13 August 2019 Morning Session Analysis
Forex market stumbled ahead series of economic data.
Dollar index which gauge its value against a basket of six major currencies dipped while market are await for more economic data such as tonight Core CPI to further determine the monetary policy stance of Federal Reserve as it act as a crucial indicator of US current inflationary status. Prior to that, greenback shininess faded amid heightening of investor expectation that a prolonged trade dispute between US and China would cumbrance the economic growth of US, urging investors to leave dollar market and flee into other riskier currencies market such as pound and euro. During early Asian trading session, dollar index quoted down 0.11% to $97.20. On the other hand, the pair of GBP/USD ticked down 0.03% to $1.2070 amid rising possibility no deal Brexit. As of now, Boris Johnson is preparing for a parliamentary battle against MPs who trying to avoid no deal Brexit as recent report revealed that opponent party’s leader, Jeremy Cobryn may bring confidence motion against Boris Johnson as early as September. Besides, investors are also eye on economic data such as Claimant Count Change from its region in order to gauge the short term direction of pound.
In the commodities market, crude oil price rose 0.05% to $54.80 per barrel despite fears of global economic downturn and ongoing US–China trade war. Now, investors are remain silent while waiting for OPEC Report as it signaled the outlook for crude oil market development. On the other hand, gold price surged by 0.30% to $1515.50 a troy ounce amid weakening dollar.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
19:00 CrudeOIL OPEC Monthly Report
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 14:00 | EUR – German CPI (Mom) (Jul) | 0.5% | 0.5% | – |
| 16:30 | GBP – Average Earnings Index +Bonus (Jun) | 3.4% | 3.7% | – |
| 16:30 | GBP – Claimant Count Change (Jul) | 38.0K | 32.0K | – |
| 17:00 | EUR – German ZEW Economic Sentiment (Aug) | -24.5 | -27.8 | – |
| 20:30 | USD – Core CPI (MoM) (Jul) | 0.3% | 0.2% | – |
| 04:30
(14th) |
CrudeOIL – API Weekly Crude Oil Stock | -3.400M | – | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index remained traded in a sideway channel after retracing from its top-levels. MACD which illustrate bearish bias signal suggest index to extend its retracement towards the support level 97.00.
Resistance level: 97.55, 98.20
Support level: 97.00, 96.35
GBPUSD, H4: GBPUSD was traded higher following prior rebound from the support level 1.2000. MACD which illustrate bullish momentum with the formation of ‘positive divergence’ suggest the pair to extend its gains towards the resistance level 1.2125.
Resistance level: 1.2125, 1.2220
Support level: 1.2000, 1.1880
EURUSD, H1: EURUSD remained traded in a sideway channel while currently testing near its 20-MA line (green). MACD which display bearish bias signal suggest the pair to extend its losses towards the support level 1.1185 after successfully closing below its 20-MA line.
Resistance level: 1.1240, 1.1285
Support level: 1.1185, 1.1155
USDJPY, H1: USDJPY was traded higher while currently testing near the resistance level 105.45. MACD which display bullish momentum suggest the pair to extend its gains after successfully breaking above the resistance level.
Resistance level: 105.45, 106.05
Support level: 105.00, 104.65
AUDUSD, H4: AUDUSD was traded lower following prior breakout below the previous support level 0.6760. MACD which illustrate bearish bias signal with the formation of death cross suggest the pair to extend its losses towards the support level 0.6720.
Resistance level: 0.6760, 0.6790
Support level: 0.6720, 0.6675
NZDUSD, H4: NZDUSD was traded lower while currently testing near the support level 0.6430. MACD which illustrate diminished bullish momentum suggest the pair to extend its losses after successfully breaking below the support level.
Resistance level: 0.6490, 0.6555
Support level: 0.6435, 0.6395
USDCAD, H4: USDCAD was traded higher while currently testing the resistance level at 1.3240. MACD which display bullish bias signal with the starting formation of golden cross suggest the pair to extend its gains after successfully breaking above the resistance level.
Resistance level: 1.3240, 1.3305
Support level: 1.3160, 1.3090
USDCHF, H4: USDCHF was traded lower following prior breakout below previous support level 0.9705. MACD which illustrate bearish momentum with the formation of death cross suggest the pair to extend its losses towards the support level 0.9640.
Resistance level: 0.9755, 0.9790
Support level: 0.9705, 0.9580
CrudeOIL, H4: Crude oil price was traded higher following prior breakout above its 60-MA line (red). MACD which display ongoing bullish momentum suggest the commodity to extend its gains towards the resistance level 55.75.
Resistance level: 55.75, 57.95
Support level: 54.00, 52.45
GOLD_, H1: Gold price was traded higher while currently testing the resistance level 1512.30. However, MACD which display diminishing bullish momentum suggest the commodity to undergo short-term technical correction and retrace towards the support level 1492.10.
Resistance level: 1512.30, 1528.60
Support level: 1492.10, 1476.00