13 March 2019 Afternoon Session Analysis
Dollar remains weak, Aussie disappoints again by Westpac.
Bears continues to dominate the greenback market as seller remains emphasize on US-China trade concerns and weak inflation data on Tuesday. In recent news, US Trade Representative Robert Lighthizer have noted that both economic powerhouses are close to a deal while offering little details on how close. However, he also stated that a successful outcome is not assured which heightening concern among regarding whether the both nations could end the trade war with a truce. Besides that, weaker than expected CPI inflation data which release on Tuesday remains affected the market sentiment which currently continues to dragged the greenback value. Dollar index slips 0.02% to 97.87 as of writing. Meanwhile, AUD/USD reports losses again, fell 0.25% to 0.7060 as of writing following Westpac consumer confidence tanked. According to data by Westpac, consumer’s confidence in Australia fell to -4.8%, the biggest slide since the end of 2017 which erased the 4.3% rise in previous month. Adding further by NAB’s weak business conditions data, the data further proves deteriorating business and slowdown in the Australia’s economy which continue to pressure the Aussie.
In the commodities market, crude oil price remains steady and edge higher 0.03% to $57.10 per barrel as of writing following continuous supply cuts continue to boost the commodity. In latest news, Saudi Arabia plans to cut its crude oil exports in April to below 7 million barrels per day (bpd), while keeping its output well below 10 million bpd as the kingdom seeks to drain a supply glut and support oil prices. On the other hand, gold price extend gains by 0.20% to 1303.95 a troy ounce following an ongoing weak dollar dominated by recent weak data and trade fears.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
Tentative GBP Annual Budget Release
20:30 GBP Spring Forecast Statement
03:00 (14hb) GBP UK Parliament vote on No-Deal Brexit
Today’s Highlight Economic Data
| Time | Market & Data | Previous | Forecast | Actual |
| 18:00 | EUR – Industrial Production (MoM) (Jan) | -0.9% | 1.0% | – |
| 20:30 | USD – Core Durable Goods Orders (MoM) (Jan) | 0.1% | 0.1% | – |
| 20:30 | USD – PPI (MoM) (Feb) | -0.1% | 0.2% | – |
| 22:30 | CrudeOIL – Crude Oil Inventories | 7.069M | 2.655M | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher following rebound from lower level. MACD which display diminishing bearish momentum suggest index to extend its rebound towards the resistance level 97.05.
Resistance level: 97.05, 97.60
Support level: 96.60, 95.80
GBPUSD, H1: GBPUSD was traded higher while currently testing the resistance level 1.3085. MACD which illustrate bullish bias signal suggest the pair to extend its gains after successfully breaking above the resistance level.
Resistance level: 1.3085, 1.3180
Support level: 1.3000, 1.2915
EURUSD, H4: EURUSD remained traded in an upward-channel following prior retracement from the resistance level 1.1290. MACD which illustrate diminishing bullish momentum suggest the pair to extend its retracement towards the bottom-level of the channel near the support level of 1.1260.
Resistance level: 1.1290, 1.1340
Support level: 1.1260, 1.1215
USDJPY, H4: USDJPY was traded lower following prior retracement from the resistance level 111.45. MACD which illustrate diminishing bullish momentum suggest the pair to extend its retracement towards the support level 110.95.
Resistance level: 111.45, 112.00
Support level: 110.95, 110.40
AUDUSD, H4: AUDUSD was traded lower following prior retracement from the resistance level 0.7080. MACD which illustrate bearish bias signal suggest the pair to extend its retracement towards the support level 0.7025.
Resistance level: 0.7080, 0.7125
Support level: 0.7025, 0.6975
NZDUSD, H4: NZDUSD was traded lower following prior retracement near the resistance level 0.6875. MACD which display bearish bias signal suggest the pair to extend its retracement towards the support level 0.6805.
Resistance level: 0.6875, 0.6935
Support level: 0.6805, 0.6765
USDCAD, H4: USDCAD was traded lower while currently testing support level 1.3360. MACD which illustrate diminishing bearish momentum suggest the pair to undergo short-term technical correction and rebound towards the resistance level 1.3400.
Resistance level: 1.3400, 1.3455
Support level: 1.3360, 1.3325
USDCHF, H4: USDCHF was traded higher following prior rebound from the lower level. MACD which illustrate diminishing bearish momentum suggest the pair to extend its rebound toward the resistance level at 1.0095.
Resistance level: 1.0095, 1.0130
Support level: 1.0050, 1.0010
CrudeOIL, H4: Crude oil remained traded in a sideway channel while currently testing near the top-level of the channel at 57.50. MACD which display diminishing bullish momentum suggest the commodity to undergo short-term technical correction and retrace towards the support level of 56.15.
Resistance level: 57.50, 58.70
Support level: 56.15, 55.00
GOLD_, H4: Gold was traded higher while currently testing the resistance level of 1305.50. MACD which illustrate bullish momentum suggest gold to extend its gains after successfully breaking above the resistance level.
Resistance level: 1305.50, 1315.00
Support level: 1294.50, 1285.50