11 December 2019 Afternoon Session Analysis
Greenback edge lower on diminishing hopes of tariff delay.
Dollar index which measured against a basket of six major currency pairs continue to slip during late Asian session as market remain uncertain over whether the U.S would delay its tariff on China imports. Previously, reports from Wall Street Journal suggest that the U.S was mulling a delay for tariff to China. However, White House economic advisor Larry Kudlow have offset the positive news by stated that he could not confirm the delay on the tariff. Without a deal of delay before Dec 15, U.S is firmed to impose tariffs on another $156 billion on Chinese goods which include cellphones, laptops, tablets and more. Thus, the ongoing uncertainty in the progress continue to pressure the dollar sentiment while market awaits further confirmation from U.S. At the time of writing, dollar index fell 0.02% to 97.40 as of writing.
In the commodities market, crude oil price fell 0.34% to $58.88 per barrel as of writing following ongoing pressure from inventory build and tension between U.S and China. Following the recent release from API which showed an increase in inventory build, investors now awaiting for further confirmation from EIA which they are expecting the same for the commodity. Besides that, U.S.-China trade tensions continue to cloud the outlook for the commodity’s demand. On the other hand, gold price edge higher 0.03% to $1463.70 a troy ounce at the time of writing following cautious market ahead of FOMC.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
03.00 USD FOMC Statement
(12th Dec)
03.00 USD FOMC Press Conference
(12th Dec)
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 21:30 | USD – Core CPI (MoM) (Nov) | 0.2% | 0.2% | – |
| 21:30 | USD – CPI (MoM) (Nov) | 0.4% | 0.2% | – |
| 21:30 | CrudeOIL – Crude Oil Inventories | -4.856M | – | – |
| 03.00 (12th Dec) | USD – Fed Interest Rate Decision | 1.75% | 1.75% | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher while currently testing the 20 MA line (red) MACD which illustrated diminishing bearish momentum and the formation of golden cross suggest the index to extend its gains after it successfully breakout above the moving average line.
Resistance level: 97.70, 98.20
Support level: 97.25, 96.85
GBPUSD, Daily: GBPUSD was traded lower following prior retracement from the resistance level at 1.3170. MACD which illustrated diminishing bullish momentum suggest the pair to extend its retracement toward the support level at 1.3035.
Resistance level: 1.3170, 1.3315
Support level: 1.3035, 1.2970
EURUSD, Daily: EURUSD was traded higher following prior breakout above the previous resistance level at 1.1075. MACD which illustrated bullish bias momentum suggest the pair to extend its gains toward resistance level at 1.1170.
Resistance level: 1.1170, 1.1240
Support level: 1.1075, 1.1005
USDJPY, H4: USDJPY was traded higher while currently testing the 50 moving average line (Blue). MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the moving average line.
Resistance level: 109.00, 109.40
Support level: 108.40, 107.95
AUDUSD, H4: AUDUSD was traded flat neat the resistance level at 0.6815. However, MACD which illustrated bearish bias momentum suggest the pair to be traded lower in short term toward the support level at 0.6770.
Resistance level: 0.6815, 0.6855
Support level: 0.6770, 0.6750
NZDUSD, H4: NZDUSD was traded lower following prior breakout below the previous support level at 0.6535. MACD which illustrated bearish momentum suggest the pair to extend its losses toward support level at 0.6490.
Resistance level: 0.6535, 0.6570
Support level: 0.6490, 0.6460
USDCAD, Daily: USDCAD was traded lower following prior retracement near the resistance level at 1.3265. However, MACD which illustrate diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 1.3265, 1.3335
Support level: 1.3210, 1.3145
USDCHF, Daily: USDCHF was traded lower while currently testing the support level at 0.9845. MACD which illustrated bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level at 0.9845.
Resistance level: 0.9885, 0.9915
Support level: 0.9845, 0.9810
CrudeOIL, H4: Crude oil price was traded lower following prior retracement from the higher level. MACD which illustrated bearish momentum suggest the commodity to extend its losses toward the support level at 58.60.
Resistance level: 59.70, 60.80
Support level: 58.60, 57.60
GOLD_, H1: Gold price was traded lower following prior breakout below the previous support level at 1464.05. MACD which illustrated bearish momentum suggest the commodity to extend its losses toward the next support level at 1458.55.
Resistance level: 1464.05, 1471.65
Support level: 1458.55, 1448.95