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Euro Extends Its Losses In The Asian Session
For the 24 hours to 23:00 GMT, the EUR declined 0.18% against the USD and closed at 1.1193, following reports that the European Union is planning to take disciplinary action against Italy for its failure to meet budget rules.
On Friday, data showed that the US preliminary durable goods orders fell 2.1% on a monthly basis in April, surpassing market consensus for a drop of 2.0%. In the prior month, durable goods orders had registered a revised rise of 1.7%.
In the Asian session, at GMT0300, the pair is trading at 1.1182, with the EUR trading 0.10% lower against the USD from yesterday’s close.
The pair is expected to find support at 1.1170, and a fall through could take it to the next support level of 1.1157. The pair is expected to find its first resistance at 1.1205, and a rise through could take it to the next resistance level of 1.1227.
Looking ahead, traders would await the Euro-zone’s economic confidence, industrial confidence and consumer confidence indices, all for May along with Germany’s GfK consumer confidence for June, scheduled to release in a few hours. Later in the day, the US house price index for March as well as the consumer confidence index and the Dallas Fed manufacturing index, both for May, will pique significant amount of investors’ attention.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
Japan’s Final Leading Economic Index Eased To Its Lowest Level In 3 Years In March
For the 24 hours to 23:00 GMT, the USD rose 0.11% against the JPY and closed at 109.54.
On the macro front, data showed that Japan's final leading economic index dropped to a level of 95.9 in March, declining to its lowest level in almost 3 years while preliminary figures had indicated a drop to a level of 96.3. Moreover, the nation's final coincident index eased to a level of 99.4 in March, compared to a reading of 100.4 in the previous month. The preliminary figures had recorded a drop to 99.6.
In the Asian session, at GMT0300, the pair is trading at 109.49, with the USD trading 0.05% lower against the JPY from yesterday's close.
The pair is expected to find support at 109.40, and a fall through could take it to the next support level of 109.30. The pair is expected to find its first resistance at 109.61, and a rise through could take it to the next resistance level of 109.72.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
Swiss Franc Trading Higher, Ahead Of Key Economic Data
For the 24 hours to 23:00 GMT, the USD rose 0.18% against the CHF and closed at 1.0038.
In economic news, Switzerland’s total sight deposits declined to a level of CHF576.8 billion in the week ended 24 May 2019, from CHF578.3 billion in the previous week.
In the Asian session, at GMT0300, the pair is trading at 1.0046, with the USD trading 0.08% higher against the CHF from yesterday’s close.
The pair is expected to find support at 1.0023, and a fall through could take it to the next support level of 1.0000. The pair is expected to find its first resistance at 1.0066, and a rise through could take it to the next resistance level of 1.0086.
Trading trends in the Swiss Franc today, is expected to be determined by Switzerland’s gross domestic product for the first quarter 2019 and trade balance data for April, set to release in a while.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
Loonie Trading A Tad Lower In The Morning Session
For the 24 hours to 23:00 GMT, the USD slightly rose against the CAD and closed at 1.3440.
In the Asian session, at GMT0300, the pair is trading at 1.3441, with the USD trading a tad higher against the CAD from yesterday’s close.
The pair is expected to find support at 1.3430, and a fall through could take it to the next support level of 1.3418. The pair is expected to find its first resistance at 1.3453, and a rise through could take it to the next resistance level of 1.3464.
With no macroeconomic releases in Canada today, investors would look forward to global macroeconomic releases for further cues.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
Aussie Reverses Its Losses In The Asian Session
For the 24 hours to 23:00 GMT, the AUD declined 0.22% against the USD and closed at 0.6919.
LME Copper prices remained unchanged at $5919.0/MT. Aluminium prices traded flat at $1761.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.6923, with the AUD trading 0.06% higher against the USD from yesterday’s close.
The pair is expected to find support at 0.6911, and a fall through could take it to the next support level of 0.6899. The pair is expected to find its first resistance at 0.6937, and a rise through could take it to the next resistance level of 0.6951.
