Personal opinions today

 

China the first quarter GDP report, released today, is closely watched by global markets. The economy is expected to slow cause of the trade war between China and the United States. China's manufacturing and service industry production slowed, is expected to slow to 6.3 percent in the first quarter GDP, negative factors affect the global stock markets.

 

In terms of European currencies, the UK and Eurozone CPI in March, the results can influence the trend of euro and pound. Tomorrow at 02:00 am in Beijing time, the Fed beige book on the state of the economy is very important, affecting the dollar and the dollar against other currencies and commodity. Also, it will be affected Dow Jones industrial average and Asian stock market opening performance tomorrow.

 

[Important data and events to watch]

10:00 China the first quarter GDP

16:00 Eurozone current account in February

16:30 UK CPI and retail price index monthly rate in March

17:00 Eurozone trade account, Eurozone CPI 

20:30 U.S. trade balance and Canadian CPI for march

21:00 Bank of England governor speaks

22:00 US wholesale sales monthly rate in February

22:30 U.S. EIA crude oil inventories

The next day 00:45 Fed Bullard spoke

The next day at 02:00 Fed beige book

 

Today's suggestion :

EURUSD

1.1305/1.1320 resistance

1.1275/1.1255 support

Eurozone inflation data in March, release today, and the Fed beige book on economic conditions, release tomorrow early morning , will affected on the euro. Technically, the euro is still subject to resistance at 1.1320, testing target support at 1.1275 and 1.1255. If euro will likely move lower before the Fed beige book releases.

 

GBPUSD 

1.3020/1.3005 support

1.3080/1.3105 resistance

UK CPI inflation data in March was released today after UK jobs data yesterday. The results are likely to influence expectations UK retail sales tomorrow. Also the Fed beige book on the state of the economy. Short-term dollar performance is stronger, GBP downward. Technically, the resistance level was lowered to 1.3105. Support bit reference 1.3005 support.

 

AUDUSD

0.7135/0.7120 support

0.7170/0.7185 resistance

The Australian dollar has a downward against the U.S. dollar. Technically, the AUDUSD is expected to remain in support of 0.7135 against the U.S. dollar, but there is still a chance to test lower. Reference 0.7170 or 0.7185 as the resistance.

 

USDJPY 

111.95/111.80 support

112.15/112.30 resistance

USD is strong, negative JPY, USDJPY maintain uptrend. The target to technical resistance 112.15 and 112.30. If the Fed releases a beige book on the state of the economy that shows the U.S. economy is not doing as well as it should, and the dollar and the Dow decline, USDJPY has a chance to test technical support at or below 111.80 against the yen, such as 111.50.

 

USDCAD 

1.3400/1.3425 resistance

1.3345/1.3330 support

Crude oil prices bounced back to $64, a positive for the Canadian dollar. U.S. crude oil inventories released today by the U.S. EIA, in reference to the U.S. API crude oil inventory results released earlier today, are believed to be on the rise, which is bearish for the U.S. dollar against the Canadian dollar. In addition, Canada releases CPI today and retail sales tomorrow, which could be negative for the Canadian dollar. Technically, the USDCAD reference points are 1.3400 and 1.3425, with resistance levels continuing at 1.3345 and 1.3330.

 

U.S. crude futures USOIL

64.65/64.95 resistance

63.50/63.25 support

Crude prices were boosted today by a sharp drop in crude inventories reported. Technically, crude oil price support remains at $63.2, with the reference for lower support at $62.80. Looking up at 64.65 and 64.95 resistance, the reference resistance is $65.25.

 

XAUUSD 

1272/1270 support

1280/1282 resistance

Sino-China trade talks look better and Brexit cool down, gold prices continued downward. Federal Reserve’s beige book releases tomorrow early morning. The market is waiting for the report. Technically, the gold price trend at the beginning of the target 1285 and 1281 support, has broken through, the next support US1270. If the Fed beige book is shown the economic slowdown, gold price rebound and test resistance target of 1282 or 1292.

 

U.S. Dow Jones industrial average futures US30

26550/26685 resistance

26355/26125 support

Markets are watching for China the first-quarter GDP report and the Fed beige book, which is expected to limit the stock’s gains. The Dow is still in a correction, can refer to 26355 or 26125 support. But expectations the US retail sales releases tomorrow could boost the Dow. Technical support at 26125, resistance at 26685.

 

BTCUSD:

5050 / 5200 resistance

4750 / 4650 support

The market is waiting for the Fed beige book release tomorrow; the bitcoin price keeps stronger. Technically the bitcoin price is expected below US5200; it could be test 4750 or 4650 support.

 

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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