26 September 2018 Afternoon Session Analysis
Dollar remains flat ahead of Fed rate hike.
Dollar remained traded flat against a basket of six major currencies during Asian trading session while investors awaits a direction for the price of the dollar from the results of the rate hike by the Fed during its meeting later today. The dollar succeeded in regaining its strength yesterday after the releasement of US economic data CB Consumer Confidence which created temporary positive sentiment for investors. The economic data had an actual reading of 138.4 which was much higher than the forecasted reading of 132.2, reaching 18-year high. The dollar index rose 0.01% to 93.70 as of writing. On the other hand, pound sterling fell by 0.03% to 1.3175 after hitting a fresh high yesterday. Reports stated that UK Prime Minister Theresa May reiterated that a no-deal Brexit will be better than a bad Brexit deal. The middle-ground offer by EU chiefs from Brussels was rejected by May as the offer involves the north Ireland border disagreement which could potentially harm the economy ties between England, Wales and Scotland.
As for commodities market, crude oil price surged by 0.29% to $72.24 per barrel despite US promised to make sure the sufficiency of supplies before the sanction on Iran goes into effect. Likewise, gold price fell by 0.11% to $1,199.65 a troy ounce as investors awaits the outcome of Fed’s interest rate decision.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
02:00 (27th) USD FOMC Economic Projections
02:00 USD FOMC Statement
02:30 USD FOMC Press Conference
05:00 NZD RBNZ Rate Statement
05:00 NZD RBNZ Press Conference
Today’s Highlight Economy Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 22:00 | USD – New Home Sales (Aug) | 627K | 630K | – |
| 22:30 | CrudeOIL – Crude Oil Inventories | -2.057M | -1.279M | – |
| 02:00 (27th) | USD – Fed Interest Rate Decision | 2.00% | 2.25% | – |
| 05:00 | NZD – RBNZ Interest Rate Decision | 1.75% | 1.75% | – |
Technical Analysis
DOLLAR_INDX, H1: Dollar index remains traded in a sideway channel. Due to lack of signals from the MACD, a breakout above or below the channel or resistance and support is required for further confirmation before entering the market.
Resistance level: 93.90, 94.25
Support level: 93.40, 93.15
GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level 1.3175. MACD which illustrate bullish momentum suggest the pair to extend its gains after a breakout above the resistance level 1.3175.
Resistance level: 1.3175, 1.3215
Support level: 1.3125, 1.3055
EURUSD, H4: EURUSD was traded higher while currently testing the resistance level 1.1770. MACD which illustrate starting bullish momentum suggest the pair to extend its gains after a breakout above the resistance level 1.1770.
Resistance level: 1.1770, 1.1800
Support level: 1.1730, 1.1690
USDJPY, H4: USDJPY was traded lower following prior breakout below the previous support level 112.85. MACD which display a bearish momentum and the starting formation of a death cross suggest the pair to extend its losses after breaking below the downward trendline.
Resistance level: 112.85, 113.20
Support level: 112.50, 112.20
AUDUSD, H1: AUDUSD was traded lower following prior breakout below the previous support level 0.7270. Recent price action and MACD which illustrate bearish momentum suggest the pair to extend its losses towards the support level 0.7215.
Resistance level: 0.7270, 0.7315
Support level: 0.7215, 0.7185
NZDUSD, H1: NZDUSD was traded lower following prior breakout below the previous support level 0.6665. Recent price action and MACD which illustrate starting bearish momentum suggest the pair to extend its losses towards the support level 0.6615.
Resistance level: 0.6665, 0.6715
Support level: 0.6615, 0.6580
USDCAD, H4: USDCAD was traded higher following prior rebound from the support level 1.2900. Recent price movement and MACD which illustrate persistent bullish momentum suggest the pair to extend its gains after a breakout above the resistance level 1.2975.
Resistance level: 1.2975, 1.3045
Support level: 1.2900, 1.2840
USDCHF, H1: USDCHF was recently traded lower following prior breakout below the previous support level 0.9650. MACD which illustrate persistent bearish momentum suggest the pair to be traded lower towards the support level 0.9605.
Resistance level: 0.9650, 0.9675
Support level: 0.9605, 0.9580
CrudeOIL, H1: Crude oil price was recently traded higher while currently testing the resistance level 72.40. MACD which illustrate bullish momentum and the starting formation of a golden cross suggest the commodity to extend its gains after a breakout above the resistance level 72.40.
Resistance level: 72.40, 73.00
Support level: 71.25, 70.45
GOLD_, H4: Gold price remains traded within a sideways channel while currently testing near the mid-level. MACD which illustrate bullish momentum suggest the commodity to be traded higher towards the resistance level 1203.30.
Resistance level: 1203.30, 1208.45
Support level: 1196.00, 1191.10