25 September 2019 Morning Session Analysis
Dollar slipped over soft consumer confidence.
Greenback slipped against other major currencies on yesterday after recently released consumer confidence data came in lower than expected. As of writing, the dollar index was down 0.28% to 97.87 during early Asian session. According to Conference Board, its Consumer Confidence Index fell the most in 9 months in September to 125.1. It is significantly lower than previous reading of 134.2 while missing economists’ forecast of 134.1. Overall consumer outlook towards the US economy has dampened following escalation in trade and tariff tensions between US and China. Likewise, rising political jitters in Washington has led to further downward pressure on the greenback after House of Representatives open a formal impeachment inquiry against US President Donald Trump over a phone call with Ukraine’s President in July. Trump and his allies were accused of pressuring a foreign leader to investigate a domestic political opponent. On the other hand, pair of GBP/USD rose 0.04% to 1.2493 this morning. Pound sterling extended its gains after UK Supreme Court ruled that the suspension of Parliament by UK Prime Minister Boris Johnson is unlawful. Furthermore, the vote was unanimous and states that Johnson’s decision to suspend the Parliament from carrying out its constitutional functions without any reasonable justification.
As for commodities, crude oil price slipped 0.04% to $56.84 per barrel. Oil futures received some bearish pressure after American Petroleum Institute reported an increase in last week’s crude oil stocks by 1.4 million barrels. On the other hand, gold price slipped 0.06% to $1,531.36 a troy ounce following yesterday’s rise due to profit taking.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
10:00 NZD RBNZ Rate Statement
11:00 NZD RBNZ Press Conference
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 10:00 | NZD – RBNZ Interest Rate Decision | 1.00% | 1.00% | – |
| 14:00 | EUR – GfK German Consumer Climate (Oct) | 9.7 | 9.7 | – |
| 22:00 | USD – New Home Sales (Aug) | 635K | 660K | – |
| 22:30 | USD – Crude Oil Inventories | 1.058M | -0.249M | – |
Technical Analysis
DOLLAR_INDX, H1: Dollar index was traded higher following prior rebound from the lower level. MACD which illustrate diminished downward momentum suggests the index to be traded higher in short-term.
Resistance level: 97.95, 98.20
Support level: 97.75, 97.40
GBPUSD, H1: GBPUSD was traded lower following prior retracement from the resistance near 1.2515. MACD which begins to form a death cross signal suggests the pair to be traded lower in short-term.
Resistance level: 1.2515, 1.2600
Support level: 1.2400, 1.2325
EURUSD, H4: EURUSD was traded lower while currently testing at the support of 1.1015. MACD which illustrate diminishing upward momentum suggests the pair to extend its losses after closing below 1.1015.
Resistance level: 1.1070, 1.1150
Support level: 1.1015, 1.0930
USDJPY, Daily: USDJPY was traded lower while currently testing near the support of 107.05. MACD which illustrate bearish signal suggests the pair to extend its losses after closing below 107.05.
Resistance level: 107.60, 108.05
Support level: 107.05, 106.55
AUDUSD, H4: AUDUSD was traded lower following prior retrace from 0.6800. MACD which illustrate diminished upward momentum suggests the pair to be traded lower in short-term.
Resistance level: 0.6800, 0.6830
Support level: 0.6750, 0.6705
NZDUSD, H1: NZDUSD was traded lower following prior retrace from its higher levels. MACD which illustrate bearish signal suggests the pair to extend its losses after closing below the 20-MA line (Red).
Resistance level: 0.612, 0.6300
Support level: 0.6290, 0.6250
USDCAD, H4: USDCAD was traded lower following prior breakout from the support of 1.3255. MACD which illustrate persistent bearish signal suggests the pair to extend its losses in mid-term.
Resistance level: 1.3255, 1.3280
Support level: 1.3220, 1.3190
USDCHF, H4: USDCHF was traded higher following prior rebound from the lower levels. MACD which illustrate diminishing downward momentum suggests the pair to be traded higher in short-term as technical correction.
Resistance level: 0.9865, 0.9925
Support level: 0.9820, 0.9775
CrudeOIL, H4: Crude oil price was traded lower following prior breakout at 57.30. MACD which illustrate bearish signal suggests its price to extend its losses, towards the direction of 55.55.
Resistance level: 57.30, 58.70
Support level: 55.55, 54.45
GOLD_, H4: Gold price was traded higher while currently testing at 1533.00. MACD which illustrate bullish signal suggests its price to extend its gains after breaking the resistance of 1533.00.
Resistance level: 1533.00, 1550.00
Support level: 1523.00, 1509.00