Amid lack of economic releases in Australia today, traders would focus on global macroeconomic events for further direction.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
Gold: Yellow Metal Extends Its Losses In The Asian Session
For the 24 hours to 23:00 GMT, Gold declined 0.15% against the USD and closed at USD1290.40 per ounce, amid broad strength in the US dollar.
In the Asian session, at GMT0300, the pair is trading at 1287.70, with gold trading 0.21% lower against the USD from yesterday’s close.
The pair is expected to find support at 1285.87, and a fall through could take it to the next support level of 1284.03. The pair is expected to find its first resistance at 1290.97, and a rise through could take it to the next resistance level of 1294.23.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
Silver: White Metal Trading On A Weaker Footing This Mornisng
For the 24 hours to 23:00 GMT, Silver declined 0.27% against the USD and closed at USD14.57 per ounce, tracking losses in gold prices.
In the Asian session, at GMT0300, the pair is trading at 14.53, with silver trading 0.27% lower against the USD from yesterday’s close.
The pair is expected to find support at 14.49, and a fall through could take it to the next support level of 14.45. The pair is expected to find its first resistance at 14.56, and a rise through could take it to the next resistance level of 14.65.
The white metal is trading below its 20 Hr and 50 Hr moving averages.
Crude Oil: Oil Trading Higher, Ahead Of API’s Weekly Crude Oil Inventories Data
For the 24 hours to 23:00 GMT, Crude Oil rose 0.87% against the USD and closed at USD59.09 per barrel, following OPEC led supply cuts and US sanctions on Iran's and Venezuela's oil exports.
On Friday, fresh figures from Baker Hughes disclosed that the number of active oil rigs slid by 5 to 797 in the week ended 24 May 2019.
In the Asian session, at GMT0300, the pair is trading at 59.17, with oil trading 0.14% higher against the USD from yesterday's close.
The pair is expected to find support at 58.44, and a fall through could take it to the next support level of 57.70. The pair is expected to find its first resistance at 59.60, and a rise through could take it to the next resistance level of 60.02.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
AUD/USD Daily Outlook
Daily Pivots: (S1) 0.6906; (P) 0.6923; (R1) 0.6933; More...
No change in AUD/USD's outlook as consolidation from 0.6864 is extending. Intraday bias remains neutral for the moment. In case of stronger recovery, upside should be limited by 0.6988 support turned resistance to bring fall resumption. On the downside, break of 0.6864 resume the fall from 0.7295 to 161.8% projection of 0.7295 to 0.7003 from 0.7205 at 0.6733, which is close to 0.6722 low.
In the bigger picture, with 0.7393 key resistance intact, medium term outlook remains bearish. The decline from 0.8135 (2018 high) is seen as resuming long term down trend from 1.1079 (2011 high). Decisive break of 0.6826 (2016 low) will confirm this bearish view and resume the down trend to 0.6008 (2008 low). However, firm break of 0.7393 will argue that fall from 0.8135 has completed. And corrective pattern from 0.6826 has started the third leg, targeting 0.8135 again.
USD/CAD Daily Outlook
Daily Pivots: (S1) 1.3430; (P) 1.3442; (R1) 1.3455; More...
Intraday bias in USD/CAD remains neutral and consolidation from 1.3521 might extend further. In case of deeper pull back, downside should be contained above 1.3274 support to bring rally resumption. On the upside, firm break of 1.3521 will resume the whole rise from 1.3068 to retest 1.3664 high. However, decisive break of 1.3274 support will indicate completion of rise from 1.3068 and turn outlook bearish.
In the bigger picture, USD/CAD is staying well inside medium term rising channel (support at 1.3296). Thus, the up trend from 1.2061 (2017 low) should be in progress. On the upside, decisive break of 61.8% retracement of 1.4689 (2016 high) to 1.2061 at 1.3685 will pave the way to 78.6% retracement at 1.4127 next. This will remain the favored case as long as 1.3068 support holds. However, sustained break the channel support will be the first sign of medium term reversal. Firm break of 1.3068 would confirm.
