24 October 2018 Afternoon Session Analysis
Dollar flatten despite Wall Street closed lower.
US Dollar managed to hold against a basket of six major peer currencies after US market closed with loss. The poor performance of Wall Street spurring a risk off move that benefited the safe haven asset such as Japanese Yen and Gold as it imply that the outlook of US economic growth might be worsen. Although dollar is also categorized as a safe haven currency, but the weakness of US market has exerted negative momentum toward the greenback against other currency. However, the negative sentiment does not come into effect as majority of the market participants are still keeping their eyes on the coming announcement of September New Home Sales data. US Dollar notched down 0.03% to 95.65 as of writing. On the other hand, the pair of CAD/USD was traded lower 0.08% to 1.3075 while investor eyes on the BoC Interest Rate Decision later today. Although the domestic inflation and retails sales data of Canada was came in weaker than forecasted reading, but economist are still expect the Bank of Canada to raise its interest rate by 25 basis point to 1.75 percent.
In the commodities market, crude oil notched up 0.79% to $66.55 per barrel amid despite Saudi pledged to meet any supply shortfall that might happened due to the US sanctions against Iran. Next, gold price surged 0.14% to $1231.75 amid higher demand of safe haven along with a weaker dollar.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
22:00 CAD BoC Monetary Policy Report
23:15 CAD BoC Press Conference
Today’s Highlight Economic Data
| Time | Market & Data | Previous | Forecast | Actual |
| 15:30 | EUR – German Manufacturing PMI (Oct) | 53.7 | 53.5 | – |
| 16:30 | GBP – Gross Mortgage Approvals | 39.4K | 39.0K | – |
| 22:00 | USD – New Home Sales (Sep) | 629K | 630K | – |
| 22:00 | CAD – BoC Interest Rate Decision | 1.50% | 1.75% | – |
| 22:30 | CrudeOIL – Crude Oil Inventories | 6.490M | 3.694M | – |
Technical Analysis
DOLLAR_INDX, H1: Dollar index was traded lower while currently testing near the upward trend line. MACD which illustrate starting bullish momentum suggests the index to extend its gains, towards the direction of 95.75.
Resistance level: 95.75, 95.90
Support level: 95.50, 95.20
GBPUSD, H1: GBPUSD was traded lower following prior retrace from the downward trendline. MACD which illustrate starting bullish momentum suggests the pair to be traded higher in short term toward downward trend line.
Resistance level: 1.3015, 1.3065
Support level: 1.2955, 1.2905
EURUSD, H4: EURUSD was traded higher following prior rebound from the support level at 1.1455. MACD which illustrate starting upward momentum suggests the pair to be traded higher in short-term toward the resistance level at 1.1490.
Resistance level: 1.1490, 1.1530
Support level: 1.1445, 1.1430
USDJPY, H1: USDJPY was traded higher following prior breakout from the previous resistance level. MACD which illustrate bullish momentum and formation of golden cross suggest the pair to extend its gains toward the resistance level at 112.70
Resistance level: 112.70, 112.90
Support level: 112.40, 112.20
AUDUSD, H4: AUDUSD was traded higher while currently testing near resistance level at 0.7100. MACD which illustrate starting bullish momentum and formation of golden cross suggests the pair to extend its gains after successfully breakout.
Resistance level: 0.7100, 0.7145
Support level: 0.7065, 0.7045
NZDUSD, H4: NZDUSD was traded lower following prior breakout from the previous support level at 0.6580. MACD which illustrate diminishing bearish momentum suggest the pair to be traded higher in short term toward the resistance level at 0.6580.
Resistance level: 0.6580, 0.6605
Support level: 0.6535, 0.6495
USDCAD, H4: USDCAD was traded lower while currently testing near the support level at 1.3075. MACD which illustrate bearish momentum and formation of death cross suggest the pair to extend it losses after successfully breakout.
Resistance level: 1.3120, 1.3185
Support level: 1.3075, 1.3050
USDCHF, H1: USDCHF remains traded within a sideways channel following prior rebound from the lower level. MACD which illustrate diminishing of bullish momentum suggest the pair to be traded lower toward the support level at 0.9940.
Resistance level: 0.9975, 1.0050
Support level: 0.9940, 0.9925
CrudeOIL, H4: Crude oil price was traded lower following prior breakout from the previous support level at 67.35. MACD which illustrate diminishing of bearish momentum suggest the pair to be traded higher in short term toward the resistance level at 67.35.
Resistance level: 67.35, 68.50
Support level: 66.20, 64.20
GOLD_, H4: Gold price was traded higher following prior rebound from the support level of 1229.50. MACD which illustrate diminishing upward momentum suggests the commodity price to be traded lower in short term toward the support level at 1229.50.
Resistance level: 1237.55, 1244.75
Support level: 1229.50, 1221.35