22 March 2019 Afternoon Session Analysis
With deadline extended, what’s next for Brexit?
Greenback depreciates slightly during mid-Asian trading session while pound sterling rose over the backdrop of Brexit developments in the UK. According to Reuters, UK Prime Minister Theresa May welcomed the European Union’s decision to delay Brexit, stating that lawmakers in the British parliament now had clear choices on what to be done next. Britain may leave the European Union without a deal on April 12 if lawmakers reject May’s Brexit deal next week. In addition, EU gave the British leader an extra two months, until May 22 if she wins the next week’s vote in the Parliament. However, losses experienced by the US dollar were limited as investors digests bullish economic data from yesterday. Both Initial Jobless Claims and Philadelphia Fed Manufacturing Index came in with flying colors, diminishing some fears in the financial market over possible economic slowdown in the United States. As for today, investors will place their attention upon housing market data from the US to gain further signal with regards to greenback’s near-term direction. As of writing, the dollar index was down 0.20% to 95.75 while pair of GBP/USD tacks up 0.23% to 1.3137.
In the commodities market, crude oil price was traded flat near $59.83 per barrel. Oil prices hovers near 2019 highs amid OPEC supply cuts while its gains were limited by bearish outlook over global economic progression. On the other hand, gold price appreciates by 0.02% to $1,309.09 a troy ounce following weaker greenback.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
Tentative EUR EU Leaders Summit
Today’s Highlight Economic Data
| Time | Market & Data | Previous | Forecast | Actual |
| 16.30 | EUR – German Manufacturing PMI (Mar) | 47.6 | 48.0 | – |
| 20.30 | CAD – Core CPI (MoM) (Fed) | 0.3% | – | – |
| 20.30 | CAD – Core Retail Sales (MoM) (Jan) | -0.5% | 0.2% | – |
| 22.00 | USD – Existing Home Sales (Feb) | -1.2% | 2.2% | |
| 01.00 (23th) | CrudeOIL – U.S. Baker Hughes Oil Rig Count | 833 | – | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower while currently testing near the support level 95.70. MACD which illustrate diminishing bullish momentum suggest index to extend its losses after successfully breakout below the support level at 95.70.
Resistance level: 96.10, 96.40
Support level: 95.70, 95.45
GBPUSD, H4: GBPUSD was traded higher following prior breakout above the previous resistance level at 1.3130. MACD which display diminishing bearish momentum suggest the pair to extend its gains towards the resistance level 1.3220.
Resistance level: 1.3220, 1.3295
Support level: 1.3130, 1.3065
EURUSD, H1: EURUSD was traded higher while currently testing the 50 moving average (blue). MACD which display bullish momentum suggest the pair to extend its gains toward the next resistance level after successfully breakout above the 50 moving average line.
Resistance level: 1.1395, 1.1425
Support level: 1.1355, 1.1315
USDJPY, H4: USDJPY was traded lower following prior retracement from the resistance level 110.85. MACD which illustrate diminishing bearish momentum suggest the pair to undergo technical correction in short term toward the resistance level at 110.85.
Resistance level: 110.85, 111.10
Support level: 110.60, 110.35
AUDUSD, H4: AUDUSD was traded lower following prior breakout below previous support level at 0.7120. MACD which display bearish momentum and the formation of death cross suggest the pair to extend its losses towards the support level 0.7070.
Resistance level: 0.7120, 0.7145
Support level: 0.7070, 0.7045
NZDUSD, H1: NZDUSD was traded higher following prior rebound from the support level at 0.6865. MACD which illustrate bias bullish signal and the formation of golden cross suggest the pair to extend its rebound towards the resistance level 0.6900.
Resistance level: 0.6900, 0.6935
Support level: 0.6865, 0.6840
USDCAD, H4: USDCAD was traded lower following prior retracement from the top level. MACD which display diminishing bullish momentum suggest the pair to extend its retracement toward the support level at 1.3345.
Resistance level: 1.3405, 1.3460
Support level: 1.3345, 1.3290
USDCHF, Daily: USDCHF was traded higher while currently testing the resistance level at 0.9930. MACD which illustrate diminishing bearish momentum suggest the pair to extend its gains after successfully breakout the resistance level at 0.9930.
Resistance level: 0.9930, 0.9970
Support level: 0.9870, 0.9805
CrudeOIL, H1: Crude oil price was traded higher following prior rebound from the support level 59.70. MACD which display diminishing bearish momentum suggest the commodity to extend its rebound towards the resistance level 60.25.
Resistance level: 60.25, 61.25
Support level: 59.70, 59.05
GOLD_, H4: Gold price was traded lower following prior breakout below the previous support level at 1310.35. MACD which illustrate bearish momentum with the formation of death cross suggest gold to extend its losses toward the support level at 1300.25.
Resistance level: 1310.35, 1315.00
Support level: 1300.25, 1292.05