25 October 2018 Afternoon Session Analysis
Dollar flat ahead of economic data.
Dollar index edged lower by 0.03% to 95.98 during early European trading session while investors waits for US Core Durable Goods and Pending Home Sales data. Yesterday’s New Home Sales data that missed the expectation did not have much impact towards the dollar. Overall, the dollar is still continuing its bullish trend as investors awaits positive sentiment from today’s data to further boost the price of dollar. In other news, demand for safe haven asset such as Japanese Yen was increasing as uncertainty spirals in the US economy where Democrats such as Barack Obama and Hillary Clinton received bomb threats and investors fear of a political violence. The incident caused panic for investors as they flew to safe haven markets. Pair of USD/JPY fell by 0.20% to 112.00 as of writing.
As for commodities, crude oil price edged up by 0.12% to $66.45 per barrel. The crude oil market was influenced by negative sentiment this week as investors worry that the shortfall supply from Iran’s sanction will be supported by Saudi Arabia. On the other hand, gold price increased by 0.30% to $1,237.90 a troy ounce following higher demand for its safe haven properties amid uncertainties in the forex market.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
20:30 EUR ECB Press Conference
Today’s Highlight Economic Data
| Time | Market & Data | Previous | Forecast | Actual |
| 16:00 | EUR – German Ifo Business Climate Index | 103.7 | 103.1 | – |
| 19:45 | EUR – Deposit Facility Rate | -0.40% | -0.40% | – |
| 19:45 | EUR – ECB Marginal Lending Facility | 0.25% | 0.25% | – |
| 19:45 | EUR – ECB Interest Rate Decision (Oct) | 0.00% | 0.00% | – |
| 20:30 | USD – Initial Jobless Claims | 210K | 214K | – |
| 20:30 | USD – Core Durable Goods Orders (MoM) (Sep) | 0.1% | 0.5% | – |
| 22:00 | USD – Pending Home Sales (MoM) (Sep) | -1.8% | -0.1% | – |
Technical Analysis
DOLLAR_INDX, H1: Dollar index was traded lower following prior retracement from the resistance level 96.30. MACD which illustrate bearish momentum suggest the dollar to extend its losses towards the support level 95.80.
Resistance level: 96.30, 96.60
Support level: 95.80, 95.20
GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level 1.2905. MACD which illustrate diminishing bearish momentum suggest the pair to extend its gains after a breakout above the resistance level.
Resistance level: 1.2905, 1.2935
Support level: 1.2855, 1.2800
EURUSD, H4: EURUSD was traded higher following prior rebound from the support level 1.1385. MACD which illustrate starting bullish momentum suggest the pair to extend its rebound towards the resistance level 1.1445.
Resistance level: 1.1445, 1.1490
Support level: 1.1385, 1.1350
USDJPY, H4: USDJPY was traded lower while currently testing near the support level 112.00. MACD which illustrate bearish momentum suggest the pair to extend its losses after a breakout below the support level.
Resistance level: 112.40, 112.75
Support level: 112.00, 111.70
AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level 0.7080. MACD which illustrate starting bullish momentum and the formation of golden cross suggest the pair to extend its gains after a breakout above the resistance level.
Resistance level: 0.7080, 0.7105
Support level: 0.7055, 0.7030
NZDUSD, H1: NZDUSD was traded higher following prior rebound from the support level of 0.6500. MACD which illustrate bullish momentum and the formation of golden cross suggest the pair to extend its rebound towards the resistance level 0.6540.
Resistance level: 0.6540, 0.6565
Support level: 0.6500, 0.6460
USDCAD, H1: USDCAD was traded lower following prior retrace near the resistance level 1.3065. MACD which illustrate diminishing bullish momentum suggest the pair to extend its retracement towards the support level 1.3000.
Resistance level: 1.3065, 1.3115
Support level: 1.3010, 1.2925
USDCHF, H1: USDCHF was traded lower following prior retracement from the resistance level 0.9980. MACD which illustrate persistent bearish momentum suggest the pair to extend its retracement towards the support level 0.9955.
Resistance level: 0.9975, 1.0000
Support level: 0.9955, 0.9920
CrudeOIL, H4: Crude oil price was traded higher following prior rebound from the support level 66.10. MACD which illustrate diminished bearish momentum suggest the commodity to extend its rebound towards the resistance level 67.50.
Resistance level: 67.50, 68.70
Support level: 66.10, 64.90
GOLD_, H1: Gold price was traded higher while currently testing near the resistance level 1238.50. MACD which display bullish bias suggest the commodity to extend its gains after a breakout above the resistance level.
Resistance level: 1238.50, 1241.75
Support level: 1233.50, 1229.35