17 October 2019 Afternoon Session Analysis
Aussie cheers on employment data.
Australian dollar which traded against the dollar have soared following the upbeat reading in employment data. According to Australian Bureau of Statistics, the unemployment rate in Australia have fell to 5.2% in September, better than expected reading of 5.3%. At the same time, Employment in Australia also rose by 14.7K in September which was mainly boosted by the rise of part-time employment. The positive data could help ease the pressure of rate cut by RBA before the end of the year. Based on recent data, the odds of rate cut by RBA have fell to 25% from 45%, thus, pushing the sentiment higher for the pair. At the time of writing, AUD/USD rose 0.46% to 0.6785.
On the commodities market, crude oil price fell 0.11% to $52.96 per barrel as of writing as market remain concern about crude supply and further signals of global economic slowdown. The rise of U.S crude supply and the weakness in U.S economy which is proved by the Retail Sales data may affect the demand for the commodity, thus causing investors to dump the commodity. On the other hand, gold price remain pressured and slip 0.09% to $1488.62 at the time of writing amid ongoing global risk and uncertainty.
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 | Nation & Data | Previous | Forecast | Actual |
| 16:30 | GBP – Retail Sales (MoM) (Sep) | -0.2% | 0.1% | – |
| 20:30 | USD – Building Permits (Sep) | 1.425M | 1.340M | – |
| 20:30 | USD – Philadelphia Fed Manufacturing Index (Oct) | 12.0 | 7.3 | – |
| 23:00 | CrudeOIL – Crude Oil Inventories | 2.927M | 2.878M | – |
Technical Analysis
DOLLAR_INDX, Daily: Dollar index was traded lower following prior breakout below the previous support level at 97.90. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level 97.05.
Resistance level: 97.90, 98.35
Support level: 97.05, 96.40
GBPUSD, Daily: GBPUSD was traded higher following prior breakout above the previous resistance level at 1.2765. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.2915.
Resistance level: 1.2915, 1.3060
Support level: 1.2765, 1.2585
EURUSD, Daily: EURUSD was traded higher while currently testing the resistance level at 1.1085. MACD which illustrated increasing bullish momentum suggest the pair to extend its gain after it successfully breakout above the resistance level.
Resistance level: 1.1085, 1.1140
Support level: 1.1020, 1.0960
USDJPY, Daily: USDJPY was traded higher while currently testing the resistance level at 108.80. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 108.80, 109.30
Support level: 108.10, 107.05
AUDUSD, H4: AUDUSD was traded higher following prior breakout above the previous resistance level at 0.6765. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 0.6795.
Resistance level: 0.6795, 0.6820
Support level: 0.6765, 0.6740
NZDUSD, H4: NZDUSD was traded higher following prior breakout above the previous resistance level at 0.6285. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.6310.
Resistance level: 0.6310, 0.6330
Support level: 0.6285 0.6265
USDCAD, Daily: USDCAD was traded lower following prior retracement from the 20 MA line (Red). MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward the support level at 1.3140.
Resistance level: 1.3210, 1.3285
Support level: 1.3140, 1.3075
USDCHF, H4: USDCHF was traded lower following prior breakout below the previous support level at 0.9940. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.9915.
Resistance level: 0.9940, 0.9965
Support level: 0.9915, 0.9890
CrudeOIL, H1: Crude oil price was traded lower while currently testing the support level at 52.75. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.
Resistance level: 53.55, 54.20
Support level: 52.75, 52.05
GOLD_, H4: Gold price was traded lower following prior retracement from the resistance level at 1492.75. However, MACD which illustrated increasing bullish momentum suggest the commodity to be traded higher in short-term as technical correction.
Resistance level: 1492.75, 1502.50
Support level: 1480.55, 1470.60