD may extend its upward momentum after a successful closure above the strong resistance level of 1.2845.
Resistance level: 1.2845, 1.2905
Support level: 1.2775, 1.2700
EURUSD
EURUSD, H1: EURUSD extended its rally following prior rebound from the 20-moving average line (red). However, as the MACD histogram illustrates downward signal and momentum, EURUSD may be traded lower in the short-term as technical correction. Long-term trend direction still suggests an uptrend.
Resistance level: 1.0965, 1.1000
Support level: 1.0920, 1.0875
USDJPY
USDJPY, H4: USDJPY extended its rally following prior formation of golden cross by both MA lines. As the upward signal from MACD histogram continues to expand upwards, USDJPY is expected to advance further up after a successful closure above the resistance level of 111.30.
Resistance level: 111.30, 112.15
Support level: 110.60, 110.15
CrudeOIL
CrudeOIL, H1: Crude oil price was traded higher following prior rebound from the support level of 49.10. As the MACD indicator continues to hover outside of downward momentum, crude oil price is suggested to be traded higher in short-term as technical correction. Long-term trend direction still suggests a downtrend.
Resistance level: 49.70, 50.20
Support level: 49.10, 48.60
GOLD
GOLD_, H1: Gold price was traded higher following prior rebound from the support level of 1261.50. As the MACD indicator begins to hover outside of downward momentum, gold price may be traded higher in short-term as technical correction. Otherwise, the downward expansion of both MA lines suggests gold price to extend its losses for long-term.
Resistance level: 1265.25, 1269.20
Support level: 1261.50, 1257.00