18 October 2019 Morning Session Analysis
Sterling rose as Brexit deal reached.
Greenback remains under pressure on Thursday while pound sterling extended gains due to positive report with regards to Brexit. On yesterday, European Union Commission President Jean-Claude Juncker and UK Prime Minister Boris Johnson announced their agreement via Twitter. The Withdrawal Agreement was also approved by EU leaders during their summit on Thursday, while the UK would need to pass it through its Parliament in the weekends. However, Northern Ireland’s Democratic Unionist Party expressed their opposition on the agreement, making it uncertain if the deal could be passed when voting is being initiated on this Saturday. The deal would require Northern Ireland to apply limited set of EU rules upon certain goods, with the UK charging EU tariffs upon goods passing into the EU markets. In addition, Northern Ireland will have their rights to vote every four years if the agreement would stay. As of writing, pair of GBP/USD depreciates by 0.13% to 1.2871. On the other hand, greenback extended its losses after Philadelphia Fed Manufacturing Index slumped to 5.6 for the month of October, missing economists’ forecast of 7.3. The depreciation in its activity were mainly contributed by lower shipments activity and average workweek. The dollar index fell 0.45% to 97.27.
As for commodities, crude oil price tumbled 0.13% to $54.02 per barrel. Oil prices remains traded within a tight range as traders wait for further market signals. Otherwise, gold price rose 0.09% to $1,493.24 a troy ounce due to weaker greenback.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
Tentative CrudeOIL OPEC Meeting
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 01:00
(19th) |
CrudeOIL – US Baker Hughes Oil Rig Count | 712 | – | – |
Technical Analysis
DOLLAR_INDX, Daily: Dollar index was traded lower following prior closure below 97.60. MACD which illustrate bearish signal suggests the index to be traded lower in mid-term.
Resistance level: 97.60, 98.10
Support level: 97.15 96.70
GBPUSD, H1: GBPUSD was traded lower following prior retrace from the upper level. MACD which illustrate diminished upward momentum suggests the pair to be traded lower in short-term as technical correction.
Resistance level: 1.2950, 1.3035
Support level: 1.2815, 1.2665
EURUSD, H4: EURUSD was traded higher following prior breakout at 1.1105. However, MACD which illustrate diminished upward momentum suggests the pair to be traded lower in short-term as technical correction.
Resistance level: 1.1150, 1.1210
Support level: 1.1105, 1.1070
USDJPY, H4: USDJPY was traded lower following prior retrace from the higher level. MACD which illustrate bearish signal suggests the pair to be traded lower in short-term as technical correction.
Resistance level: 108.75, 109.30
Support level: 108.45, 108.10
AUDUSD, H1: AUDUSD was traded lower following prior retrace from the higher level. MACD which illustrate bearish signal suggests the pair to be traded lower in short-term as technical correction.
Resistance level: 0.6830, 0.6865
Support level: 0.6800, 0.6770
NZDUSD, H4: NZDUSD was traded higher following prior closure above 0.6340. MACD which illustrate bullish signal suggests the pair to extend its gains in mid-term, towards the direction of 0.6365.
Resistance level: 0.6365, 0.6410
Support level: 0.6340, 0.6310
USDCAD, H4: USDCAD was traded lower following prior closure below 1.3145. MACD which illustrate bearish signal suggests the pair to extend its losses in mid-term, towards the direction of 1.3090.
Resistance level: 1.3145, 1.3190
Support level: 1.3090, 1.3025
USDCHF, H4: USDCHF was traded lower while currently testing at 0.9865. MACD which illustrate bearish signal suggests the pair to extend its losses after closing below 0.9865.
Resistance level: 0.9925, 0.9970
Support level: 0.9865, 0.9820
CrudeOIL, H4: Crude oil price was traded higher following prior rebound from the lower level. MACD which illustrate bullish signal suggests its price to be traded higher, towards the direction of 54.45.
Resistance level: 54.45, 55.55
Support level: 53.00, 51.60
GOLD_, H4: Gold price remains traded within a sideways channel formation. MACD which illustrate bullish signal suggests its price to extend its gains, towards the direction of 1496.00.
Resistance level: 1496.00, 1511.00
Support level: 1484.05, 1477.00