21 November 2019 Morning Session Analysis
Dollar rose as relation worsen between U.S and China.
The dollar index which traded against a basket six major rival pairs have rose on early Asian session following trade-negative statement from U.S President Donald Trump along with passing of Hong Kong bill. According to the latest development, U.S. President Donald Trump have threatened to raise new tariffs on Chinese imports if ongoing trade negotiations fail. Besides that, U.S. Senate passing legislation that backed Hong Kong protesters and would ban the export of items like tear gas and rubber bullets to the city’s police force which strained further in relationship between U.S China. Beijing condemned the U.S. legislation aimed at protecting human rights in Hong Kong, saying that the U.S. should stop interfering. The worsening outlook have also added further jitters to trade-exposed currencies such as the antipodeans. At the time of writing, dollar index rose 0.04% to 97.78 while AUD/USD fell 0.04% to 0.6798.
In the commodities market, crude oil price climbs 0.48% to $56.94 per barrel at the time of writing as market rejoice over smaller crude oil build. According to the reports from Energy Information Administration, U.S crude stockpiles have rose by 1.379 million barrels last week, lower than market expectation of 1.543 million barrels. Besides that, Russian President Vladmir Putin also indicated that Russia will do its best to support OPEC in whatever way necessary on production cut, adding further bullish fervor in the black commodity. On the other hand, gold price steadied and rose 0.19% to $1473.87 a troy ounce as of writing amid political uncertainty in Hong Kong and straining relationship between U.S and China continue to fuel the demand for the safe-haven commodity.
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