6 December 2019 Morning Session Analysis
Greenback extended losses prior to NFP.
US dollar extended its losses on Thursday following recent bleak data from the region as well as higher demand for other major currencies. The dollar index was quoted down 0.27% to 97.30. As of recent, several major economic data such as ISM Manufacturing and Non-Manufacturing PMI exudes possible recessive risks if its downward trend persists into the future. Current market sentiment turned sour as they anticipate a lower reading of Nonfarm Payrolls for last month after ADP portrays significantly low job creations in the private sector. However, losses on the US dollar were limited after Initial Jobless Claims for last week came in at 203,000 individuals, slightly lower than forecasted reading of 215,000 individuals. On the other hand, pair of GBP/USD rose 0.03% to 1.3159 during Asian trading session. Investor’s continue to place higher bets upon the sterling as they anticipate Conservative Party to win the upcoming general election with majority in the parliament. Such victory would significantly reduce Brexit risk which has linger for more than 3 years and help to facilitate a smooth Brexit proses after the election.
As for commodities market, crude oil price was traded flat around $58.28 per barrel. Oil prices continues to be traded within a tight range as market participants anticipates for the final outcome of OPEC meeting that is expected to be announced later today. On the other hand, gold price rose 0.04% to $1,474.06 a troy ounce due to weaker US dollar.
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, H4: Dollar index was traded lower following prior breakout at 97.35. MACD which illustrate bearish signal suggests the pair to extend its losses, towards the direction of 97.15.
Resistance level: 97.35, 97.60
Support level: 97.15, 96.95
GBPUSD, Weekly: GBPUSD was traded higher while currently testing at 1.3130. MACD which illustrate bullish signal suggests the pair to extend its gains after closing above the level of 1.3130.
Resistance level: 1.3130, 1.3390
Support level: 1.2870, 1.2540
EURUSD, H4: EURUSD was traded higher following prior closure above 1.1075. MACD which illustrate bullish signal suggests the pair to advance further up, towards the direction of 1.1115.
Resistance level: 1.1115, 1.1145
Support level: 1.1085, 1.1050
USDJPY, H4: USDJPY was traded lower following prior closure below 108.90. MACD which illustrate diminishing upward momentum suggests the pair to be traded lower in short-term.
Resistance level: 108.90, 109.35
Support level: 108.50, 107.90
AUDUSD, H1: AUDUSD remains traded within a narrowing triangle. Due to the lack of signal from MACD and price action, it is suggested to wait for a breakout before entering the market.
Resistance level: 0.6840, 0.6860
Support level: 0.6820, 0.6800
NZDUSD, H1: NZDUSD was traded lower following prior retracement from 0.6550. MACD which illustrate diminished upward momentum suggests the pair to be traded lower in short-term.
Resistance level: 0.6550, 0.6570
Support level: 0.6510, 0.6445
USDCAD, H4: USDCAD was traded higher following prior rebound from the support of 1.3170. MACD which illustrate diminished downward momentum suggests the pair to be traded higher in short-term.
Resistance level: 1.3220, 1.3280
Support level: 1.3170, 1.3145
USDCHF, H4: USDCHF was traded lower following prior closure below 0.9885. MACD which illustrate diminished upward momentum suggests the pair to be traded lower in short-term.
Resistance level: 0.9885, 0.9920
Support level: 0.9850, 0.9810
CrudeOIL, H4: Crude oil price was traded lower following prior retrace from its higher level. MACD which illustrate diminished upward momentum suggests the its price to be traded lower in short-term as technical correction.
Resistance level: 58.55, 59.60
Support level: 58.00, 57.50
GOLD_, H4: Gold price was traded flat near the support of 1472.00. MACD which begins to form a bearish signal suggests its price to be traded lower in short-term after closing below 1472.00.
Resistance level: 1483.60, 1494.00
Support level: 1472.00, 1453.00