11th February 2019 Afternoon Session Analysis
Will US Government shutdown again?
Dollar index which gauge against six major peers of currencies stumbled near 96.35 after hitting nine weeks high. Investors are currently keeping their eyes on the next step that US president Donald Trump will make after US shutdown talks stall ahead of deadline. According to BBC News, representatives of US House of Congress offer a deal that compiled of wall funding costs between $1.3 bn and $2 bn, a long way off from what the president has been demanding, approximately $5.7bn. As of now, if the talks ultimately broke down, Donald Trump would either choose to shut down the government again or to officially declare United States enter into national emergency and therefore he will have the privilege to use military power and fund to build the Mexico border wall. Dollar index dipped 0.01% to $96.65 during Asian trading session. On the other hand, the pair of EUR/USD inched down 0.03% to 1.1320 amid European market is still surrounded by sour sentiment after European government debt yields fell to two years low. Besides, bearish momentum in European market has also been triggered by the factors of global trade tensions and domestic challenges, eventually exerted negative pressure which further dragged down the value of Euro.
In the commodities market, crude oil price declined 1.10% to $52.10 per barrel after U.S. Baker Hughes Oil Rig Count data has showed that oil drilling activity in US is expanding, which may lead to supply glut unsolved. Moreover, gold price was down 0.10% to $1312.80 a troy ounce amid market appetite toward the safe haven assets had been shifted away.
Today’s Holiday Market Close
Time Market Event
All Day JPY National Founding Day
Today’s Highlight Events
Time Market Event
N/A
Today’s Highlight Economic Data
| Time | Market & Data | Previous | Forecast | Actual |
| 17:30 | GBP – GDP (QoQ) (Q4) | 0.6% | 0.3% | – |
| 17:30 | GBP – Manufacturing Production (MoM) (Dec) | -0.3% | 0.2% | – |
| 21:30 | CAD – Trade Balance (Dec) | -2.06B | – | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher while currently testing the resistance level at 96.40. MACD which illustrate diminishing bullish momentum and the formation of death cross suggest the commodity to undergo technical correction in short term toward the support level at 96.00.
Resistance level: 96.40, 96.65
Support level: 96.00, 95.65
GBPUSD, H4: GBPUSD was traded lower following prior retracement from the resistance level at 1.2960. MACD which illustrate diminishing bullish momentum suggest the pair to extend its losses toward the support level at 1.2845.
Resistance level: 1.2960, 1.3080
Support level: 1.2845, 1.2715
EURUSD, Daily: EURUSD was traded lower following a breakout below the previous support level at 1.1365. MACD which illustrate persistent bearish momentum suggest the pair to extend its losses toward the support level at 1.1295.
Resistance level: 1.1365, 1.1455
Support level: 1.1295, 1.1225
USDJPY, H1: USDJPY was traded higher following prior rebound from the sideway channel bottom level at 109.65. MACD which illustrate diminishing bearish momentum suggest the pair to extend its gains toward the top level at 110.05.
Resistance level: 110.05, 110.50
Support level: 109.65, 109.20
AUDUSD, H4: AUDUSD was traded higher following prior rebound from the support level at 0.7075. MACD which illustrate bullish momentum and the formation of golden cross suggest the pair to extend its gains toward the resistance level at 0.7145.
Resistance level: 0.7145, 0.7210
Support level: 0.7075, 0.7010
NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level at 0.6760. MACD which illustrate bullish momentum and the formation of golden cross suggest the pair to extend its gain after successfully breakout the resistance level at 0.6760.
Resistance level: 0.6760, 0.6795
Support level: 0.6735, 0.6705
USDCAD, H4: USDCAD was traded higher while currently testing near the resistance of 1.3285. MACD which illustrate diminished bullish momentum and the formation of death cross suggests the pair to undergo technical correction in short term toward the support level at 1.3205.
Resistance level: 1.3285, 1.3360
Support level: 1.3205, 1.3125
USDCHF, H1: USDCHF was traded higher following prior rebound near the support level at 0.9980. MACD which illustrate diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 1.0025.
Resistance level: 1.0025, 1.0080
Support level: 0.9980, 0.9945
CrudeOIL, H4: Crude oil was traded lower following prior retracement from the resistance level at 52.75. MACD which illustrate bearish momentum suggest the commodity to extend its losses toward the support level at 50.35.
Resistance level: 52.75, 54.30
Support level: 50.65, 48.50
GOLD_, H1: Gold price was traded lower following prior retracement from the resistance level near 1315.00. MACD which illustrate bearish momentum may suggests its prices to be traded lower toward the support level at 1308.50.
Resistance level: 1315.00, 1321.55
Support level: 1308.50, 1302.90