13 November 2018 Afternoon Session Analysis
Dollar retrace while investors awaiting for Core CPI
Greenback retrace against a basket of six major currencies after hitting a high level since 20th June 2017 while investors are keeping their eyes on US Core CPI data which will be released tomorrow. According to the U.S Bureau of Labor Statistics, Core CPI data was assumed to come in at 0.2%, slightly higher than previous month 0.1%. The recent U.S crucial data such as PPI data which been released last Friday portrays that the United States economy is still remained resilient. It also implies that the Core CPI data might be favored toward the market as CPI and PPI both are used to quantify price fluctuations for goods and services. As of writing, dollar index tumbled 0.02% to 97.30. On the other hand, pair of GBP/USD spiked 0.22% to 1.2875 during Asian trading session despite the Brexit issues remain unsolved. According to Reuters, Brexit’s talk are still stalled over a disagreement regarding to Northern Irish backstop issues, an insurance policy to assure that there will be no return to a hard border on the island of Ireland if a future trading relationship is not agreed in time.
In the commodities market, crude oil notched up 0.48% to $59.05 despite US President Donald Trump put pressure on OPEC not to cut supply to prop up the market. Donald trump accused Saudi Arabia and OPEC that the crude oil prices should be much lower based on the current supply, said in a Twitter post on Monday. Moreover, gold price surged 0.36% to $1204.65 amid dollar’s weakness.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
19:20 CrudeOIL OPEC Monthly Report
Today’s Highlight Economic Data
| Time | Market & Data | Previous | Forecast | Actual |
| 17:30 | GBP – Average Earnings Index +Bonus (Sep) | 2.7% | 3.0% | – |
| 17:30 | GBP – Claimant Count Change (Oct) | 18.5K | 4.3K | – |
| 18:00 | EUR – German ZEW Economic Sentiment (Nov) | -24.7 | -24.2 | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from the resistance level at 97.45. MACD which illustrate diminishing bullish momentum suggest the index to extend its losses toward the support level at 97.05.
Resistance level: 97.45, 97.75
Support level: 97.05, 96.75
GBPUSD, H1: GBPUSD was traded higher following prior rebound from the support level at 1.2845. MACD which illustrate bullish momentum suggest the pair to extend its gains toward the resistance level at 1.2920.
Resistance level: 1.2920, 1.2960
Support level: 1.2845, 1.2780
EURUSD, H1: EURUSD was traded higher following prior rebound from the support level at 1.1215. MACD which illustrate bullish momentum and the formation of golden cross suggest the pair to extend its gains toward the resistance level at 1.1255.
Resistance level: 1.1255, 1.1315
Support level: 1.1215, 1.1175
USDJPY, H1: USDJPY was traded higher following prior rebound from the support level at 113.65. MACD which illustrate bullish momentum and the formation of golden cross suggest the pair to extend its gains toward the resistance level at 114.05.
Resistance level: 114.05, 114.25
Support level: 113.65, 113.55
AUDUSD, H1: AUDUSD was traded lower following prior retracement from the resistance level at 0.7210. However, MACD which illustrate bullish momentum and the formation of golden cross suggest the pair to extend its gains toward the resistance level at 0.7210.
Resistance level, 0.7210, 0.7235
Support level: 0.7170, 0.7145
NZDUSD, H1: NZDUSD was traded higher following prior rebound from the support level at 0.6710. MACD which illustrate bullish momentum and the formation of golden cross suggest the pair to extend higher toward the resistance level at 0.6755.
Resistance level: 0.6755, 0.6790
Support level: 0.6710, 0.6675
USDCAD, H1: USDCAD was traded lower following prior breakout from the previous support level at 1.3230. MACD which illustrate bearish momentum and the formation of death cross suggest the pair to extend its losses toward the support level at 1.3205.
Resistance level: 1.3230, 1.3245
Support level: 1.3205, 1.3180
USDCHF, H4: USDCHF was traded higher while currently testing near the resistance level at 1.0105. MACD which illustrate diminishing bullish momentum suggest the pair to be traded lower in short term toward the support level at 1.0080.
Resistance level: 1.0105, 1.0125
Support level: 1.0080, 1.0045
CrudeOIL, H4: Crude oil was traded lower following prior breakout from previous support level at 59.55. MACD which illustrate bearish momentum and the formation of death cross suggest the commodity to extend its losses toward the support level at 58.65.
Resistance level: 59.55, 61.25
Support level: 58.65, 57.05
GOLD_, H4: Gold was traded higher following prior rebound from the support level at 1200.25. MACD which illustrate diminishing bearish momentum suggest the commodity to extend its gains toward the resistance level at 1204.65.
Resistance level: 1204.65, 1211.20
Support level: 1200.25, 1196.00