13 January 2020 Morning Session Analysis
Greenback fell amid to the release of bleak data
Dollar index slumped following the backdrop of bleak jobs data from the United States. According to Bureau of Labor Statistics, U.S. Nonfarm payrolls notched down from the previous reading of 256K to 145K, missing the economist forecast at 164K while dialing down the market optimism toward the economic progression in the United States. However, the losses experienced by the dollar index was limited amid to the rising tensions between the U.S and Iran, which stoked a shift in sentiment toward safe-haven asset such as the U.S dollar. According to BBC, Iran admitted “unintentionally” hitting plane. The plane, Ukraine International Airlines Flight 752 was shot down near Tehran last Wednesday, shortly after Iran had launched missiles at two airbases housing US forces in Iraq. Indeed, thousands of anti-government protesters gathered on Saturday outside the gates of Amir Kabir University, blaming the government for doing such unethical movement. Besides that, The U.S President Donald Trump warned the leaders of Iran that do not harm those protestors in Iran, while the world is watching the action of the Iran government, spurring further tension between the both countries. As of writing, the dollar index appreciated by 0.06% to 97.01.
In the commodities market, the crude oil price slumped 0.49% to $58.85 per barrels. The oil market edged lower following a release of poor jobs data from the United States. Investors anticipated that the weak economic performance in the United States would affect the global economic growth while sapping the demand for the black commodity in the future. On the other hand, the gold price skyrocketed on last Friday amid to the rising tensions between Iran and United States as well as the weaker greenback performance. However, gold price slumped 0.16% to $1559.35 per troy ounces as of writing following technical correction from its recent high.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
N/A
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 17:30 | GBP – GDP (YoY) | 1.1% | – | – |
| 17:30 | GBP – Manufacturing Production (MoM) (Nov) | 0.2% | -0.3% |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from the resistance level at 97.20. MACD which illustrated diminishing bullish momentum suggest the index to extend its losses toward support level at 96.65.
Resistance level: 97.20, 97.60
Support level: 96.65, 96.15
GBPUSD, H1: GBPUSD was traded lower while currently testing the support level at 1.3025. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 1.3075, 1.3130
Support level: 1.3025, 1.2945
EURUSD, Daily: EURUSD was higher following prior rebound from the support level at 1.1080. However, MACD which illustrated increasing bearish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 1.1145, 1.1275
Support level: 1.1080, 1.0990
USDJPY, H4: USDJPY was traded higher while currently testing the resistance level at 109.65. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 109.65, 110.55
Support level: 108.75, 107.70
AUDUSD, H4: AUDUSD was traded lower following prior retracement from the resistance level at 0.6915. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 0.6845.
Resistance level: 0.6915, 0.6965
Support level: 0.6845, 0.6810
NZDUSD, H4: NZDUSD was traded higher following prior rebound from the support level at 0.6615. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 0.6675, 0.6735
Support level: 0.6615, 0.6545
USDCAD, H1: USDCAD was traded higher following prior rebound from the support level at 1.3035. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 1.3065.
Resistance level: 1.3065, 1.3100
Support level: 1.3035, 1.2985
USDCHF, H4: USDCHF was traded higher while currently testing the resistance level at 0.9740. However, MACD which illustrated increasing bearish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 0.9740, 0.9810
Support level: 0.9670, 0.9585
CrudeOIL, H4: Crude oil price was traded lower following prior breakout below the previous support level at 59.65. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.
Resistance level: 59.65, 61.00
Support level: 58.15, 56.45
GOLD_, H1: Gold price was traded higher following prior rebound from the support level at 1550.30. However, MACD which illustrated diminishing bullish momentum suggest the commodity be traded lower in short-term as technical correction.
Resistance level: 1578.75, 1608.90
Support level: 1550.30, 1517.65