20 November 2018 Afternoon Session Analysis
Dollar testing 96.00 support while investors awaits Building Permits data.
Dollar index notched higher by 0.03% to 96.05 while currently testing its 6th November support at 96.00 while market remains quiet prior to European trading session as investors are keeping their eyes on tonight’s Building Permits data. The data is a measurement of the number of demands for housing market, thus a higher reading indicates higher wages and more job opportunities. In other news, pair of GBP/USD slipped by 0.02% to 1.2850 while the pound remained under pressure as UK Prime Minister Theresa May is still struggling to attain approval for her draft from the Parliament by this week. May faces further pressure from her homeland where chances for a no-confidence vote are high if she fails to get the approval.
As for commodities market, crude oil price remained flat since Asian trading session at $57.10 per barrel as investors await further sentiment from tomorrow’s Crude Oil Inventories report from the Energy Information Administration (EIA) due tomorrow. On the other hand, gold price rebound from lower levels, edging up by 0.15% to $1223.50 a troy ounce amid market uncertainties.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
18:00 GBP BoE Gov Carney Speaks
18:00 GBP Inflation Report Hearings
Today’s Highlight Economic Data
| Time | Market & Data | Previous | Forecast | Actual |
| 21:30 | USD – Building Permits (Oct) | 1.270M | 1.267M | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower while currently testing near the support level 96.00. MACD which illustrate diminishing bearish momentum suggest dollar to rebound from the support level as a short-term technical correction.
Resistance level: 96.20, 96.60
Support level: 96.00, 95.70
GBPUSD, H4: GBPUSD was traded flat while currently testing the resistance level 1.2855. MACD which display bullish signal suggest the pair to extend its gains after a breakout above the resistance level.
Resistance level: 1.2855, 1.2905
Support level: 1.2800, 1.2740
EURUSD, H4: EURUSD was traded lower while currently testing near the support level at 1.1440. MACD which illustrate diminished bullish momentum suggest the pair to be traded lower after a breakout below the support level.
Resistance level: 1.1490, 1.1540
Support level: 1.1440, 1.1390
USDJPY, H4: USDJPY was traded higher following prior rebound from the support level 112.40. MACD which display starting bullish momentum suggest the pair to extend its rebound towards the resistance level 112.75.
Resistance level: 112.75, 113.05
Support level: 112.40, 111.95
AUDUSD, H1: AUDUSD was traded higher following prior rebound from the support level 0.7265. MACD which display starting bullish momentum suggest the pair to extend its rebound towards the resistance level at 0.7290.
Resistance level: 0.7290, 0.7315
Support level: 0.7265, 0.7240
NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level 0.6845. MACD which display diminished bearish momentum suggest the pair to extend its gains after a breakout above the resistance level.
Resistance level: 0.6845, 0.6905
Support level: 0.6795, 0.6755
USDCAD, H1: USDCAD was traded lower following prior breakout below previous support level 1.3180. MACD which illustrate bearish momentum suggest the pair to extend its losses towards the support level 1.3145.
Resistance level: 1.3180, 1.3210
Support level: 1.3145, 1.3115
USDCHF, H4: USDCHF was traded lower while currently testing near the support level 0.9920. MACD which display persistent bearish momentum suggest the pair to extend its losses after a breakout below the support level.
Resistance level: 0.9945, 0.9990
Support level: 0.9920, 0.9865
CrudeOIL, H4: Crude oil price remained traded in a sideway channel after retracing from the resistance level 57.45. MACD which illustrate starting bearish momentum suggest the commodity to extend its retracement towards the bottom level of the channel.
Resistance level: 57.45, 59.20
Support level: 55.90, 54.20
GOLD_, H1: Gold was traded higher following prior rebound from the support level 1221.10. MACD which display starting bullish momentum suggest the commodity to extend its rebound towards the resistance level 1225.50.
Resistance level: 1225.50, 1231.00
Support level: 1211.10, 1216.80