The dollar looks still moving solidly after the release of good US Non-Farm Payroll (NFP) data. During March, the increase in workforce increased by 196 thousand above expectations of 172 thousand and far better than the previous month which was only 33 thousand (revised). In addition, the US unemployment rate also held a record low of 3.8%. Although the average wage only grew 0.1%.
This has the potential to still support the dollar to this day along with positive news about US-China trade relations. Previously US President Donald Trump also mentioned that a trade agreement between the two would be formed as soon as possible in the next four weeks.
Market Movers this week
Movement Potential
Gold
Resistance 1295 - 1296 still seems to be a strong resistance area. As long as prices consistently move below that level, the price of gold seems to be still in a weaker trend testing the nearest support 1289 before targeting 1285.
Crude oil
Oil prices have a chance to continue to strengthen to test 64.25 levels. Consistent moves above that level, the next target is seen at 64.80. Outlook for tightening oil inventories globally, starting from the extension of Iranian sanctions, crisis conditions in Venezuela, and geopolitical constraints in Libya, amid the OPEC production cut program will be the driving catalyst. Nearest support at 62.30.
EURUSD
EURUSD looks still in downward pressure amid no driving catalyst from the Eurozone today and a chance for a stronger dollar. As long as it is still moving below 1.1250 resistance, the downside potential is targeting 1.1700.
GBPUSD
The wait and see attitude towards Brexit certainty still seems to have the potential to pressure GBPUSD. But the support area at the 1.3000 psychological level will still be tested. If that level breaks, the potential for further weakening will target 1.2960. Nearest resistance at 1.30765.
USDJPY
The potential for increased demand for risk assets is likely to bring up the USDJPY to test the psychological level of 112.00. But if it hasn't been able to break this level, the potential for prices will be corrected because of profit taking after rising for seven consecutive days, with support at 111.00.
AUDUSD
Since the beginning of April, AUDUSD has seen ranging moves in a fairly wide range of levels. Resistance at 0.7125 will still be tested if the opportunity for a strengthening of the AUDUSD amid a positive US-China outlook can sustain gains. Nearest support at the level of 0.7070.