20 November 2019 Afternoon Session Analysis
Dollar remains volatile due to trade deadlock.
Dollar index which gauges its value against six major currencies rebounded after hitting two weeks low level amid heightening of trade tensions between US and China lifted up the market worries with regards the future global growth. On yesterday, US President Donald Trump threatened the global market sentiment after he reiterated that he would impose higher tariff on China imported goods if China failed to strike a deal with US. Besides, the ‘temperature’ between both parties further exacerbating after members of US Senate unanimously approved the Hong Kong Bill which aims to support the Hong Kong’s protestant. This unexpected move put Donald Trump in dilemma as he make a choice between backing his Senate’s decision or against it while wrapping up the last stage of trade negotiation with China. Following the US decision been known by Beijing, China expressed strong condemnation by warning them to rule out the latest bill on Hong Kong and stop interfering the affairs of China and Hong Kong. However, US Commerce Secretary Wilbur Ross commented again that he is still optimistic toward the trade talk between two countries, phase 1 trade deal is still achievable. As of writing, dollar index inched up 0.03% to 97.70.
In the commodities market, crude oil price quoted up 0.22% to $55.30 per barrel after diving for more than $20 yesterday as data showed a stockpile in US crude oil inventories level while hinting supply glut issue becoming even worst. On the other hand, gold price rose 0.10% to $1473.60 a story ounce amid uncertainty over trade war heightened.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
03:00 (21st) USD FOMC Meeting Minutes
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 15:00 | EUR – German PPI (MoM) (Oct) | 0.1% | -0.1% | |
| 21:30 | CAD – Core CPI (MoM) (Oct) | 0.0% | – | – |
| 23.30 | CrudeOIL – Crude Oil Inventories | 2.219M | 1.543M | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher following prior rebound from the support level 97.60. MACD which illustrate bullish bias signal with the starting formation of golden cross suggest the dollar to extend its rebound towards the resistance level 98.25.
Resistance level: 98.25, 98.90
Support level: 97.60, 96.85
GBPUSD, H4: GBPUSD remain traded in a sideway channel following recent retracement from the resistance level 1.2970. However, MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to extend its retracement in short term towards the support level 1.2795.
Resistance level: 1.2970, 1.3095
Support level: 1.2795, 1.2690
EURUSD, H4: EURUSD was traded flat while currently testing the support level 1.1070. However, MACD which illustrate diminishing bullish momentum signal with the starting formation of death cross suggest the pair to be traded lower after it breaks below the support level.
Resistance level: 1.1170, 1.1250
Support level: 1.1070, 1.0990
USDJPY, H4: USDJPY was traded lower while currently testing near the support level 108.25. MACD which illustrate bearish momentum signal suggest the pair to extend its losses after it breaks below the support level.
Resistance level: 108.85, 109.40
Support level: 108.25, 107.55
AUDUSD, H4: AUDUSD was traded lower while currently testing near the support level 0.6810. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses after it breaks below the support level.
Resistance level: 0.6875, 0.6925
Support level: 0.6810, 0.6725
NZDUSD, H4: NZDUSD was traded lower following prior retracement from the resistance level 0.6425. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its retracement towards the support level 0.6340.
Resistance level: 0.6425, 0.6500
Support level: 0.6340, 0.6275
USDCAD, H4: USDCAD was traded higher following prior breakout above the previous resistance level 1.3255. MACD which illustrate bullish momentum signal with the golden cross formation suggest the pair to extend its gains towards the resistance level 1.3300.
Resistance level: 1.3300, 1.3335
Support level: 1.3255, 1.3185
USDCHF, H4: USDCHF was traded lower following prior retracement from the resistance level 0.9915. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its retracement towards the support level 0.9845.
Resistance level: 0.9915, 0.9980
Support level: 0.9845, 0.9800
CrudeOIL, H4: Crude oil price was traded lower following prior breakout below the previous support level 56.30. MACD which illustrate bearish momentum signal suggest the commodity to extend its losses towards the support level 54.85.
Resistance level: 56.30, 57.55
Support level: 54.85, 52.60
GOLD_ H4: Gold price was traded higher while currently testing the resistance level 1473.50. However, MACD which illustrate diminishing bullish momentum signal suggest the commodity to experience a short term technical correction towards the support level 1458.50.
Resistance level: 1473.50, 1497.00
Support level: 1458.50, 1445.70