09 October 2018 Afternoon Session Analysis
Dollar edges higher amid strong sentiment.
09 October 2018 Afternoon Session Analysis
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Greenback edged up by 0.08% to 95.50 during early European trading session amid its strong sentiment from last week’s Unemployment Rate data where the 40-year low rate of 3.7% continues to favor the dollar. In addition to that, Fed’s Chairman Jerome Powell stated that future rate hikes up to the neutral rate of 3.4% by the year 2021 continued to boost investors confident towards the dollar, protecting its position as a safe-haven asset. In other news, the pair of AUD/USD failed to regain its strength, falling by 0.07% to 0.7070 despite a higher than expected Business Confidence data from the National Australia Bank. The pair was trading at a new low since November 2015 last Friday before climbing back up to the psychological level at 0.7085.
As for commodities market, crude oil price surged 0.83% to $74.80 per barrel amid reports on decreased crude exports from Iran. Investors confidence grew ahead of Iran sanctions due 4th November, which helped the market regained its bullish trend. On the other hand, gold price depreciates by 0.07% to $1,189.50 a troy ounce as dollar edged higher.
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 Economy Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 20:15 | CAD – Housing Starts (Sep) | 201.0K | 210.0K | – |
Technical Analysis
DOLLAR_INDX, H1: Dollar index was traded higher following prior rebound from the support level 95.35. MACD which illustrate bullish bias and the starting formation of a golden cross suggest the dollar to extend its rebound towards the resistance level 95.60.
Resistance level: 95.60, 96.20
Support level: 95.35, 95.10
GBPUSD, H1: GBPUSD was recently traded lower following prior retracement from the psychological level 1.3100. MACD which illustrate bearish momentum and the starting formation of a death cross suggest the pair to extend its retracement towards the support level 1.3025.
Resistance level: 1.3100, 1.3130
Support level: 1.3025, 1.2980
EURUSD, H1: EURUSD was traded lower while currently testing near the support level 1.1465. MACD which display bearish signal and the starting formation of a death cross suggest the pair to extend its losses after a breakout below the support level.
Resistance level: 1.1510, 1.1540
Support level: 1.1465, 1.1395
USDJPY, H1: USDJPY was traded higher following prior rebound from the support level 113.05. MACD which illustrate bullish momentum suggest the pair to extend its rebound towards the resistance level 113.55 and the downwards trend line.
Resistance level: 113.55, 114.00
Support level: 113.05, 112.60
AUDUSD, H1: AUDUSD was traded lower following prior retracement from the resistance level 0.7085. MACD which display bearish momentum and the formation of a death cross suggest the pair to extend its retracement towards the support level 0.7040.
Resistance level: 0.7085, 0.7125
Support level: 0.7040, 0.7010
NZDUSD, H1: NZDUSD was traded lower following prior retracement from the resistance level 0.6460. MACD which display bearish bias and the formation of a death cross suggest the pair to extend its retracement towards the support level 0.6415.
Resistance level: 0.6460, 0.6505
Support level: 0.6415, 0.6365
USDCAD, H4: USDCAD was traded lower while currently testing near the support level 1.2955. MACD which illustrate a bearish momentum and the starting formation of a death cross suggest the pair to extend its losses after a breakout below the support level.
Resistance level: 1.3045, 1.3120
Support level: 1.2955, 1.2905
USDCHF, H1: USDCHF was traded higher following recent breakout above the previous resistance level 0.9940. MACD which illustrate bullish momentum and the formation of golden cross suggest the pair to extend its gains towards the resistance level 0.9980.
Resistance level: 0.9980, 1.0025
Support level: 0.9940, 0.9875
CrudeOIL, H4: Crude oil price was traded higher while currently testing near the resistance level 75.00. MACD which illustrate a bullish signal and the starting formation of golden cross suggest the commodity to extend its gains after a breakout above the resistance level.
Resistance level: 75.00, 76.70
Support level: 73.55, 71.90
GOLD_, H4: Gold price was traded lower following prior retracement from the resistance level 1191.10. MACD which display persistent bearish momentum suggest the commodity to extend its losses towards the support level 1185.35.
Resistance level: 1191.10, 1197.90
Support level: 1185.35, 1173.60