05 November 2019 Afternoon Session Analysis
Aussie soars after RBA rate decision.
The Aussie dollar which is traded against the dollar have surged in late Asian session as Royal Bank of Australia (RBA) have maintain its status quo on its rate decision while citing risks to the macro economy and a gentle turning point at the domestic front. According to its statement, the central scenario is for inflation to pick up gradually and growth is likely to pick up to around 3% in 2021. However, wage growth is likely to remain around the current rate for some time. Besides that, RBA also added that a gentle turning point appears to have been reached, signaling scope for a pause in the easing cycle. The positive statement have help Aussie to pick a bid in the market while market will now concentrate on Statement of Monetary Policy (SOMP) on Friday for fresh direction regarding about the central bank’s near-term growth/inflation forecasts. As of writing, AUD/USD have rose 0.30% to 0.6905 while the dollar index also edge higher by 0.08% to 97.58.
In the commodities market, crude oil price slip 0.16% to $56.39 at the time of writing as global growth concerns back in play despite trade optimism. Global economic slowdown concerns have overshadowed the latest upbeat trade headlines in turn weighing negatively on the higher-yielding oil currently. On the other hand, gold price fell 0.24% to $1505.89 as of writing following positive development in trade war reduce the appeal of risk-off assets such as gold.
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 | Nation & Data | Previous | Forecast | Actual |
| 17.30 | GBP – Composite PMI (Oct) | 49.3 | – | – |
| 17.30 | GBP – Service PMI (Oct) | 49.5 | 49.7 | – |
| 23:00 | USD – ISM Non-Manufacturing PMI (Oct) | 52.6 | 53.4 | – |
| 23:00 | USD – JOLTs Job Openings (Sep) | 7.051M | – | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher following prior breakout above the previous level at 97.30. MACD which illustrated bullish momentum suggest the index to extend its gains toward resistance level at 97.75.
Resistance level: 97.75, 98.35
Support level: 97.30, 96.85
GBPUSD, Daily: GBPUSD was traded lower following prior retracement from the higher level. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward the support level at 1.2820.
Resistance level: 1.3035, 1.3170
Support level: 1.2820, 1.2665
EURUSD, H4: EURUSD was traded lower following prior retracement from the resistance level at 1.1170. MACD which illustrated bearish bias momentum suggest the pair to extend its losses toward support level at 1.1075.
Resistance level: 1.1170, 1.1240
Support level: 1.1075, 1.1010
USDJPY, H4: USDJPY was traded higher following prior breakout above the previous resistance level at 108.40. MACD which illustrated bullish bias momentum suggest the pair to extend its gains toward the resistance level at 108.85.
Resistance level: 108.85, 109.25
Support level: 108.40, 107.80
AUDUSD, H4: AUDUSD was traded higher following prior rebound from the support level at 0.6880. MACD which illustrate diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 0.6965.
Resistance level: 0.6965, 0.7065
Support level: 0.6880, 0.6795
NZDUSD, H1: NZDUSD was traded higher while currently testing the resistance level at 0.6410. MACD which illustrate diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level at 0.6410.
Resistance level: 0.6410, 0.6440
Support level: 0.6365, 0.6325
USDCAD, Daily: USDCAD was traded higher following prior breakout above the previous resistance level at 1.3145. MACD which illustrated bullish bias momentum suggest the pair to extend its gains toward the resistance level at 1.3210.
Resistance level: 1.3210, 1.3275
Support level: 1.3145, 1.3085
USDCHF, Daily: USDCHF was traded higher while currently testing the resistance level at 0.9885. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level at 0.9885.
Resistance level: 0.9885, 0.9945
Support level: 0.9810, 0.9760
CrudeOIL, H4: Crude oil price was traded lower following prior retracement from the higher level. MACD which illustrated diminishing bullish momentum suggest the commodity to extend its losses toward the support level at 55.40.
Resistance level: 56.80, 58.55
Support level: 55.40, 54.65
GOLD_, H4: Gold price was traded lower following prior retracement from the resistance level at 1511.95. MACD which illustrate bearish bias momentum suggest the commodity to extend its losses toward the support level at 1495.50.
Resistance level: 1511.95, 1525.50
Support level: 1495.50, 1486.00