19 October 2018 Afternoon Session Analysis
Dollar remained flat amid slow Friday trading.
Dollar index was traded flat prior to European trading session amid slow market on Friday as investors are waiting for any news that would provide sentiment towards the dollar. Dollar recently surged 0.33% to 94.70, a new high since 9th October amid hawkish sentiment from the Fed’s minute meeting where investors are expecting gradual rate hikes in the near future. Further supporting the dollar was yesterday’s Philadelphia Fed Manufacturing Index with a reading of 22.2, beating the forecasted data of 19.7. In other news, pair of GBP/USD was inched up by 0.03% to 1.3020 as of writing after falling to its 2-weeks low amid dovish sentiment from EU summit at Brussels yesterday. During the summit, UK Prime Minister Theresa May failed to propose a deal to solve the North Ireland border issue. Investors are afraid that the Brexit deadline will be delayed as the EU had also agreed that longer time is needed for a deal to meet.
In the commodities market, crude oil price was down by 0.02% to $68.75 per barrel before European trading session. Sentiment towards the oil market remains cloudy since Wednesday Crude Oil Inventories data which indicates excess inventory. On the other hand, gold price was up 0.14% to $1,227.35 a troy ounce amid higher demand as investors flee from falling shares market.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
23:30 GBP BoE Gov Carney Speaks
Today’s Highlight Economic Data
| Time | Market & Data | Previous | Forecast | Actual |
| 20:30 | CAD – Core CPI (MoM) (Sep) | 0.1% | – | – |
| 20:30 | CAD – Core Retail Sales (MoM) (Aug) | 0.9% | 0.2% | – |
| 22:00 | USD – Existing Home Sales (Sep) | 5.34M | 5.30M | – |
| 01:00 (20th) | CrudeOIL – US Baker Hughes Oil Rig Count | 869 | – | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher following prior breakout above the previous resistance level 95.50. MACD which illustrate bullish bias suggest the dollar to extend its gains towards the resistance level 95.80.
Resistance level: 95.80, 96.00
Support level: 95.50, 95.20
GBPUSD, H4: GBPUSD was traded lower while currently testing near the support level 1.3030. MACD which display bearish signal suggest the pair to extend its losses after a breakout below the support level.
Resistance level: 1.3085, 1.3165
Support level: 1.3030, 1.2955
EURUSD, H4: EURUSD was traded lower while currently testing the support level 1.1460. MACD which display diminishing bearish momentum suggest the pair to rebound from the support level towards the resistance level 1.1495.
Resistance level: 1.1495, 1.1540
Support level: 1.1460, 1.1420
USDJPY, H4: USDJPY was traded higher while currently testing near the resistance level 112.50. MACD which display starting bullish momentum suggest the pair to extend its gains after a breakout above the resistance level.
Resistance level: 112.50, 112.85
Support level: 111.90, 111.40
AUDUSD, H4: AUDUSD was traded higher following prior breakout above the previous resistance level 0.7105. MACD which display diminishing bearish momentum suggest the pair to extend its gains towards the resistance level 0.7145.
Resistance level: 0.7145, 0.7175
Support level: 0.7105, 0.7080
NZDUSD, H4: NZDUSD was traded higher following prior rebound from the support level 0.6530. MACD which display starting bullish momentum suggest the pair to extend its gains after a breakout above the resistance level 0.6575.
Resistance level: 0.6575, 0.6635
Support level: 0.6530, 0.6495
USDCAD, H4: USDCAD was traded lower following prior retracement from the resistance level 1.3065. MACD which display diminishing bullish momentum suggest the pair to extend its retracement towards the support level 1.3000.
Resistance level: 1.3065, 1.3130
Support level: 1.3000, 1.2960
USDCHF, H4: USDCHF was traded higher following prior breakout above the previous resistance level 0.9955. MACD which illustrate persistent bullish momentum suggest the pair to extend its gains towards the resistance level 1.0000.
Resistance level: 1.0000, 1.0055
Support level: 0.9955, 0.9920
CrudeOIL, H4: Crude oil price was traded higher following prior rebound from the support level 68.70. MACD which display starting bullish momentum suggest the commodity to extend its rebound towards the resistance level 70.25.
Resistance level: 69.40, 70.25
Support level: 68.70, 67.90
GOLD_, H4: Gold price remain traded in a sideway channel after rebounding from the support level 1225.05. Due to lack of signal from the MACD, a breakout outside the sideway channel is required to obtain further confirmation before entering the market.
Resistance level: 1230.20, 1236.50
Support level: 1225.05, 1217.80