26 February 2019 Afternoon Session Analysis
Greenback lingers ahead of Powell testifies.
Dollar index hovered near weakest point in one week after FOMC Member Clarida has given out dovish tilt tone on the current economy outlook. According to his speech on yesterday, he emphasized that a pause on tightening policy decision was a brilliant move as the current economy is running close to full employment and inflation level is getting near to the Federal Reserve target. In order to remain economy resiliency, Fed policymakers have showed that they are in favor to be patient where ‘freezing’ the lending rate at ‘neutral’ before continue their tightening plan. As of now, investor keep their eyes on Fed Chairman Powell Testifies before entering into the market as testifies on economy outlook and recent monetary policy action will determine the future trends of Greenback. Dollar index inched down 0.05% to 96.35 during Asian trading session. On the other hand, the pair of GBP/USD surged 0.32% to 1.3135 after Theresa May said she is considering to a plan to further extend the Brexit deadline and avoid U.K. leaving the European Union with no deal next month. With an extension on deadline, there would be more sufficient time to negotiate between U.K. and EU on Brexit unsolved issue especially the backstop of Northern Ireland.
In the commodities market, crude oil price dipped 0.36% to $55.20 per barrel after Donald Trump tells OPEC to ‘relax’ as oil price has over hike via Twitter. Besides, gold price quoted up 0.12% to $1328.90 a troy ounce amid Greenback further extended its losses.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
18:00 GBP Inflation Report Hearings
Tentative GBP UK Prime Minister Theresa May Speaks
23:00 USD Fed Chair Powell Testifies
Today’s Highlight Economic Data
| Time | Market & Data | Previous | Forecast | Actual |
| 15:00 | EUR – GfK German Consumer Climate (Mar) | 10.8 | 10.8 | – |
| 21:30 | USD – Building Permits (Dec) | 1.322M | 1.290M | – |
| 23:00 | USD – CB Consumer Confidence (Feb) | 120.2 | 124.7 | – |
| 05:30 (27th) | CrudeOIL – API Weekly Crude Oil Stock | 1.260M | – | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from resistance level 96.45. MACD which illustrate bearish bias signal suggest the pair to extend its losses towards the support level 96.05.
Resistance level: 96.45, 96.90
Support level: 96.05, 95.55
GBPUSD, H4: GBPUSD was traded higher following prior breakout above the previous resistance level 1.3065. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to extend its gains towards the resistance level 1.3205.
Resistance level: 1.3205, 1.3350
Support level: 1.3065, 1.2960
EURUSD, H4: EURUSD was traded higher following prior closure above the previous resistance level 1.1345. MACD which illustrate bullish bias suggest the pair to extend its gains towards the resistance level 1.1390.
Resistance level: 1.1390, 1.1445
Support level: 1.1345, 1.1300
USDJPY, H4: USDJPY was traded lower following prior breakout below the previous support level 110.90. MACD which illustrate bearish bias signal suggest the pair to extend its losses towards the support level 110.50.
Resistance level: 110.90, 111.35
Support level: 110.50, 110.00
AUDUSD, H4: AUDUSD was traded lower while currently testing the support level 0.7155. MACD which illustrate diminishing bullish momentum suggest the pair to extend its losses after It breaks below the support level.
Resistance level: 0.7190, 0.7225
Support level: 0.7155, 0.7130
NZDUSD, H4: NZDUSD was traded lower while currently testing near the support level 0.6875. MACD which illustrate bearish bias signal suggest the pair to extend its bearish momentum after it breaks below the support level 0.6875.
Resistance level: 0.6905, 0.6935
Support level: 0.6875, 0.6845
USDCAD, H4: USDCAD was traded higher while currently testing the resistance level 1.3200. MACD which illustrate bullish momentum signal suggest the pair to extend its gains after It breaks above the resistance level 1.3200.
Resistance level: 1.3200, 1.3260
Support level: 1.3125, 1.3060
USDCHF, H4: USDCHF remains traded flat in a sideway channel. However, MACD which illustrate bearish bias signal suggest the pair to be traded lower towards the support level 0.9885.
Resistance level: 1.0025, 1.0085
Support level: 0.9985, 0.9910
CrudeOIL, H4: Crude oil price was traded lower following prior breakout below the previous support level 55.75. MACD which illustrate persistent bearish momentum suggest the pair to extend its losses towards the support level 54.30.
Resistance level: 55.75, 57.50
Support level: 54.30, 51.75
GOLD_, H4: Gold price was traded higher following recent rebound from the support level 1325.65. MACD which illustrate bullish momentum suggest the pair to extend its rebound towards the resistance level 1340.55.
Resistance level: 1340.55, 1353.10
Support level: 1325.65, 1315.05