19 December 2019 Afternoon Session Analysis
Aussie dollar and Kiwi rose amid upbeat data.
The Aussie edged higher following the robust jobs data suggested the country’s labour market might still have enough life in it to lessen the need for more interest rate cuts. According to Australian Bureau of Statistics, Australian Employment Change notched up from the previous reading of -19.0K to 39.9K, exceeding the market forecast at 14.0K. Meanwhile, Australia Unemployment rate came in at 5.2%, lower than the economist forecast at 5.3%. The data were both fared better than expectation, spurring the market optimism towards economic progression in the Australia. On the other hand, The New Zealand dollar rebound from the lower level following the optimistic data from the New Zealand region was released. According to Statistics New Zealand, New Zealand Gross Domestic Product (GDP) for the last quarter notched up from the previous reading of 0.1% to 0.7%, exceeding the economist forecast at 0.6%. However, investors would continue to scrutinize the latest updates with regards of trade war to gauge the likelihood movement for these pairs amid to fear with the escalation of trade tensions still remained as the spectre of a U.S-led tariff war has not completely solved with investors awaiting more details on the “phase one” agreement deal between U.S. and China. As of writing, AUD/USD appreciated by 0.36% to 0.6875 while NZD/USD surged 0.11% to 0.6590.
In the commodities market, crude oil price surged following the U.S. Crude Oil inventories data was released. According to Energy Information Administration, U.S. Crude Oil Inventories notched down from 0.822M to -1.085M. Meanwhile, gold price edged higher amid to trade uncertainty and the renewed fears of hard-Brexit. As of writing, crude oil price appreciated by 0.01% to $60.88 per barrel while gold price surged 0.18% to $1477.70 per troy ounces.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
14.30 JPY BoJ Press Conference
20.00 GBP BoE MPC Meeting Minutes
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 17.30 | GBP – Retail Sales (MoM) (Nov) | -0.1% | 0.3% | – |
| 20.00 | GBP – BoE Interest Rate Decision (Dec) | 0.75% | 0.75% | – |
| 21.30 | USD – Philadelphia Fed Manufacturing Index (Dec) | 10.4 | 8.0 | – |
| 23.00 | USD – Existing Home Sales (Nov) | 5.46M | 5.44M | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower while currently testing the support level at 96.85. MACD which illustrated diminishing bullish momentum suggest the index to extend its losses after it successfully breakout below the support level at 96.85.
Resistance level: 97.25, 97.70
Support level: 96.85, 96.25
GBPUSD, H4: GBPUSD was traded flat near the resistance level at 1.3085. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level at 1.3085.
Resistance level: 1.3085, 1.3165
Support level: 1.3035, 1.2970
EURUSD, Daily: EURUSD was traded lower following prior retracement from the resistance level at 1.1170. MACD which illustrated diminishing bullish momentum suggest the pair to extend its retracement toward the support level at 1.1075.
Resistance level: 1.1170, 1.1240
Support level: 1.1075, 1.1005
USDJPY, H4: USDJPY was traded lower following prior retracement from the resistance level at 109.70. MACD which illustrated bearish bias momentum suggest the pair to be traded lower in short term toward the support level at 109.25
Resistance level: 109.70, 110.25
Support level: 109.25, 108.95
AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level at 0.6880. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level at 0.6880.
Resistance level: 0.6880, 0.6925
Support level: 0.6850, 0.6815
NZDUSD, H4: NZDUSD was traded higher while currently testing near the resistance level at 0.6600. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 0.6600, 0.6625
Support level: 0.6570, 0.6535
USDCAD, Daily: USDCAD was traded lower following prior breakout below the previous support level at 1.3145. MACD which illustrated bearish bias momentum signal suggest the pair to extend its losses toward the support level at 1.3085.
Resistance level: 1.3145, 1.3210
Support level: 1.3085, 1.3020
USDCHF, H4: USDCHF was traded lower following prior retracement from the resistance level at 0.9810. Due to lack of signal from MACD, it is suggested to wait for further confirmation before entering into the market.
Resistance level: 0.9810, 0.9845
Support level: 0.9760, 0.9690
CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level at 60.80. Due to lack of signal from MACD, it is suggested to wait for further confirmation before entering into the market.
Resistance level: 60.80, 61.95
Support level: 59.70, 58.60
GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1477.40. MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher after it successfully breakout above the resistance level at 1477.40.
Resistance level: 1477.40, 1484.70
Support level: 1471.65, 1464.05