23 November 2018 Afternoon Session Analysis
Dollar plunged amid rebound of Euro and Sterling.
Greenback tumbled against a basket of six major currencies during Asian trading session after Britain and European Union agreed in principle to a text setting out their future relationship before a summit on 25th November. The draft declaration agreed by United Kingdom and European Union successfully cheered up the European market, causing the market participant sell off their greenback and transfer the capital to the Sterling Pound and Euro market. Moreover, the dollar had lost its ground for more than two consecutive trading sessions amid investors are worry about the pace of future interest rate increases while they are wondering how Federal reserve rise interest rate without risking the United States future economy growth. As of writing, Dollar index notched down 0.29% to 96.30. On the other hand, pair of EUR/USD notched up 0.10% to 1.1415 after the sentiment of Euro lifted by the Brexit optimism. However, majority of the investor are currently awaiting for the PMI data which will be announced on later today for further confirmation before entering the market.
In the commodities market, crude oil dipped 1.28% to $53.35 per barrel amid producers are churning out more oil than the amount demanded by the entire world amid a bleak economic outlook. On the other hand, gold price surged 0.05% to $1227.75 amid Dollar’s weakness.
Today’s Holiday Market Close
Time Market Event
All day Japan Labor Thanksgiving Day
All day US Thanksgiving Day – Early close at 13:00
Today’s Highlight Events
Time Market Event
N/A
Today’s Highlight Economic Data
| Time | Market & Data | Previous | Forecast | Actual |
| 15:00 | EUR – German GDP (QoQ) (Q3) | -0.2% | -0.2% | – |
| 16:30 | EUR – German Manufacturing PMI (Nov) | 52.2 | 52.3 | – |
| 21:30 | CAD – Core CPI (MoM) (Oct) | 0.0% | – | – |
| 21:30 | CAD – Core Retail Sales (MoM) (Sep) | -0.4% | 0.3% | – |
| 02:00 (24th) | CrudeOIL – US Baker Hughes Oil Rig Count | 888 | – | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower following prior retrace from the resistance level at 96.70. MACD which illustrate bearish momentum and the formation of death cross suggest the index to extend its losses toward the support level at 96.25.
Resistance level: 96.70, 97.00
Support level: 96.25, 95.95
GBPUSD, H4: GBPUSD was traded lower while currently testing near the support level at 1.2865. MACD which display diminishing bullish momentum suggest the pair to extend its losses after breaking the support level at 1.2865.
Resistance level: 1.2935, 1.3035
Support level: 1.2865, 1.2765
EURUSD, H4: EURUSD was traded higher while currently testing near the resistance level at 1.1415. MACD which illustrate diminished bearish momentum and the formation of golden cross suggest the pair to extend its gain after successfully breakout the resistance level at 1.1415.
Resistance level: 1.1415, 1.1455
Support level: 1.1365, 1.1310
USDJPY, H4: USDJPY was traded lower following prior retracement from the resistance level at 113.05. MACD which illustrate diminishing bullish momentum suggest the pair to extend its losses toward the support level at 112.30.
Resistance level: 113.05, 113.55
Support level: 112.30, 111.65
AUDUSD, H4: AUDUSD was traded in sideway channel following prior breakout from the support level at 0.7225. MACD which display diminishing bearish momentum and the formation of golden cross suggest the pair to extend its gains toward the resistance level at 0.7265.
Resistance level: 0.7265, 0.7290
Support level: 0.7225, 0.7205
NZDUSD, H4: NZDUSD was traded in sideway channel following recent rebound at the support level at 0.6790. MACD which display diminishing bearish momentum suggest the pair to extend its gain toward the resistance level at 0.6845.
Resistance level: 0.6845, 0.6880
Support level: 0.6790, 0.6715
USDCAD, H4: USDCAD was traded higher following prior rebound from the support level at 1.3180. MACD which illustrate diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 1.3225.
Resistance level: 1.3225, 1.3255
Support level: 1.3180, 1.3140
USDCHF, H4: USDCHF was traded in sideway channel following prior retracement from the resistance level at 0.9955. However, MACD which illustrate bullish momentum suggest the pair to be traded higher in short term toward the resistance level at 0.9955.
Resistance level: 0.9955, 0.9995
Support level: 0.9920, 0.9865
CrudeOIL, H4: Crude oil was traded lower while currently testing near the support level at 53.20. MACD which illustrate bearish momentum and the formation of death cross suggest the commodity to extend its losses after successfully breakout from the support level at 53.20.
Resistance level: 55.15, 57.65
Support level: 53.20, 51.65
GOLD_, H4: Gold was traded higher while currently testing near the resistance level at 1228.15. Due to lack of signal from MACD, a retracement from or breakout above the resistance level is required to attain further confirmation before entering the market.
Resistance level: 1228.15, 1235.65
Support level: 1220.45, 1215.35