25 November 2019 Morning Session Analysis
Greenback triumphs over trade optimism.
US dollar extended gains on last Friday over the backdrop of trade optimism as well as positive economic data from the region. In an interview with Fox News, US President Donald Trump said that a trade deal with China is “potentially close” and he indicates that he may not sign a bill that was passed last week to support Hong Kong’s autonomy in order to appease Beijing. His comments have helped to ease concerns in the market as ongoing trade war in between US and China has bring significant impact upon global economic momentum. Likewise, the greenback received additional bullish support after Michigan Consumer Sentiment for the month of November came in at 96.8, slightly higher than forecast of 95.7. On the other hand, pound sterling was traded lower last Friday due to bearish economic data. Both Manufacturing PMI and Services PMI came in lower than forecast with 48.3 and 48.6 respectively, dialing down market optimism towards economic progression in the United Kingdom. As of writing, the dollar index rose 0.29% to 98.13 while GBP/USD rebounds by 0.16% to 1.2851.
In the commodities market, crude oil price was traded flat around $57.84 per barrel. Traders continues to monitor stockpiles data from the United States as well as OPEC’s meeting scheduled for next month in order to attain more info with regards to its mid-term trend direction. On the other hand, gold rice ticked down 0.01% to $1,462.29 a troy ounce due to stronger greenback.
Today’s Holiday Market Close
Time Market Event
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Today’s Highlight Events
Time Market Event
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Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 17:00 | EUR – German Ifo Business Climate Index (Nov) | 94.6 | 95.0 | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher while currently testing near the resistance of 98.20. MACD which illustrate bullish signal suggests the index to extend its gains after closing above the resistance level.
Resistance level: 98.20, 98.55
Support level: 98.10, 97.70
GBPUSD, H4: GBPUSD was traded higher following prior rebound from the lower level. MACD which illustrate diminished downward momentum suggests the pair to be traded higher in short-term as technical correction.
Resistance level: 1.2800, 1.2930
Support level: 1.2820, 1.2750
EURUSD, H4: EURUSD was traded higher following prior rebound from the lower level. MACD which illustrate diminishing downward momentum suggests the pair to be traded higher in short-term as technical correction.
Resistance level: 1.1050, 1.1085
Support level: 1.1010, 1.0965
USDJPY, H4: USDJPY remains traded within a narrowing triangle formation. Due to the lack of signal from MACD and price action, it is suggested to wait for a breakout before entering the market.
Resistance level: 108.75, 109.00
Support level: 108.35, 108.00
AUDUSD, H4: AUDUSD was traded higher following prior rebound from 0.6780. MACD which illustrate diminished downward momentum suggests the pair to be traded higher in short-term as technical correction.
Resistance level: 0.6820, 0.6875
Support level: 0.6780, 0.6725
NZDUSD, H1: NZDUSD remains traded within a narrowing triangle formation. Due to the lack of MACD and price action, it is suggested to wait for a breakout before entering the market.
Resistance level: 0.6430, 0.6465
Support level: 0.6405, 0.6370
USDCAD, H4: USDCAD remains traded within an ascending channel formation. MACD which shows diminishing downward momentum suggests the pair to be traded higher, towards the direction of 1.3340.
Resistance level: 1.3340, 1.3385
Support level: 1.3280, 1.3220
USDCHF, H4: USDCHF was traded higher following prior closure above 0.9965. MACD which illustrate bullish signal suggests the pair to advance further up, towards the direction of 1.0000.
Resistance level: 1.0000, 1.0025
Support level: 0.9965, 0.9940
CrudeOIL, H4: Crude oil price was traded lower following prior retrace from its higher level. MACD which illustrate diminished upward momentum suggests its price to be traded lower in short-term as technical correction.
Resistance level: 58.15, 59.00
Support level: 57.40, 56.95
GOLD_, H4: Gold price was traded lower following prior retrace from its higher levels. MACD which illustrate bearish signal suggests its price to be traded lower, towards the direction of 1457.00.
Resistance level: 1472.00, 1483.60
Support level: 1457.00, 1442.90