19 December 2019 Morning Session Analysis
Dollar halts as market awaits impeachment vote.
Dollar index which traded against a basket of six major rival pairs have fell slightly lower during early Asian session as market are waiting for more clarity on Trump impeachment vote. Following the lack of data from the U.S, market are currently influenced by geopolitical headlines and developments pause. In the U.S politics, US House of Representatives is due to vote on articles of impeachment of President Trump which include a two-stage procedure. If the vote succeed, it would lead to the removal of a sitting president. On the same time, the increasing uncertainty of trade war also adding further concern as Donald Trump are preparing to ratchet up its trade war threat against the third target for the year 2020 which is Europe. As of writing, dollar index fell 0.04% to 96.85 at the time of writing. On the other hand, GBP/USD fell 0.06% to 1.3085 at the time of writing despite positive CPI data. According to National Statistics, U.K Core CPI have improved to 1.5%, higher than market expectation of 1.4%. Still, market was unable to regain its confidence as hard Brexit fears continue to dominate the market sentiment following latest surprise move from U.K Prime Minster Boris Johnson that could lead the country to the path of no-deal Brexit.
In the commodities market, crude oil price edge higher by 0.02% to $60.88 per barrel at the time of writing amid crude inventories draw. According to EIA, crude oil inventories have fell by 1.085 million barrels for the week ended Dec. 13. Despite the reading was slightly lower than market expectation with a decrease of about 1.3M, market remains positive on the commodity outlook. On the other hand, gold price remain steady and rose 0.16% to $1477.64 a troy ounce as of writing following safe-haven appeal continue to be supported by the trade uncertainty and renewed Brexit fears.
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, Daily: Dollar index was traded higher while currently testing the resistance level at 96.85. MACD which illustrated diminishing bearish momentum suggest the index to extend its gains after it successfully breakout above the resistance level at 96.85.
Resistance level: 96.85, 97.25
Support level: 96.25, 95.45
GBPUSD, H4: GBPUSD was traded lower following prior breakout below the previous support level at 1.3170. MACD which illustrated bearish momentum suggest the pair to extend its losses toward the support level at 1.3035.
Resistance level: 1.3170, 1.3315
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 109.65. MACD which illustrated bearish momentum suggest the pair to extend its losses toward support level at 109.25.
Resistance level: 109.70, 110.25
Support level: 109.25, 108.95
AUDUSD, H4: AUDUSD was traded lower following prior breakout below the previous support level at 0.6850. MACD which illustrated bearish bias momentum suggest the pair to extend its losses toward the next support level at 0.6815.
Resistance level: 0.6850, 0.6880
Support level: 0.6815, 0.6770
NZDUSD, H4: NZDUSD was traded lower following prior breakout below the previous support level at 0.6570. MACD which illustrated bearish momentum suggest the pair to extend its losses toward the support level at 0.6535.
Resistance level: 0.6570, 0.6600
Support level: 0.6535, 0.6490
USDCAD, Daily: USDCAD was traded lower while currently testing near the support level at 1.3145. MACD which illustrated diminishing bearish momentum signal suggest the pair to undergo short term technical correction toward the resistance level at 1.3210.
Resistance level: 1.3210, 1.3265
Support level: 1.3145, 1.3085
USDCHF, H4: USDCHF was traded flat below the resistance level at 0.9810. MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher toward the resistance level at 0.9810.
Resistance level: 0.9810, 0.9845
Support level: 0.9760, 0.9690
CrudeOIL, H1: Crude oil price was traded lower following prior retracement from the resistance level at 60.80. MACD which illustrate bearish momentum signal suggest the commodity to extend its losses toward the support level at 59.70.
Resistance level: 60.80, 61.95
Support level: 59.70, 58.60
GOLD_, H4: Gold price was traded lower following prior retracement near the resistance level at 1477.40. MACD which illustrated bearish momentum and the formation of death cross suggest the commodity to be traded lower toward the support level at 1471.65.
Resistance level: 1477.40, 1484.70
Support level: 1471.65, 1464.05