10 September 2019 Morning Session Analysis
Dollar flat on quiet market, sterling rebounds.
Dollar index which measuring against a basket of six major currency pairs have been traded flat in early Asian session following the lack of fresh catalyst. Dollar recently have been subdued by weak employment data where the economy added fewer jobs than expected, according to data. Sentiment was overall mixed where Non-Farm Payroll data came in at only 130K in August, which is much weaker than the expected reading of 160K. However, participation rate ticked up slightly and average hourly earnings also improved to 0.4%, exceeding market forecast of 0.3%. Still, global investors are currently remain cautious and waiting for further signal following the lack of critical development from trade marker and a quiet data docket. Dollar index was inched lower by 0.09% to 98.24 as of writing. On the other hand, pound starling have rallied to its highest level since July and rose 0.04% to 1.2341 at the time of writing as U.K Prime Minister Boris Johnson strikes softer tone on Brexit. According to recent reports, Boris Johnson have emphasized he wanted to get a Brexit deal and stated with his Irish counterpart Leo Vardkar at a press conference that he will “overwhelmingly prefer” to get a deal by October. Besides that, positive data also bolstered further the demand of the currency as GDP record higher reading of 0.0% compared to -0.1% while Manufacturing Production data also improved to -0.6%, higher than market expectation of -1.1%.
In the commodities market, crude oil price climbs 0.14% to $58.14 per barrel, hitting 6-week high as Saudi Arabia replace its oil minister. Saudi Arabia King Salman have appointed on of his sons Prince Abdulaziz bin Salman, to take over from Khalid al-Falih to run the most important ministry in the country that leads OPEC. The replacement took market by surprise and investors are expecting Saudi Arabia oil industry in going to get better, therefore pushing the demand for the commodity. Next, gold price fell 0.05% to $ 1498.25 a troy ounce as of writing following receded global risk that caused investors to go for riskier asset.
Today’s Holiday Market Close
Time Market Event
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Today’s Highlight Events
Time Market Event
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Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 16.30 | GBP – Average Earnings Index +Bonus (Jul) | 3.7% | 3.7% | – |
| 16.30 | GBP – Claimant Count Change (Aug) | 28.0K | 29.3K | – |
| 16.30 | GBP – Unemployment Rate | 3.9% | 3.9% | – |
| 22.00 | USD – JOLTs Job Openings (Jul) | 7.348M | 7.311M | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher following prior rebound from the lower level. MACD which begins to form bullish signal suggests the index to extend its gains after closing above 98.25.
Resistance level: 98.25, 99.00
Support level: 97.80, 97.40
GBPUSD, H4: GBPUSD was traded lower following prior retrace near 1.2400. MACD which begins to form a bearish signal suggests the pair to be traded lower in short-term as technical correction.
Resistance level: 1.2400, 1.2515
Support level: 1.2325, 1.2260
EURUSD, H4: EURUSD was traded lower following prior retrace near 1.1070. MACD which illustrate diminishing upward momentum suggests the pair to be traded lower in short-term as technical correction.
Resistance level: 1.1070, 1.1150
Support level: 1.1010, 1.0930
USDJPY, Daily: USDJPY was traded higher following prior closure above 107.25. MACD which illustrate bullish signal suggests the pair to extend its gains, towards the direction of 107.85.
Resistance level: 107.85, 108.70
Support level: 106.80, 105.60
AUDUSD, Daily: AUDUSD was traded higher while currently testing near the resistance of 0.6865. MACD which illustrate bullish signal suggests the pair to extend its gains after closing above 0.6865.
Resistance level: 0.6865, 0.6960
Support level: 0.6800, 0.6705
NZDUSD, H1: NZDUSD remains traded within a sideways channel formation. Due to the lack of signal from MACD and price action, it is suggested to wait for further signals before entering the market.
Resistance level: 0.6440, 0.6470
Support level: 0.6410, 0.6395
USDCAD, H4: USDCAD was traded higher following prior rebound from the support of 1.3145. MACD which begins to form a bullish signal suggests the pair to extend its gains in short-term as technical correction.
Resistance level: 1.3190, 1.3220
Support level: 1.3145, 1.3090
USDCHF, Daily: USDCHF was traded higher following prior breakout from the downward trendline. MACD which illustrate bullish signal suggests the pair to extend its gains, towards the direction of 0.9970.
Resistance level: 0.9970, 1.0105
Support level: 0.9890, 0.9820
CrudeOIL, Daily: Crude oil price was traded higher following prior rebound from its lower level. MACD which illustrate bullish signal suggests its price to extend further up after breaking the resistance near 58.70.
Resistance level: 58.70, 60.85
Support level: 57.30, 55.55
GOLD_, H1: Gold price was traded lower while currently testing near the support of 1494.50. MACD which illustrate bearish signal suggests the its price to extend its losses after closing below 1494.50.
Resistance level: 1509.00, 1523.00
Support level: 1494.50, 1483.50