22 November 2019 Morning Session Analysis
Dollar rose following potential reverse in trade talk.
The dollar index which measured against a basket of six major currency pairs have gain on Friday’s early Asian session as new development evolved between U.S and China. According to the latest report from South China Morning Post, the article stated that U.S may reverse its decision and willing to delay the 15 December tariffs if an agreement is not reached by then. On China side, Chinese Vice Premier Liu He remain positive and stated that he is confident about reaching Phase One of a deal with the US. Adding further the bullish favor is the Philadelphia Fed Manufacturing Index which came in higher than expected with the reading of 10.4 against 7.0. Still, ongoing uncertainty remain in grasp of the market where the market and also China are now closely monitoring the US president’s next move following the vote by Congress. Dollar index climbs 0.03% to 97.83 as of writing. Meanwhile, USD/CAD slumps 0.05% to 1.3279 at the time of writing amid hawkish note from BoC Governor Poloz. According to his statement, Poloz have argued that monetary conditions were “about right” given the current situation to hint that the BoC is unlikely to consider a rate cut anytime soon. At the same time, the rising crude oil price also help the Loonie to find demand in the market.
In the commodities market, crude oil price soars 0.15% to $58.35 per barrel at the time of writing as plans of OPEC and its allies to extend output cut when they meet next month continue to support the demand for the black commodity. Their goal is to keep the market propped up ahead of the listing of Saudi state oil company Aramco. On the other hand, gold price fell 0.05% to $1464.35 a troy ounce as of writing amid strengthening dollar and temporary diminishing risk in trade development.
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 higher following prior rebound from the support level 97.60. MACD which illustrate bullish momentum signal suggest the dollar to extend its rebound towards the resistance level 98.20.
Resistance level: 98.25, 98.90
Support level: 97.60, 96.85
GBPUSD, H4: GBPUSD remain traded in a sideway channel following recent retracement from the resistance level 1.2970. However, MACD which illustrate ongoing bearish momentum signal suggest the pair to extend its losses towards the support level 1.2795.
Resistance level: 1.2970, 1.3095
Support level: 1.2795, 1.2690
EURUSD, H4: EURUSD was traded lower following prior retracement from the resistance level 1.1080. MACD which illustrate ongoing bearish momentum signal suggest the pair to extend its losses towards the support level 1.0990.
Resistance level: 1.1080, 1.1170
Support level: 1.0990, 1.0925
USDJPY, H4: USDJPY was traded flat following recent rebound from the support level 108.25. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to be traded lower 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 while currently testing near the support level 0.6770. MACD which illustrate bearish bias signal suggest the pair to extend its losses after it breaks below the support level.
Resistance level: 0.6825, 0.6880
Support level: 0.6770, 0.6715
NZDUSD, H4: NZDUSD was traded lower following prior retracement from the resistance level 0.6425. MACD which illustrate ongoing bearish bias signal suggest the pair to extend its losses towards the support level 0.6340.
Resistance level: 0.6425, 0.6500
Support level: 0.6340, 0.6275
USDCAD, H4: USDCAD was traded lower while currently testing near the support level 1.3560. MACD which illustrate bearish bias signal with the formation of death cross suggest the pair to extend its losses after it breaks below the support level.
Resistance level: 1.3340, 1.3385
Support level: 1.3260, 1.3185
USDCHF, H4: USDCHF was traded higher following prior breakout above the previous resistance level 0.9915. MACD which illustrate ongoing bullish momentum signal suggest the pair to extend its gains towards the resistance level 0.9980.
Resistance level: 0.9980, 1.0025
Support level: 0.9915, 0.9845
CrudeOIL, H4: Crude oil price was traded higher following prior breakout above the previous resistance level 57.95. MACD which illustrate ongoing bullish momentum signal suggest the commodity to extend its gains towards the resistance level 59.40.
Resistance level: 59.40, 60.85
Support level: 57.95, 56.30
GOLD_ H4: Gold price was traded lower following prior retracement from the resistance level 1477.90. MACD which illustrate bearish momentum signal with the formation of death cross suggest the commodity to extend its losses towards the support level 1458.50.
Resistance level: 1477.90, 1497.00
Support level: 1458.50, 1445.70