14 February 2019 Afternoon Session Analysis
Trade woes lifted, AUD gains.
Greenback was traded lower by 0.07% to 96.85 against a basket of six major currency pairs during late Asian trading session amid hopes on trade talk optimists. As two of the largest economy set off for new round of trade talks earlier this week, US President Donald Trump commented that the negotiations are ‘going along very well’ and that China was offering ‘tremendous respect’. Although Trump will only meet Chinese President Xi Jinping to agree on a final deal, he is now considering to delay the deadline for imposition of higher tariffs on China goods for as long as 60 days. Investors hope on both parties to reach an agreement and end the trade war recovered as an extension to the deadline provides higher chances of obtaining a deal. Market participants reacted by shifting their investment to riskier assets as overall market sentiment restored. Besides that, early China trade data gave a higher than expected reading, pushing China Yuan higher as well as China’s major trading partner, Australian dollar. As of writing, pair of AUD/USD rose by 0.40% to 0.7115.
As for commodities, crude oil price surged by 0.43% to $54.15 per barrel amid trade talk optimisms. Despite the poor inventories data reported by the EIA yesterday, investors attention was caught by the high-level trade talks between US and China which commented by President Trump as ‘going very well’. On the other hand, gold price ticks up by 0.19% to $1,308.50 a troy ounce due to weaker dollar.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
N/A
Today’s Highlight Economic Data
| Time | Market & Data | Previous | Forecast | Actual |
| 15:00 | EUR – German GDP (QoQ) (Q4) | -0.2% | 0.1% | – |
| 21:30 | USD – Core Retail Sales (MoM) (Dec) | 0.2% | 0.0% | – |
| 21:30 | USD – Retail Sales (MoM) (Dec) | 0.2% | 0.1% | – |
| 21:30 | USD – PPI (MoM) (Jan) | -0.2% | 0.1% | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower while currently testing near the support level 96.85. MACD which illustrate diminished bearish momentum suggest index to undergo technical correction and rebound from the support level towards the resistance level at 97.15.
Resistance level: 97.15, 97.45
Support level: 96.85, 96.50
GBPUSD, H4: GBPUSD was traded lower while currently testing near the support level 1.2850. MACD which illustrate diminishing bullish momentum suggest the pair to extend its losses after successfully breaking below the support level.
Resistance level: 1.2915, 1.3000
Support level: 1.2850, 1.2750
EURUSD, H1: EURUSD was traded higher following prior breakout above previous resistance level 1.1275. MACD which display bullish momentum and the formation of golden cross suggest the pair to extend its gains towards the resistance level 1.1310.
Resistance level: 1.1310, 1.1350
Support level: 1.1275, 1.1215
USDJPY, H4: USDJPY was extending its bullish momentum following prior breakout from the previous resistance level 110.90. MACD which illustrate diminishing bullish momentum suggest the pair to undergo short-term technical correction and retrace back to the support level 110.90.
Resistance level: 111.00, 111.45
Support level: 110.50, 110.00
AUDUSD, H4: AUDUSD was traded higher following prior rebound from the support level 0.7100. MACD which illustrate bullish momentum suggest the pair to be traded higher towards the resistance level 0.7170.
Resistance level: 0.7170, 0.7220
Support level: 0.7100, 0.7030
NZDUSD, H4: NZDUSD was traded higher following prior rebound from its lower levels. MACD which illustrate bullish momentum suggest the pair to extend its rebound towards the resistance level 0.6850.
Resistance level: 0.6850, 0.6915
Support level: 0.6780, 0.6715
USDCAD, H4: USDCAD was traded lower following prior retracement from the resistance level 1.3245. MACD which display bearish bias signal suggest the pair to extend its retracement towards the support level 1.3185.
Resistance level: 1.3280, 1.3325
Support level: 1.3220, 1.3175
USDCHF, H4: USDCHF was traded lower while currently testing the support level 1.0080. MACD which illustrate diminishing bullish momentum suggest the pair to extend its losses after breaking below the support level.
Resistance level: 1.0130, 1.0180
Support level: 1.0080, 1.0030
CrudeOIL, H4: Crude oil price was traded higher following prior breakout from previous resistance level at 53.90. MACD which illustrate diminishing bullish momentum suggest the commodity to undergo short-term technical correction and retrace towards the support level 53.90.
Resistance level: 55.00, 56.15
Support level: 53.90, 52.70
GOLD_, H4: Gold price remains traded within a sideways channel following prior rebound from the lower levels. Due to lack of signal from the MACD, a breakout from the sideway channel is required for further confirmation before entering the market.
Resistance level: 1315.00, 1325.15
Support level: 1305.00, 1295.00