14 August 2018 Daily Analysis
Dollar retreats amid reports on Andrew Brunson release.
The U.S Dollar has retreat from its high after a report on Turkey may release US pastor Andrew Brunson. According to the reports from Reuters, speculations regarding on Turkey may release US pastor that detained and charged with espionage and terrorism related charges from 2016. Political tensions between US and Turkey has been worsening since the capture of Andrew Brunson. Therefore, the release statement has ease some concerns and shaved off part of the falling momentum in Turkey. However, investors will remain concerned and focus in the ongoing progress of geopolitical tensions in the world with US and other nations to determine further momentum. The dollar have fell 0.08% to 96.10 as of writing. Meanwhile, EUR/USD edge higher 0.02% to 1.1407 as of writing amid reports of Turkey central bank to provide liquidity and reserve for Turkey banks to counter the falling of Lira. According to Bloomberg, the central bank has confirmed that it will provide liquidity and cut lira and foreign currency reserve requirements for Turkish bank to balance the financial stability. Due to deteriorating of Turkey’ economy that have created concern for negative exposure to banks in Euro that could send the globe into financial crisis, the statement therefore has ease investors’ concerns and also regain some confidence back in the EUR.
In the commodities markets, the price of crude oil gains 0.15% to $67.20 a barrel at the time of writing following with the release of OPEC Monthly Report. According to the statement in the monthly report, Saudi Arabia has reduce their productions for the month of July despite the government have promised to increase their output to compensate for expected fall of Iranian oil. However, global growth demand were expected to down 20k bpd to 1.4m bpd. Thus, investors will shift their attention towards the Crude Oil Inventories to determine further momentum for the black oil. On the other hand, the price of gold have rebound 0.15% to $1207.75 a troy ounce as of writing amid dollar strength that supported by the reports on Andrew Brunson release and also the progress of ongoing trade war between US and various countries.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
Tentative EUR Eurogroup Meeting
Today’s Highlight Economy Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 14.00 | EUR – German CPI (Jul) | 0.3% | 0.3% | – |
| 14.00 | EUR – German GDP (QoQ) (Q2) | 0.3% | 0.4% | – |
| 16.30 | GBP – Average Earning Index + Bonus | 2.5% | 2.5% | – |
| 16.30 | GBP – Claimant Count Change (Jul) | 7.8K | 3.8K | – |
| 16.30 | GBP – Employment Change 3M/3M (MoM) | 137.0 | – | – |
| 16.30 | GBP – Unemployment Rate (Jun) | 4.2% | 4.2% | – |
| 17.00 | EUR – German ZEW Economic Sentiment | -24.7 | -20.1 | – |
| 17.00 | EUR – GDP (QoQ) (Q2) | 0.3% | 0.3% | – |
| 17.00 | EUR – ZEW Economic Sentiment | -18.7 | -16.4 | – |
GBPUSD
GBPUSD, H1: GBPUSD remain traded in a sideway channel while currently consolidate in a tight range. Although MACD which illustrate ongoing bullish momentum, a breakout above the resistance level 1.2780 is required to attain further confirmation.
Resistance level: 1.2780, 1.2850
Support level: 1.2720, 1.2650
EURUSD
EURUSD, H1: EURUSD was traded higher following recent rebound from the support level 1.1380. MACD which illustrate bullish bias signal suggest the pair may extend its gains towards the resistance level 1.1440
Resistance level: 1.1440, 1.1485
Support level: 1.1380, 1.1325
USDJPY
USDJPY, H1: USDJPY was traded higher while currently testing the resistance level 110.75 and descending trend line. Although MACD which display ongoing bullish momentum, a breakout above the resistance level 110.75 and trend line is required for further confirmation.
Resistance level: 110.75, 111.00
Support level: 110.45, 110.10
CrudeOIL
CrudeOIL, H1: The price of crude oil was traded higher following prior breakout above the resistance level 67.20. Recent price action and MACD which display ongoing bullish momentum suggest the pair may extend its gains towards the next resistance level 67.90.
Resistance level: 67.90, 68.75
Support level: 67.20, 66.30
GOLD
GOLD_, H1: Gold price was traded higher following recent rebound from the resistance level 1192.50. Recent price action and MACD which display bullish signs with the formation of golden cross suggest the pair may extend its technical correction towards the resistance level of 1198.50.
Resistance level: 1198.50, 1204.50
Support level: 1192.50, 1185.50