15 February 2019 Afternoon Session Analysis
Is trade war coming to an end?
Dollar index which gauge its value against a basket of six major currencies edged up during Asian trading session while market sentiment are still undecided ahead of the outcome of trade talk. Two negotiators from White House administration will have a meeting with Chinese Premier Xi Jinping later today, yet there is no deal on March 1 deadline extension been made between both countries as of now, said by White House economic adviser Larry Kudlow. At the meantime, the news of US tariff on $200 billion China imported goods will be increased to 25% from 10% if both parties does not reach a deal at the end of the trade talk has further generated bullish momentum toward the Greenback, where US people will prone to buy local goods rather than imported goods. Prior to the European trading session, Dollar index quoted up 0.09% to 96.85. On the other hand, the pair of GBP/USD dipped 0.14% to 1.2785 after UK Prime Minister Theresa May suffers another defeat on her Brexit negotiating strategy yesterday. At the moment, adversary leader Jeremy Corbyn urged Theresa May to come out with a new plan parliament support, which rule out the possibility of no deal Brexit.
In the commodities market, crude oil price extends its appreciation of 0.40% to $54.65 per barrel amid US sanctions against Venezuela and Iran and supply cuts lead by OPEC and some blocs. Besides, gold price inched down 0.03% to $1312.15 a troy ounce amid Dollar demand heightened.
Today’s Holiday Market Close
Time Market Event
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Today’s Highlight Events
Time Market Event
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Today’s Highlight Economic Data
| Time | Market & Data | Previous | Forecast | Actual |
| 17:30 | GBP – Retail Sales (MoM) (Jan) | -0.9% | 0.2% | – |
| 21:30 | USD – Import Price Index (MoM) (Jan) | -1.0% | -0.1% | – |
| 21:30 | USD – NY Empire State Manufacturing Index (Feb) | 3.90 | 7.10 | – |
| 23:00 | USD – Michigan Consumer Sentiment (Feb) | 91.2 | 93.3 | – |
| 02:00 (16th) | CrudeOIL – US Baker Hughes Oil Rig Count | 854 | – | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from the resistance level at 97.00. MACD which illustrate bearish momentum suggests the index to be traded lower to the support level at 96.65.
Resistance level: 97.00, 97.40
Support level: 96.65, 96.40
GBPUSD, H4: GBPUSD was traded lower following prior breakout below the previous support level at 1.2845. MACD which illustrate bearish bias momentum suggest the pair to extend its losses toward the support level at 1.2740.
Resistance level: 1.2845, 1.2960
Support level: 1.2740, 1.2620
EURUSD, H1: EURUSD was traded lower following prior retracement from the resistance of 1.1300. MACD which illustrate diminished upward momentum suggests the pair to be traded lower toward the support level at 1.1260.
Resistance level: 1.1300, 1.1355
Support level: 1.1260, 1.1210
USDJPY, H4: USDJPY was traded lower following prior breakout below the previous support level at 110.65. MACD which has formed a bearish signal suggests the pair to extend its losses toward the support level at 110.05.
Resistance level: 110.65, 111.05
Support level: 110.05, 109.65
AUDUSD, H4: AUDUSD was traded lower following prior retracement from the resistance level at 0.7130. MACD which illustrate diminishing upward momentum suggests the pair to extend its losses toward the support level at 0.7060.
Resistance level: 0.7130, 0.7200
Support level: 0.7060, 0.7005
NZDUSD, H4: NZDUSD was traded lower while currently testing the support level at 0.6820. MACD which illustrate diminishing bullish momentum suggest the pair to extend its losses after the candle successfully close below the support level at 0.6820.
Resistance level: 0.6845, 0.6875
Support level: 0.6820, 0.6795
USDCAD, H4: USDCAD was traded higher following prior rebound from the support at 1.3285. MACD which illustrate bullish signal suggests the pair to extend its gains toward the resistance level at 1.3360.
Resistance level: 1.3360, 1.3415
Support level: 1.3285, 1.3195
USDCHF, H1: USDCHF was traded higher following prior rebound from the support level at 1.0045. MACD which illustrate bullish momentum suggests the pair to extend its gains toward the resistance level at 1.0090.
Resistance level: 1.0090, 1.0130
Support level: 1.0045, 0.9990
CrudeOIL, H4: Crude oil price was traded higher following prior close above the resistance at 54.30. MACD which illustrate diminished bullish momentum suggests its prices to undergo technical correction in short term toward the support level at 54.30.
Resistance level: 55.50, 56.40
Support level: 54.30, 53.05
GOLD_, H4: Gold price was traded lower following prior retracement from the triangle’s top level. MACD which illustrate bullish momentum and the formation of golden cross suggest the commodity to undergo technical correction toward the bottom level at 1307.25.
Resistance level: 1315.00, 1321.55
Support level: 1307.25, 1302.50