09 January 2020 Morning Session Analysis
Dollar soars amid Trump remarks.
Dollar index have climb against its basket of six major rival pairs as latest remarks from Donald Trump signaled de-escalation in conflict with Iran despite recent conflict. According to the latest response, U.S President Donald Trump have stated that the U.S. “will immediately impose additional punishing economic sanctions on the Iranian regime.” The sanctions would remain in force until Iran changes its behavior, he added. Besides that, Trump also emphasized that United States did not necessarily have to respond militarily to Iranian missile attacks on military bases housing U.S. troops in Iraq overnight. As the military response suggested that Trump is seeking to defuse the tension, the remarks have provide relief and eased investors’ concerns for now. At the time of writing, dollar index rose 0.32% to 97.98.
In the commodities market, crude oil price fell 0.17% to $59.85 per barrel as of writing following surprise inventory build. According to the Energy Information Administration (EIA), U.S. crude stockpiles rose by 1.2 million barrels for the week ended Jan. 3. The results were disappointing as market was looking for a decline of 3.6 million barrels. On the other hand, gold price plummets 0.16% to $1557.13 a troy ounce at the time of writing following the temporary de-escalation of tension between Iran and U.S have reduce the appeal for the safe-haven markets.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
17.30 GBP BoE Gov Carney Speaks
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 21.30 | USD – Initial Jobless Claims | 222K | 220K | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher while currently testing the resistance level 96.95. MACD which illustrate ongoing bullish momentum suggest the dollar to extend its gains after it breaks above resistance level.
Resistance level: 96.95, 97.55
Support level: 96.50, 96.05
GBPUSD, H4: GBPUSD was traded lower while currently testing the support level 1.3095. MACD which display bearish bias with the formation of death cross suggest the pair to extend its losses after it breaks below the support level.
Resistance level: 1.3225, 1.3320
Support level: 1.3095, 1.2965
EURUSD, H4: EURUSD was traded lower while currently testing the support level 1.1105. MACD which illustrate bearish momentum signal suggest the pair to extend its losses after it breaks below the support level.
Resistance level: 1.1175, 1.1250
Support level: 1.1105, 1.1045
USDJPY, H4: USDJPY was traded higher while currently testing near the resistance level 109.20. However, MACD which illustrate diminishing bullish momentum suggest the pair to experience a short term technical correction towards the support level 108.45.
Resistance level: 109.20, 109.70
Support level: 108.45, 107.90
AUDUSD, H4: AUDUSD was traded lower while currently testing near the support level 0.6850. However, MACD which illustrate diminishing bearish momentum with the starting formation of golden cross suggest the pair to be traded higher as a technical correction towards the resistance level 0.6925.
Resistance level: 0.6925, 0.6990
Support level: 0.6850, 0.6800
NZDUSD, H4: NZDUSD was traded lower while currently testing the support level 0.6640. However, MACD which illustrate diminishing bearish momentum with the starting formation of golden cross suggest the pair to be traded higher as a technical correction towards the resistance level 0.6740.
Resistance level: 0.6740, 0.6830
Support level: 0.6640, 0.6565
USDCAD, H4: USDCAD was traded higher following prior breakout above the previous resistance level 1.3015. MACD which display bullish momentum signal suggest the pair to extend its gains towards the resistance level 1.3105.
Resistance level: 1.3105, 1.3185
Support level: 1.3015, 1.2955
USDCHF, H4: USDCHF was traded higher while currently testing the resistance level 0.9735. MACD which illustrate bullish momentum signal suggest the pair to extend its gains after it breaks above the resistance level.
Resistance level: 0.9735, 0.9780
Support level: 0.9660, 0.9590
CrudeOIL, H4: Crude oil price was traded lower following prior breakout below the support level 60.85. MACD which illustrate bearish momentum signal suggest the commodity to extend its losses towards the support level 58.55.
Resistance level: 60.85, 62.45
Support level: 58.55, 56.30
GOLD_, H4: Gold price was traded lower while currently testing the support level 1555.20. MACD which illustrate bearish momentum signal with the recent formation of death cross suggest commodity to extend its losses after it breaks below the support level.
Resistance level: 1581.50, 1613.40
Support level: 1555.20, 1533.25