8 February 2019 Afternoon Session Analysis
AUD tumbles as RBA jitters.
Australian dollar tumbled to fresh monthly low against the US dollar after Reserve Bank of Australia (RBA) adopts a dovish forward guidance for monetary policy. Pair of AUD/USD depreciates by 0.28% to 0.7078 as of writing. According to the monetary policy minutes released on yesterday, RBA continues to tame the bets for higher interest rates ahead after delivering a downward revision in Australia’s growth throughout 2019 and 2020. In addition, RBA’s inflation outlook was also revised lower with forecast for underlying inflationary pressure to lay low, reflecting lower growth rate and near-term weakness in prices. Similarly, pair of USD/JPY depreciates by 0.03% to 109.77. The safe-haven yen received higher demand in the market after report suggested that a meeting between US and China is highly unlikely to take place before March 1stdeadline.
In the commodities market, crude oil price extended its losses by 0.55% to $52.19 per barrel. Oil prices remains at the downside bias following higher concern with regards to possible global economic slowdown. Otherwise, gold price depreciates by 0.05% to $1,309.50 a troy ounce following resilient US dollar during mid-Asian session.
Today’s Holiday Market Close
Time Market Event
All Day China Spring Festival
Today’s Highlight Events
Time Market Event
N/A
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 15:00 | EUR – German Trade Balance (Dec) | 19.0B | 18.1B | – |
| 21:30 | CAD – Employment Change (Jan) | 9.3K | 8.0K | – |
| 21:30 | CAD – Unemployment Change (Jan) | 5.6% | 5.7% | – |
| 02:00
(9th) |
CrudeOIL – US Baker Hughes Oil Rig Count | 847 | – | – |
Technical Analysis
DOLLAR_INDX, Daily: Dollar index was traded higher while currently testing near the resistance of 96.30. MACD which continues to illustrate bullish signal suggests the index to extend its gains after closing above the target of 96.30.
Resistance level: 96.30, 96.65
Support level: 96.00, 95.50
GBPUSD, H1: GBPUSD was traded lower following prior retracement from the downward trendline. MACD which illustrate diminished upward momentum suggests the pair to extend its losses after successfully closing below 1.2930.
Resistance level: 1.2990, 1.3060
Support level: 1.2930, 1.2855
EURUSD, H1: EURUSD was traded higher following prior rebound while currently testing near the 20-MA line (red). MACD which has formed a golden cross signal suggests the pair to be traded higher after closing above the 20-MA line (red).
Resistance level: 1.1355, 1.1415
Support level: 1.1300, 1.1215
USDJPY, H1: USDJPY remains traded within a sideways channel following prior rebound from the bottom level. Due to the lack of signal from MACD and price action, it is suggested to wait for a breakout before entering the market.
Resistance level: 110.00, 110.50
Support level: 109.55, 108.95
AUDUSD, H4: AUDUSD was traded lower while currently testing near the support level of 0.7070. MACD which illustrate bearish signal suggests the pair to advance further down after closing below the target of 0.7070.
Resistance level: 0.7170, 0.7275
Support level: 0.7070, 0.7015
NZDUSD, H1: NZDUSD was traded higher following prior rebound. MACD which has formed a positive divergence signal may suggests the pair to be traded higher in short-term as technical correction.
Resistance level: 0.6780, 0.6820
Support level: 0.6710, 0.6645
USDCAD, H1: USDCAD was traded lower following prior retrace from 1.3325. MACD which begins to form a bearish signal suggests the pair to be traded lower in short-term as technical correction.
Resistance level: 1.3325, 1.3360
Support level: 1.3280, 1.3220
USDCHF, H1: USDCHF was traded lower following a retracement from previous high. MACD which illustrate bearish signal may suggests the pair to be traded lower in short-term, towards the direction of 1.0000.
Resistance level: 1.0040, 1.0080
Support level: 1.0000, 0.9970
CrudeOIL, H4: Crude oil price was traded lower following prior closure below 52.80. MACD which illustrate bearish signal suggests its prices to extend its losses, towards the direction of 51.85.
Resistance level: 52.80, 53.70
Support level: 51.85, 51.50
GOLD_, H1: Gold price remains traded within a downward channel following prior retrace from the top level. MACD which begins to form a bearish signal suggests its prices to be traded lower, towards the direction of 1305.40.
Resistance level: 1313.80, 1321.20
Support level: 1305.40, 1295.55