15 May 2019 Afternoon Session Analysis
Asian market pressured as dollar firms.
Dollar index remained resilient after ticking up 0.01% to 97.28. Such momentum was due to ongoing market uncertainties and downbeat data from China. Recent trade war tensions placed dollar well above 97 level as it escalated into tit-for-tat tariff between US and China. However, US President Donald Trump stated that a deal can still be achieved when the time is right, provided that the US must benefit from the deal. According to Trump’s statement, the G20 summit in Japan will be a crucial moment to finalize a deal with China while market participants remained cautious and awaits further trade talks progress to gauge the market sentiment. In other news, pair of AUD/USD fell by 0.18% to 0.6927 amid trade war tensions and lower than expected China Industrial Production. Being one of China’s major trading partner, the Aussie remained pressured as poor figures from China production level indicates a possible slowdown in both countries’ economy. Besides that, recent rate cut by Reserve Bank of Australia (RBA) caused investors to shift their portfolio into more profitable market such as the dollar.
On the other hand, crude oil price edged lower by 0.07% to $61.30 per barrel amid China Industrial Production data falling to 5.4% from previous 8.5% and also build up in crude inventories. The slowdown in production signals a lower demand for crude oil thus causing investors to sell the commodity while they wait for today’s crude oil inventories report from the EIA. Besides, gold price fell 0.15% to $1294.75 a troy ounce amid stronger dollar.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
16:00 CrudeOIL IEA Monthly Report
Today’s Highlight Economic Data
| Time | Market & Data | Previous | Forecast | Actual |
| 17:00 | EUR – GDP (QoQ) (Q1) | 0.4% | 0.4% | – |
| 20:30 | USD – Core Retail Sales (MoM) (Apr) | 1.2% | 0.7% | – |
| 20:30 | USD – Retail Sales (MoM) (Apr) | 1.6% | 0.2% | – |
| 20:30 | CAD – Core CPI (MoM) (Apr) | 0.3% | – | – |
| 21:15 | USD – Industrial Production (MoM) (Apr) | -0.1% | 0.0% | – |
| 21:15 | USD – Business Inventories (MoM) (Mar) | 0.3% | 0.0% | – |
| 22:30 | CrudeOIL – Crude Oil Inventories | -3.963M | -0.800M | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher following prior rebound from the support level at 97.00. MACD which illustrate bullish bias momentum suggest the index to extend its gains toward the resistance level at 97.40.
Resistance level: 97.40, 97.60
Support level: 97.00, 96.70
GBPUSD, H4: GBPUSD was traded lower following prior breakout below the previous support level at 1.2925. MACD which illustrate diminishing bearish momentum suggest the pair to be traded higher in short term toward the resistance level at 1.2925.
Resistance level: 1.2925, 1.2970
Support level: 1.2880, 1.2840
EURUSD, H4: EURUSD was traded lower following prior breakout below the previous support level at 1.1215. MACD which illustrate bearish momentum suggest the pair to extend its losses toward the support level at 1.1175.
Resistance level: 1.1215, 1.1245
Support level: 1.1175, 1.1125
USDJPY, H4: USDJPY was traded higher following prior breakout above the previous resistance level at 109.55. MACD which display bullish signal suggest the pair to extend its gains toward the resistance level at 110.05.
Resistance level: 110.05, 110.35
Support level: 109.55, 109.25
AUDUSD, H4: AUDUSD was traded lower following prior breakout below the previous support level at 0.6960. MACD which illustrate bearish bias momentum suggest the pair to extend its losses toward the support level at 0.6915.
Resistance level: 0.6960, 0.6995
Support level: 0.6915, 0.6865
NZDUSD, H4: NZDUSD was traded lower following prior retracement from the resistance level at 0.6585. MACD which illustrate bearish momentum and the formation of death cross suggest the pair to extend its losses toward the support level at 0.6545.
Resistance level: 0.6585, 0.6630
Support level: 0.6545, 0.6500
USDCAD, H4: USDCAD was traded lower following prior retracement from the resistance level at 1.3475. MACD which illustrate diminishing bullish momentum suggest the pair to extend its losses toward the support level at 1.3440.
Resistance level: 1.3470, 1.3505
Support level: 1.3440, 1.3415
USDCHF, H4: USDCHF was traded higher while currently testing the resistance level at 1.0090. MACD which display bullish bias momentum suggest the pair to extend its gains after successfully breakout above the resistance level at 1.0090.
Resistance level: 1.0090, 1.0130
Support level: 1.0065, 1.0030
CrudeOIL, Daily: Crude oil was traded higher following prior rebound from the support level at 60.50. MACD which illustrate diminishing bearish momentum suggest the commodity to extend its gains toward the resistance level at 62.75.
Resistance level: 62.75, 64.50
Support level: 60.50, 58.25
GOLD_, H4: Gold was traded lower following prior retracement from the resistance level at 1302.40. MACD which illustrate diminishing bullish momentum suggest the commodity to extend its losses toward the support level at 1293.20.
Resistance level: 1302.40, 1308.90
Support level: 1293.20, 1288.50