11 October 2019 Afternoon Session Analysis
Japanese yen slip on trade optimism.
Japanese yen which traded against the greenback have fell on early session following hopes of progress from U.S and China and Brexit optimism. According to reports. U.S and China negotiators have ended a first day of talks in more than two months and business groups also expressed optimism that both sides could be able to ease trade tension and delay U.S tariff hike which scheduled for next week. U.S President Donald Trump also told reporters that his team had a “very, very good negotiation with China,” and reiterated his plans to meet with China’s Vice Premier Liu He at the White House on Friday. Following these positive news, investors have boosted their confidence and shifting their investments from safe-haven market such as Japanese yen to riskier assets. At the same time, optimism in Brexit have further diminished the appeal of safe-haven markets. At the time of writing, USD/JPY rose 0.08% to 107.93 meanwhile the dollar index fell 0.05% to 98.30.
As for commodities market, crude oil price rose 0.09% to $53.76 per barrel at the time of following talks of OPEC supply cut. According to reports, OPEC have upheld its forecast for global oil demand next year. Secretary General of OPEC stated that OPEC will “will take appropriate, strong, positive decisions that will set us on the path of heightened and sustained stability for 2020”. Next, gold price fell 0.15% to $1495.50 at the time of writing following strong dollar boosted by trade optimism.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
Tentative CrudeOIL OPEC Meeting
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 20:30 | USD – Import Price Index (MoM) (Sep) | -0.5% | -0.1% | – |
| 20:30 | CAD – Employment Change (Sep) | 81.1K | 10.0K | – |
| 20:30 | CAD – Unemployment Rate (Sep) | 5.7% | 5.7% | – |
| 22:00 | USD – Michigan Consumer Sentiment (Oct) | 93.2 | 92.0 | – |
| 01:00
(12th) |
CrudeOIL – US Baker Hughes Oil Rig Count | 710 | – | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from the resistance level at 98.40. MACD which illustrate bearish signal suggests the index to extend its losses toward the support level at 98.15.
Resistance level: 98.40, 98.60
Support level: 98.15, 97.95
GBPUSD, Daily: GBPUSD was traded higher following prior breakout above the previous resistance level at 1.2385. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 1.2520.
Resistance level:1.2520, 1.2575
Support level: 1.2385, 1.2285
EURUSD, H4: EURUSD was traded higher while currently testing near the resistance level at 1.1020. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 1.1020, 1.1050
Support level: 1.0990, 1.0965
USDJPY, H4: USDJPY was traded higher following prior rebound from the previous resistance level. MACD which illustrated bullish signal suggest the pair to extend its gains toward the resistance level at 108.05.
Resistance level: 108.05, 108.30
Support level: 107.85, 107.65
AUDUSD, H4: AUDUSD was traded higher following prior breakout above the from its previous resistance level at 0.6765. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.6795.
Resistance level: 0.6795, 0.6820
Support level: 0.6765, 0.6740
NZDUSD, H4: NZDUSD was traded within a range while currently testing at the resistance level 0.6330. MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower toward the support level at 0.6295.
Resistance level: 0.6330, 0.6355
Support level: 0.6295, 0.6280
USDCAD, H4: USDCAD was traded higher following prior rebound from the support level at 1.3265. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gain toward the resistance level at 1.3295.
Resistance level: 1.3295, 1.3335
Support level: 1.3265, 1.3245
USDCHF, H4: USDCHF was traded higher following prior rebound from the support level at 0.9955. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward the resistance level at 0.9980.
Resistance level: 0.9980, 1.0005
Support level: 0.9955, 0.9935
CrudeOIL, H4: Crude oil price was traded higher after it breakout from previous resistance level at 53.45. MACD which illustrate upward momentum suggests its price to be traded higher toward the direction of 54.40.
Resistance level: 54.40, 55.75
Support level: 53.45, 52.05
GOLD_, H4: Gold price was traded higher following prior rebound from the support level at 1489.95. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gain toward resistance level at 1508.35.
Resistance level: 1508.35, 1519.95
Support level: 1489.95, 1479.85