3 December 2018 Morning Session Analysis
Trump-Xi agree to trade war truce.
US dollar was opened lower against a basket of six major peers on Monday while investors digests the truce between US President Donald Trump and China President Xi Jinping with regards to trade war. The dollar index was quoted down 0.13%, last seen around 97.06 during early Asian trading session. According to reports, Trump and Xi has agreed to keep their trade war from escalating by promising to halt the imposition of new tariffs for 90 days. At the same time, China has agreed to buy a “substantial” amount of agricultural, industrial and energy products from the US. The truce between two economic giants emerged after a highly anticipated meeting on the sidelines of G20 summit in Argentina. Following the report, risk appetite returned into the market with higher demand for Australian dollar, New Zealand dollar and Chinese yuan. Likewise, equities from emerging market also received higher demand while safe-havens such as Japanese yen and Swiss Franc slipped lower. For the week, investors will place their focus on the highly anticipated US jobs report for fresh indication of US monetary policy in the near future.
In the commodities market, crude oil price skyrocketed 3.06% to $52.15 per barrel. The commodity received large buybacks following diminishing trade war risk between US and China which have dialed down the expectation of global market slowdown. Otherwise, gold price ticks up 0.04% to $1,222.68 a troy ounce following weaker dollar.
Today’s Holiday Market Close
Time Market Event
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Today’s Highlight Events
Time Market Event
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Today’s Highlight Economic Data
| Time | Market & Data | Previous | Forecast | Actual |
| 16:55 | EUR – German Manufacturing PMI (Nov) | 51.6 | 51.6 | – |
| 17:30 | GBP – Manufacturing PMI (Nov) | 51.1 | 51.6 | – |
| 23:00 | USD – ISM Manufacturing PMI (Nov) | 57.7 | 57.5 | – |
| 23:00 | USD – ISM Manufacturing Employment (Nov) | 56.8 | – | – |
Technical Analysis
DOLLAR_INDX, H1: Dollar index was opened lower following prior retrace from the higher levels. MACD which illustrate diminishing upward momentum suggests the index to extend its losses, towards the direction of 96.80.
Resistance level: 97.00, 97.40
Support level: 96.80, 96.60
GBPUSD, H1: GBPUSD was traded higher following prior rebound from the support level near 1.2725. MACD which illustrate bullish signal suggests the pair to extend its gains after closing above 1.2770.
Resistance level: 1.2770, 1.2835
Support level: 1.2725, 1.2690
EURUSD, H1: EURUSD was traded higher following prior rebound from the support level at 1.1310. MACD which begin to form a golden cross signal suggests the pair to extend its gains after closing above the 20-MA line (red).
Resistance level: 1.1360, 1.1410
Support level: 1.1310, 1.1265
USDJPY, H1: USDJPY was traded lower following prior retracement from the resistance level at 113.85. MACD which illustrate diminishing upward momentum suggests the pair to extend its losses after closing below the 60-MA line (green).
Resistance level: 113.70, 113.85
Support level: 113.30, 112.95
AUDUSD, H1: AUDUSD was traded lower following prior retracement from 0.7370. However, MACD which continues to illustrate persistent bullish signal suggests the pair to extend its gains after closing above the threshold of 0.7370.
Resistance level: 0.7370, 0.7415
Support level: 0.7300, 0.7265
NZDUSD, H4: NZDUSD was opened higher during early Asian trading session. MACD which illustrate bullish signal and momentum suggests the pair to extend its gains after closing above the threshold of 0.6940.
Resistance level: 0.6940, 0.7000
Support level: 0.6890, 0.6830
USDCAD, H4: USDCAD was traded lower following prior retracement from the higher level. MACD which illustrate bearish signal suggests the pair to extend its losses after successfully breaking the upward trendline.
Resistance level: 1.3255, 1.3285
Support level: 1.3210, 1.3155
USDCHF, H1: USDCHF was traded lower following prior retracement from the resistance level at 1.0000. MACD which illustrate bearish signal and momentum suggests the pair to extend its losses after closing below the 20-MA line (red).
Resistance level: 1.0000, 1.0040
Support level: 0.9955, 0.9930
CrudeOIL, H4: Crude oil price extended gains following prior breakout from the downward trendline. MACD which illustrate persistent bullish signal suggests its prices to extend its gains in short-term, towards the direction of 53.90.
Resistance level: 53.90, 55.35
Support level: 52.00, 50.25
GOLD_, H4: Gold price was traded higher following prior rebound near 1215.95. MACD which illustrate significant bullish signal suggests its price to extend its gains in short-term after closing above the 20-MA line (red).
Resistance level: 1228.00, 1237.25
Support level: 1220.00, 1215.95