25 February 2019 Afternoon Session Analysis
Substantial progress in US-Sino trade talk.
Dollar index which gauge its value against a basket of six currencies tumbled after Donald Trump announced to delay the March 1 tariff deadline following substantial progress talk between two countries during last weekend. After a long week of trade focused meeting, US president Donald Trump tweeted that US had undergo a well talk with China on important structural issues including intellectual property protection, technology transfer, agriculture, services, currency, and many other issues. At the moment, Donald Trump is planning a Summit to meet China Premier Xi Jinping to conclude an agreement. Closer to a trade deal between both parties dampening investors fear over the outlook of global economic growth. Dollar index inched down 0.07% to 96.30 during early Asian trading session. On the other hand, the pair of NZD/USD edged up 0.42% to 0.6875 amid upbeat Core Retail Sales data been announced before Asian trading session. According to Statistics New Zealand, the data came in at 1.7% compared to economist forecast of 0.5% where pharmaceuticals, duty free goods and food services taken the biggest pie on boosting overall spending in December 2018.
As for commodities, crude oil price rose 0.30% to $57.05 per barrel amid oil prices received support from optimism trade talk between two world’s largest economy countries where US President has decided to extend the US tariff deadline on China imported goods. Besides, gold price quoted up 0.20% to $1330.50 amid weaker demand of Dollar.
Today’s Holiday Market Close
Time Market Event
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Today’s Highlight Events
Time Market Event
18:00 GBP BoE Gov Carney Speaks
Today’s Highlight Economic Data
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Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower following prior breakout from the previous support level. MACD which illustrate bearish signal suggests the index to extend its losses toward the support level at 96.00.
Resistance level: 96.40, 96.80
Support level: 96.00, 95.75
GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level at 1.3070. MACD which illustrate diminishing bearish momentum suggest the pair to extend its gains after successfully breakout the resistance level at 1.3070.
Resistance level: 1.3070, 1.3155
Support level: 1.2975, 1.2895
EURUSD, H1: EURUSD remains traded within a sideways channel following prior retracement from the higher 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: 1.1370, 1.1390
Support level: 1.1325, 1.1300
USDJPY, H4: USDJPY remains traded within a sideways channel following prior retracement from the top level. MACD which illustrate bearish signal suggest the pair to extend its losses after successfully breakout the channel bottom level.
Resistance level: 110.90, 111.05
Support level: 110.60, 110.30
AUDUSD, H4: AUDUSD was traded higher following prior breakout above the previous resistance level at 0.7105. MACD which has begun to form a golden cross signal suggests the pair to extend its gains, towards the direction of 0.7160.
Resistance level: 0.7160, 0.7210
Support level: 0.7105, 0.7075
NZDUSD, H4: NZDUSD was traded higher following prior breakout from the resistance at 0.6845. MACD which illustrate persistent bullish signal suggests the pair to extend its gains, towards the direction of 0.6885.
Resistance level: 0.6885, 0.6935
Support level: 0.6845, 0.6815
USDCAD, H4: USDCAD was traded higher while currently retesting the resistance level at 1.3145. MACD which illustrate bearish bias momentum suggests the pair to undergo technical correction in short term toward the support level at 1.3090.
Resistance level: 1.3145, 1.3200
Support level: 1.3090, 1.3050
USDCHF, H4: USDCHF was traded lower following prior breakout below the previous support level at 0.9995. MACD which illustrate diminishing bullish momentum and the formation of death cross suggest the pair to extend its losses toward the support level at 0.9945.
Resistance level: 0.9995, 1.0025
Support level: 0.9945, 0.9900
CrudeOIL, H1: Crude oil price was traded lower following prior retracement from the resistance level at 57.75. MACD which illustrate bearish signal suggests its prices to extend its losses toward the support level at 56.60.
Resistance level: 57.75, 58.85
Support level: 56.60, 55.50
GOLD_, H4: Gold price was traded higher following prior rebound from the support level at 1322.65. MACD which illustrate diminished downward momentum suggests its prices to extend its gains toward the resistance level at 1337.20.
Resistance level: 1337.20, 1344.75
Support level: 1322.65, 1314.05