18 October 2019 Afternoon Session Analysis
Antipodeans pair hold strong gains despite weak data from China.
Australian dollar which traded against the dollar manage to hold its gains despite recent release of weak GDP data from China. According to the National Bureau of Statistics of China, GDP in annual basis have slumped to 6.0%, lower than expected reading of 6.1%. Despite that, downbeat data from U.S coupled with recent positive developments in trade talk allow the Aussie and Kiwi bulls to remain dominant in the market. According to reports, Chinese Commerce Ministry Spokesman have stated that they hope to reach the phased trade deal with U.S as soon as possible. Following China is one of the largest trade partner to the antipodeans, both Aussie and Kiwi also benefitted from the development. As of writing, AUD/USD rose 0.18% to 0.6833 while NZD/USD also climbs 0.11% to 0.6369.
On the commodities market, crude oil price remain stable and edge up 0.03% to $53.85 per barrel as market continue to awaits for further clear signal to gauge its direction. On the other hand, gold price edge higher 0.05% to $1492.05 a troy ounce as of writing following weakness in dollar continue to provide demand for the safe-haven asset.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
Tentative CrudeOIL OPEC Meeting
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 01:00
(19th) |
CrudeOIL – US Baker Hughes Oil Rig Count | 712 | – | – |
Technical Analysis
DOLLAR_INDX, Daily: Dollar index was traded lower following prior breakout below the previous support level at 97.70. MACD which illustrated increasing bearish momentum suggest the pair to extend it losses toward the support level at 97.05.
Resistance level: 97.70, 98.15
Support level: 97.05, 96.45
GBPUSD, Daily: GBPUSD was traded higher following prior breakout above the previous resistance level at 1.2735. MACD which illustrated increasing bullish momentum suggest the pair to extend its gain toward the resistance level at 1.2990.
Resistance level: 1.2990, 1.3155
Support level: 1.2735, 1.2530
EURUSD, Daily: EURUSD was traded higher following prior breakout above the previous resistance level at 1.1085. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward the resistance level at 1.1165.
Resistance level: 1.1165, 1.1210
Support level: 1.1085, 1.0995
USDJPY, H4: USDJPY was traded lower following prior retracement from the resistance level at 108.90. MACD which illustrated the bearish signal suggested the pair to be traded lower toward support level at 108.20.
Resistance level: 108.90, 109.30
Support level: 108.20, 107.80
AUDUSD, Daily: AUDUSD was traded higher following prior breakout above the previous resistance level at 0.6800. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.6875.
Resistance level: 0.6875, 0.6925
Support level: 0.6800, 0.6745
NZDUSD, Daily: NZDUSD was traded higher following prior breakout above the previous resistance level at 0.6310. MACD which illustrated increasing bullish momentum suggest the pair to be traded higher toward resistance level at 0.6425.
Resistance level: 0.6425, 0.6495
Support level: 0.6310, 0.6245
USDCAD, Daily: USDCAD was traded lower while currently testing at the support level 1.3125. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 1.3205, 1.3305
Support level: 1.3125, 1.3070
USDCHF, Daily: USDCHF was traded lower following prior breakout below the previous support level at 0.9900. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward the support level at 0.9820.
Resistance level: 0.9900, 0.9980
Support level: 0.9820, 0.9745
CrudeOIL, H1: Crude oil price was traded lower following prior retracement from the resistance level at 54.05. MACD which illustrated diminishing bullish momentum suggest the commodity to extend its losses toward support level at 53.55.
Resistance level: 54.05, 54.85
Support level: 53.55, 52.90
GOLD_, H4: Gold price was traded lower following prior retracement from the resistance level at 1496.55. MACD which illustrated diminishing bullish momentum suggest the commodity to extend its losses toward the support level at 1488.10.
Resistance level: 1496.55, 1510.05
Support level: 1488.10, 1479.50