17 January 2019 Afternoon Session Analysis
Greenback and Pound Sterling oscillated.
Dollar index traded flat against its six major peer currencies after hitting high level of 95.75 while investor currently wait for the crucial data that will be announced on later today, including U.S. Philadelphia Fed Manufacturing Index and New Home Sales. A higher than expected reading would be taken as a bullish momentum toward the Greenback and portraying that the economic growth outlook is still remain resilient. Prior to the release of data, investor will also keeping their eyes on the US government shutdown issues as it had continue to the 26th day while there is no any clear end in sight yet. Although US President Donald Trump has signed the bill that guarantee back pay for the government employees who have been furloughed during the partial government shutdown, but the record breaking of US government shutdown is begin to harm the US economy as it weighed significantly on growth and could potentially push the US economy into a contraction. Dollar index rose 0.05% to 95.70 as of writing. Besides, the pair of GBP/USD inched down 0.04% to 1.2875 after UK PM Theresa May survived from the no confidence vote that against her. As of now, Labour of MPs is exerting pressure on Jeremy Corbyn to back a second referendum where they resisted to campaign a vote on British withdrawal from European Zone again.
In the commodities market, crude oil price down 0.52% to $52.05 per barrel despite EIA Crude Oil Inventories data shown a higher than expected declined in crude oil inventories held by US firm. The fallen of crude oil price during Asia trading session is due to the EIA report where they emphasized that the crude oil production has rose to a record of 11.9 million barrels per day last week. Besides that, gold price fell by 0.16% to $1291.30 a troy ounce amid the strengthening of dollar.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
23:45 USD FOMC Member Quarles Speaks
Today’s Highlight Economic Data
| Time | Market & Data | Previous | Forecast | Actual |
| 18:00 | EUR – CPI (YoY) (Dec) | 1.6% | 1.6% | – |
| 21:30 | USD – Building Permits (Dec) | 1.328M | 1.290M | – |
| 21:30 | USD – Initial Jobless Claims | 216K | 219K | – |
| 21:30 | USD – Philadelphia Fed Manufacturing Index (Jan) | 9.4 | 9.7 | – |
| 21:30 | USD – Philly Fed Employment (Jan) | 19.1 | – | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher while currently testing near the resistance level at 95.75. MACD which illustrate bullish bias momentum suggest the index to extend its gains after successfully breakout the resistance level at 95.75.
Resistance level: 95.75, 96.00
Support level: 95.20, 94.85
GBPUSD, H1: GBPUSD was traded lower following prior retracement from the resistance level at 1.2885. MACD which illustrate diminishing bullish momentum and the formation of death cross suggest the pair to extend its retracement toward the support level at 1.2820.
Resistance level: 1.2885, 1.2965
Support level: 1.2820, 1.2715
EURUSD, Daily: EURUSD was traded lower following prior breakout below the previous support level at 1.1435. MACD which illustrate bearish momentum and the formation of death cross suggest the pair to extend its losses toward the support level at 1.1375.
Resistance level: 1.1435, 1.1495
Support level: 1.1375, 1.1310
USDJPY, H4: USDJPY was traded higher following prior breakout above the previous resistance level at 108.55. MACD which illustrate bullish bias momentum suggest the pair to extend its gains toward the resistance level at 109.10.
Resistance level: 109.10, 109.65
Support level: 108.55, 107.80
AUDUSD, H4: AUDUSD was traded lower following prior breakout below the bottom level of channel at 0.7180. MACD which illustrate bearish momentum suggest the pair to extend its losses toward the support level at 0.7140.
Resistance level: 0.7180, 0.7230
Support level: 0.7140, 0.7105
NZDUSD, H4: NZDUSD was traded lower while currently testing the support level at 0.6760. MACD which illustrate bearish signal suggests the pair to extend its losses after successfully breaking the support level at 0.6760.
Resistance level: 0.6800, 0.6840
Support level: 0.6760, 0.6740
USDCAD, H1: USDCAD was traded higher following prior rebound from the lower level of the sideway channel. MACD which illustrate bullish momentum and the formation of golden cross suggest the pair to extend its gains toward the resistance level at 1.3285.
Resistance level: 1.3285, 1.3335
Support level: 1.3240, 1.3195
USDCHF, H4: USDCHF was traded higher following prior breakout above the previous resistance level at 0.9900. However, MACD which illustrate diminished bullish momentum suggests the pair to undergo technical correction in short term toward the support level at 0.9900.
Resistance level: 0.9955, 1.0005
Support level: 0.9900, 0.9855
CrudeOIL, H4: Crude oil price was traded lower in the sideway channel following prior retracement from the channel’s top level. Due to lack of signal from MACD, a retracement from or breakout above the resistance level is required to attain further confirmation before entering the market.
Resistance level: 52.75, 54.70
Support level: 50.65, 49.70
GOLD_, H1: Gold price was traded lower in the sideway channel following prior retracement from the resistance level at 1295.15. MACD which illustrate diminishing bullish momentum suggest the pair to extend its losses toward the support level at 1286.90.
Resistance level: 1295.15, 1300.90
Support level: 1286.90, 1277.10