15 January 2020 Afternoon Session Analysis
Dollar remain steady as market awaiting trade deal.
The dollar index held firm against a basket of six major rival pairs as investors are waiting for the signing of trade deal between U.S and China. As the phase one deal is expected to signed on Wednesday, market are expecting that the two powerhouse would wrap up and draw a line underneath 18 months trade war. However, trade war fears still remain in the market after U.S. Treasury Secretary Steven Mnuchin recently stated that the current tariffs on Chinese goods would continue to stay, pending further talks. Still, market are currently focus on whether the deal is inked.
At the same time, investors will also continue to looking for further signals from upcoming data and ongoing development. Dollar index rose 0.02% to 97.06 at the time of writing.
In the commodities, crude oil price fell 0.14% to $58.06 per barrel on concerns U.S.-China trade deal may not boost demand. U.S. Treasury Secretary Steven Mnuchin said late on Tuesday that the tariffs would remain even as a trade deal is set to be signed on Wednesday and it would temper China’s oil demand growth by limiting its access to its second-largest trading partner. On the other hand, gold price climbs 0.38% to $1551.99 a troy ounce as of writing following the potential risk on phase on trade deal.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
Tentative GBP Autumn Budget
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 17:30 | GBP – CPI (YoY) (Dec) | 1.5% | 1.5% | – |
| 21:30 | PPI (MoM) (Dec) | 0.0% | 0.2% | – |
| 23:30 | CrudeOIL – Crude Oil Inventories | 1.164M | – | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower while currently testing the 20 moving average line (red). MACD which illustrated bearish bias momentum suggest the index to extend its losses after it successfully breakout below the moving average line.
Resistance level: 97.25, 97.70
Support level: 96.85, 96.25
GBPUSD, H4: GBPUSD was traded higher while currently testing the 20 moving average line (red). MACD which illustrated bullish momentum suggest the pair to extend its gains after it successfully breakout above the 20 moving average line (red).
Resistance level: 1.3035, 1.3100
Support level: 1.2965, 1.2895
EURUSD, Daily: EURUSD was traded higher following prior rebound from the upward trend line. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after toward the resistance level at 1.1170.
Resistance level: 1.1170, 1.1240
Support level: 1.1075, 1.1005
USDJPY, Daily: USDJPY was traded higher following prior breakout above the previous resistance level at 109.55. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 110.55.
Resistance level: 110.55, 111.80
Support level: 109.55, 108.85
AUDUSD, H4: AUDUSD was traded lower following prior retracement from the 50 moving average line (Blue). MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 0.6880.
Resistance level: 0.6925, 0.6965
Support level: 0.6880, 0.6850
NZDUSD, H4: NZDUSD was traded lower while currently testing near the support level at 0.6600. MACD which illustrated bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 0.6620, 0.6640
Support level: 0.6600, 0.6570
USDCAD, H4: USDCAD was traded higher following prior rebound from the 50 moving average lien (Blue). MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 1.3085.
Resistance level: 1.3085, 1.3145
Support level: 1.3020, 1.2960
USDCHF, H4: USDCHF was traded lower while currently testing the support level at 0.9660. MACD which illustrated bearish bias momentum suggest the pair to extend its losses after it successfully breakout below the support level at 0.9660.
Resistance level: 0.9690, 0.9725
Support level: 0.9660, 0.9610
CrudeOIL, H4: Crude oil price was traded lower following prior retracement from the resistance level at 58.60. However, MACD which illustrated bullish momentum signal suggest the commodity to be traded higher in short-term as technical correction.
Resistance level: 58.60, 59.70
Support level: 57.60, 56.80
GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1551.10. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level at 1551.10.
Resistance level: 1551.10, 1561.85
Support level: 1538.45, 1530.05