25 October 2019 Morning Session Analysis
Dollar climbs despite mixed data, euro struggled.
U.S dollar have rose against its basket of six major currency pairs following mixed data. According to recent data, new orders for key capital goods have fell more than expected with the core durable goods orders data have provide the reading at -0.3, weaker than market expectation of -0.2. At the same time, new home sales in the U.S have also slumped to 701K which is also lesser than market expectation at the reading of 710K. Still, sentiment in dollar remains unfazed and positive Markit purchasing managers’ index came in higher than expected, at 51.5 compared to 51.1 in the prior month. Besides that, U.S jobs market also help boosted market confidence towards the greenback following initial jobless claims have improved to 212K, better than market forecasted of 216KElsewhere, EUR/USD slips as ECB president Mario Draghi remains dovish on his outlook. In his last meeting as the President of the ECB, Mario Draghi reiterated the region’s outlook keeps facing prominent downside risks against the backdrop of muted inflation and suggest central bank always remain ready to intervene and adjust if needed. Draghi’s dovish note have cause the pair to depress further, therefore sending the Euro further down. . At the time of writing, dollar index rose 0.18% to 97.37 while EUR/USD fell 0.03% to 1.1104.
In the commodities market, crude oil price remain steady and rose 0.04% to $55.95 per barrel at the time of writing following further confirmation of deeper supply cut. According to Reuters, attendees at the OPEC meeting set for December are likely to considering deeper cuts more than the 1.2-million-barrels-per-day cut agreed by the cartel and its key ally Russia almost a year back. On the other hand, gold price skyrocketed 0.13% to $1502.97 a troy ounce as of writing following the expectation of global rate cut continue to support the demand for the safe-haven asset despite strong dollar.
Today’s Holiday Market Close
Time Market Event
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Today’s Highlight Events
Time Market Event
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Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 16.00 | EUR – German Ifo Business Climate Index (Oct) | 94.6 | 94.5 | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher following prior rebound from the support level 97.15. However, MACD which display diminishing bullish momentum suggest the dollar to experience a technical correction in short term towards back the support level 97.15.
Resistance level: 97.70, 98.35
Support level: 97.15, 96.50
GBPUSD, H4: GBPUSD was traded lower while currently testing near the support level 1.2785. MACD which illustrate bearish momentum signal suggest the pair to extend its losses after it breaks below the support level.
Resistance level: 1.2955, 1.3010
Support level: 1.2785, 1.2685
EURUSD, H4: EURUSD was traded lower while currently testing near the support level 1.1075. MACD which illustrate ongoing bearish bias signal suggest the pair to extend it losses after it breaks below the support level.
Resistance level: 1.1155, 1.1225
Support level: 1.1075, 1.1020
USDJPY, H4: USDJPY remain traded in a sideway channel. However, MACD which illustrate bearish bias signal suggest the pair to be traded lower in short term towards the support level 108.25.
Resistance level: 108.85, 109.30
Support level: 108.25, 107.55.
AUDUSD, H4: AUDUSD was traded lower while currently testing near the support level 0.6805. MACD which illustrate persistent bearish momentum signal suggest the pair to extend its losses after it breaks below the support level 0.6805.
Resistance level: 0.6850, 0.6890
Support level: 0.6805, 0.6745
NZDUSD, H4: NZDUSD was traded lower while currently testing near the support level 0.6350. MACD which display persistent bearish bias signal suggest the pair to extend its losses after it breaks below the support level 0.6350.
Resistance level: 0.6425, 0.6485
Support level: 0.6350, 0.6285
USDCAD, H4: USDCAD was traded lower while currently testing the support level 1.3065. However, MACD which illustrate bullish bias signal suggest the pair to experience a technical correction in short term towards the resistance level 1.3135.
Resistance level: 1.3135, 1.3185
Support level: 1.3065, 1.3015
USDCHF, H4: USDCHF was traded higher following prior breakout above the previous resistance level 0.9915.However, MACD which illustrate diminishing bullish momentum suggest the pair to be traded lower as a short term technical correction towards the support level 0.9915.
Resistance level: 0.9980, 1.0025
Support level: 0.9915, 0.9845
CrudeOIL, H4: Crude oil price was traded higher following prior breakout above the previous resistance level 54.80. However, MACD which illustrate diminishing bullish momentum signal suggest the commodity to be traded lower as a technical correction in short term towards the support level 54.80.
Resistance level: 58.35, 62.00
Support level: 54.80, 51.45
GOLD_, H4: Gold price was traded higher following prior rebound from the MA line. However, MACD which illustrate diminishing bullish momentum signal suggest the commodity to experience a short term technical correction towards the support level 1481.30.
Resistance level: 1514.60, 1535.10
Support level: 1481.30, 1455.85