14 December 2018 Afternoon Session Analysis
Dollar firmed ahead of Fed meeting.
Greenback was traded flat against its six major peers in a basket as investors shifted their attention away from global trade issue to Federal Reserve meeting which will be held on early next week. As for now, the Fed is widely expected to increase the interest rate by 25 basis point in order to keep with current economic condition. Prior to the Fed meeting, market participant are now watching for any revisions in the Fed’s growth and inflation outlook while awaiting for the release of November’s Core Retails Sales data for further signal. As of writing, dollar index was up 0.05% to 97.05. On the other hand, pair of AUD/USD tumbled 0.53% to 0.7190 amid downbeat data been released by China early today. The weaker than expected data showed that China retails sales for November grew at a weakest rate since year 2003 and industrial output came in at the least in nearly three years. Thus, it has garnered bearish momentum toward Australian dollar as Australian dollar is highly sensitive towards China’s economic data where the latter is Australia’s largest trade partner.
In the commodities market, crude oil dipped 0.83% to $52.60 per barrel amid investor concerns on demand for crude oil may slump as slowing economic growth in China which supported by slow retails sales and industrial output growth for the month of November. Besides, gold price was down 0.07% to $1240.95 ahead of Fed interest rate decision next week.
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 | Market & Data | Previous | Forecast | Actual |
| 16:30 | EUR – German Manufacturing PMI (Dec) | 51.8 | 51.8 | – |
| 21:30 | USD – Core Retail Sales (MoM) (Nov) | 0.7% | 0.2% | – |
| 21:30 | USD – Retail Sales (MoM) (Nov) | 0.8% | 0.1% | – |
| 02:00
(15th) |
CrudeOIL – US Baker Hughes Oil Rig Count | 877 | – | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher while currently testing near the resistance level at 97.05. MACD which illustrate diminishing bearish momentum suggest the index to extend its gains after successfully breakout above the resistance level.
Resistance level: 97.05, 97.20
Support level: 96.85, 96.60
GBPUSD, H4: GBPUSD was traded lower following prior retracement from the resistance level at 1.2675. MACD which illustrate diminishing bullish momentum suggest the pair to extend its losses after closing below the support level at 1.2610.
Resistance level: 1.2675, 1.2730
Support level: 1.2610, 1.2535
EURUSD, H1: EURUSD was traded higher following prior rebound from the support level at 1.1340. MACD which display bullish momentum and the formation of golden cross suggest the pair to extend its gains toward the resistance level at 1.1375.
Resistance level: 1.1375, 1.1395
Support level: 1.1340, 1.1320
USDJPY, H4: USDJPY was traded lower following prior retracement while currently testing the support level at 113.45. MACD which illustrate diminishing bullish momentum suggest the pair to extend its losses after successfully breakout below the support level at 113.45.
Resistance level: 113.70, 114.15
Support level: 113.45, 113.20
AUDUSD, H4: AUDUSD was traded lower following prior breakout below the previous support level at 0.7220. MACD which illustrate bearish momentum and the formation of death cross suggest the pair to extend its losses toward the support level at 0.7175.
Resistance level: 0.7220, 0.7265
Support level: 0.7175, 0.7140
NZDUSD, H4: NZDUSD was traded lower following prior breakout below the previous support level at 0.6800. MACD which illustrate bearish momentum and the formation of death cross suggest the pair to extend its losses toward the support level at 0.6765.
Resistance level: 0.6800, 0.6835
Support level: 0.6765, 0.6710
USDCAD, H1: USDCAD was traded higher following prior rebound while currently testing near the resistance level at 1.3370. MACD which illustrate bullish momentum and the formation of golden cross suggest the pair to extend its gains after successfully breakout above the resistance level at 1.3370.
Resistance level: 1.3370, 1.3415
Support level: 1.3330, 1.3295
USDCHF, H4: USDCHF was traded higher following prior rebound from the support level at 0.9915. MACD which illustrate bullish bias momentum suggest the pair to extend its gain toward the resistance level at 0.9955.
Resistance level: 0.9955, 1.0005
Support level: 0.9915, 0.9865
CrudeOIL, H1: Crude oil was traded lower following prior retracement from the resistance level at 52.90. MACD which illustrate diminishing bullish momentum suggest the commodity to extend its losses toward the support level at 50.40.
Resistance level: 52.90, 53.90
Support level: 50.40, 49.20
GOLD_, H1: Gold was traded lower following prior breakout below the previous support level at 1242.05. MACD which illustrate bullish momentum suggest the commodity to extend its losses toward the support level at 1238.15.
Resistance level: 1242.05, 1246.05
Support level: 1238.15, 1234.50