12 September 2017 Daily Analysis
Geopolitical Uncertainty Eased, Dollar Regains Its Strength.
Dollar index was traded stronger against a basket of major currencies to 91.92, with an increase of 0.67%. The increase of dollar index was significantly due to an ease of investors’ fear toward geopolitical uncertainty when there was no nuclear test conducted by North Korea. Meanwhile, a downgrade of Hurricane Irma further relieved investors for potential damage to the greenback, as an estimation is made that the damage from Irma may up to around $100 billion. Joel Myers, a founder, president and chairman of AccuWeather, stated in his statement that the damage as estimated from Irma can be about $100 billion, costing to 0.5 % of $19 trillion GDP. Besides that, EUR/USD was traded at 1.1950, down 0.02%, while USD/JPY was traded at 109.34 after a fall of 0.06%.
On the other hand, the price of crude oil was down by 3 cents at $48.04 per barrel. The dip of crude oil was due to undergoing assessment by traders toward the potential impact by Hurricane Irma. Likewise, gold prices dropped by 1.16% to 1325.60 per troy ounce as caused by paring of losses by the Greenback from its steepest weekly drop in two months.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
Tentative USD OPEC Monthly Report
Today’s Highlight Economy Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 09:30 | AUD – NAB Business Confidence (Aug) | 12 | – | 5 |
| 16:30 | GBP – CPI (YoY) (Aug) | 2.6% | 2.8% | – |
| 22:00 | USD – JOLTs Job Openings (Jul) | 6.163M | 5.960M | – |
GBPUSD
GBPUSD, H4: GBPUSD was traded higher after breaking support level at 1.3145. However, formation of bearish engulfing candlestick and cross-over of MACD signal line suggests the pair to trade lower toward support level at 1.3145.
Resistance level: 1.3265, 1.3475
Support level: 1.3145, 1.3020
EURUSD
EURUSD, H4: EURUSD was traded lower prior its retracement from resistance level at 1.2075. Downward slope of MACD signal line suggests the pair to continue its losses toward the support level at 1.1910.
Resistance level: 1.2075, 1.2240
Support level: 1.1910, 1.1830
USDJPY
USDJPY, Daily: USDJPY was traded higher after breaking resistance level at 108.20. The pair is currently testing the resistance level at 109.45. Formation of bullish engulfing candlestick and positive divergence as shown by MACD histogram give an indication for the pair to be on bias to continue trading upward after breaking resistance level at 109.45.
Resistance level: 109.45, 111.55
Support level: 108.20, 107.35
CrudeOIL
Crude OIL, H4: Crude oil was traded higher after breaking resistance level at 48.00. Upward slope of MACD histogram suggests crude oil to continue its gains toward resistance by 200-MA and resistance level at 48.40.
Resistance level: 48.40, 49.35
Support level: 48.00, 47.25
GOLD
GOLD_, H4: Gold was traded lower after breaking support level at 1328.45. Downward slope of MACD signal line suggests gold price to extend its losses toward the support level at 1321.15.
Resistance level: 1328.45, 1344.05
Support level: 1321.15, 1295.35