13 February 2019 Morning Session Analysis
Greenback retraces as its peer shines.
US dollar retraced from its previous high on Tuesday following a rebound in other major currencies such as Pound Sterling and Canadian dollar. In UK, sterling received larger buyback after British Prime Minister Theresa May asked lawmakers for more time to reach an agreement with the European Union on amending the Irish backstop issue. With only less than six weeks until UK leaves EU on 29th March, Theresa May received criticism in an attempt to pressure pro-Brexit lawmakers in supporting her withdrawal deal by reducing the amount of time for debate. On the other hand, Canadian dollar received higher demand in the FX market following a sharp rebound in oil prices. As Canadian economy largely depends on crude oil exports, any significant movement on the commodity’s price would affect their currency. Nevertheless, losses on the greenback were limited after JOLTs Job Openings came in higher than expected with 7.335 million versus 6.900 million, indicating higher supply of jobs in a robust hiring condition. As of writing: dollar index was down 0.35% to 96.47; GBP/USD rose 0.04% to 1.2896; USD/CAD depreciates by 0.05% to 1.3234.
As for commodities, crude oil price appreciates by 0.09% to $53.30 per barrel. Oil prices rebound sharply after Saudi Arabia announced to cut more supply than previously announced in December. Likewise, gold prices extended gains by 0.05% to $1,311.49 a troy ounce due to weaker greenback.
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, H1: Dollar index was traded lower following prior closure below the upward trendline. MACD which illustrate bearish signal suggests the index to extend its losses, towards the direction of 96.30.
Resistance level: 96.65, 97.00
Support level: 96.30, 96.00
GBPUSD, H4: GBPUSD was traded higher following prior rebound from the support level at 1.2855. MACD which has formed a golden cross signal suggests the pair to extend its gains after breaking the downward trendline.
Resistance level: 1.2930, 1.2990
Support level: 1.2855, 1.2800
EURUSD, H4: EURUSD was traded higher following prior rebound from the support level at 1.1270. MACD which has formed a bullish signal suggests the pair to extend its gains, towards the direction of 1.1355.
Resistance level: 1.1355, 1.1415
Support level: 1.1300, 1.1270
USDJPY, H4: USDJPY was traded lower following prior retrace while currently testing at 110.50. MACD which illustrate diminished upward momentum suggests the pair to be traded lower in short-term as technical correction.
Resistance level: 111.00, 111.45
Support level: 110.50, 110.00
AUDUSD, H4: AUDUSD was traded higher following prior rebound from the support of 0.7070. MACD which illustrate bullish signal suggests the pair to extend its gains, towards the direction of 0.7170.
Resistance level: 0.7170, 0.7275
Support level: 0.7070, 0.7015
NZDUSD, H4: NZDUSD was traded higher following prior rebound from the support of 0.6710. MACD which illustrate bullish signal suggests the pair to extend its gains after closing above the 20-MA line (red).
Resistance level: 0.6780, 0.6820
Support level: 0.6710, 0.6645
USDCAD, H4: USDCAD was traded lower following prior closure below the support of 1.3280. MACD which illustrate bearish signal suggests the pair to extend its losses after closing below the target of 1.3220.
Resistance level: 1.3280, 1.3325
Support level: 1.3220, 1.3175
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 be traded lower in short-term as technical correction.
Resistance level: 1.0080, 1.0130
Support level: 1.0040, 1.0000
CrudeOIL, H4: Crude oil price extended gains following prior closure above 52.80. MACD which illustrate bullish signal suggests its prices to advance further upwards after successfully breaking the resistance of 53.70.
Resistance level: 53.70, 54.40
Support level: 52.80, 51.85
GOLD_, H4: Gold price was traded lower following prior retrace from the resistance at 1315.00. MACD which illustrate diminished upward momentum suggests its prices to be traded lower in short-term as technical correction.
Resistance level: 1315.00, 1329.00
Support level: 1303.00, 1292.85