18 November 2019 Afternoon Session Analysis
Greenback swoops amid ongoing trade deadlock.
Dollar index which gauge its value against a basket of six major currencies fall amid market worries over ongoing trade dispute may further deteriorate the economy growth of US. Since trade war occurred, both countries have levied duties against each other country’s imported goods in order to retaliate for unfair trade treaty, eventually dragged down the global economy growth significantly. Besides, majority of market participants had lost their confidences with regards to US and China to achieve phase 1 trade deal at the meantime as it has been dragged for so long, against most analyst expectation on the time taken for a trade deal. On the other hand, the pair of USD/CAD retraced from one month highs level following the speech by Governor of Bank of Canada (BoC). Last Friday, Stephen Poloz commented that their labor market is still remain resilient where shown by their above 4% wage inflation. However, he also reiterated that they are focusing on the consequences of rising geopolitical risk and global trade war before they make any changes on monetary policy. During Asian trading session, dollar index inched down 0.07% to 97.75 while USD/CAD fall 0.03% to 1.3215.
In commodities market, crude oil price quoted down 0.09% to $57.90 per barrel amid ongoing trade dispute continues to haunt the oil market, tampering the market expectation on oil future demand. Besides, gold price fall 0.08% to $1465.70 a troy ounce amid heightening of market risk appetite toward other major markets.
Today’s Holiday Market Close
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Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower following prior close below 97.75. MACD which illustrate bearish signal suggests the index to extend its losses toward the next support level at 97.30.
Resistance level: 97.75, 98.35
Support level: 97.30, 96.85
GBPUSD, H4: GBPUSD was traded higher while currently testing the top level of downward channel. MACD which illustrate bullish signal suggests the pair to extend its gains after it successfully breakout above the top level of downward channel.
Resistance level: 1.3035, 1.3170
Support level: 1.2820, 1.2665
EURUSD, Daily: EURUSD was traded higher while currently testing the 20 (Red) and 50 (Blue) moving average line. MACD which illustrate diminished downward momentum suggests the pair to extend its gains after it successfully breakout above both moving average line.
Resistance level: 1.1075, 1.1170
Support level: 1.1005, 1.0930
USDJPY, H4: USDJPY was traded higher while currently testing the 50 moving average line (Blue). MACD which has formed a bullish signal suggests the pair to extend its gains after it successfully breakout above the 50 moving average line.
Resistance level: 108.85, 109.25
Support level: 108.40, 107.90
AUDUSD, H4: AUDUSD was traded lower while currently testing the support level at 0.6810. However, MACD which forms a bullish bias signal suggests the pair to undergo short term technical correction toward the resistance level at 0.6840.
Resistance level: 0.6840, 0.6880
Support level: 0.6810, 0.6770
NZDUSD, H4: NZDUSD was traded higher following prior rebound from the support level at 0.6365. MACD which illustrate upward bias momentum suggests the pair to extend its gains toward the resistance level at 0.6425.
Resistance level: 0.6425, 0.6465
Support level: 0.6365, 0.6325
USDCAD, Daily: USDCAD was traded lower while currently testing the support level at 1.3210. MACD which illustrate bearish signal suggests the pair to extend its losses after it successfully breakout below the support level at 1.3210.
Resistance level: 1.3275, 1.3335
Support level: 1.3210, 1.3145
USDCHF, H4: USDCHF was traded higher following prior rebound from the support level at 0.9885. MACD which has formed a bullish signal suggests the pair to extend its gains toward the next resistance level at 0.9915.
Resistance level: 0.9915, 0.9945
Support level: 0.9885, 0.9850
CrudeOIL, H4: Crude oil price was traded higher following prior breakout above the sideway channel. However, MACD which illustrate diminished upward momentum suggests its price to experience technical correction in short-term.
Resistance level: 58.55, 59.20
Support level: 57.50, 56.80
GOLD_, H4: Gold price was traded lower while currently testing the 20 moving average line (Red). MACD which illustrate diminished upward momentum suggests its price to extend its losses after it successfully breakout below the 20 moving average line.
Resistance level: 1471.65, 1480.95
Support level: 1458.70, 1448.95