19 November 2019 Morning Session Analysis
Greenback falters as trade uncertainty brews.
US dollar extended its losses on Monday as trade uncertainty continues to haunt the financial market. According to a report from CNBC, Chinese officials were pessimistic that a trade deal could be achieved in between US and China. The bleak outlook was mainly due to US President Donald Trump’s reluctance to roll back tariffs as China has been pushing to remove it from both side in order to achieve phase one of trade deal. Trump signaled that he has not agreed to end tariffs, causing higher uncertainty while both parties refrain from providing any further details on the outcome of the negotiation. On the other hand, pound sterling was traded higher on yesterday after reports shows that all Conservative Party candidates pledged to back UK Prime Minister Boris Johnson Brexit deal, which further diminishes uncertainty ahead of January’s exit deadline. Likewise, opinion polls suggested that Conservative Party is very likely to win the election. As of writing, the dollar index fell 0.19% to 97.63 while GBP/USD was traded flat at 1.2952.
In the commodities market, crude oil price was traded flat near $56.86 per barrel while market participants wait for more signals in the financial market. Otherwise, gold price ticks up 0.05% to $1,471.74 a troy ounce due to weaker greenback.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
N/A
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 21:30 | USD – Building Permits (Oct) | 1.391M | 1.385M | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher following prior rebound from 97.60. MACD which illustrate diminished downward momentum suggests the index to be traded higher in short-term as technical correction.
Resistance level: 97.80, 98.10
Support level: 97.60, 97.35
GBPUSD, H4: GBPUSD was traded lower following prior retrace from the resistance of 1.2970. MACD which illustrate diminished upward momentum suggests the pair to be traded lower in short-term as technical correction.
Resistance level: 1.2970, 1.3035
Support level: 1.2880, 1.2820
EURUSD, H4: EURUSD was traded lower following prior retracement from the resistance of 1.1085. MACD which illustrate diminishing upward momentum suggests the pair to be traded lower in short-term as technical correction.
Resistance level: 1.1085, 1.1145
Support level: 1.1040, 1.1010
USDJPY, Daily: USDJPY was traded lower while currently testing at the bottom level of rising wedge. MACD which illustrate bearish signal suggests the pair to extend its losses after breaking the bottom level.
Resistance level: 109.35, 110.55
Support level: 108.50, 107.60
AUDUSD, H4: AUDUSD was traded lower following prior retracement from 0.6820. MACD which illustrate diminished upward momentum suggests the pair to be traded lower in short-term.
Resistance level: 0.6820, 0.6875
Support level: 0.6780, 0.6725
NZDUSD, H4: NZDUSD was traded lower following prior retracement from the resistance level of 0.6410. MACD which illustrate bearish signal suggests the pair to be traded lower after closing below the 20-MA line (red).
Resistance level: 0.6410, 0.6430
Support level: 0.6370, 0.6340
USDCAD, H4: USDCAD was traded lower while currently testing at the support of 1.3200. MACD which illustrate bearish signal suggests the pair to extend its losses after breaking the support level.
Resistance level: 1.3240, 1.3285
Support level: 1.3200, 1.3125
USDCHF, H1: USDCHF was traded higher following prior rebound from the lower levels. MACD which begins to form bullish signal suggests the pair to be traded higher in short-term as technical correction.
Resistance level: 0.9915, 0.9940
Support level: 0.9885, 0.9870
CrudeOIL, H1: Crude oil price was traded higher following prior rebound from the lower levels. MACD which illustrate diminished downward momentum suggests its price to extend its gains after closing above 56.95.
Resistance level: 56.95, 57.40
Support level: 56.25, 55.75
GOLD_, H4: Gold price was traded higher while currently testing at the resistance of 1472.00. MACD which illustrate bullish signal suggests its price to extend its gains after closing above the resistance level.
Resistance level: 1472.00, 1483.60
Support level: 1457.00, 1442.90