22 November 2019 Afternoon Session Analysis
Dollar sink amid uncertainties over global trade.
Dollar index which gauge its value against a basket of six major currencies fall as US global trade issue continues to weigh on this single currency market’s sentiment. Last week, the window for auto related tariffs on EU had closed as US President Donald Trump was supposed to make a final decision before the deadline 14th November. After the deadline passed, recent news show that US administration official are now considering whether to start another round of trade investigation against EU, but even much broader trade inquiry for this time. Moreover, trade talk between US and China remains deadlock as China emphasized that they will continue to eye on US next move with regards to backing Hong Kong Bill. Prior, China reacted angrily toward Washington’s proposal over Hong Kong issue as US is interfering the internal affairs between China and Hong Kong, and it became another obstacle to the phase 1 trade deal between these both parties. Adding further anger on Chinese government is US President Trump is not considering to veto the bill, showing no willingness to close a deal with them. As of writing, dollar index inched down 0.05% to 97.95.
In the commodities market, crude oil price retraced 0.26% to $58.15 per barrel after hitting two months high level amid market worries over global trade development continues to haunt the crude oil product future demand outlook. On the other hand, gold price rose 0.03% to $1464.60 a troy ounce amid weakening of greenback.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
16.30 EUR ECB President Lagarde Speaks
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 15.00 | EUR – German GDP (QoQ) (Q3) | -0.2% | 0.1% | – |
| 16.30 | EUR – German Manufacturing PMI (Nov) | 42.1 | 42.9 | – |
| 17.30 | GBP – Manufacturing PMI | 49.6 | – | – |
| 17.30 | GBP – Service PMI | 50 | – | – |
| 21.30 | CAD – Core Retail Sales (MoM) (Sep) | -0.2% | 0.1% | – |
| 02:00
(23rd) |
CrudeOIL – US Baker Hughes Oil Rig Count | 674 | – | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from the resistance level at 97.85. However, MACD which illustrated increasing bullish momentum suggest the index to be traded higher in short-term as technical correction.
Resistance level: 97.85, 97.95
Support level: 97.70, 97.55
GBPUSD, Daily: GBPUSD was traded lower following prior retracement from the resistance level at 1.2965. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 1.2965, 1.3180
Support level: 1.2765, 1.2600
EURUSD, Daily: EURUSD was traded lower following prior retracement from the resistance level 1.1080. MACD which illustrate increasing bullish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 1.1080, 1.1165
Support level: 1.1010, 1.0955
USDJPY, H4: USDJPY was traded higher while currently testing the resistance level at 108.65. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 108.65, 108.90
Support level: 108.35, 108.15
AUDUSD, H4: AUDUSD was traded lower following prior breakout below the previous support level at 0.6790. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward the support level at 0.6770.
Resistance level: 0.6790, 0.6815
Support level: 0.6770, 0.6750
NZDUSD, H4: NZDUSD was traded lower following prior breakout below the previous support level at 0.6410. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.6390.
Resistance level: 0.6410, 0.6435
Support level: 0.6390, 0.6370
USDCAD, Daily: USDCAD was traded lower following prior retracement from the resistance level at 1.3325. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 1.3265.
Resistance level: 1.3325, 1.3375
Support level: 1.3265, 1.3210
USDCHF, Daily: USDCHF was traded higher following prior breakout above the previous resistance level 0.9900. MACD which illustrate diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 0.9945.
Resistance level: 0.9945, 0.9980
Support level: 0.9900, 0.9850
CrudeOIL, Daily: Crude oil price was traded lower following prior retracement from the resistance level at 58.65. MACD which illustrated diminishing bullish momentum suggest the commodity to extend its losses toward support level at 56.75.
Resistance level: 58.65, 60.50
Support level: 56.75, 55.40
GOLD_ H4: Gold price was traded lower following prior retracement from the resistance level 1472.85. MACD which illustrate increasing bearish momentum suggest the commodity to extend its losses toward support level at 1459.00.
Resistance level: 1472.85, 1485.60
Support level: 1459.00, 1449.40