02 September 2019 Morning Session Analysis
Greenback remains firm despite weak confidence data.
Dollar index which measuring against a basket of six major currency pairs have continues to rally despite consumer sentiment showing declining figure. According to the University of Michigan which release the official figure, consumer confidence have fell the its lowest level since October 2016 which the reading came in at 89.8, lower than market expectation of 92.3. However, the greenback remain strong against other currency as market continue to be convinced by trade hopes. Last week, U.S and China have called calm on the progress of trade talk, signal a potential trade deal could happen in the future. According to China Foreign Ministry, U.S and China are currently maintaining an effective communication, thus strengthening the hope of potential ending for the trade war. Still, market continue to remain focus on the trade development to gauge further direction for the greenback. On the other hand, USD/CAD have fell as recent data showed that Canada growth have surged. According to Statistics Canada, economy in Canada have expanded by 0.2% in June, better than economist expectation of 0.1%, which have exerted some downward pressure for the pair. As of writing, dollar index gains 0.30% to 98.72 while USDCAD fell 0.03% to 1.3315.
In commodities market, crude oil price have tumbled 0.60% to $54.78 per barrel at the time of writing following the increase of OPEC output. According to a survey from Reuters, OPEC oil output have increased for the first time in 2019 with the reading showed that the cartel pumped 29.61 million, an increase of 80,000 bpd July. Next, gold price rebound 0.52% to $1528.45 a troy ounce at the time of writing following global uncertainty such as Brexit and Middle East continue to support the safe-haven commodity.
Today’s Holiday Market Close
Time Market Event
All Day CAD Labor Day
All Day USD Labor Day
Today’s Highlight Events
Time Market Event
N/A
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 15.55 | EUR – German Manufacturing PMI (Aug) | 43.6 | 43.6 | – |
| 16.30 | GBP – Manufacturing PMI (Aug) | 48.4 | 48.0 | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher following prior breakout above the previous resistance level at 98.65. However, MACD which illustrate diminishing bullish momentum suggest the greenback to experience a technical correction in short term towards back the support level 98.65.
Resistance level: 99.10, 99.60
Support level: 98.65, 98.20
GBPUSD, H4: GBPUSD was traded lower following prior breakout below the previous support level at 1.2170. MACD which illustrate bearish bias momentum suggest the pair to extend its losses toward the support level at 1.2090.
Resistance level: 1.2170, 1.2295
Support level: 1.2090, 1.2015
EURUSD, H4: EURUSD was traded lower while currently testing the support level 1.0980. However, MACD which illustrate diminishing bearish momentum suggest the pair to experience a technical correction towards the resistance level 1.1030.
Resistance level: 1.1030, 1.1105
Support level: 1.0980, 1.0930
USDJPY, H4: USDJPY remain traded in sideway channel following recent retracement from the resistance level 108.75. MACD which illustrate bearish bias signal with the formation of death cross suggest the pair to extend its losses towards the support level 105.15.
Resistance level: 106.75, 107.75
Support level: 105.15, 103.60
AUDUSD, H4: AUDUSD was traded lower following prior retracement from the resistance level 0.6740. MACD which illustrate bearish bias signal suggest the pair to extend its losses towards the support level 0.6695.
Resistance level: 0.6740, 0.6780
Support level: 0.6695, 0.6650
NZDUSD, H4: NZDUSD was traded lower while currently testing near the support level 0.6275. However, MACD which illustrate diminishing bearish momentum suggest the pair to experience a technical correction in short term towards the resistance level 0.6345.
Resistance level: 0.6345, 0.6400
Support level: 0.6275, 0.6210
USDCAD, H4: USDCAD was traded higher while currently testing near the resistance level 1.3335. MACD which illustrate bullish momentum signal suggest the pair to extend its gains after it breaks above the resistance level.
Resistance level: 1.3335, 1.3415
Support level: 1.3280, 1.3225
USDCHF, H4: USDCHF was traded higher while currently testing the resistance level 0.9905. However, MACD which illustrate diminishing bullish momentum suggest the pair to be traded lower as a short term technical correction towards the support level 0.9865.
Resistance level: 0.9905, 0.9950
Support level: 0.9865, 0.9820
CrudeOIL, H4: Crude oil price was traded lower while currently testing near the support level 54.50. MACD which illustrate bearish momentum signal suggest the commodity to extend its losses after it breaks below the support level.
Resistance level: 55.45, 56.65
Support level: 54.50, 53.60
GOLD_, H4: Gold price was traded lower while currently testing near the support level 1519.00. However, MACD which illustrate diminishing bearish momentum suggest the commodity to be traded higher in short term as a technical correction towards the resistance level 1548.10.
Resistance level: 1548.10, 1588.40
Support level: 1519.00, 1488.85