11th February 2019 Morning Session Analysis
Trade talks all over again.
Last Friday, US dollar extended its gains to 9-month high against other major peers as investors piled into the currency following concerns over global economic recession. As of writing, the dollar index was quoted up 0.13% to 96.23. Widespread concerns over global economic growth and its momentum remains rift following recessive economic data that were released from several powerhouse such as China and German. Moreover, such concern was further compounded after US President Donald Trump indicates that he does not have a plan to meet with Chinese President Xi Jinping prior to 90-day trade truce which is due to expire on March 1st. As such, investors will now place their focus upon the meetings between officials from Washington and Beijing which is bound to start on Monday for further market signals. On the other hand, pair of EUR/USD extended its losses by 0.07% to 1.1320. The currency posted its steepest weekly loss against the US dollar after recent economic data from the region showed possible slowdown.
In the commodities market, crude oil price depreciates by 0.25% to $52.47 per barrel. Worries over global widespread of economic slowdown has reduced market demand for crude oil and thus placing bearish pressure upon its prices. Similarly, gold prices were down 0.05% to $1,313.46 a troy ounce due to stronger greenback.
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 following prior closure above 96.30. However, MACD which illustrate bearish signal suggests the index to be traded lower in short-term as technical correction.
Resistance level: 96.65, 97.00
Support level: 96.30, 96.00
GBPUSD, H1: GBPUSD was traded flat near the support level of 1.2930. MACD which illustrate diminished downward momentum suggests the pair to be traded higher in short-term as technical correction.
Resistance level: 1.2990, 1.3060
Support level: 1.2930, 1.2855
EURUSD, H4: EURUSD was traded higher following a slight rebound near the threshold of 1.1300. MACD which begins to form a golden cross signal suggests the pair to be traded higher in short-term as technical correction.
Resistance level: 1.1355, 1.1415
Support level: 1.1300, 1.1215
USDJPY, H1: USDJPY remains traded within a sideways channel in between 109.55 and 110.00. Due to the lack of signal from MACD and price action, it is suggested to wait for a breakout before entering the market.
Resistance level: 110.00, 110.50
Support level: 109.55, 108.95
AUDUSD, H4: AUDUSD was traded higher following prior rebound from the support of 0.7070. MACD which has begun to form a golden cross signal suggests the pair to extend its gains after closing above the 20-MA line (red).
Resistance level: 0.7170, 0.7275
Support level: 0.7070, 0.7015
NZDUSD, H1: NZDUSD was traded higher following a rebound prior to the support level at 0.6710. As MACD continues to illustrate persistent bullish signal, the pair is suggested to be traded higher in short-term as technical correction.
Resistance level: 0.6780, 0.6820
Support level: 0.6710, 0.6645
USDCAD, H1: USDCAD was traded higher while currently testing near the resistance of 1.3280. MACD which illustrate diminished downward momentum suggests the pair to extend its gains after closing above the threshold of 1.3280.
Resistance level: 1.3280, 1.3325
Support level: 1.3220, 1.3175
USDCHF, H1: USDCHF was traded higher following prior rebound near the upward trendline. MACD which illustrate slightly diminished downward momentum suggests the pair to be traded higher after closing above at 1.0000.
Resistance level: 1.0000, 1.0040
Support level: 0.9970, 0.9945
CrudeOIL, H1: Crude oil price was traded lower following prior retracement from the resistance at 52.80. MACD which illustrate diminished upward momentum suggests its prices to advance further down, towards the direction of 51.85.
Resistance level: 52.80, 53.70
Support level: 51.85, 51.15
GOLD_, H4: Gold price was traded lower following prior retracement from the resistance level near 1315.00. MACD which illustrate diminished upward momentum may suggests its prices to be traded lower in short-term after closing below the 60-MA line (green).
Resistance level: 1315.00, 1329.00
Support level: 1303.00, 1292.85