24 September 2019 Morning Session Analysis
Greenback rebounds, eyes on future data.
US dollar extended gains on yesterday following positive regional data and a selloff in other major currencies. As of writing, the dollar index was quoted up 0.10% to 98.20 during Asian session. According to Markit, US Manufacturing PMI expanded to 51.0 for the month of September, fared better than economists’ forecast to remains stable at 50.3. Overall, the data shows a resilient manufacturing market in the US despite ongoing trade war in between US and China. However, gains on the greenback were limited after Services PMI for the month of September expanded to 50.9, slightly lower than forecast of 51.3. Overall sentiment towards the greenback remains optimistic while investors continue to scrutinize future economic data from the US such as Core PCE Price Index and GDP which would be used to determine Federal Reserve’s future monetary policy stance. On the other hand, pair of EUR/USD ticked down 0.01% to 1.0990. Euro received a selloff on yesterday after German Manufacturing PMI slumped to 41.4, missing economist forecast of 44.0 for the month of September. The data has reinforced market’s perception that EU’s economy remains fragile and it may open up for more monetary policy easing in the future if the current condition persists or deteriorates.
On the other hand, crude oil price slumped 0.19% to $58.41 per barrel. Oil futures were dumped after Reuters reported that Saudi Arabia oil production may be restored fully by next week. Otherwise, gold price depreciates by 0.12% to $1,520.34 a troy ounce after rising up on yesterday due to higher risk aversion in the market.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
N/A
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 16:00 | EUR – German Ifo Business Climate Index (Sep) | 94.3 | 94.5 | – |
| 22:00 | USD – CB Consumer Confidence (Sep) | 135.1 | 134.1 | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher following prior rebound from the lower levels. MACD which illustrate bullish signal suggests the index to extend its gains after breaking the resistance of 98.20.
Resistance level: 98.20, 98.30
Support level: 97.95, 97.75
GBPUSD, H4: GBPUSD was traded lower following prior breakout from the upward channel. However, MACD which illustrate diminishing downward momentum suggests the pair to be traded higher in short-term as technical correction.
Resistance level: 1.2515, 1.2600
Support level: 1.2400, 1.2325
EURUSD, H4: EURUSD was traded higher following prior rebound from the lower level. MACD which illustrate diminished bearish momentum suggests the pair to be traded higher in short-term as technical correction.
Resistance level: 1.1010, 1.1070
Support level: 1.0930, 1.0870
USDJPY, H4: USDJPY was traded higher while currently testing at 107.60. MACD which illustrate bullish signal suggests the pair to extend its gains after breaking the resistance at 107.60.
Resistance level: 107.60, 108.05
Support level: 107.05, 106.55
AUDUSD, H4: AUDUSD was traded higher following prior rebound from the lower levels. MACD which illustrate bullish signal suggests the pair to be traded higher in short-term as technical correction.
Resistance level: 0.6800, 0.6830
Support level: 0.6750, 0.6705
NZDUSD, H4: NZDUSD was traded higher following prior rebound from the lower levels. MACD which illustrate bullish signal suggests the pair to be traded higher in short-term as technical correction.
Resistance level: 0.6360, 0.6410
Support level: 0.6290, 0.6250
USDCAD, H4: USDCAD was traded lower while currently testing at the support of 1.3255. MACD which illustrate bearish signal suggests the pair to extend its losses after closing below 1.3255.
Resistance level: 1.3280, 1.3315
Support level: 1.3255, 1.3220
USDCHF, H4: USDCHF was traded higher following prior rebound from the lower levels. 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 higher following prior rebound from the lower level. MACD which illustrate diminished downward momentum suggests its price to be traded higher after breaking 58.70.
Resistance level: 58.70, 60.85
Support level: 57.30, 55.55
GOLD_, H4: Gold price was traded lower following prior retracement from the resistance of 1523.00. MACD which illustrate diminished upward momentum suggests its price to be traded lower in short-term as technical correction.
Resistance level: 1523.00, 1533.00
Support level: 1509.00, 1494.50