22 September 2017 Daily Analysis
Greenback’s bull momentum faded despite positive data.
Dollar index was traded lower against a basket of major currencies after depreciating by 0.27% to 91.80 as of writing. Dollar bulls has seemingly gave up some of the post-Fed rally despite a better-than-expectation manufacturing and labor market activity reports. Manufacturing index in August shown an increase to its three-month high from 18.9 to 23.8. In addition, initial jobless claims decreased by 23,000 to 259,000, better than forecasts of 18,000 decline. According to Fed rate monitor tool, more than 70% traders shown positive outlook toward rate hiking by Fed in December. Furthermore, the “dot-plot” signaled that the central bank to see rates increasing to between 1.25% and 1.5% by the end of year 2017. On the other hand, USD/JPY traded at 112.13, down 0.31%; GBPUSD last quoted at 1.3586, up 0.03%; AUD/USD changed hands at 0.7918, down 0.16%; NZDUSD traded at 0.7291, down 0.22%.
In the commodity market, crude oil price increased by 0.12% to 50.57 as investors awaiting signals from OPEC meeting on supply cut extension due later today. Otherwise, gold price appreciates by 0.39% to 1295.65 following a dip of the Greenback.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
17:30 EUR ECB President Draghi Speaks
18:00 USD FOMC Member Williams Speak
21:30 USD FOMC Member George Speaks
01:30 USD FOMC Member Kaplan Speaks
Tentative GBP UK Prime Minister May Speaks
Today’s Highlight Economy Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 15:30 | EUR – German Manufacturing PMI (Sep) | 59.3 | 59.0 | – |
| 20:30 | CAD – Core CPI (MoM) (Aug) | -0.1% | – | – |
| 20:30 | CAD – Core Retail Sales (MoM)(Jul) | 0.7% | 0.4% | – |
| 21:45 | USD – Manufacturing PMI (Sep) | 52.8 | 53.0 | – |
| 21:45 | USD – Markit Composite PMI | 55.3 | – | – |
| 21:45 | USD – Services PMI (Sep) | 56.0 | 56.0 | – |
| 01:00 | CrudeOIL – US Baker Hughes Oil Rig Count | 749 | – | – |
GBPUSD
GBPUSD, H4: GBPUSD was consolidating within the box with resistance level 1.3618 and support level 1.3450. Upward slope of MACD histogram suggests the pair to gain further bull momentum to trade upward if breakout of the said resistance level is successful.
Resistance level: 1.3615, 1.3810
Support level: 1.3450, 1.3250
EURUSD
EURUSD, H4: EURUSD was traded higher prior its rebound from support level at 1.1870. Positive divergence as shown by MACD histogram suggests EURUSD to continue its momentum to trade higher toward the resistance level at 1.1985.
Resistance level: 1.1985, 1.2070
Support level: 1.1870, 1.1820
USDJPY
USDJPY, H1: USDJPY was traded lower prior its retracement from resistance level at 112.70. Formation of negative divergence as shown by MACD histogram suggests the pair to further its losses toward the support level at 111.45.
Resistance level: 112.70, 112.90
Support level: 111.45, 110.70
CrudeOIL
Crude OIL, H4: Crude oil price is consolidating in between resistance level at 51.10 and support level at 50.00 with no obvious momentum shown by MACD histogram. Crude oil price is to break either the said resistance level or support level for further clarification of the price movement.
Resistance level: 51.10, 51.90
Support level: 50.00, 49.15
GOLD
GOLD_, H4: Gold price was traded higher prior its rebound from support level at 1289.80. Formation of positive divergence as shown by MACD histogram suggests gold price to further its gains toward resistance level at 1299.05.
Resistance level: 1299.05, 1321.35
Support level: 1289.80, 1281.05