23 October 2019 Morning Session Analysis
Pound sterling slump amid uncertainties in Brexit.
Pound Sterling slump on Tuesday after UK lawmakers rejected the government’s proposed Brexit timetable. According to CNN news, lawmakers voted 322 to 308 against a motion which set out a three-day schedule to rush the legislation through the House of Commons, which mean that Brexit on 31st October now seems seriously unlikely. In fact, the extended timeline in Brexit issues marginally increase uncertainty in British geopolitical problem, spurring a sell-off in Pound Sterling. However, its losses were limited as chances of a no-deal Brexit were seen as miniscule, after the lawmakers voted 329 to 299 in favor of his Brexit deal at an important second reading. On the other hand, Dollar index surge amid hope upon the resolution of trade war increases. According to Reuters, Chinese vice foreign minister claimed that China and the United States have achieved some progress in their trade talks. However, such gain was limited following bleak economic data from the region. According to National Association of Realtors, U.S. Existing Home sales came in at 5.38M, lower than the market expectation. As of writing, GBP/USD rose 0.16% to 1.2890 and US Dollar Index surged 0.19% to 97.21.
In the commodities market, crude oil price was traded lower earlier this morning due to bearish inventory data. U.S. API Weekly Crude Oil stock came in at 4.450M, which implies lower demand and higher output for of crude oil in the United States. On the other hand, gold price surged amid lingering uncertainties in the market such as Brexit. As of writing, crude oil price slump 0.26% to $54.18 per barrel while gold price rose 0.08% to $1488.47 per troy ounces.
Today’s Holiday Market Close
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Today’s Highlight Events
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Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 22:30 | CrudeOIL – Crude Oil Inventories | 9.281M | 2.232M | – |
Technical Analysis
DOLLAR_INDX, Daily: Dollar index was traded higher prior following rebound from the support level at 97.05. However, MACD which illustrated diminishing bearish momentum suggest its price to be trade higher in short-term as technical correction.
Resistance level: 97.45, 97.90
Support level: 97.05, 96.45
GBPUSD, H1: GBPUSD was traded lower after it successfully breakout below the previous support level 1.2920. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 1.2920, 1.3005
Support level: 1.2830, 1.2755
EURUSD, Daily: EURUSD was traded lower following prior breakout below the previous support level at 1.1140. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 1.1075.
Resistance level: 1.1140, 1.1195
Support level: 1.1075, 1.1015
USDJPY, H4: USDJPY was traded lower while currently near the support level at 108.30. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 108.60, 108.95
Support level: 108.30, 108.00
AUDUSD, H4: AUDUSD was traded lower while currently near the support level at 0.6845. MACD which illustrated increasing bearish momentum suggest the pair to be traded lower after it successfully breakout below the support level.
Resistance level: 0.6880, 0.6925
Support level: 0.6845, 0.6805
NZDUSD, Daily: NZDUSD was traded higher following prior breakout above the previous resistance level at 0.6435. MACD which illustrated increasing bullish momentum suggest the pair to extend its gain toward the resistance level at 0.6435.
Resistance level: 0.6435, 0.6495
Support level: 0.6380, 0.6340
USDCAD, Daily: USDCAD was traded higher following prior rebound from the support level at 1.3085. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gain toward resistance level at 1.3145
Resistance level: 1.3145, 1.3210
Support level: 1.3085, 1.3020
USDCHF, Daily: USDCHF was traded higher following prior rebound from the support level at 0.9865. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gain toward resistance level at 0.9905.
Resistance level: 0.9905, 0.9940
Support level: 0.9865, 0.9805
CrudeOIL, H4: Crude oil price was traded lower following prior retracement from the resistance level at 54.40. MACD which illustrated diminishing bullish momentum suggest its price to be traded lower toward support level at 53.55.
Resistance level: 54.40, 55.60
Support level: 53.55, 52.90
GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1490.65. MACD which illustrated increasing bullish momentum suggest its price to be traded higher after it successfully breakout above the resistance level.
Resistance level: 1490.65, 1498.25
Support level: 1481.80, 1474.70