9 December 2019 Morning Session Analysis
Greenback rebound amid positive jobs data
Dollar index rebounded on last Friday following five straight days of losses amid to data from the United Stated region which showing that the U.S economy created many more jobs than expected for last month. According to Bureau of Labor Statistics, U.S. Nonfarm Payrolls came in at 266k, exceeding the economist forecast at 186k. Meanwhile, U.S. Unemployment rate notched down to 3.5%, lower than the economist forecast at 3.6%. Both data fared better than the economist expectation, spurring the market optimism towards the economic progression in the United Stated and supporting the Federal Reserve’s stance of keeping interest rates on hold after cutting them three times this year. On the other hand, Canadian dollar slump following the bleak data was released from the Canada region on last Friday. According to Statistics Canada, Canada employment change came in at -71.2k, worse than the market expectation at 10.0k. As of writing, dollar index depreciated by 0.01% to 97.59 while USD/CAD surged 0.01% to 1.3256.
In the commodities market, crude oil price skyrocketed on last Friday following OPEC and its allies agreed to deepen output cuts by 500,000 barrels per day in early 2020. Indeed, Saudi Energy Minister Prince Abdulaziz bin Salman reiterated that the kingdom, the world’s largest oil exporter and OPEC’s defacto leader, would continue a voluntary cut of 400,000 barrels per day. Indeed, crude oil price received further bullish momentum as the initial public offering of Saudi Arabia’s state-owned oil company, Saudi Aramco, which priced its shares on Thursday at the top of an indicated range. On the other hand, gold price slumped amid to positive U.S. jobs reports. As of writing, crude oil price slumped 0.17% to $59.01 per barrels while gold price depreciated by 0.03% to $1458.95 per troy ounces.
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 | CHF – Unemployment Rate n.s.a (Nov) | 2.3% | 2.3% | – |
| 21:30 | German Trade Balance (Oct) | 19.2B | 19.0B | – |
| 21:30 | CAD – Housing Permits (MoM) (Oct) | -6.5% | 3.0% | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from the resistance level at 97.75. However, MACD which illustrated increasing bullish momentum suggests the index to be traded higher in short-term as technical correction.
Resistance level: 97.75, 97.95
Support level: 97.55, 97.30
GBPUSD, Daily: GBPUSD was traded higher while currently testing the resistance level at 1.3160. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1.3160, 1.3320
Support level: 1.2965, 1.2765
EURUSD, Daily: EURUSD was traded lower following prior breakout below the support level at 1.1080. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 1.1010.
Resistance level: 1.1080, 1.1165
Support level: 1.1010, 1.0955
USDJPY, H4: USDJPY was traded lower following prior retracement from the resistance level at 108.65. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward the support level at 108.45.
Resistance level: 108.65, 108.85
Support level: 108.45, 108.25
AUDUSD, H4: AUDUSD was traded higher following prior rebound from the support level at 0.6825. However, MACD which illustrated increasing bearish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 0.6850, 0.6875
Support level: 0.6825, 0.6795
NZDUSD, Daily: NZDUSD was traded higher following prior breakout above the previous resistance level at 0.6505. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 0.6595, 0.6680
Support level: 0.6505, 0.6425
USDCAD, Daily: USDCAD was traded higher while currently testing the resistance level at 1.3265. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1.3265, 1.3325
Support level: 1.3210, 1.3160
USDCHF, Daily: USDCHF was traded higher while currently testing the resistance level at 0.9900. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 0.9900, 0.9945
Support level: 0.9850, 0.9805
CrudeOIL, Daily: Crude oil price was traded lower following prior retracement from the resistance level at 59.50. However, MACD which illustrated increasing bullish momentum suggest the commodity to be traded higher in short-term as technical correction.
Resistance level: 59.50, 60.80
Support level: 58.20, 56.70
GOLD_, H4: Gold price was traded higher following prior rebound from the support level at 1459.05. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains toward resistance level at 1464.75.
Resistance level: 1464.75, 1471.35
Support level: 1459.05, 1451.70