14 August 2019 Afternoon Session Analysis
Market remains skeptical over Trump’s concession.
Japanese yen continues to receive higher demand in the financial market as traders remained skeptical over US President Donald Trump’s decision to delay additional tariffs upon some Chinese imported goods. On yesterday, Washington announced that tariffs upon some categories of Chinese goods will be delayed to 15th December while other goods such as agricultural products, antiques, clothes, kitchenware and footwear will be subjected to tariffs on 1st September. However, the temporary reprieve in trade war failed to garner higher optimism in the market as there is still no ultimate solution to the ongoing trade row which would in return jeopardize global economic growth for long-term. Likewise, increasing violent clashes in between protesters and police force in Hong Kong as well as current Brexit conundrum in the UK provides additional bullish support upon the Japanese yen. As of writing, pair of USD/JPY depreciates by 0.36% to 106.35. On the other hand, AUD/USD slumped 0.10% to 0.6794 during Asian trading session. Australian dollar received some bearish momentum after China’s July Retail Sales and Industrial Production lagged behind market consensus and prior reading. Both data sparked higher concern over the economic growth momentum of the world’s largest economy powerhouse.
In the commodities market, crude oil price depreciates by 0.55% to $56.37 per barrel. Oil futures were dumped following bearish economic data from China which sparked concerns over diminishing demand for the commodity in the long-run over the backdrop of slowing growth. Otherwise, gold price rose 0.07% to $1,502.34 a troy ounce due to higher risk aversion in the market.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
N/A
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 14:00 | EUR – German GDP (QoQ) (Q2) | 0.4% | -0.1% | – |
| 16:30 | GBP – CPI (YoY) (Jul) | 2.0% | 1.9% | – |
| 17:00 | EUR – GDP (QoQ) (Q2) | 0.2% | 0.2% | – |
| 22:30 | CrudeOIL – Crude Oil Inventories | 2.385M | -2.775M | – |
Technical Analysis
DOLLAR_INDX, H1: Dollar index was traded higher following prior breakout above the previous resistance level 97.50. However, MACD which illustrate diminishing bullish momentum suggest the dollar to experience a technical correction in short term towards back the current support level 97.50.
Resistance level: 97.90, 98.15
Support level: 97.50, 97.15
GBPUSD, H4: GBPUSD was traded lower following prior retracement from the resistance level 1.2100. MACD which illustrate diminishing bullish momentum suggest the pair to extend its retracement towards the support level 1.1955.
Resistance level: 1.2100, 1.2245
Support level: 1.1955, 1.1775
EURUSD, H4: EURUSD was traded lower while currently testing the support level 1.1170. MACD which illustrate bearish momentum signal suggest the pair to extend its losses after it breaks below the support level.
Resistance level: 1.1275, 1.1340
Support level: 1.1170, 1.1100
USDJPY, H4: USDJPY was traded lower following prior retracement from the resistance level 106.90. MACD which illustrate diminishing bullish momentum suggest the pair to extend its retracement in short term towards the support level 106.05.
Resistance level: 106.90, 107.80
Support level: 106.05, 105.45
AUDUSD, H4: AUDUSD was traded higher following prior rebound from the support level 0.6760. MACD which illustrate bullish momentum signal suggest the pair to extend its rebound towards the resistance level 0.6825.
Resistance level: 0.6825, 0.6865
Support level: 0.6760, 0.6695
NZDUSD, H4: NZDUSD was traded higher following prior rebound from the support level 0.6430. MACD which illustrate bullish momentum signal suggest the pair to extend its rebound towards the resistance level 0.6505.
Resistance level: 0.6505, 0.6585
Support level: 0.6430, 0.6375
USDCAD, H4: USDCAD was traded lower following prior breakout below the previous support level 1.3230. MACD which illustrate bearish bias signal with the formation of death cross suggest the pair to extend its retracement towards the support level 1.3145.
Resistance level: 1.3230, 1.3290
Support level: 1.3145, 1.3095
USDCHF, H4: USDCHF was traded higher while currently testing the resistance level 0.9755. MACD which illustrate bullish bias signal suggest the pair to extend its gains after it breaks above the resistance level.
Resistance level: 0.9755, 0.9800
Support level: 0.9705, 0.9635
CrudeOIL, H4: Crude oil price was traded lower following prior retracement from the resistance level 57.45. MACD which illustrate diminishing bullish momentum signal suggest the commodity to extend its losses towards the support level 55.55.
Resistance level: 57.45, 58.85
Support level: 55.55, 53.05
GOLD_, H4: Gold price was traded lower while currently testing near the support level 1495.60. MACD which illustrate persistent bearish momentum signal suggest the commodity to extend its losses after it breaks below the support level.
Resistance level: 1515.55, 1535.00
Support level: 1495.60, 1475.50