14 January 2019 Afternoon Session Analysis
Aussie crumbles after China trade report.
Australian dollar received some bearish pressure this morning following the release of China trade balance data and report. As of writing, the pair of AUD/USD was down 0.19% to 0.7200 during mid Asian session. According to China Customs, China’s total trade growth slowed down to 8.8% for year-over-year comparison in 4th quarter. While China’s 2018 trade were much stronger as compared to prior due to volume increases, the report highlighted some bearish notes. In the report, the main concern for China’s trade is external uncertainty while citing a potential slowdown in trade growth for 2019. Overall bearish sentiment points back to tit-for-tat trade war in between United States and China which remains unresolved at the point of publish. At the same time, Japanese yen were well in bid as market participants awaits further signal from the release of US economic data such as Retail Sales and regional PMI. The pair of USD/JPY was down 0.34% to 108.17 as of writing.
As for commodities market, crude oil price tumbled 1.05% to $51.10 per barrel after China releases bearish outlook for 2019 trade growth. On the other hand, gold price oscillates around $1,290.83 a troy ounce while waiting for further signals from the United States.
Today’s Holiday Market Close
Time Market Event
All day JPY Coming of Age (Adults’) Day
Today’s Highlight Events
Time Market Event
N/A
Today’s Highlight Economic Data
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Technical Analysis
DOLLAR_INDX, H1: Dollar index remains traded within a narrowing triangle. MACD which illustrates diminished upward momentum suggests the index to be traded lower in short-term as technical correction.
Resistance level: 95.50, 95.80
Support level: 95.00, 94.60
GBPUSD, H4: GBPUSD was traded higher following prior closure above 1.2800. MACD which illustrates bullish signal suggests the pair to extend its gains after a successful breakout at 1.2860.
Resistance level: 1.2860, 1.2960
Support level: 1.2800, 1.2755
EURUSD, H1: EURUSD was traded higher following prior rebound from the support near 1.1450. MACD which illustrate diminishing downward momentum suggests the pair to be traded higher, after successfully closing above 1.1480.
Resistance level: 1.1480, 1.1520
Support level: 1.1450, 1.1410
USDJPY, H1: USDJPY was traded lower following prior retracement near its recent highs. MACD which illustrate the formation of death cross signal suggests the pair to extend its losses towards the direction of 107.75.
Resistance level: 108.40, 109.00
Support level: 107.75, 106.75
AUDUSD, H4: AUDUSD was traded lower following prior retracement from the higher levels. MACD which illustrate bearish divergence signal suggests the pair to be traded lower in short-term, towards the direction of 0.7145.
Resistance level: 0.7255, 0.7330
Support level: 0.7145, 0.7070
NZDUSD, H1: NZDUSD was traded lower following prior breakout at the upward trendline. MACD which illustrate bearish signal suggests the pair to be traded lower, towards the direction of 0.6780.
Resistance level: 0.6840, 0.6890
Support level: 0.6780, 0.6710
USDCAD, H1: USDCAD was traded lower while currently testing near the support of 1.3270. MACD which portrays diminished upward momentum suggests the pair to be traded lower in short-term as technical correction.
Resistance level: 1.3325, 1.3385
Support level: 1.3270, 1.3220
USDCHF, H4: USDCHF was traded lower following prior retracement from the downward trendline. MACD which illustrate diminished upward momentum suggests the pair to extend its losses after closing below 0.9835.
Resistance level: 0.9905, 0.9890
Support level: 0.9835, 0.9790
CrudeOIL, H4: Crude oil price was traded lower following prior retracement from the strong resistance at 52.75. MACD which has formed a death cross signal suggests the commodity price to be traded lower in short-term as technical correction.
Resistance level: 52.75, 54.10
Support level: 50.50, 48.30
GOLD_, H1: Gold price remains traded within a narrowing triangle while currently testing at the top level. Although MACD illustrate bullish signal, a breakout from the triangle is required to attain further confirmation.
Resistance level: 1297.00, 1303.00
Support level: 1284.35, 1280.00