26 February 2019 Morning Session Analysis
Dollar dejected after Trump tweeted.
US dollar extended its losses during early Asian trading session following US President Donald Trump’s call to extend the trade deadline of March 1st. As of writing, the dollar index was quoted down 0.09% to 96.25. Greenback’s appeal diminished following higher optimism surrounding trade talks between US and China which has increased investor’s appetite towards other risky assets such as emerging market currencies and debts. Last Sunday, Trump tweeted that he would push back the trade deadline and proposed to meet with Chinese Premier Xi Jinping at this Mar-a-Lago estate in Florida for a “signage” summit. His announcement has increased hopes that both countries would reach a trade deal soon although some Chinese official warned that there is still conflict of interest between both countries. On the other hand, pair of GBP/USD spikes up 0.21% to 1.3122 this morning. Sterling jumped to a four-week high after Bloomberg News reported that UK Prime Minister Theresa May is considering to delay the Brexit deadline and prevent UK from leaving EU without a trade deal.
As for commodities market, crude oil price tumbled down 0.60% to $55.37 per barrel. Oil prices fell after Trump tweeted that current oil price were too high and OPEC should work on bringing them down to a lower level. Otherwise, gold price ticked up 0.01% to $1,327.42 a troy ounce while market participants continues to monitor underlying risk which surrounds the financial market.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
18:00 GBP Inflation Report Hearings
Tentative GBP UK Prime Minister Theresa May Speaks
23:00 USD Fed Chair Powell Testifies
Today’s Highlight Economic Data
| Time | Market & Data | Previous | Forecast | Actual |
| 15:00 | EUR – GfK German Consumer Climate (Mar) | 10.8 | 10.8 | – |
| 21:30 | USD – Building Permits (Dec) | 1.322M | 1.290M | – |
| 23:00 | USD – CB Consumer Confidence (Feb) | 120.2 | 124.7 | – |
| 05:30 (27th) | CrudeOIL – API Weekly Crude Oil Stock | 1.260M | – | – |
Technical Analysis
DOLLAR_INDX, H1: Dollar index was traded lower following prior close below 96.25. MACD which illustrate diminished upward momentum suggests the index to be traded lower in short-term, towards the lower level of the descending channel.
Resistance level: 96.25, 96.60
Support level: 96.00, 95.70
GBPUSD, H1: GBPUSD was traded higher while currently testing at the resistance of 1.3125. MACD which illustrate bullish signal suggests the pair to extend its gains after successfully closing above the target of 1.3125.
Resistance level: 1.3125, 1.3160
Support level: 1.3085, 1.3025
EURUSD, H1: EURUSD was traded higher following prior closure above the resistance at 1.1355. However, 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: 1.1375, 1.1400
Support level: 1.1355, 1.1330
USDJPY, H4: USDJPY was traded higher following prior close above 111.00. However, MACD which illustrate diminished upward momentum suggests the pair to be traded lower in short-term as technical correction.
Resistance level: 111.45, 112.20
Support level: 111.00, 110.50
AUDUSD, H4: AUDUSD was traded higher while currently testing at the resistance of 0.7170. MACD which illustrate bullish signal suggests the pair to advance further upwards after successfully closing above this resistance level.
Resistance level: 0.7170, 0.7225
Support level: 0.7105, 0.7070
NZDUSD, H4: NZDUSD was traded lower following prior retrace from the resistance at 0.6890. MACD which illustrate diminished upward momentum suggests the pair to be traded lower in short-term as technical correction.
Resistance level: 0.6890, 0.6910
Support level: 0.6855, 0.6830
USDCAD, H1: USDCAD was traded flat and currently testing near the support of 1.3175. However, MACD which illustrate diminished upward momentum suggests the pair to be traded lower in short-term following a close below 1.3175.
Resistance level: 1.3220, 1.3280
Support level: 1.3175, 1.3120
USDCHF, H1: USDCHF was traded lower following prior retracement from the downward trendline. MACD which illustrate diminished upward momentum suggests the pair to extend its losses after closing below the target of 0.9995.
Resistance level: 1.0040, 1.0080
Support level: 0.9995, 0.9970
CrudeOIL, H1: Crude oil price was traded higher following prior rebound from its lower level. MACD which illustrate diminished bearish momentum suggests its prices to experience technical correction in the short-term.
Resistance level: 55.60, 56.45
Support level: 54.30, 53.00
GOLD_, H1: Gold price remains traded within a narrowing triangle following prior retrace from the top. 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: 1329.00, 1333.00
Support level: 1323.00, 1315.00