03 January 2019 Afternoon Session Analysis
Dollar tumbled ahead of major data announcement.
Dollar index plunged against its six major peer currencies after hitting 96.50 high level amid heightened global growth risks, dragged investor into safe heaven asset such as Japanese Yen and gold. In the early Asian trading session, Greenback’s fascination has been faded due to market’s risk averse mood increased which triggered by rare revenue warning from Apple corporation. Apple company lower down its sales forecast for its latest quarter as factory activity weakening across the global which proven by weaker than expected data. As of now, investors are keeping their eye on the release of U.S. crucial data such as ADP non-farm employment change and ISM Manufacturing data before gauging the economic outlook for year 2019. As of writing, Dollar index inched down 0.32% to 96.05. On the other hand, pair of AUD/USD fell 0.70% to 0.6935, its lowest level in one year amid weaker than expected data out of China has taken the shine off the Aussie dollar and leading the market participants fled to the safety assets, Japanese yen and gold. A significant progress in Sino-US trade talks which are anticipated to take place later this month would probably improve the Aussie dollar value as it is highly sensitive to the economic condition of China.
In the commodities market, crude oil price dipped 1.80% to $45.50 per barrel amid volatile currency and equities market early today. Besides, with production rising and demand growth expected to slow down, it is reasonable to anticipate a global oil supply overhang to build in the first month of 2019. Besides, gold price surged 0.40% to $1289.45 amid Dollar’s demand weaken.
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 | Market & Data | Previous | Forecast | Actual |
| 17:30 | GBP – Construction PMI (Dec) | 53.4 | 52.9 | – |
| 21:15 | USD – ADP Nonfarm Employment Change | 179K | 179K | – |
| 23:00 | USD – ISM Manufacturing PMI (Dec) | 59.3 | 57.7 | – |
| 23:00 | USD – New Home Sales (Nov) | 1K | 1K | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower while currently testing near the support level 96.05. MACD which display diminishing bullish momentum suggest dollar to extend its losses after successfully breaking below the support level.
Resistance level: 96.30, 96.65
Support level: 96.05, 95.65
GBPUSD, H1: GBPUSD was traded higher while currently testing near the resistance level 1.2550. However, MACD which display starting bullish momentum suggest the pair to extend its gains after successfully breakout the resistance level at 1.2550.
Resistance level: 1.2550, 1.2625
Support level: 1.2490, 1.2425
EURUSD, H4: EURUSD was traded higher while currently testing near the resistance level at 1.1370. MACD which illustrate diminishing bearish momentum suggest the pair to extend its gains towards the resistance level 1.1370.
Resistance level: 1.1370, 1.1395
Support level: 1.1335, 1.1310
USDJPY, H4: USDJPY was traded lower while currently testing near the support level 107.00. MACD which display bearish bias signal suggest the pair to extend its losses after successfully breaking below the support level.
Resistance level: 107.70, 108.40
Support level: 107.00, 106.50
AUDUSD, H1: AUDUSD was traded higher following prior breakout above the previous resistance level 0.6900. MACD which display diminished bearish momentum and the starting formation of golden cross suggest the pair to extend its gains toward the resistance level at 0.6950.
Resistance level: 0.6950, 0.7005
Support level: 0.6900, 0.6850
NZDUSD, H4: NZDUSD was traded lower following prior breakout below previous support level at 0.6630. MACD which display persistent bearish momentum suggest the pair to extend its losses towards the support level at 0.6575.
Resistance level: 0.6630, 0.6685
Support level: 0.6575, 0.6525
USDCAD, H4: USDCAD was traded higher following prior breakout above the previous resistance level at 1.3595. MACD which illustrate diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 1.3650.
Resistance level: 1.3650, 1.3680
Support level: 1.3595, 1.3565
USDCHF, H4: USDCHF was traded lower while currently testing the support level 0.9860. MACD which illustrate diminishing bullish momentum suggest the pair to extend its losses after successfully closing its candle below the support level.
Resistance level: 0.9905, 0.9955
Support level: 0.9860, 0.9835
CrudeOIL, H4: Crude oil price was traded lower following prior retracement from the resistance level 46.65. MACD which display diminished bullish momentum suggest the commodity to extend its retracement towards the support level 44.60.
Resistance level: 46.65, 48.35
Support level: 44.60, 43.70
GOLD_, H4: Gold price was traded higher following prior breakout above the previous resistance level at 1288.05. MACD which illustrate starting bullish momentum and the formation of golden cross suggest gold to extend its gains toward the resistance level at 1293.50.
Resistance level: 1293.50, 1300.90
Support level: 1288.05, 1283.80