13 February 2019 Afternoon Session Analysis
Dollar froze while trade talk ongoing.
Dollar index which gauge its value against six major peers’ currencies traded steady near 96.45 while market participants keep their eyes on trade talk between US and China. Most are expecting for a possible breakthrough in trade impasses soon. Besides, US President Donald Trump has taken a step back in trade dispute by offering short extension on March 1st deadline of trade agreement with China. However, if there is no deal been reached in ongoing trade talk between both countries, tariff on $200 billion of import goods will expected to rise from 10 percent to 25 percent which will definitely disrupted China’s economy tremendously. On the other hand, pair of NZD/USD skyrocketed 1.43% to 0.6830 after Reserve Bank of New Zealand (RBNZ) sent out a more hawkish tone on current economy growth outlook while maintaining its official cash rates at 1.75% unchanged. While global tensions is still entangled the whole world, however RBNZ policymakers emphasized that low interest rate is expected to be able to support a pick-up in New Zealand’s GDP growth over 2019 and rise in CPI is being anticipated.
In the commodities market, crude oil price surged 0.49% to $53.50 per barrel amid API Weekly Crude Oil Stock data showed a small draw of 0.9998 million barrels of oil inventory for the week ending 8th February. Large gap between the forecasted inventories changes (2.514 million) and the actual reading exerted tremendous buy in pressure on this particular commodity. Moreover, gold price surged edged up 0.11% to $1312.00 a troy ounce amid weaker market demand on dollar.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
Tentative CrudeOIL IEA Monthly Report
03:10 (14th) NZD RBNZ Gov Orr Speaks
Today’s Highlight Economic Data
| Time | Market & Data | Previous | Forecast | Actual |
| 17:30 | GBP – CPI (YoY) (Jan) | 2.1% | 1.9% | – |
| 18:00 | EUR – Industrial Production (MoM) (Dec) | -1.7% | -0.4% | – |
| 21:30 | USD – Core CPI (MoM) (Jan) | 0.2% | 0.2% | – |
| 23:30 | CrudeOIL – EIA Crude Oil Inventories | 1.263M | 2.668M | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower following prior breakout below the previous support level at 96.65. MACD which illustrate bearish signal suggests the index to extend its losses, towards the resistance level at 96.35.
Resistance level: 96.65, 97.00
Support level: 96.35, 96.00
GBPUSD, H4: GBPUSD was traded higher following prior rebound from the support level at 1.2845. MACD which has formed a golden cross signal suggests the pair to extend its gains toward the resistance level at 1.2960.
Resistance level: 1.2960, 1.3080
Support level: 1.2845, 1.2715
EURUSD, H4: EURUSD was traded higher following prior breakout above the previous resistance level at 1.1300. MACD which has formed a bullish signal suggests the pair to extend its gains, towards the resistance level at 1.1355.
Resistance level: 1.1355, 1.1405
Support level: 1.1300, 1.1260
USDJPY, H1: USDJPY was traded higher following prior breakout above the top level of channel at 110.05. MACD which illustrate diminished downward momentum suggests the pair to extend its gains toward the resistance level at 110.90.
Resistance level: 110.90, 111.40
Support level: 110.50, 109.65
AUDUSD, H4: AUDUSD was traded higher following prior breakout above the previous resistance level at 0.7075. MACD which illustrate bullish signal suggests the pair to extend its gains towards the resistance level at 0.7145.
Resistance level: 0.7145, 0.7210
Support level: 0.7075, 0.7010
NZDUSD, H4: NZDUSD was traded higher following prior breakout above the previous resistance level at 0.6820. MACD which illustrate bullish momentum suggest the pair to extend its gains toward the resistance level at 0.6870.
Resistance level: 0.6870, 0.6920
Support level: 0.6820, 0.6795
USDCAD, H4: USDCAD was traded lower while currently testing the support level at 1.3205. MACD which illustrate bearish momentum suggest the pair to extend its gain after successfully breakout the support level at 1.3205.
Resistance level: 1.3285, 1.3360
Support level: 1.3205, 1.3125
USDCHF, H4: USDCHF was traded lower following prior retrace from the resistance at 1.0080. MACD which illustrate diminished upward momentum suggests the pair to extend its losses toward the support level at 1.0025.
Resistance level: 1.0080, 1.0110
Support level: 1.0025, 0.9980
CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level at 53.50. MACD which illustrate bullish signal suggests its prices to advance further upwards after successfully breaking the resistance of 53.50.
Resistance level: 53.50, 54.30
Support level: 52.75, 51.80
GOLD_, H4: Gold price was traded higher in the sideway channel following prior rebound from the 50 moving average line (blue). MACD which illustrate bullish signal suggest the commodity to extend its gains toward the top level of channel at 1315.00.
Resistance level: 1315.00, 1321.55
Support level: 1307.25, 1302.50