20 September 2017 Daily Analysis
Dollar index remained flat, FOMC meeting on-eyed.
Dollar index was last traded at 91.62 following a loss of 0.21%. The slowing pace of inflation in United States has garnered investors’ attention toward the Fed’s Summary of Economic Projections and dot-plot, as a measure tool to assess if the sluggish inflation rate has influenced the central bank’s longer-term prospect on its interest rates. Overnight, the Greenback remained unchanged against the other major currencies, factored by dissatisfying U.S. housing sector data with homebuilding reduced 0.8% to a seasonally adjusted annual rate of 1.18 million units in August, much against economists’ estimates of an increase of 1.7%. Meanwhile, losses of the Greenback was limited by an ease of geopolitical uncertainty. On the other hand, the other major currency pairs suffered minor losses as well, with USD/JPY traded at 111.57, down 0.02%; AUD/USD traded at 0.8007, down 0.01% ; NZD/USD traded at 0.7315 after a loss of 0.03%.
In the commodity market, crude oil prices settled lower at $49.48 a barrel, decreasing by 43 cents as data expected to portray an increase in U.S. crude stockpiles consecutively for the third week. Otherwise, gold prices was quoted around $1312.73 per troy ounce after adding up 0.5% despite Trump’s threat to “totally destroy” North Korea while investors placed their focus on the two-day Federal Open Market Committee meeting.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
2:00 USD FOMC Economic Projections
2:00 USD FOMC Statement
2:30 USD FOMC Press Conference
Today’s Highlight Economy Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 07:50 | JPY – Trade Balance | 419B | 94B | 114B |
| 16:30 | GBP – Retail Sales (MoM) (Aug) | 0.3% | 0.2% | – |
| 22:00 | USD – Existing Home Sales (Aug) | -1.3% | 0.1% | – |
| 22:30 | CrudeOIL – Crude Oil Inventories | 5.888M | – | – |
| 02:00 | USD – FOMC Interest Rate Decision | 1.25% | 1.25% | – |
GBPUSD
GBPUSD, H1: GBPUSD was traded within descending triangle. The pair is currently on consolidation with no obvious momentum as shown by MACD histogram. A breakout on either the top of the descending triangle or support level at 1.3405 is required for a clearer direction of the pair.
Resistance level: 1.3595, 1.3825
Support level: 1.3465, 1.3405
EURUSD
EURUSD, H4: EURUSD was traded higher prior its breakout above resistance level at 1.1985. Upward slope of MACD signal line suggests the pair to continue its momentum to trade higher toward the resistance level at 1.2070.
Resistance level: 1.2070, 1.2265
Support level: 1.1985, 1.1820
USDJPY
USDJPY, Daily: USDJPY was traded higher prior breaking above resistance by 200-MA line. The pair is currently testing resistance level at 111.65. Successful breakout of the resistance level would indicate the pair to further its upward momentum toward the next resistance level at 112.95.
Resistance level: 111.65, 112.95
Support level: 110.00, 107.30
CrudeOIL
CrudeOIL, H4: Price of crude oil was traded lower prior its retracement from resistance level at 50.80. Downward slope of MACD histogram indicates the price of crude oil to decrease, testing the support level at 50.15.
Resistance level: 50.80, 52.00
Support level: 50.15, 48.70
GOLD
GOLD_, H4: Gold price was traded higher prior its rebound from support level at 1304.50. Cross-over of MACD signal line suggests gold price to trade higher toward the resistance level at 1321.35.
Resistance level: 1321.35, 1334.85
Support level: 1304.50, 1299.05