11 March 2019 Afternoon Session Analysis
All eyes on sedated US-China trade talk.
Greenback extended its gains on Monday while investors continue to monitor the progression of US-China trade negotiation. As of writing, the dollar index notched up 0.13% to 97.32. According to reports, People’s Bank of China Governor Yi Gang stated that the trade negotiation in between US and China have reached consensus on a number of crucial issues while discussing previous commitments made by Group of 20 nations on avoiding competitive devaluation of currencies. He mentioned that both countries have discussed about respecting the “autonomy” of each other’s monetary policy. Although Yi’s comment address US concerns over China’s potential depreciation of yuan to blunt the impact of tariffs, he avoided any mention of one-sided pledge by Beijing to hold its currency stable. Currency stability has been the key points in talks in the recent week, as President Donald Trump pushes to seal a deal between both countries. On the other hand, pair of AUD/USD depreciates by 0.13% to 0.7035 during Asian trading session.
As for commodities market, crude oil price extended gains by 0.61% to $56.30 per barrel. Oil futures remains well in bid following OPEC-led supply cuts which will unlikely to end anytime soon. In addition, US Baker Hughes shows that last week’s oil rig count fell by 9 to 834, its third weekly drop since mid-February. On the other hand, gold price slumped by 0.11% to $1,296.65 a troy ounce following a rebound in US dollar.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
07:00 (12th) USD Fed Chair Powell Speaks
Today’s Highlight Economic Data
| Time | Market & Data | Previous | Forecast | Actual |
| 15:00 | EUR – German Industrial Production (MoM) (Jan) | -0.4% | 0.5% | – |
| 20:30 | USD – Core Retail Sales (MoM) (Jan) | -1.8% | 0.4% | – |
| 20:30 | USD – Retail Sales (MoM) (Jan) | -1.2% | 0.0% | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher following prior rebound from the support level at 97.20. However, MACD which shows bearish momentum and the formation of death cross suggests the index to experience technical correction in short-term.
Resistance level: 97.60, 98.00
Support level: 97.20, 97.05
GBPUSD, H4: GBPUSD was traded lower while currently testing near the support level at 1.2965. MACD which illustrate bearish bias momentum suggest the pair to extend its losses after successfully breakout the support level at 1.2965.
Resistance level: 1.3070, 1.3185
Support level: 1.2965, 1.2895
EURUSD, H4: EURUSD was traded higher following prior rebound from its lower level. MACD which illustrate upward momentum and the formation of golden cross suggests the pair to extend its gains toward the resistance level at 1.1260.
Resistance level: 1.1260, 1.1290
Support level: 1.1220, 1.1180
USDJPY, H1: USDJPY remains traded within a sideway channel while currently testing the upper level. MACD which continues to illustrate bullish signal suggests the pair to extend its gains after breaking the resistance level at 111.15.
Resistance level: 111.15, 111.50
Support level: 110.90, 110.60
AUDUSD, H1: AUDUSD was traded higher following prior rebound from the support level at 0.7025. MACD which illustrate diminishing bearish momentum suggests the pair to extend its gains toward the resistance level at 0.7045.
Resistance level: 0.7045, 0.7070
Support level: 0.7025, 0.7000
NZDUSD, H1: NZDUSD was traded higher following prior rebound from the lower level. MACD which illustrate bullish signal suggests the pair to advance further up, towards the direction of 0.6805
Resistance level: 0.6805, 0.6845
Support level: 0.6760, 0.6705
USDCAD, H4: USDCAD was traded higher following prior rebound from the support level at 1.3410. MACD which illustrate diminishing downward momentum suggests the pair to be traded higher towards 1.3495.
Resistance level: 1.3495, 1.3570
Support level: 1.3410, 1.3370
USDCHF, H4: USDCHF was traded higher following prior rebound from the bottom level. However, MACD which illustrate downward momentum suggests the pair to undergo technical correction in short term toward the support level at 1.0055.
Resistance level: 1.0090, 1.0125
Support level: 1.0055, 1.0015
CrudeOIL, H4: Crude oil price was traded higher following prior breakout above the previous resistance level at 55.85. MACD which illustrate bullish momentum and the formation of golden cross suggest the commodity to extend its gain toward the resistance level at 56.80.
Resistance level: 56.80, 57.75
Support level: 55.85, 55.10
GOLD_, H4: Gold price was traded lower while currently testing the support level at 1296.90. MACD which illustrate diminished upward momentum suggests its prices to extend its losses after successfully breakout the support level at 1296.90.
Resistance level: 1305.40, 1314.95
Support level: 1296.90, 1283.90