15 March 2019 Afternoon Session Analysis
Greenback rebounds as sterling weakness lend strength.
Dollar index measuring against a basket of six currency pairs have rebound after 4 consecutive days of decline following pound weakness that supported the demand of the dollar. Markets are slowly shifting their investment into greenback due to risk aversion. Following uncertainty in pound sterling caused by Brexit developments, such developments has sent the market into a frenzy. In recent developments, UK Parliament have voted in favor for Brexit Delay beyond March with the majority vote of 412 against 202. Market will remain focus on upcoming data and development of global headlines to determine the further sentiment of the greenback. Dollar index rose 0.03% to 96.70 as of writing. Meanwhile, USD/JPY fell 0.08% to 111.57 as of writing although Bank Of Japan (BoJ) came in as expectedly dovish and maintain its key rates unchanged at -0.10%. Japanese yen received higher demand in the market after Reuters reported that North Korea is considering to suspend nuclear talks with the United States. Furthermore, it was stated that North Korean has no intention to yield to US demand while its leader Kim Jong Un is expected to make an official announcement on his position towards the US soon.
In the commodities market, crude oil price remains firm and rose 0.09% to $58.48 per barrel at the time of writing as productions cut led by OPEC with its allies and also sanction against Venezuela an Iran that could triggered a sign of emerging supply deficit in the first quarter of 2019, continues to grind higher the demand of the black commodity. On the other hand, gold price fell 0.11% to 1294.87 as of writing following greenback’s recovery.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
17:00 CrudeOIL IEA Monthly Report
Today’s Highlight Economic Data
| Time | Market & Data | Previous | Forecast | Actual |
| 18:00 | EUR – CPI (YoY) (Feb) | 1.5% | 1.5% | – |
| 20:30 | USD – NY Empire State Manufacturing Index (Mar) | 8.80 | 10.00 | – |
| 20:30 | CAD – Manufacturing Sales (MoM) (Jan) | -1.35 | 0.4% | – |
| 22:00 | USD – JOLTs Job Openings (Jan) | 7.335M | 7.310M | – |
| 22:00 | USD – Michigan Consumer Sentiment (Mar) | 93.8 | 95.3 | – |
| 01:00
(16th) |
CrudeOIL – US Baker Hughes Oil Rig Count | 834 | – | – |
Technical Analysis
DOLLAR_INDX, H1: Dollar index was traded lower following prior retracement from the resistance level at 96.70. MACD which illustrate diminishing bullish momentum suggest the index to extend its losses toward the support level at 96.40.
Resistance level: 96.70, 97.20
Support level: 96.40, 96.10
GBPUSD, H1: GBPUSD was traded lower while currently testing near the support level at 1.3225. MACD which illustrate diminishing bearish momentum suggest the pair to undergo technical correction in short term.
Resistance level: 1.3345, 1.3400
Support level: 1.3225, 1.3145
EURUSD, H4: EURUSD was traded higher following prior breakout above the previous resistance level at 1.1315. MACD which illustrate diminishing bullish bias momentum suggest the pair to undergo technical correction in short term.
Resistance level: 1.1350, 1.1390
Support level: 1.1315, 1.1290
USDJPY, H4: USDJPY was traded lower following prior retracement from the higher level. MACD which illustrate diminishing bullish momentum suggest the pair to extend its losses toward the support level at 111.50.
Resistance level: 112.00, 112.35
Support level: 111.50, 111.15.
AUDUSD, H4: AUDUSD was traded higher following prior breakout above the previous resistance level at 0.7105. MACD which illustrate diminishing bearish momentum and the formation of golden cross suggest the pair to extend its gains toward the resistance level at 0.7105.
Resistance level: 0.7105, 0.7145
Support level: 0.7070, 0.7045
NZDUSD, H4: NZDUSD was traded higher following prior breakout above the previous resistance level at 0.6830. MACD which illustrate diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 0.6875.
Resistance level: 0.6875, 0.6900
Support level: 0.6830, 0.6805
USDCAD, H4: USDCAD was traded lower following prior breakout below the previous support level at 1.3320. MACD which illustrate diminishing bearish momentum suggest the pair to undergo technical correction in short term toward the resistance level at 1.3320.
Resistance level: 1.3320, 1.3355
Support level: 1.3260, 1.3195
USDCHF, H4: USDCHF was traded lower following prior breakout below the previous support level at 1.0025. MACD which illustrate bearish bias momentum suggest the pair to extend its losses toward the next support level at 0.9985.
Resistance level: 1.0025, 1.0065
Support level: 0.9985, 0.9930
CrudeOIL, H4: Crude oil was traded higher following prior breakout above the previous channel top level at 57.65. MACD which illustrate diminishing bullish momentum suggest the commodity to be traded lower in short term toward the direction of 57.65.
Resistance level: 58.45, 61.25
Support level: 57.65, 55.85
GOLD_, H4: Gold was traded higher following prior rebound from the support level at 1292.05. MACD which illustrate diminishing bearish momentum suggest the commodity to extend its gains toward the resistance level at 1299.30.
Resistance level: 1299.30, 1310.35
Support level: 1292.05, 1283.95