14 March 2019 Afternoon Session Analysis
Dollar remains weak as Trump display sign of willingness.
Dollar index extend its losses against basket of six major currency pairs as reports on US President Donald Trump display openness in recent summit with China. According to reports from Bloomberg, US President Donald Trump have stated that he is willing to push back a summit with Chinese Premier Xi Jinping until a final deal is being reached. However, despite recent tone shift from US President Donald Trump, Trump remains stern regarding the fairness in trade deal and warned that he’ll reject a deal that he doesn’t like, which may prolong tensions between both nations. Besides that, current greenback sentiment remains affected by PPI data which reflect further confirmation on Fed to reaffirm its plan for pausing rate hike. Dollar index fell 0.04% to 96.36 as of writing. Meanwhile, AUDUSD remains in red and fell 0.25% to 0.7075 as of writing following mixed China headline data. Despite better than expect China retail sales, China’s factory activity suffered as industrial production missed expectations with the reading of 5.3% against forecast reading 5.5%. Furthermore, ongoing trade tensions between both powerhouses continues to haunt Aussie dollar whereby China is the largest consumer of Australian goods.
In the commodities market, crude oil price skyrocketed 0.12% to $58.40 per barrel as U.S aims to cut Iran’s crude oil exports by at least 20% to 1 million bpd from May by requiring importing countries to reduce purchases to avoid U.S sanctions, reducing further the supply of crude oil which supported the price. On the other hand, gold price slips 0.20% to $1306.68 a troy ounce at the time of writing due to profit taking after a recent continuous rally in the yellow metal boosted by dollar weakness.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
19:00 CrudeOIL OPEC Monthly Report
03:00 (15hb) GBP UK Parliament vote on Extension of Brexit Date
Today’s Highlight Economic Data
| Time | Market & Data | Previous | Forecast | Actual |
| 15:00 | EUR – German CPI (MoM) (Feb) | 0.5% | 0.5% | – |
| 20:30 | USD – Import Price Index (MoM) (Feb) | -0.5% | 0.3% | – |
| 20:30 | USD – Initial Jobless Claims | 223K | 225K | – |
| 22:00 | USD – New Home Sales (Jan) | 621K | 622K | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher following prior rebound from the support level at 96.40. MACD which illustrate diminishing bearish momentum suggest the index to extend its gains toward the resistance level at 96.80.
Resistance level: 96.80, 97.20
Support level: 96.40, 96.10
GBPUSD, H1: GBPUSD was traded lower while currently testing the support level at 1.3245. MACD which illustrate bearish momentum and the formation of death cross suggest the pair to extend its losses after successfully breakout the support level at 1.3245.
Resistance level: 1.3345, 1.3400
Support level: 1.3245, 1.3180
EURUSD, H1: EURUSD was traded lower following prior retracement from the upward channel top level. MACD which illustrate bearish momentum and the formation of death cross suggest the pair to extend its losses toward the support level at 1.1315.
Resistance level: 1.1350, 1.1390
Support level: 1.1315, 1.1290
USDJPY, H4: USDJPY was traded higher following prior breakout above the previous resistance level at 111.50. MACD which illustrate bullish bias momentum suggest the pair to extend its gains toward the resistance level at 112.00.
Resistance level: 112.00, 112.35
Support level: 111.50, 111.15
AUDUSD, H4: AUDUSD was traded lower following prior breakout below the previous support level at 0.7070. MACD which illustrate diminishing bearish momentum suggest the pair to extend its losses toward the support level at 0.7045.
Resistance level: 0.7070, 0.7105
Support level: 0.7045, 0.7005
NZDUSD, H4: NZDUSD was traded lower following prior retracement from the higher level. MACD which illustrate bearish momentum and the formation of death cross suggest the pair to extend its losses toward the support level 0.6830.
Resistance level: 0.6875, 0.6900
Support level: 0.6830, 0.6805
USDCAD, H4: USDCAD was traded higher following prior rebound from the lower level. MACD which illustrate diminishing bearish momentum suggest the pair to extend its rebound toward the resistance level at 1.3320.
Resistance level: 1.3320, 1.3355
Support level: 1.3260, 1.3195
USDCHF, H4: USDCHF was traded higher following prior rebound from the support level at 1.0025. MACD which illustrate diminishing bearish momentum suggest the pair to extend its rebound toward the resistance level at 1.0065.
Resistance level: 1.0065, 1.0090
Support level: 1.0025, 0.9985
CrudeOIL, H4: Crude oil was traded higher following prior breakout above the channel top level. MACD which illustrate bullish signal suggest the pair to extend its gains toward the resistance level at 59.45.
Resistance level: 59.45, 61.25
Support level: 57.65, 55.85
GOLD_, H4: Gold was traded lower following prior retracement from the resistance level at 1310.35. MACD which illustrate diminishing bullish momentum suggest the pair to extend its retracement toward the support level at 1296.50.
Resistance level: 1310.35, 1321.10
Support level: 1296.50, 1283.95