10 January 2020 Afternoon Session Analysis
Greenback steady ahead of NFP.
Dollar index which gauge against a basket of six major currency pairs stays firm ahead of Non-Farm Payroll and signing of trade deal. Recently, a series of strong economic data showing an improvement in the U.S service sector, falling unemployment claims and solid private hiring continue to support the strength of the greenback. On trade war, the easing Middle East tension also help further strengthen the demand for the dollar as United States and Iran temporary backed away from further confrontation after recent U.S drone attack that killed a top Iranian military commander. Still, market remains cautious while currently focusing on upcoming payroll and further development to gauge further sentiment on the greenback. At the time of writing, dollar index edge higher 0.05% to 97.07.
In the commodities market, crude oil price remain pressured and fell 0.40% to $59.38 per barrel as of writing as threat in the Middle East recedes. Following the easing tension between U.S and Iran have slowly receded, current market continues to react towards economic growth prospects and increasing U.S crude inventories. On the other hand, gold price also slips 0.32% to $1547.20 at the time of writing as the strength of greenback supported by easing tension continue to diminishing further the appeal of the safe-haven commodities.
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 – Nonfarm Payrolls (Dec) | 266K | 160K | – |
| 21:30 | USD – Unemployment Rate (Dec) | 3.5% | 3.5% | |
| 21:30 | CAD – Employment Change (Dec) | -71.2K | 22.5K | – |
| 02:00
(11th) |
CrudeOIL – Baker Hughes Oil Rig Count | 670 | – | – |
Technical Analysis
DOLLAR_INDX, Daily: Dollar index was traded higher following prior breakout above the previous resistance level at 96.85. MACD which illustrate bullish momentum suggest the index to extend its gains toward the resistance level at 97.25.
Resistance level: 97.25, 97.70
Support level: 96.85, 96.25
GBPUSD, H1: GBPUSD was traded higher following prior rebound near the support level at 1.3035. MACD which illustrated bullish bias momentum suggest the pair to extend its gains toward resistance level at 1.3100.
Resistance level: 1.3100, 1.3165
Support level: 1.3035, 1.2965
EURUSD, Daily: EURUSD was traded lower following prior breakout below the previous support level at 1.1170. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.1075.
Resistance level: 1.1170, 1.1240
Support level: 1.1075, 1.1005
USDJPY, H4: USDJPY was traded higher following prior breakout above the previous resistance level at 109.25. However, MACD which illustrated diminishing bullish momentum suggest the pair to undergo short term technical correction toward the support level at 109.25.
Resistance level: 109.70, 110.00
Support level: 109.25, 108.95
AUDUSD, H1: AUDUSD was traded higher while currently testing the top level of sideway channel. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the top level at 0.6880.
Resistance level: 0.6880, 0.6925
Support level: 0.6850, 0.6815
NZDUSD, H1: NZDUSD was traded higher following prior rebound form the support level at 0.6600. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward the resistance level at 0.6620.
Resistance level: 0.6620, 0.6640
Support level: 0.6600, 0.6570
USDCAD, Daily: USDCAD was traded higher while currently testing the 20 moving average line (red). MACD which illustrated bullish momentum suggest the pair to extend its gains after it successfully breakout above the 20 moving average line (red).
Resistance level: 1.3085, 1.3145
Support level: 1.3020, 1.2960
USDCHF, H4: USDCHF was traded lower while currently testing the support level at 0.9725. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level at 0.9725.
Resistance level: 0.9770, 0.9810
Support level: 0.9725, 0.9690
CrudeOIL, H1: Crude oil price was traded lower following prior retracement from the resistance level at 59.70. MACD which illustrated diminishing bullish momentum suggest the commodity to extend its losses toward the support level at 58.60.
Resistance level: 59.70, 60.35
Support level: 58.60, 57.60
GOLD_, H4: Gold price was traded lower following prior retracement from the resistance level at 1551.10. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.
Resistance level: 1551.10, 1572.10
Support level: 1539.15, 1530.05