2 October 2018 Afernoon Session Analysis
Dollar strengthened amid new NAFTA.
Greenback gained its bullish momentum as the NAFTA negotiations progressed to the United States-Canada-Mexico Agreement (USCMA) as US and Canada came into an agreement which affects Canada’a dairies market and Automobile industry. United States farmers will have more access to Canada’s dairies market as well as higher wage pay of not less than $16 an hour at North America Auto industry. Investors sentiment now move towards a bullish momentum for the dollar which surged by 0.18% to 95.10 as of writing. On the other hand, pair of AUD/USD turned bearish, declining by 0.39% to 0.7195 this early European trading session. The Aussie was seen increasing moments before their RBA Interest Rate Decision and Statement, which reported a 1.50% interest rate as expected.
For the commodities market, crude oil price rose 0.20% to $75.60 per barrel, its highest level since late 2014. The crude market continues to gain bullish sentiment amid Iran sanctions which expects a major decline in supply. On the other hand, gold price surged by 0.42% to $1193.60 a troy ounce despite the gain in dollar.
Today’s Holiday Market Close
Time Market Event
All Day CNY China – National Day
Today’s Highlight Events
Time Market Event
12:30 AUD RBA Rate Statement
22:00 USD FOMC Member Quarles Speaks
00:00 USD Fed Chair Powell Speaks
Today’s Highlight Economy Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 16:30 | GBP – Construction PMI (Sep) | 52.9 | 52.8 | – |
| 04:30 | CrudeOIL – API Weekly Crude Oil Stock | 2.903M | – | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher following prior breakout above the previous resistance level 94.95. MACD which illustrate starting bullish signal suggest the dollar to extend its gains towards the resistance level 95.50.
Resistance level: 95.00, 96.30
Support level: 94.95, 94.60
GBPUSD, H1: GBPUSD was traded lower following prior retracement from the 50.0 psychological level at 1.3040. MACD which illustrate a bearish momentum and the formation of a death cross suggest the pair to extend its losses towards the support level 1.2975.
Resistance level: 1.3065, 1.3180
Support level: 1.2975, 1.2905
EURUSD, H1: EURUSD was traded lower following prior breakout below the previous support level 1.1570. MACD which display bearish momentum and the formation of a death cross suggest the pair to extend its losses towards the support level 1.1530.
Resistance level: 1.1570, 1.1615
Support level: 1.1530, 1.1465
USDJPY, H4: USDJPY was traded lower following prior retracement from the resistance level 114.15. MACD which display bearish bias and the formation of a death cross suggest the pair to extend its retracement towards the support level 113.55.
Resistance level: 114.15, 114.70
Support level: 113.55, 113.00
AUDUSD, H4: AUDUSD was traded lower while currently testing the psychological level. MACD which illustrate a starting bearish momentum suggest the pair to extend its losses after a breakout below the psychological level.
Resistance level: 0.7240, 0.7260
Support level: 0.7230, 0.7200
NZDUSD, H4: NZDUSD was traded lower while currently testing the support level 0.6595. Due to lack of signal from the MACD, a breakout below or rebound from the support level 0.6595 is required for further confirmation.
Resistance level: 0.6635, 0.6690
Support level: 0.6595, 0.6540
USDCAD, H4: USDCAD was traded higher while currently testing the resistance level 1.2820. MACD which display a starting bullish momentum suggest the pair to extend its gains after a breakout above the resistance level 1.2820.
Resistance level: 1.2820, 1.2900
Support level: 1.2730, 1.2670
USDCHF, H4: USDCHF was traded higher following prior breakout above the previous resistance level 0.9815. MACD which illustrate a starting bearish momentum and the formation of a death cross suggest the pair to traded lower as a technical correction.
Resistance level: 0.9875, 0.9900
Support level: 0.9815, 0.9755
CrudeOIL, H4: Crude oil price was traded higher while currently testing the psychological level 75.74. MACD which illustrate a persistent bullish momentum suggest the commodity to extend its gains after a breakout above the psychological level.
Resistance level: 77.05, 78.25
Support level: 72.80, 71.25
GOLD_, H1: Gold price was traded higher while currently testing the 38.2 psychological level at 1192.75. MACD which illustrate bullish momentum suggest the commodity to extend its gains after a breakout above the psychological level and the bearish trend line.
Resistance level: 1196.00, 1203.30
Support level: 1191.10, 1186.80