01 November 2019 Morning Session Analysis
Dollar index slump as trade tension escalated.
Greenback was traded lower following further escalation in trade tensions. According to Bloomberg, Chinese officials were casting doubts about reaching a comprehensive long-term trade deal with the U.S, even as the two sides were getting close to sign the “phase one” agreement. In addition, Chinese officials reiterated that they remain concerned about President Donald Trump’s impulsive nature and the risk that he may back out the trade deal even the both sides claimed that they want to sign it in the coming weeks. However, trade tension was slightly diminished after President U.S Donald Trump said that a new location for signing the “Phase One” U.S.-China trade deal will be announced soon after the initial meeting in Chile was canceled due to protests. Such positive sentiment has limited the further losses experienced by the Dollar index. Nonetheless, investors would continue to scrutinize the major economic data which would be released by the United Stated today in order to gauge the likelihood of the movement of the index. On the other hand, the uncertainties with regards to trade war had sparked demand for the safe-haven asset such as Japanese Yen. As of writing, Dollar index was quoted down 0.32% to 97.05 while pair of USD/JPY was traded flat at 108.00.
In the commodities market, crude oil price fell yesterday following the Federal Reserve was forced into monetary easing after the global economy showed signs of slowing down. On the other hand, Gold price rose yesterday following the trade tensions was escalated and weaker greenback. As of writing, Crude oil price depreciates by 0.02% to $54.08 per barrel and the gold price notched down 0.01% to $1512.17 per troy ounces.
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, Daily: Dollar index was traded lower while currently testing the support level at 96.85. However, MACD which illustrated diminishing bearish momentum suggest the index to be traded higher in short-term as technical correction.
Resistance level: 97.55, 98.15
Support level: 96.85, 96.40
GBPUSD, H4: GBPUSD was traded within a range while currently near the resistance level at 1.2980. MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower toward the support level at 1.2845.
Resistance level: 1.2980, 1.3095
Support level: 1.2845, 1.2650
EURUSD, Daily: EURUSD was traded higher while currently testing the resistance level at 1.1165. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1.1165, 1.1240
Support level: 1.1070, 1.0995
USDJPY, Daily: USDJPY was traded lower following prior breakout below the previous support level at 108.40. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 107.70.
Resistance level: 108.40, 109.00
Support level: 107.70, 107.15
AUDUSD, Daily: AUDUSD was traded lower following prior retracement from the resistance level at 0.6910. However, MACD which illustrated increasing bullish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 0.6910, 0.6960
Support level: 0.6860, 0.6810
NZDUSD, Daily: NZDUSD was traded higher while currently near the resistance level at 0.6435. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 0.6435, 0.6495
Support level: 0.6355, 0.6285
USDCAD, Daily: USDCAD was traded higher following prior breakout above the previous resistance level at 1.3145. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.3210.
Resistance level: 1.3210, 1.3260
Support level: 1.3145, 1.3085
USDCHF, Daily: USDCHF was traded lower following prior breakout below the previous support level at 0.9895. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.9840.
Resistance level: 0.9895, 0.9945
Support level: 0.9840, 0.9795
CrudeOIL, H4: Crude oil price was traded lower while currently testing the support level at 53.85. MACD which illustrated bearish signal bias suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 54.65, 55.50
Support level: 53.85, 52.95
GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1512.80. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1512.80, 1518.70
Support level: 1505.70, 1498.05