01 November 2019 Afternoon Session Analysis
Antipodean remain ‘scented’ amid upbeat data.
Antipodean, which referring to New Zealand Dollar and Australian Dollar skyrocketed following an optimistic data been announced from China. According to an economic data regarding to China manufacturing sector activity, it showed that China factory activity in the month of October has expanded in a quickest pace since year 2017. The Caixin Manufacturing PMI data was came in at 51.7, stronger than economist forecast of 51.0 while indicating export order of China has increased and its manufacturing economy is still lingering in expansionary territory. Moreover, bullish economic data from China was seemingly boosted up due to recent easing of trade war with US, where US has exempted 400 over products China imported goods from new round of tariff while China has to buy more agriculture products from US as promised. As of writing, NZD/USD rose 0.33% to 0.6430 while AUD/USD quoted up 0.18% to 0.6905. On the other hand, the pair of USD/CAD inched up 0.01% to 1.3155 following Canada GDP showed a gain of 0.1%, lower than predicted value of 0.2%. This pessimistic data shows Canada inflation pressure has been weakened where economy dragged down by the uncertainty over international trade conflict and risk of slowing down in global growth, synchronize with the dovish tone of Bank of Canada on Wednesday.
In the commodities market, crude oil price rose 0.57% to $54.40 per barrel amid strong China Manufacturing PMI data lifted up the market optimism sentiment over this black commodity. However, recent crude oil inventory build and worries of market on reaching a deal between China and US continue weighed on crude oil. Besides, gold price fall 0.16% to $1510.00 a troy ounce amid weakening of 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 |
| 17.30 | GBP – Manufacturing PMI (Oct) | 48.3 | 48.1 | – |
| 20:30 | USD – Nonfarm Payrolls (Oct) | 136K | 85K | – |
| 20:30 | USD – Unemployment Rate (Oct) | 3.5% | 3.6% | – |
| 22:00 | USD – ISM Manufacturing PMI (Oct) | 47.8 | 48.9 | – |
| 01:00
(2nd) |
CrudeOIL -U.S. Baker Hughes Oil Rig Count | 696 | – | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower while currently testing near the support level 96.85. MACD which illustrate ongoing bearish momentum signal suggest the dollar to extend its losses after it breaks below the support level.
Resistance level: 97.70, 98.35
Support level: 96.85, 96.05
GBPUSD, H4: GBPUSD was traded higher while currently testing near the resistance level 1.3005. However, MACD which display diminishing bullish momentum signal suggest the pair to experience a technical correction in short term towards the support level 1.2785.
Resistance level: 1.3005, 1.3180
Support level: 1.2785, 1.2685
EURUSD, H4: EURUSD was traded higher while testing the resistance level 1.1170. However, MACD which illustrate diminishing bullish bias signal suggest the pair to be traded lower in short term as a technical correction towards the support level 1.1075.
Resistance level: 1.1170, 1.1225
Support level: 1.1075, 1.1020
USDJPY, H4: USDJPY was traded lower following prior breakout below the support level 108.25. However, MACD which illustrate diminishing bearish momentum suggest the pair to undergo a short term technical correction towards the current resistance level at 108.25.
Resistance level: 108.25, 108.85
Support level: 107.55, 106.70
AUDUSD, H4: AUDUSD was traded higher following recent rebound from the support level 0.6870. However, MACD which illustrate diminishing bullish momentum suggest the pair to be traded lower in short term towards the support level 0.6870.
Resistance level: 0.6950, 0.7040
Support level: 0.6880, 0.6805
NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level 0.6425. However, MACD which illustrate diminishing bullish momentum suggest the pair to experience a technical correction In short term towards the support level 0.6350.
Resistance level: 0.6425, 0.6500
Support level: 0.6350, 0.6285
USDCAD, H4: USDCAD was trade lower following recent retracement from the resistance level 1.3185. MACD which illustrate bearish bias signal suggest the pair to extend its losses in short term towards the support level 1.3135.
Resistance level: 1.3185, 1.3235
Support level: 1.3135, 1.3065
USDCHF, H4: USDCHF was traded lower while currently testing near the support level 0.9845. MACD which illustrate diminishing bearish momentum suggest the pair to be traded higher as a technical correction towards the resistance level 0.9915.
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 54.80. However, MACD which illustrate diminishing bearish momentum suggest the commodity to experience a short term technical correction towards the resistance level 54.80.
Resistance level: 54.80, 56.95
Support level: 52.10, 50.15
GOLD_, H4: Gold price remain traded in a sideway channel while currently testing near the resistance level 1514.60. However, MACD which illustrate diminishing bullish momentum signal suggest the commodity to be traded lower in short term towards the support level 1481.30.
Resistance level: 1514.60, 1535.10
Support level: 1481.30, 1455.85