24 October 2019 Afternoon Session Analysis
Euro climbed as low expectation of new stimulus.
The single currency of European Union, euro managed to hold its ground from earlier retracement amid majority of the investors are expecting no further significant changes on monetary policy will be made in upcoming ECB meeting. Prior to this, ECB has lowered down the deposit facility rate to -0.50% from previously 0.40% while restarting the bond purchasing plan in ECB’s September meeting. Therefore, market participants forecast and believe that ECB will not generate any new insight on the monetary policy outlook from ECB meeting and press conference, while seeing ECB will continue eyes on more economic data and development of geopolitical within European Union before changing their ‘direction’. In the meantime, all the investors will start to put their attention on former International Monetary Fund President Christine Lagarde as she will succeed the position of ECB Chairman after 31th October 2019. On the other hand, greenback rebound from its lower level yesterday following US President Donald Trump announced he will remove the sanctions against Turkey as Recep Tayyip Erdogan has agreed to ceasefire in Syria earlier last week. However, Trump emphasized that he will re-implement another round of tariff against Turkey if something happen that make Trump unhappy. As of now, dollar index quoted down 0.07% to 97.15 while EUR/USD surged 0.07% to 1.1135.
In the commodities market, crude oil price retraced 0.75% to $55.45 per barrel after hitting near one month highs level amid yesterday data showed lower than expected inventories level in US. According to EIA crude oil inventories data, US oil inventories level came in at -1.699M as compare to economist forecast 2.232M while providing hints of lower crude oil supply and higher demand during last week. On the other hand, gold price rose 0.06% to $1,492.65 a troy ounce amid weakening of market risk sentiment.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
20:30 EUR ECB Press Conference
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 15:30 | EUR – German Manufacturing PMI (Oct) | 41.7 | 42.0 | – |
| 19:45 | EUR – ECB Interest Rate Decision (Oct) | 0.00% | 0.00% | – |
| 20:30 | USD – Core Durable Goods Orders (MoM) (Sep) | 0.5% | -0.2% | – |
| 20:30 | USD – Initial Jobless Claims | 214K | 216K | – |
| 22:00 | USD – New Home Sales (Sep) | 713K | 710K | – |
Technical Analysis
DOLLAR_INDX, Daily: Dollar index was traded higher following prior rebound from the support level at 97.05. MACD which illustrated diminishing bearish momentum suggest the index to extend its gains toward resistance level at 97.45.
Resistance level: 97.45, 97.95
Support level: 97.05, 96.45
GBPUSD, Daily: GBPUSD was traded lower following prior retracement from the resistance level at 1.2965. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 1.2795.
Resistance level: 1.2965, 1.3160
Support level: 1.2795, 1.2620
EURUSD, Daily: EURUSD was traded lower while currently testing the support level at 1.1120. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 1.1185, 1.1245
Support level: 1.1120, 1.1075
USDJPY, H4: USDJPY traded lower following prior retracement from the resistance level at 108.65. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 108.50.
Resistance level: 108.65, 108.90
Support level: 108.50, 107.30
AUDUSD, Daily: AUDUSD was traded lower while currently testing the support level at 0.6845. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 0.6880, 0.6915
Support level: 0.6845, 0.6805
NZDUSD, Daily: NZDUSD was traded lower following prior retrace from the resistance level at 0.6430. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward the support level at 0.6360
Resistance level: 0.6430, 0.6495
Support level: 0.6360, 0.6290
USDCAD, Daily: USDCAD was traded lower while currently testing the support level at 1.3070. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 1.3140, 1.3200
Support level: 1.3070, 1.3015
USDCHF, H4: USDCHF was traded higher while currently testing the resistance level at 0.9910. However, MACD which illustrated diminishing bullish momentum suggest the pair to be trade slower in short-term as technical correction.
Resistance level: 0.9910, 0.9940
Support level: 0.9880, 0.9855
CrudeOIL, H4: Crude oil price was traded lower following prior retrace from its higher levels. MACD which illustrate diminished upward momentum suggest its price to be traded lower in short-term as technical correction.
Resistance level: 56.70, 57.30
Support level: 55.55, 54.45
GOLD_, H4: Gold price was traded lower following prior retracement from the resistance level at 1495.90. MACD which illustrated diminishing bullish momentum suggest its price to extend its losses toward support level at 1485.20
Resistance level: 1495.90, 1503.95
Support level: 1485.20, 1473.85