24 December 2019 Morning Session Analysis
Greenback slumped amid to weak data from U.S
Dollar index edged lower following the bleak data from the U.S. region were released. According to Census Bureau, U.S. Core Durable Goods Order for last month unexpectedly notched down from 0.3% to 0.0%, missing the economist forecast at 0.1%. Meanwhile, U.S. New Home Sales came in at 719K, which also lower than the market forecast at 734K. The data were both fared worse than expectation, dialing down market optimism towards economic progression in the United States while insinuating some selloff for the greenback. On the other hand, the Canadian dollar received some bearish momentum yesterday as the disappointed growth data from Canada, weighed on the Canadian dollar. According to Statistics Canada, Canada Gross Domestic Product (GDP) for last month contracted by 0.1%, which came in worse than the market expectation. In fact, these downbeat data indicated the economy growth in Canada as well as United States are still remained weak, which further strengthen the belief that the Central Bank of both countries will cut rates in the near future in order to boost up the economic growth, spurring some sell-off for both of the pairs. As of writing, dollar index depreciated by 0.02% to 97.20 while USD/CAD surged 0.03% 1.3145.
In the commodities market, the crude oil price slumped 0.10% to $60.56 per barrel. The oil market edged lower after Russian Energy Minister Alexander Novak claimed that OPEC+ alliance may consider easing output restrictions at its March meeting. On the other hand, gold price appreciated by 0.04% to $1485.55 per troy ounces amid to weaker greenback.
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Today’s Highlight Events
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Technical Analysis
DOLLAR_INDX, Daily: Dollar index was traded higher following prior breakout above the resistance level at 97.00. MACD which illustrated diminishing bearish momentum suggest the index to extend its gains toward resistance level at 97.55.
Resistance level: 97.55, 98.10
Support level: 97.00, 96.50
GBPUSD, Daily: GBPUSD was traded lower following prior breakout below the previous support level at 1.2985. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.2795.
Resistance level: 1.2985, 1.3150
Support level: 1.2795, 1.2610
EURUSD, H4: EURUSD was traded higher following prior rebound from the support level at 1.1060. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 1.1115.
Resistance level: 1.1115, 1.1160
Support level: 1.1060, 1.1005
USDJPY, H4: USDJPY was traded within a range while currently near the support level at 109.25. MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 109.65, 109.95
Support level: 109.25, 108.90
AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level at 0.6930. However, MACD which illustrate diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 0.6930, 0.6970
Support level: 0.6895, 0.6845
NZDUSD, H4: NZDUSD was traded higher following prior breakout above the previous resistance level at 0.6600. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 0.6665, 0.6720
Support level: 0.6600, 0.6545
USDCAD, Daily: USDCAD was traded higher while currently testing the resistance level at 1.3155. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1.3155, 1.3195
Support level: 1.3120, 1.3055
USDCHF, Daily: USDCHF was traded higher following prior rebound from the support level at 0.9785. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 0.9855.
Resistance level: 0.9855, 0.9905
Support level: 0.9785, 0.9720
CrudeOIL, Daily: Crude oil price was traded lower following prior retracement from the resistance level at 61.05. MACD which illustrate diminishing bullish momentum suggest the commodity to extend its losses toward support level at 58.15.
Resistance level: 61.05, 62.50
Support level: 58.15, 56.35
GOLD_, H4: Gold price was traded higher following prior breakout above the previous resistance level at 1483.80. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.
Resistance level: 1493.05, 1502.10
Support level: 1483.80, 1474.55