6 December 2019 Afternoon Session Analysis
Greenback remains in decline amid weak data expectation.
The dollar index which measured against a basket of six major currency pairs have slipped during late Asian session as market remains cautious against mixed signal on U.S economy. As Non-Farm Payroll data to be released later today, investors are fretted that the U.S job numbers could fail to deliver an expected rebound. At the same time, the sentiment are also limited by the progress of trade talk where U.S. President Donald Trump stated that a deal only could be made after 2020 election. The latest round of U.S tariff are about to take effect on Dec 15 and investors are currently expecting the possibility of both countries achieve trade deal are highly unlikely due to the increasing tension. Market are now currently awaiting for the data to further determine the direction for the market. At the time of writing, dollar index fell 0.03% to 97.28.
In the commodities market, crude oil price fell 0.14% to $58.40 per barrel as of writing amid latest sources stated that Saudi Arabia denies pushing OPEC allies to commit to a deeper round of production cuts. On the other hand, gold price edge higher by 0.02% to $1475.25 a troy ounce at the time of writing as trade bleak, political pessimism and weak USD favor the commodity buyer.
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 |
| 21:30 | USD – Average Hourly Earnings (MoM) (Nov) | 0.2% | 0.3% | – |
| 21:30 | USD – Nonfarm Payrolls (Nov) | 128K | 186K | – |
| 21:30 | USD – Unemployment Rate (Nov) | 3.6% | 3.6% | – |
| 21:30 | CAD – Employment Change (Nov) | -1.8K | 10.0K | – |
| 23:00 | USD – Michigan Consumer Sentiment (Dec) | 96.8 | 97.0 | – |
Technical Analysis
DOLLAR_INDX, Daily: Dollar index was traded lower while currently testing the support level at 97.25. MACD which illustrate bearish momentum and the formation of death cross suggest the dollar to extend its losses after it successfully breakout below the support level at 97.25.
Resistance level: 97.70, 98.20
Support level: 97.25, 96.85
GBPUSD, Daily: GBPUSD was traded higher while currently testing the resistance level at 1.3170. MACD which display bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level at 1.3170.
Resistance level: 1.3170, 1.3315
Support level: 1.3035, 1.2970
EURUSD, Daily: EURUSD was traded higher following prior breakout above the previous resistance level at 1.1075. MACD which illustrate bullish momentum signal suggest the pair to be traded higher toward the resistance level at 1.1170.
Resistance level: 1.1170, 1.1240
Support level: 1.1075, 1.1005
USDJPY, H4: USDJPY was traded lower following prior retracement from the 20 moving average line (Red). MACD which illustrate bearish signal suggest the pair to extend its losses toward the support level at 108.40.
Resistance level: 109.00, 109.40
Support level: 108.40, 107.95
AUDUSD, H4: AUDUSD was traded higher following prior rebound from the lower level. MACD which display diminishing bearish momentum signal suggest the pair to extend its rebound toward the resistance level at 0.6855.
Resistance level: 0.6855, 0.6880
Support level: 0.6810, 0.6770
NZDUSD, H1: NZDUSD was traded higher following prior rebound from the support level at 0.6535. MACD which illustrate ongoing bullish momentum signal suggest the pair to extend its gains toward the resistance level at 0.6570.
Resistance level: 0.6570, 0.6600
Support level: 0.6535, 0.6490
USDCAD, Daily: USDCAD was traded lower following prior breakout below the previous support level at 1.3210. MACD which illustrate ongoing bearish bias signal suggest the pair to extend its losses toward the next support level at 1.3145.
Resistance level: 1.3210, 1.3265
Support level: 1.3145, 1.3085
USDCHF, H1: USDCHF was traded lower following prior retracement from the 50 moving average line (Blue). However, MACD which illustrate diminishing bearish momentum with the starting formation of gold cross suggest the pair to undergo technical correction toward the resistance level at 0.9885.
Resistance level: 0.9885, 0.9915
Support level: 0.9850, 0.9810
CrudeOIL, H4: Crude oil price was traded lower following prior retracement from the resistance level near at 58.60. MACD which illustrate bearish momentum suggest the commodity to extend its losses toward the support level at 57.60.
Resistance level: 58.60, 59.70
Support level: 57.60, 56.75
GOLD_, H4: Gold price was traded higher following prior rebound from the support level at 1471.65. However, MACD which illustrate bearish signal with the formation of death cross suggest the commodity to undergo technical correction toward the support level at 1471.65.
Resistance level: 1480.95, 1484.70
Support level: 1471.65, 1464.05