14 January 2019 Morning Session Analysis
CPI well in-line, focus on Fed speakers.
US dollar recovered some losses last Friday while investors continue to gauge the economic performance and outlook for further market signals. The dollar index was quoted up 0.02%, last seen around 95.20. According to US Bureau of Labor Statistics, Core Consumer Price Index (CPI) for the month of December came in as expected with 0.2%. However, gains on the greenback remains limited following dovish remarks from Fed Chair Jerome Powell. Last Thursday, Powell expressed that the central bank is in no hurry of raising interest rates as long as current inflation level remains at a stable condition. For the week, a number of Fed officials would be giving their speech this week which may provide additional opportunity that may reassure the market with regards to monetary policy outlook in the long-run. On the other hand, pound sterling extended gains by 0.09% to 1.2853 against the US dollar. Sterling remains in the forefront after some senior UK lawmakers admitted privately that more time is still needed even as UK Prime Minister Theresa May’s Brexit draft receives the approval from parliament.
On the other hand, crude oil price appreciates by 0.31% to $51.80 per barrel as recent data shows some easing in US oil drilling activities. According to Baker Hughes, the number of active oil rig was down by 4 to 873, indicating a possible drawdown in daily oil supply. Otherwise, gold price tacks up 0.07% to $1,288.53 a troy ounce after traders buy-in at a lower price.
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
| Time | Market & Data | Previous | Forecast | Actual |
| 10:00 | CNY – Trade Balance (USD) (Dec) | 44.71B | 51.53B | – |
Technical Analysis
DOLLAR_INDX, H1: Dollar index was traded lower following prior retracement from its recent high levels. 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, towards the direction of 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 after closing below 108.40.
Resistance level: 109.00, 109.60
Support level: 108.40, 107.75
AUDUSD, H1: AUDUSD was traded higher following prior rebound from the upward trendline. MACD which illustrate diminished downward momentum suggests the pair to extend its gains, towards the direction of 0.7255.
Resistance level: 0.7255, 0.7330
Support level: 0.7145, 0.7070
NZDUSD, H1: NZDUSD was traded higher following prior rebound near the upward trendline. MACD which illustrate diminishing downward momentum suggests the pair to be traded higher in short-term, towards the direction of 0.6840.
Resistance level: 0.6840, 0.6890
Support level: 0.6780, 0.6710
USDCAD, H1: USDCAD was traded lower following prior retracement from the resistance of 1.3270. MACD which portrays diminished upward momentum suggests the pair to be traded lower in short-term as technical correction.
Resistance level: 1.3270, 1.3325
Support level: 1.3220, 1.3170
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 was traded higher following prior rebound from the mid-level of sideways channel. MACD which illustrate diminished downward momentum suggests its prices to advance further up, towards the direction of 1297.00.
Resistance level: 1297.00, 1303.00
Support level: 1284.35, 1280.00