The Reserve Bank of Australia announced the interest rate decision today, and believes that the interest rate remains unchanged, maintaining 1.5%. However, the monetary policy and statement of the Reserve Bank of Australia concerns. It is recommended to pay close attention to the speech of the Governor of the Reserve Bank of Australia. If the Reserve Bank of Australia's monetary policy is also dovish, the Australian dollar will be able to test the lower.

 

In addition, Switzerland's March CPI monthly rate and the Eurozone's February PPI monthly rate performance may affect the Swiss franc and the euro. Following yesterday's Eurozone manufacturing PMl丶 unemployment rate and CPl's below market expectations, the market has already estimated that the Eurozone's February PPI monthly rate data will slow down from last month, and the EURUSD has fallen below 1.1209 support. If the monthly PPI rate in the Eurozone remains unchanged or better, the EURUSD will positive. The US durable goods orders in February. Assuming the US dollar is weak, European currencies and other currencies against the US dollar are rising, and gold prices are also boosted.

 

[Finance data and events concern]

1. 11:30 Reserve Bank of Australia announces interest rate decision

2. 14:30 Swiss March CPI monthly rate

3. 17:00 Eurozone February PPI monthly rate

4. 20:30 US February durable goods order monthly rate

5. Tomorrow 04:30 US to March 29th week API crude oil inventory

 

Today's suggestion:

EURUSD 

1.1185/1.1170 support

1.1235/1.1250 resistance

The results of Brexit unstable, lost the European economic confidence, and the euro is expected to maintain downside risks. However, the market expected in durable goods orders fall compared to last month, the euro will be rise. Technically, the short-term focus on the support 1.1185, or it may be 1.1170. Resistance levels are referenced between 1.1235 and 1.1250. Of course, if the Brexit puts forward with good news, the euro take the opportunity to rise but expects the resistance at 1.1270.

 

GBPUSD

1.3125/1.3140 resistance

1.3035/1.3020 support

The British Parliament will continue to discuss and vote on leaving the European Union to stay in the UK. In the afternoon, UK time is expected to obtain relevant information and affect the pound volatility. In addition, the British Prime Minister said that she will submit the draft of the Brexit for the fourth time. There are still unknowns. If success, the pound is expected to have a chance to move towards the 1.32 level, test 1.33. Otherwise, the pound has a chance to test 1.3020 or below.

 

USDCHF 

1.0025/1.0055 resistance

0.9975/0.9950 support

The Swiss franc has become a safety fund for European currencies, and the Swiss franc is stronger than other European currencies. However, the US dollar is strong and the Swiss franc has not seen any further rise. As pointed out yesterday, technically, the USDCHF is expected to the resistance of 0.9975, and currently breaks through the resistance. The USDCHF is expected to extend to 1.0025 and 1.0055. The reference support is 0.9975 and 0.9950.

 

USDJPY

111.55/111.70 resistance

111.05/110.90 support

The US Dow's rally continued, and Japanese Nikkei index is high, USDJPY rose. Technically, the USDJPY hit a 138.2% rebound and is expected to test the upper resistance at 111.55 and 111.70. If the global stock market continues to rise, it is expected to reach these resistance. However, US durable goods orders may fall, the United States has the opportunity to fall, indirectly affecting the resistance fall. It is recommended to pay close attention to the performance of the US data, please paying attention to the Dow and the Nikkei index to help observe the trend of the USDJPY.

 

AUDUSD 

0.7125/0.7140 resistance

0.7095/0.7080 support

The market expects progress in Sino-US trade negotiations and expects high-level officials from both countries to meet and close the deal in the trade agreement between the two countries. The news boosted the Australian dollar. However, in the face of the Reserve Bank of Australia's interest rate decision, the market expects the central bank to publish dovish speech, the Australian dollar's gains are limited, and fell. The further trend of the AUDUSD will be determined by the Reserve Bank of Australia's interest rate decision and statement, affecting the performance of the AUD. Technically, 0.7080 is preliminary support for reference.

