01 November 2017 Daily Analysis
Greenback remains bullish while investors awaiting further clues.
Dollar index edged higher by 0.07% against a trade-weighted basket of major currencies, last quoted to 94.51 after it is buoyed by better-than-expected manufacturing growth and consumer confidence data. U.S. economy remains supported as consumer confidence rose to its highest level since 2008 at 125.9 in October from 119.8 in September versus the forecast reading of 121.0. In addition, the Chicago Purchasing Managers’ Index (PMI) – a leading indicator of the U.S. economy rose to 66.2 versus the expected 61.0. However, the gains of Greenback remain capped despite the two positive economic data as investors are waiting further clues on monetary policy from the Fed and President Donald Trump’s choice of candidate to head the Fed in February. On the other hand, GBP/USD rose 0.60% to 1.3281 amid growing investors’ expectation toward the Bank of England (BoE) to hike interest rates for the first time in more than a decade on Thursday.
In the commodities market, crude oil price rose 27 cents, currently traded at $54.66 per barrel following bullish market sentiment fuelled by OPEC and Russia to hold back about 1.8 million barrels per day in oil production as a mean to tighten crude supplies. Otherwise, gold price dipped lower by 0.20% at $1269.54 a troy ounce as Greenback edges higher on stronger economic outlook.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
02:00 USD FOMC Statement
04:15 CAD BoC Gov Poloz Speaks
Today’s Highlight Economy Data
|
Time |
Nation & Data | Previous | Forecast | Actual |
| 05:45 | NZD – Employment Change (QoQ) (Q3) | -0.2% | 0.8% | 2.2% |
| 09:45 | CNY – Caixin Manufacturing PMI (Oct) | 51.0 | 51.0 | 51.0 |
| 17:30 | GBP – Manufacturing PMI (Oct) | 55.9 | 56.0 | – |
| 20:15 | USD – ADP Nonfarm Employment Change (Oct) | 135K | 200K | – |
| 22:00 | USD – ISM Manufacturing Employment (Oct) | 60.3 | 60.2 | – |
| 22:00 | USD – ISM Manufacturing PMI (Oct) | 60.8 | 59.5 | – |
| 22:30 | CrudeOIL – Crude Oil Inventories | 0.856M | -2.578M | – |
| 02:00 | USD – Fed Interest Rate Decision | 1.25% | 1.25% | – |
GBPUSD
GBPUSD, Daily: GBPUSD was traded higher after breaking resistance level at 1.3210. The pair is currently testing the next resistance level at 1.3275. Successful closure above the said resistance level coupled with upward slope of MACD histogram suggest the pair to extend its gains toward the next target at 1.3430.
Resistance level: 1.3275, 1.3430
Support level: 1.3210, 1.3065
EURUSD
EURUSD, H1: EURUSD was traded higher after breaking resistance level at 1.1610. Absence of signal from both significant candlestick pattern and MACD histogram suggest to wait for breakout to occur to gain confirmation regarding the trend of the pair within short-term timeframe.
Resistance level: 1.1685, 1.1720
Support level: 1.1610, 1.1470
USDJPY
USDJPY, H4: USDJPY was traded higher after breaking resistance level at 113.45. Bullish candlesticks arrangement and golden-cross as formed by MACD signal line suggest the pair to extend its gains toward the next resistance level at 114.15.
Resistance level: 114.15, 114.75
Support level: 113.45, 113.10
CrudeOIL
Crude OIL, H4: Crude oil price was traded higher prior breaking resistance level at 53.95. The commodity is currently testing the next resistance level at 54.65. Successful closure above the said resistance level would further indicates crude oil price to extend its momentum to trade higher toward the next resistance level at 57.20.
Resistance level: 54.65, 57.20
Support level: 53.95, 53.40
GOLD
GOLD_, H4: Gold price was traded lower prior retracement from resistance level at 1280.00. It is currently testing the support level at 1268.95. Successful closure below the said support level would further suggest the commodity to extend its losses toward the next support level at 1262.20.
Resistance level: 1280.00, 1291.00
Support level: 1268.95, 1262.20