14 September 2018 Daily Analysis
Greenback falls amid poor economy data.
The greenback fell by 0.08% to 94.05 after the poor releasement of economic data Consumer Price Index yesterday. The economic data of CPI with an actual reading of 0.1% was lower than the forecasted data of 0.2% and since caused the dollar to plunge as investors lost confidence towards the dollar and seek for a much safer asset. The fall of the dollar was capped by US President Donald Trump where he stated in Twitter that he was not pressured to carry out a trade deal with China yesterday but the sentiment was insufficient to keep the dollar from falling as investors are still worried with the outcome of the ongoing trade war between the US and China. In other news, Euro was seen edging up after the decision of Euro Central Bank to lower the forecasts for Europe’s economic growth for this year and next year. During the ECB Press Conference yesterday, ECB stated that it expects to reduce the $2.9 trillion bond-buying program A.K.A. quantitative easing by this year end. EURUSD increased by 0.04% to 1.1695 as of writing.
As for the commodities market, crude oil continues to fall by 0.12% to $68.69 per barrel after OPEC announced its output which had since increased from 420,000 barrel a day to 32.63 million barrel a day for the month of August. On the other hand, gold price increased by 0.30% to $1204.90 per troy ouns after the dollar fells amid poor CPI economic data yesterday.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
18:00 GBP BoE Gov Carney Speaks
Todays’ Highlight Economy Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 20:30 | USD – Core Retail Sales (MoM) (Aug) | 0.6% | 0.5% | – |
| 20:30 | USD – Retail Sales (MoM) (Aug) | 0.5% | 0.4% | – |
GBPUSD
GBPUSD, H4: GBPUSD was traded higher following prior breakout above the previous resistance level 1.3085. Recent price action and MACD which display bullish momentum suggest the pair to extend its gains towards the resistance level 1.3145.
Resistance level: 1.3145, 1.3180
Support level: 1.3085, 1.3020
EURUSD
EURUSD, H1: EURUSD was traded higher while currently testing the support level 1.1690. MACD which illustrate a bearish momentum and the formation of a death cross suggest the pair to extend its losses after a breakout below the support level 1.1690.
Resistance level: 1.1730, 1.1760
Support level: 1.1690, 1.1645
USDJPY
USDJPY, H1: USDJPY was traded lower following prior breakout below the previous support level 111.95. Recent price movement and MACD which illustrate a bearish momentum and the formation of a death cross suggest the pair to extend its losses towards the support level 111.65.
Resistance level: 111.95, 112.20
Support level: 111.65, 111.25
CrudeOIL
CrudeOIL, H1: Crude oil price was recently traded higher following prior breakout above the previous resistance level 68.55. MACD which illustrate a bullish momentum and formation of a golden cross suggest the commodity to extend its gains towards the resistance level 69.55.
Resistance level: 69.55, 70.45
Support level: 68.55 67.30
GOLD
GOLD, H1: Gold price was traded higher following prior breakout above the previous resistance level 1203.00. Recent price action and MACD which illustrate a bullish momentum and the starting formation of a golden cross suggest the commodity to extend its gains towards the resistance level 1207.80.
Resistance level: 1207.80, 1212.15
Support level: 1203.00, 1198.95