16 November 2018 Afternoon Session Analysis
Dollar-bulls subsides as risk aversion takes off.
Greenback failed to make any substantial gains during Asian trading session following bearish economic data and political turmoil in United Kingdom. The dollar index was down 0.02% to 96.74 during late Asian trading session. Although greenback rebounds from its prior low following bullish Retail Sales and Initial Jobless Claims data on yesterday, its gains were limited after Philadelphia Fed reported a large slump in its regional Manufacturing Index. For the time being, market participants will keep an eye on US-China trade tension as both country kickstart their negotiation since earlier this week. On the other hand, pound sterling rose 0.20% to 1.2800 against the US dollar as of writing. However, any substantial gains were limited following deepening crisis between UK Prime Minister and members of the parliament after several key ministers tendered their resignation as a sign of protest against her Brexit plan.
In the commodities market, crude oil price pared its losses by 0.67% to $56.93 per barrel. As for today, market participants would keep an eye over the release of US Baker Hughes Oil Rig Count to attain further signal with regards to US oil drilling activity. On the other hand, gold price rose 0.16% to $1,215.24 a troy ounce following weaker dollar and higher risk in the market.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
16:30 EUR ECB President Draghi Speaks
Today’s Highlight Economic Data
| Time | Market & Data | Previous | Forecast | Actual |
| 18:00 | EUR – CPI (YoY) (Oct) | 2.2% | 2.2% | – |
| 21:30 | CAD – Manufacturing Sales (MoM) (Sep) | -0.4% | 0.1% | – |
| 22:15 | USD – Industrial Production (MoM) (Oct) | 0.3% | 0.2% | – |
| 02:00 (17th) | CrudeOIL – US Baker Hughes Oil Rig Count | 886 | – | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from the resistance level of 97.00. MACD which illustrate bearish signal suggests the index to extend its losses, towards the support level near 96.60.
Resistance level: 97.00, 97.40
Support level: 96.60, 96.20
GBPUSD, H1: GBPUSD was traded higher following prior rebound from the lower level. MACD which illustrate bullish signal suggests the pair to extend its gains after a successful breakout from the resistance level at 1.2805.
Resistance level: 1.2805, 1.2895
Support level: 1.2690, 1.2570
EURUSD, H1: EURUSD remains traded within an ascending channel following prior rebound from the lower level. MACD which continues to illustrate bullish signal suggests the pair to extend its gains, towards the upper level of the channel.
Resistance level: 1.1385, 1.1445
Support level: 1.1330, 1.1280
USDJPY, H4: USDJPY was traded lower following prior retrace from the resistance of 113.70. MACD which illustrate persistent bearish signal suggests the pair to extend its losses after closing below 113.30.
Resistance level: 113.70, 113.85
Support level: 113.30, 112.95
AUDUSD, H1: AUDUSD was traded higher following prior rebound from the 20-MA line (red). MACD which illustrate diminishing downward momentum suggests the pair to extend its gains, towards the resistance level at 0.7300.
Resistance level: 0.7300, 0.7315
Support level: 0.7275, 0.7250
NZDUSD, H4: NZDUSD was traded higher following prior breakout from the resistance level at 0.6805. MACD which illustrate persistent upward signal suggests the pair to extend its gains, towards the target at 0.6850.
Resistance level: 0.6850, 0.6910
Support level: 0.6805, 0.6770
USDCAD, H4: USDCAD was traded lower following prior breakout from the support of 1.3210. MACD which illustrate bearish signal suggests the pair to extend its losses after a successful closure below 1.3155.
Resistance level: 1.3210, 1.3255
Support level: 1.3155, 1.3115
USDCHF, H1: USDCHF remains traded within a descending channel following prior retrace from the top level of the channel. MACD which begins to form a death cross signal suggests the pair to extend its losses after closing below the threshold of 1.0055.
Resistance level: 1.0095, 1.0140
Support level: 1.0055, 1.0025
CrudeOIL, H4: Crude oil price was traded higher following prior rebound from the lower level. MACD which illustrate bullish signal suggests its prices to extend its gains in short-term after closing above 57.00.
Resistance level: 57.00, 59.45
Support level: 55.35, 53.90
GOLD_, H4: Gold price was traded higher following prior rebound from the lower levels. MACD which illustrate bullish signal suggests its prices to advance further up after closing above the threshold at 1215.95.
Resistance level: 1215.95, 1228.00
Support level: 1206.00, 1198.00