 

NZDUSD 

0.6815/0.6830 resistance

0.6775/0.6760 support

Affected by the Reserve Bank of Australia's interest rate meeting, the decline in the Australian dollar indirectly affected the decline of the New Zealand dollar. Technically, the NZD support can refer to 0.6775 and 0.6760. Resistance levels can be referenced to 0.6815 and 0.6830. The further trend of the NZDUSD will be determined by the Reserve Bank of Australia's interest rate decision and statement. When it affects the Australian dollar, it is believed to affect the performance of the New Zealand dollar.

 

USDCAD

1.3355/1.3380 resistance

1.3300/1.3280 support

The OPEC and Russia indicated that they plan to reduce the supply of crude oil and increase the crude oil prices, which indirectly supports the rise of the Canadian dollar. Technically, reference can be made to 1.3300 and 1.3280 support, important support level is 1.3250. 1.3355 and 1.3380 are reference resistance. Please pay attention to the trends of crude oil prices continues to lead the Canadian dollar.

 

XAUUSD 

1298/1300 resistance

1285/1282 support

The market is watching the job market report released by the US. Technically, the gold prices remain below the resistance of $1,303. If the long-term adjustment waves, the gold prices can refer to the support level of $1280.55 and $1275.15. It is believed that the market will first observe the US job data and the Brexit, and then evaluate the market risk and determine the trend of gold prices. Please pay attention to the US durable goods orders and the British Parliament voted for the Brexit, which may drive the risk of rising gold prices. According to preliminary estimates, the price of gold is between the 1285 and 1282 support levels, and there is an opportunity for support.

 

US crude oil futures

60.20/59.65 support

The US manufacturing PMI index showed growth, and the Chinese manufacturing PMl index beat expectations and increased crude oil demand expectations. OPEC and Russia plans to reduce the crude oil supply, the reason for boosting crude oil prices. Tomorrow morning, the United States API crude oil inventories is important. The market is currently estimating a significant reduction in inventories. If crude oil inventories fell more than the market estimates, crude oil prices are expected to rise further. Otherwise, crude oil prices have an opportunity to drop.

 

US Dow Jones Industrial Index Futures US30

26275/26360 resistance

26114/25905 support

US durable goods orders are expected to fall, and the US Dow Jones Industrial Index has the opportunity to adjust in this situation. If adjusted, the Dow Jones Industrial Index futures fell, the initial technical support can refer to 26114 and 25905, depth adjustment, target 25770. Resistance levels are referenced to 26275 and 26360.

 

BTCUSD:

4195 / 4235 resistance

3960 / 3900 support

The Brexit risk is leading the bitcoin price rose and seems approach to 4195 or 4235 resistance. But please pay attention the reversal risk. Since the market is waiting the US job data tomorrow and Friday.

 

Enjoy trading! The content is for reference only. Please do ensure that you understand the risk.

 

Information provided by AT Global Market, Chief Analyst of Asia Pacific: Martin Lam

Registered Australian Accountant/ Certified Professional Manager / Certified Financial Advisor Experienced Investor / Media Market Commentator Martin Lam has Over 17 years’ experience in global investment market. Familiar with the worldwide stock indices, precious metals such Gold and Silver, Crude oil and Forex. He operated Martin Currency Trading Company and had partnership with a number of well-known international financial corporations and institutions. Before he join ATFX, he was TeleTrade Greater China development and Sales Director. Mr. Lam attends Hong Kong Now TV and China CCTV finance channel once a week. He also had regularly invited by different media, such as DBC Digital Financial Channel, Hong Kong Economic Times, The Standard, Ming Pao to share his experience to trade in Forex, Precious metals, Crude oil and worldwide stock indices. 
Contact: cs.gm@atfx.com or wechat: ATFX_China

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