21 November 2019 Afternoon Session Analysis
Dollar rose after Fed Meeting Minutes released.
Dollar index which gauge its value against a basket of six major currencies rose up slightly after a gap down following the release of Federal Reserve (Fed) October policy meeting minutes on early today. According the statement, board of Fed mentioned that they see very little need to change the current monetary policy as the last month rate cut from 1.00% to 0.75% is sufficient to support the economy grow in moderate pace and closer to inflation target rate at 2%. If there is no material changes in economy outlook, the policy will likely remain unchanged for an extended period, said by Fed. However, development of trade war between US and China also will be continuously eyed by the committee members from time to time as any changes on that would definitely causes significant consequences toward the US and also global economy. Moreover, the losses of greenback were limited following representative from both countries commented that they are remain optimistic toward the phase 1 trade deal while negotiation is continuing. As of writing, dollar index rose inched down 97.85. On the other hand, the pair of USD/CAD quoted down 0.01% to 1.3305 amid Core CPI data showed a reading of 0.4%, stronger than previous reading at 0.0%. This data indicating that Canada consumer purchasing behavior has strengthened and inflation pressure seemingly moving closer to the target.
In the commodities market, crude oil price fall 0.30% to $56.90 a barrel after rising for more than $25 on yesterday amid US crude oil inventories data showed a little build up while comparing to economist forecast and trade optimism lifted up the future demand outlook. Besides, gold price rose 0.09% to $1472.20 a troy ounce amid weakening of greenback.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
Tentative GBP BoE MPC Treasury Committee Hearings
20.30 EUR ECB Publishes Account of Monetary Policy Meeting
21.40 CAD BoC Gov Poloz Speaks
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 21.30 | USD – Philadelphia Fed Manufacturing Index (Nov) | 5.6 | 7.0 | – |
| 23.00 | USD – Existing Home Sales | 5.38M | 5.47M | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower while currently testing near the support level 97.60. MACD which illustrate diminishing bullish momentum suggest the dollar to extend its losses after it breaks below the support level.
Resistance level: 98.25, 98.90
Support level: 97.60, 96.85
GBPUSD, H4: GBPUSD remain traded in a sideway channel. However, MACD which display diminishing bearish momentum suggest the pair to be traded higher in short term towards the resistance level 1.2970.
Resistance level: 1.2970, 1.3095
Support level: 1.2795, 1.2690
EURUSD, H4: EURUSD was traded higher while currently testing near the resistance level 1.1080. MACD which display diminishing bearish momentum signal suggest the pair to extend its gains after it breaks above the resistance level.
Resistance level: 1.1080, 1.1170
Support level: 1.0990, 1.0925
USDJPY, H4: USDJPY was traded lower following prior retracement from the MA lines. MACD which illustrate bearish bias signal suggest the pair to extend its losses in short term towards the support level 108.25.
Resistance level: 108.85, 109.40
Support level: 108.25, 107.55
AUDUSD, H4: AUDUSD was traded lower following prior retracement from the resistance level 0.6810. MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to extend its losses towards the support level 0.6725.
Resistance level: 0.6810, 0.6875
Support level: 0.6725, 0.6670
NZDUSD, H4: NZDUSD was traded lower following prior retracement from the resistance level 0.6425. MACD which illustrate bearish bias signal with the formation of death cross suggest the pair to extend its retracement towards the support level 0.6340.
Resistance level: 0.6425, 0.6500
Support level: 0.6340, 0.6275
USDCAD, H4: USDCAD was traded lower following prior breakout above the previous resistance level 1.3260. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to experience a technical correction in short term towards the support level 1.3260.
Resistance level: 1.3340, 1.3385
Support level: 1.3260, 1.3185
USDCHF, H4: USDCHF was traded lower following prior retracement from the resistance level 0.9915. MACD which illustrate bearish bias signal suggest the pair to extend its retracement towards the support level 0.9845.
Resistance level: 0.9915, 0.9980
Support level: 0.9845, 0.9800
CrudeOIL, H4: Crude oil price was traded higher following prior breakout above the previous resistance level 56.30. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the commodity to extend its gains towards the resistance level 57.95.
Resistance level: 57.95, 59.40
Support level: 56.30, 54.85
GOLD_ H4: Gold price was traded higher while currently testing near the resistance level 1477.90. However, MACD which illustrate bearish bias signal with the starting formation of death cross suggest the commodity to experience a technical correction in short term towards the support level 1458.50.
Resistance level: 1477.90, 1497.00
Support level: 1458.50, 1445.70