11 October 2017 Daily Analysis
Greenback on pressure, Pound Sterling recoups losses.
Dollar index was depreciated by 0.49% to 92.90 against a trade-weighted basket of the other major currencies. Dollar index fell as it was being weighed by a rally in the Euro as catalyzed by positive economic data in the Euro zone and increased expectations of investors toward tightening of monetary policy by European Central Bank (ECB). In German, the Eurozone’s largest economy, its trade balance data was shown to be expanded to 21.6 billion, better than the expected 20 billion. On the other hand, Pound Sterling recouped its losses against the Greenback as backed by better-than-expected manufacturing and industrial data in United Kingdom. The manufacturing output has increased by 2.8% topping over forecast of a 1.9% increase, while total production output in the industrial sector risen by 1.6% against expectations of a 0.8% rise.
In the commodity market, crude oil price increased by 2 percent above $50 per barrel, traded at $51.05 as wrote after the market shown signs of gradual tightening of its crude supplies. Likewise, gold price remained stable and traded at $1288.71 a troy ounce following weakness of the Greenback.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
Tentative CrudeOIL OPEC Monthly Report
02:00 USD FOMC Meeting Minutes
02:40 USD FOMC Member Williams Speaks
Today’s Highlight Economy Data
| Time | Nation & Data | Previous | Forecast |
Actual |
| 22:00 | USD – JOLTs Job Openings (Aug) | 6.170M | 6.138M | – |
GBPUSD
GBPUSD, H4: GBPUSD was traded higher prior its rebound from support level at 1.3175. Upward slope of MACD signal line suggests pair to trade higher toward the resistance by 200-MA and resistance level at 1.3240.
Resistance level: 1.3240, 1.3330
Support level: 1.3175, 1.3025
EURUSD
EURUSD, H4: EURUSD was traded higher prior its rebound from support level at 1.1740. The pair is currently testing the resistance level at 1.1820. Successful breakout of the said resistance level will suggest the pair to continue its momentum to trade higher based on upward slope of MACD signal line showing increasing bullish momentum, testing the next resistance level at 1.1870.
Resistance level: 1.1820, 1.1870
Support level: 1.1740, 1.1700
USDJPY
USDJPY, H4: USDJPY was traded lower after breaking below support level at 112.35. The pair is currently rebound to retest the current resistance level. In shorter term, it is suggested to wait for clearer confirmation before entering the trade.
Resistance level: 112.35, 113.00
Support level: 111.65, 111.05
CrudeOIL
Crude OIL, H4: Crude oil price was traded higher after breaking resistance level at 50.80. Golden-cross as formed by MACD histogram suggests the pair to continue its momentum to trade higher toward the next resistance level at 51.45.
Resistance level: 51.45, 52.40
Support level: 50.80, 49.85
GOLD
GOLD_, H4: Gold price was traded higher prior breaking above resistance level at 1278.25. It is currently testing the next resistance level at 1290.85. Successful closure of price above the said resistance level will further suggest gold price to surge higher toward the next resistance level at 1298.30.
Resistance level: 1290.85, 1298.30
Support level: 1278.25, 1272.55