11 January 2019 Morning Session Analysis
Greenback dipped amid Fed’s chairman dovish comment.
Dollar index tumbled against its six major peer currencies in the early asian trading session amid dovish note from Federal Reserve chairman’s Jerome Powell on yesterday late night dragged down the sentiment of Dollar market. According to his speech, a pause on tightening monetary policy would be favor to the United State’s economy if the inflation rate for this year is remain stable., supported by Fed Vice Chairman Richard Clarida. Besides, further deteriorated dollar market sentiment was a lack of details on any progress made in the vice ministerial level trade talk between China and United States after three days meeting. As of writing, Dollar index inched down 0.11% to 94.95. On the other hand, the pair of AUD/USD inched up 0.06% to 0.7190 amid upbeat data been announced on early morning today. According to Australian Bureau of Statistic, the retail sales data came in at 0.4%, comparing to 0.3% economist’s forecast portraying that the economics growth outlook is remain solid, bullish momentum of Aussie dollar bolstered.
In the commodities market, crude oil price surged 0.11% to $52.30 per barrel amid oil production cut from OPEC and the declined in US barrel count which shown in EIA crude oil inventories data, assuage the market participants concerns on market supply glut. Besides, gold price up 0.37% to $1291.05 a troy ounce after a gap down on Dollar index early morning.
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 | Market & Data | Previous | Forecast | Actual |
| 17:30 | GBP – GDP (MoM) | 0.1% | 0.1% | – |
| 17:30 | GBP – Manufacturing Production (MoM) (Nov) | -0.9% | 0.4% | – |
| 21:30 | USD – Core CPI (MoM) (Dec) | 2.2% | 2.2% | – |
| 02:00(12th) | USD – US Baker Hughes Oil Rig Count | 877 | – | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower while currently testing the support level 94.95. MACD which illustrate diminishing bullish momentum suggest dollar to extend its losses after successfully closing below the support level.
Resistance level: 95.40, 95.70
Support level: 94.95, 94.60
GBPUSD, H1: GBPUSD was traded higher following prior rebound from the support level 1.2740. MACD which illustrate diminished bearish momentum suggest the pair to extend its rebound towards the resistance level 1.2780.
Resistance level: 1.2780, 1.2815
Support level: 1.2740, 1.2700
EURUSD, H1: EURUSD was traded higher while currently testing near the resistance level of 1.1520. MACD which illustrate diminished bearish momentum suggest the pair to extend its gains after a breakout above the resistance level.
Resistance level: 1.1520, 1.1555
Support level: 1.1470, 1.1435
USDJPY, H1: USDJPY was traded lower following prior retracement from the resistance level 108.40. MACD which display diminishing bullish momentum suggest the pair to extend its retracement towards the support level 107.95.
Resistance level: 108.40, 108.90
Support level: 107.95, 107.50
AUDUSD, H1: AUDUSD was traded higher following prior rebound from the support level 0.7180. MACD which display starting bullish signal and the formation of golden cross suggest the pair to extend its rebound towards the resistance level 0.7220.
Resistance level: 0.7220, 0.7260
Support level: 0.7180, 0.7140
NZDUSD, H1: NZDUSD was traded higher following prior breakout from previous resistance level at 0.6785. MACD which illustrate starting bullish momentum and formation of golden cross suggest this pair to extend its gains towards the resistance level at 0.6835.
Resistance level: 0.6835, 0.6880
Support level: 0.6785, 0.6745
USDCAD, H1 USDCAD remained traded in a sideway channel while currently testing the bottom level of the channel and the support level 1.3210. MACD which display bearish momentum and the formation of death cross suggest the pair to extend its losses after a breakout below the support level.
Resistance level: 1.3260, 1.3315
Support level: 1.3210, 1.3160
USDCHF, H1: USDCHF was traded lower while currently testing near the support level of 0.9835. MACD which illustrate diminishing bullish momentum suggest the pair to extend its losses after successfully closing below the support level.
Resistance level: 0.9865, 0.9900
Support level: 0.9835, 0.9815
CrudeOIL, H4: Crude oil was traded higher while currently testing near the resistance level 52.70. MACD which display diminished bullish momentum suggest the commodity to undergo technical correction and retrace from the resistance level.
Resistance level: 52.70, 53.90
Support level: 51.60, 50.50
GOLD_H1: Gold was traded higher following prior breakout above the previous resistance level 1288.10. MACD which display diminishing bearish momentum suggest gold to extend its gains towards the resistance level 1295.00
Resistance level: 1295.00, 1300.90
Support level: 1288.10, 1283.00