20 November 2019 Morning Session Analysis
Sterling traded flat, eyed on Britain’s election.
Pound Sterling notched down slightly on Tuesday; however, the pair is still remained near a three-month high versus the US dollar as the new poll enhancing the investors’ positive expectations that ruling the Conservative Party will win a parliamentary majority in Britain’s election on 12th December 2019. Such sentiment spurred hopes that the House of Commons would approve the soft-Brexit deal which agreed with Brussels last month and Britain would leave the European Union on 31st January 2019, ending the three-and-a-half years of uncertainty. In fact, according to Reuters, Brexit party leader Nigel Farage reiterated on Tuesday that the Conservatives would probably win the election with ease. However, despite the positive outlook for Brexit, investors still traded the pair cautiously amid to the uncertainty outcome of the Britain’s election. At this time, investors would continue to scrutinize the latest updates with regards of Brexit to gauge the future outlook for the Pound Sterling. On the other hand, Dollar Index slumped amid to trade deal uncertainty between US and China. According to CNBC, China is pessimistic about reaching a trade deal with US amid to U.S President Donald Trump’s reluctance to roll back the tariffs. As of writing, GBP/USD appreciated by 0.04% to 1.2925 while Dollar index surged 0.03% to 97.66.
In the commodities market, crude oil price plunged yesterday as the prospects for the trade deal between the United States and China dimmed, weighing on the outlook for the global economy. On the other hand, gold price surged amid exacerbating of trade tensions. As of writing, crude oil price appreciated by 0.13% to $55.28 per barrels while gold price surged 0.17% to $1474.52 per troy ounces.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
03:00 (21st) USD FOMC Meeting Minutes
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 15:00 | EUR – German PPI (MoM) (Oct) | 0.1% | -0.1% | |
| 21:30 | CAD – Core CPI (MoM) (Oct) | 0.0% | – | – |
| 23.30 | CrudeOIL – Crude Oil Inventories | 2.219M | 1.543M | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher following prior rebound from the support level at 97.55. MACD which illustrated diminishing bearish momentum suggest the index to extend its gains toward resistance level at 97.85.
Resistance level: 97.85, 98.00
Support level: 97.55, 97.35
GBPUSD, Daily: GBPUSD was traded higher while currently testing the resistance level at 1.2990. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1.2990, 1.3180
Support level: 1.2765, 1.2600
EURUSD, Daily: EURUSD was traded higher while currently testing the resistance level at 1.1080. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1.1080, 1.1165
Support level: 1.1010, 1.0955
USDJPY, H4: USDJPY was traded lower following prior retracement from the resistance level at 108.70. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 108.30.
Resistance level: 108.70, 109.00
Support level: 108.30, 107.85
AUDUSD, H4: AUDUSD was traded higher following prior breakout above the previous resistance level at 0.6815. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.6840.
Resistance level: 0.6840, 0.6855
Support level: 0.6815, 0.6795
NZDUSD, Daily: NZDUSD was traded higher while currently testing the resistance level at 0.6435. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 0.6435, 0.6500
Support level: 0.6330, 0.6265
USDCAD, Daily: USDCAD was traded higher while currently testing the resistance level at 1.3275. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1.3275, 1.3335
Support level: 1.3200, 1.3150
USDCHF, Daily: USDCHF was traded higher while currently testing the resistance level at 0.9905. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 0.9905, 0.9950
Support level: 0.9870, 0.9835
CrudeOIL, H4: Crude oil price was traded higher following prior rebound from the support level at 55.15. However, MACD which illustrated increasing bearish momentum suggest the commodity to be traded lower in short-term as technical correction.
Resistance level: 55.75, 56.40
Support level: 55.15, 54.60
GOLD_, Daily: Gold price was traded higher following prior rebound from the support level at 1447.00. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains toward resistance level at 1473.00.
Resistance level: 1473.00, 1515.70
Support level: 1447.00, 1413.10