23 September 2019 Morning Session Analysis
Dollar pressured as trade hopes receded again.
Dollar index have fell against its basket of six major rival pairs in early Asian session as sentiment have been soured by news of trade risk upped between China and U.S. According to the recent report, China’s trade delegation has cancelled their visit to Montana for an agriculture talks, leaving the U.S earlier than planned. President Donald Trump also hinted at a problem in a press conference last week, citing that he is looking for a complete deal, not a partial which emphasize that the effort of China to buy more agricultural product from U.S will not be enough. The news has once again dimmed market hope of a trade deal between the two nations, thus triggered some selling pressure for the greenback. Still, investors remain focused on the development between the two countries to gauge further direction. On the other hand, pound starling has fizzled and gave up some of its gains after Ireland Foreign Minister’s comment. According to reports from Bloomberg, Irish Foreign Minister Simon Coverney have warned that the path of a Brexit deal is not even close, stated that there is still “quite a wide gap” between the U.K and EU. The statement have dampened Brexit hopes from previous optimism by European Commission President Jean-Claude Juncker. At the time of writing, dollar index fell 0.02% to 98.03 while GBP/USD slips 0.05% to 1.2468.
On the commodities market, crude oil price rebounds 0.68% to $58.76 per barrel at the time of writing, however remain pressured in a tight range as market uncertainty and downside risk continue to mount for the commodity. Recently, OECD stated that the economic outlook both industrialized nations and emerging markets were “weakening.” At the same time, trade tension between U.S and China also taking a toll on market confidence and investment. Last, gold price gains 0.15% to $1513.41 a troy ounce as of writing following repeating trade risk and uncertainty have regain its safe-haven appeal towards global market.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
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Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 15.30 | EUR – German Manufacturing PMI (Sep) | 43.5 | 44.0 | – |
| 21.45 | USD – Manufacturing PMI (Sep) | 50.3 | 50.3 | – |
| 21.45 | USD – Services PMI (Sep) | 50.7 | 51.5 | – |
Technical Analysis
DOLLAR_INDX, H1: Dollar index remains traded within a sideways channel. MACD which illustrate diminished upward momentum suggests the index to be traded lower in short-term.
Resistance level: 98.20, 98.30
Support level: 97.95, 97.75
GBPUSD, H4: GBPUSD remains traded within an ascending channel. MACD which illustrate bearish signal suggests the pair to extend its losses if a breakout occur at the bottom level of the channel.
Resistance level: 1.2515, 1.2600
Support level: 1.2400, 1.2325
EURUSD, H4: EURUSD was traded higher following prior rebound from the support at 1.1010. MACD which illustrate diminished downward momentum suggests the pair to be traded higher in short-term as technical correction.
Resistance level: 1.1070, 1.1150
Support level: 1.1010, 1.0930
USDJPY, H4: USDJPY was traded lower while currently testing at 107.60. MACD which illustrate bearish signal suggests the pair to extend its losses after closing below 107.60.
Resistance level: 108.05, 108.45
Support level: 107.60, 107.05
AUDUSD, Daily: AUDUSD was traded lower following prior retrace from its higher level. MACD which illustrate bearish signal suggests the pair to extend its losses, towards the direction of 0.6750.
Resistance level: 0.6800, 0.6830
Support level: 0.6750, 0.6705
NZDUSD, Weekly: NZDUSD was traded lower following prior closure below 0.6290. MACD which illustrate bearish signal suggests the pair to advance further down, towards the direction of 0.6030.
Resistance level: 0.6290, 0.6445
Support level: 0.6030, 0.5800
USDCAD, H1: USDCAD remains traded within an ascending channel formation. MACD which illustrate bearish signal suggests the pair to be traded lower in short-term as technical correction.
Resistance level: 1.3280, 1.3315
Support level: 1.3255, 1.3220
USDCHF, H4: USDCHF was traded lower within the ascending channel formation. However, MACD which illustrate diminished downward momentum suggests the pair to be traded higher in short-term.
Resistance level: 0.9925, 0.9970
Support level: 0.9865, 0.9820
CrudeOIL, H4: Crude oil price was traded flat near 58.70. Due to the lack of signal from MACD and price action, it is suggested to wait for a breakout before entering the market.
Resistance level: 58.70, 60.85
Support level: 57.30, 55.55
GOLD_, H4: Gold price was traded higher following prior closure above 1509.00. MACD which illustrate bullish signal suggests its price to advance further up, towards the direction of 1523.00.
Resistance level: 1523.00, 1533.00
Support level: 1509.00, 1494.50