5 September 2019 Morning Session Analysis
Brexit deadline delayed to January 2020.
Pound sterling fall slightly against dollar after hitting one week high level amid lawmakers have passed the delay bill of Brexit to early next year. Earlier today, UK opposition parties and part of the Conservative party members have defeated Boris Johnson by 327 against 299, secured the extension of Brexit bill voting in order to force PM to renegotiate a deal before leaving the Eurozone. After facing double defeat in the Commons, Boris Johnson said the bill destroyed negotiation and the only option to push Brexit one step closer was an election. Unfortunately, Boris Johnson fails in snapping an election which had been proposed for 15th October as prime minister needed a majority of two-thirds in House of Common to pass this motion. Prior to the motion voting, the opposition parties had took over the control in House of Common and they reiterated that they would not support Johnson motion even before the vote. However, there are other option that Boris Johnson could consider to force an election where he can bypass legislation of requiring two thirds of majority to approve the election. During Asian trading session, the pair of GBP/USD quoted down 0.04% to 1.2240.
As for commodities, oil price fall 0.52% to $55.80 per barrel amid oil inventories data marked a stockpile in this week. According to American Petroleum Institute (API), Inventory levels of US crude oil came in at 0.401M, higher than the previous reading of -11.100M, while market are eye on OPEC+ oil reduction plan. Besides, gold price inched down 0.07% to $1551.40 a troy ounce amid signs of easing Hong Kong tensions.
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 |
| 20:15 | USD- ADP Nonfarm Employment Change (Aug) | 156K | 148K | – |
| 20:30 | USD – Initial Jobless Claims | 215K | 215K | – |
| 22:00 | USD – ISM Non-Manufacturing PMI (Aug) | 53.7 | 54.0 | – |
| 23:00 | CrudeOIL- Crude Oil Inventories | -10.027M | -2.488M | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower following prior breakout below the previous support level at 98.40. MACD which illustrate bearish signal suggests the index to extend its losses toward the support level at 98.00.
Resistance level: 98.40, 98.65
Support level: 98.00, 97.50
GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level at 1.2255. MACD which illustrate bullish signal suggests the pair to be extend its gains after successfully breakout above the resistance level at 1.2255.
Resistance level: 1.2255, 1.2290
Support level: 1.2220, 1.2170
EURUSD, H4: EURUSD was traded higher following prior breakout above the previous resistance level at 1.1030. MACD which illustrate bullish bias momentum suggest the pair to extend its gains toward the resistance level at 1.1070.
Resistance level: 1.1070, 1.1115
Support level: 1.1030, 1.0985
USDJPY, H4: USDJPY was traded higher following prior breakout above the previous resistance level at 106.20. MACD which illustrate bullish momentum and the formation of golden cross suggest the pair to extend its gains toward the resistance level at 106.65.
Resistance level: 106.65, 107.25
Support level: 106.20, 105.60
AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level at 0.6795. However, MACD which illustrate diminishing bullish momentum suggest the pair to undergo short term technical correction toward the support level at 0.6750.
Resistance level: 0.6795, 0.6855
Support level: 0.6750, 0.6695
NZDUSD, H4: NZDUSD was traded higher following prior breakout above the previous resistance level at 0.6330. MACD which illustrate bullish signal suggests the pair to extend its gains toward the resistance level at 0.6395.
Resistance level: 0.6395, 0.6490
Support level: 0.6330, 0.6270
USDCAD, H4: USDCAD was traded lower while currently testing near the support level at 1.3220. MACD which illustrate bearish bias momentum suggest the pair to extend its losses after successfully breakout below the support level at 1.3220.
Resistance level: 1.3275, 1.3335
Support level: 1.3220, 1.3185
USDCHF, H4: USDCHF was traded lower while currently testing the support level at 0.9805. MACD which illustrate bearish signal suggests the pair to extend its losses after successfully breakout below the support level at 0.9805.
Resistance level: 0.9840, 0.9890
Support level: 0.9805, 0.9775
CrudeOIL, H4: Crude oil price was traded lower while currently testing the support level at 55.90. MACD which illustrate diminishing bullish momentum suggest the commodity to extend its losses after successfully breakout below the support level at 55.90.
Resistance level: 56.80, 57.85
Support level: 55.90, 54.65
GOLD_, H4: Gold price was traded lower while currently testing the support level at 1548.05. MACD which illustrate diminished bullish momentum suggest the commodity to extend its losses after successfully breakout below the support level at 1548.05.
Resistance level: 1565.50, 1586.10
Support level: 1548.05, 1526.85