12 October 2018 Afternoon Session Analysis
Dollar edges higher while testing support.
Dollar index recovered part of its losses after falling to two-weeks low due to poor CPI data yesterday while challenging its support level at 94.60. The dollar rebound by 0.05% to 94.70 at early European trading session as a technical correction while remained traded in a bearish trend. Later today, US will release its Michigan Consumer Sentiment data where investors will react upon especially a lower than expected reading, which would cause the dollar to breaks its support. In other news, the pair of EUR/USD remained flat at 1.1590 following German CPI data which met its expectation at 2.3%. Euro was extending its gains to a new high since early October yesterday amid the delay for Italy’s budget plan.
In the commodities market, crude oil price surged by 1.13% to $71.75 per barrel amid China’s daily crude import which hit five-months high, indicating high demand for the oil. In other news, gold price slumped by 0.68% to $1,215.80 a troy ounce after surging to a new high since 25th July amid high demand for safe-haven asset.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
Tentative CrudeOIL IEA Monthly Report
Today’s Highlight Economic Data
| Time | Market & Data | Previous | Forecast | Actual |
| 17:00 | EUR – Industrial Production (MoM) (Aug) | -0.8% | 0.4% | – |
| 20:30 | USD – Import Price Index (MoM) (Sep) | -0.6% | 0.2% | – |
| 22:00 | USD – Michigan Consumer Sentiment (Oct) | 100.1 | 100.4 | – |
| 01:00 (13th) | CrudeOIL – US Baker Hughes Oil Rig Count | 861 | – | – |
Technical Analysis
DOLLAR_INDX, H1: Dollar index was traded higher following prior rebound from the support level 94.60. MACD which illustrate bullish momentum and the formation of golden cross suggest the dollar to extend its rebound towards the resistance level 94.95.
Resistance level: 94.95, 95.20
Support level: 94.60, 94.35
GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level 1.3245. Due to lack of information from the MACD, a breakout above or retracement from the resistance level is required for further confirmation before entering the market.
Resistance level: 1.3245, 1.3315
Support level: 1.3180, 1.3125
EURUSD, H1: EURUSD was traded lower following prior retracement from the resistance level 1.1605. MACD which display bearish momentum and the formation of a death cross suggest the pair to extend its retracement towards the support level 1.1570.
Resistance level: 1.1605, 1.1625
Support level: 1.1570, 1.1540
USDJPY, H1: USDJPY was traded higher following prior rebound from the support level 112.10. MACD which display persistent bullish momentum suggest the pair to extend its rebound towards the resistance level 112.60.
Resistance level: 112.60, 112.90
Support level: 112.10, 111.65
AUDUSD, H1: AUDUSD was traded lower following prior retracement from the resistance level 0.7125. MACD which display bearish momentum and the formation of a death cross suggest the pair to extend its retracement towards the support level 0.7100.
Resistance level: 0.7125, 0.7140
Support level: 0.7100, 0.7085
NZDUSD, H1: NZDUSD was traded lower following prior retracement from the resistance level 0.6530. MACD which display bearish momentum and the formation of death cross suggest the pair to extend its losses towards the support level 0.6495.
Resistance level: 0.6530, 0.6595
Support level: 0.6495, 0.6460
USDCAD, H1: USDCAD was traded lower while currently testing the support level 1.3010. MACD which illustrate persistent bearish signal suggest the pair to extend its losses after a breakout below the support level.
Resistance level: 1.3080, 1.3130
Support level: 1.3010, 1.2955
USDCHF, H1: USDCHF was traded lower following prior retrace from the resistance level 0.9900. MACD which illustrate diminished bullish momentum suggest the pair to extend its retracement towards the support level 0.9860.
Resistance level: 0.9900, 0.9920
Support level: 0.9860, 0.9825
CrudeOIL, H4: Crude oil price was traded higher following prior rebound from the support level near 70.30. MACD which illustrate starting bullish bias suggest the commodity to extend its gains after a breakout above the resistance level 71.95.
Resistance level: 71.95, 73.55
Support level: 70.30, 68.70
GOLD_, H1: Gold price was traded lower while currently testing the support level 1217.80. MACD which display bearish momentum and the formation of death cross suggest the commodity to extend its losses after a breakout below the support level.
Resistance level: 1225.00, 1231.10
Support level: 1217.80, 1210.35