12 February 2019 Afternoon Session Analysis
Trade woes weigh on market, dollar gains.
Greenback further its gains for the 8th consecutive sessions while currently traded flat against a basket of six major currency pairs at 96.82 as trade tensions continues to worsen market sentiment. As Washington is set off to a new round of trade talks with Beijing counterparts this week, investors expect US to continue exerting pressure on China for a better reform to protect its companies’ intellectual property. The fear and uncertainties surrounding the outcome of the trade talks made dollar the ‘big shot’ as investors shifted their portfolios from riskier market to safe-have dollar. As trade talk tensions weigh heavily onto the Asian market, the Australian dollar fell to its 5-weeks low following poor Home Loans data which came in at -6.1%, missing economists’ expectations of -2.0%. The single currency underwent large sell-off throughout the week as investors fear that the trade disputes between US and China will affect China’s major trading partner, Australia. As of writing, pair of AUD/USD ticks up by 0.10% to 0.7070.
In the commodities market, crude oil price rose 0.50% to $52.70 per barrel amid OPEC glut cut and US sanctions against Iranian oil. However, fears on US-Sino trade tensions and oversupply in the US continues to weigh on the oil market. Investors are currently focusing on OPEC monthly report in hope that the report might include further supply cut decisions that might push the oil prices higher this year. Likewise, gold price edges higher by 0.04% to $1,308.50 a troy ounce while remained pressured by dollar gains.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
19:00 CrudeOIL OPEC Monthly Report
21:00 GBP BoE Gov Carney Speaks
01:45 (13th) USD Fed Chair Powell Speaks
Today’s Highlight Economic Data
| Time | Market & Data | Previous | Forecast | Actual |
| 23:00 | USD – JOLTs Job Openings (Dec) | 6.888M | 6.900M | – |
| 05:30
(13th) |
CrudeOIL – API Weekly Crude Oil Stock | 2.514M | – | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher while currently testing near the resistance level 96.85. MACD which illustrate diminishing bullish momentum suggest index to undergo short-term technical correction and retrace towards the support level 96.50.
Resistance level: 96.85, 97.15
Support level: 96.50, 96.05
GBPUSD, H4: GBPUSD was traded lower while currently testing near the support level of 1.2850. MACD which illustrate bearish signal suggests the pair to extend its losses after closing below the support of 1.2850.
Resistance level: 1.2915, 1.3000
Support level: 1.2850, 1.2750
EURUSD, H4: EURUSD was traded lower while currently testing near the support of 1.1275. MACD which display diminishing bearish momentum suggest the pair to undergo short-term technical correction and rebound towards the resistance level 1.1310.
Resistance level: 1.1310, 1.1350
Support level: 1.1275, 1.1215
USDJPY, H4: USDJPY was traded higher following prior breakout above previous resistance level 110.40. MACD which illustrate bullish momentum suggest the pair to extend its gains towards the resistance level 111.00.
Resistance level: 111.00, 111.45
Support level: 110.00, 109.55
AUDUSD, H4: AUDUSD was traded higher following prior rebound from low-levels. MACD which illustrate bullish momentum suggest the pair to extend its gains towards the resistance level 0.7100.
Resistance level: 0.7100, 0.7170
Support level: 0.7030, 0.6955
NZDUSD, H4: NZDUSD was traded lower while currently testing near the support level 0.6715. Due to lack of signal from the MACD, a breakout below or rebound from the support level 0.6715 is required for further confirmation before entering the market.
Resistance level: 0.6780, 0.6850
Support level: 0.6715, 0.6675
USDCAD, H4: USDCAD was traded lower following prior retracement from the resistance level 1.3325. MACD which illustrate bias bearish signal suggest the pair to extend its retracement towards the support level 1.3245.
Resistance level: 1.3325, 1.3420
Support level: 1.3245, 1.3185
USDCHF, H4: USDCHF was traded higher following prior breakout above previous resistance level 1.0030. MACD which display bullish signal suggest the pair to extend its gains towards the resistance level 1.0080.
Resistance level: 1.0080, 1.0130
Support level: 1.0030, 0.9995
CrudeOIL, H4: Crude oil price was traded higher while currently testing near the resistance level 52.70. MACD which illustrate bullish momentum with the formation of golden cross suggest the commodity to extend its gains after a breakout above the resistance level.
Resistance level: 52.70, 53.90
Support level: 51.60, 50.40
GOLD_, H4: Gold price was traded lower following prior retracement from the resistance level 1315.00. MACD which display bearish momentum and the formation of death cross suggest gold to extend its retracement towards the support level 1305.00.
Resistance level: 1315.00, 1325.00
Support level: 1305.00, 1295.00