6 December 2018 Morning Session Analysis
GBP, CAD steals the show.
US dollar oscillates between profit and losses on yesterday while market participants place their focus over Pound Sterling and Canadian dollar. In the UK front, traders remain focused on the latest developments in Britain with respect to 11th December Brexit vote in the Parliament. Traders poured into the sterling after reports claimed that Brexit might be called off if the Parliament votes for a second referendum in the UK public. Speculation were rift in the financial market whereby UK Prime Minister Theresa May might fail to garner majority of votes in the Parliament, rendering Brexit agreement null and higher possibility of evoking “No Confidence” vote against her. In the Canadian counterpart, financial market remained focused over Bank of Canada’s (BoC) interest rate decision although it is being kept on hold at 1.75%. Canadian dollar received some downward pressure after BoC considered to downgrade its 2019 GDP forecast due to concerns over business investment, global oil price and trade issues. On the other notion, the bank left the door open for a January rate hike, capping some of its prior losses. As of writing, the dollar index was up 0.03% to 96.92. On the other hand, pair of GBP/USD notched up 0.02% to 1.2732 while USD/CAD rose 0.05% to 1.3363.
In the commodities market, crude oil price was down 0.49% to $52.59 per barrel. The commodity price suffered from some losses after Iran reported to look for exemption from any oil output cuts called forward by OPEC due to US sanctions. On the other hand, gold price notched up 0.09% to $1,238.27 a troy ounce following risk aversion within the market.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
Tentative CrudeOIL OPEC Meeting
21:35 CAD BoC Gov Poloz Speaks
Today’s Highlight Economic Data
| Time | Market & Data | Previous | Forecast | Actual |
| 21:15 | USD – ADP Nonfarm Employment Change (Nov) | 227K | 196K | – |
| 21:30 | USD – Initial Jobless Claims | 234K | 226K | – |
| 23:00 | USD – ISM Non-Manufacturing PMI (Nov) | 60.3 | 59.2 | – |
| 23:00 | USD – ISM Non-Manufacturing Employment (Nov) | 59.7 | – | – |
| 23:00 | CAD – Ivey PMI (Nov) | 61.8 | 60.3 | – |
| 00:00
(7th) |
CrudeOIL – Crude Oil Inventories | 3.577M | -0.942M | – |
Technical Analysis
DOLLAR_INDX, H1: Dollar index was traded lower following prior retracement from the higher levels. MACD which begins to form a bearish signal suggests its prices to move further down, towards the direction of 96.80.
Resistance level: 97.00, 97.40
Support level: 96.80, 96.60
GBPUSD, H1: GBPUSD was traded lower following prior retracement from the upper levels. MACD which has formed a bearish signal suggest the pair to extend its losses, towards the direction of 1.2690.
Resistance level: 1.2725, 1.2770
Support level: 1.2690, 1.2640
EURUSD, H1: EURUSD was traded higher following prior rebound from the lower level. MACD which illustrate bullish signal suggests the pair to extend its gains, towards the direction of resistance level near 1.1360.
Resistance level: 1.1360, 1.1410
Support level: 1.1310, 1.1265
USDJPY, H1: USDJPY was traded lower following prior retracement near the moving average line. MACD which begins to form a bearish signal suggests the pair to extend its losses, towards the direction of 112.60.
Resistance level: 112.95, 113.30
Support level: 112.60, 112.10
AUDUSD, H4: AUDUSD was traded lower following prior closure below 0.7265. MACD which illustrate bearish signal suggest the pair to extend its losses after breaking the bottom level of upward channel.
Resistance level: 0.7265, 0.7300
Support level: 0.7215, 0.7170
NZDUSD, H4: NZDUSD was traded lower following prior closure below 0.6890. MACD which illustrate persistent downward signal suggests the pair to be traded lower, towards the direction of upward trendline.
Resistance level: 0.6890, 0.6940
Support level: 0.6830, 0.6780
USDCAD, H4: USDCAD was traded higher following prior closure above 1.3315. MACD which illustrate persistent bullish signal suggests the pair to extend its gains after successfully closing above 1.3380.
Resistance level: 1.3380, 1.3430
Support level: 1.3315, 1.3255
USDCHF, H1: USDCHF remains traded within a sideways channel following prior retracement from the top level. MACD which illustrate bearish signal suggests the pair to be traded lower in short-term, towards the direction at 0.9955.
Resistance level: 1.0000, 1.0040
Support level: 0.9955, 0.9930
CrudeOIL, H4: Crude oil price was traded lower following prior retracement from the strong resistance at 53.90. MACD which illustrate bearish signal suggests its prices to be traded lower in short-term, towards 52.00.
Resistance level: 53.90, 55.35
Support level: 52.00, 50.25
GOLD_, H1: Gold price extended gains following prior rebound and closure above 1237.25. MACD which illustrate persistent upward signal and momentum suggests its price to advance further up and retest near 1242.10.
Resistance level: 1242.10, 1253.00
Support level: 1237.25, 1228.00