27 September 2019 Morning Session Analysis
Whistle-blower halts greenback’s advance.
Greenback extended its recent uptrend despite a slower economic growth and rising political uncertainty. According to Bureau of Economic Analysis, US economy expanded at a rate of 2.0% for the second quarter, well within economists’ forecast. However, the data portrays a significant depreciation when compared to first quarter which expanded at the rate of 3.1%. Nonetheless, investors remained optimistic over US economic growth due to diminishing US-China trade war which may lead to a possible truce sooner than later. Yet, greenback’s bullish momentum was remained capped after a nine-page whistle-blower document which details concern over US President Donald Trump’s misuse of power were released to the public. The document not only details Trump’s call to Ukraine’s President on 25th July, it also alleges his administration’s effort to suppress records related to their conversation. On the other hand, euro extended its losses and hit a fresh new low for the year 2019 due to bleak economic outlook towards the single economy. Rising uncertainty over European Central Bank’s policy and bearish economic data from the region has encourage investors to flock towards other assets in the financial market. As of writing, the dollar index was quoted up 0.17% to 98.78 while EUR/USD was down 0.01% to 1.0920.
In the commodities market, crude oil price slumped 0.28% to $56.41 per barrel. Oil prices ended lower on yesterday after Saudi Arabia’s daily supply return to its full potential following prior attacks from Houthi group. On the other hand, gold price rose 0.06% to $1,505.47 a troy ounce due to lingering risks in the market.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
N/A
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 20:30 | USD – Core Durable Goods Orders (MoM) (Aug) | -0.4% | 0.2% | – |
| 20:30 | USD – Core PCE Price Index (MoM) (Aug) | 0.2% | 0.2% | – |
| 22:00 | USD – Michigan Consumer Sentiment (Sep) | 89.8 | 92.0 | – |
| 01:00
(28th) |
CrudeOIL – Baker Hughes Oil Rig Count | 719 | – | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher while currently testing near the resistance level 98.85. However, MACD which illustrate diminishing bullish momentum suggest the dollar to experience a technical correction in short term towards the support level 98.40.
Resistance level: 98.85, 99.25
Support level: 98.40, 98.00
GBPUSD, H4: GBPUSD was traded lower following prior breakout below the previous support level 1.2385. However, MACD which display diminishing bearish momentum suggest the pair to be traded higher as a short term technical correction towards the current resistance level 1.2385.
Resistance level: 1.2385, 1.2495
Support level: 1.2260, 1.2165
EURUSD, H4: EURUSD was traded lower while currently testing the support level 1.0915. However, MACD which illustrate diminishing bearish bias suggest the pair to undergo a technical correction in short term towards the resistance level 1.0965
Resistance level: 1.0965, 1.1020
Support level: 1.0915, 1.0850
USDJPY, H4: USDJPY was traded higher following prior breakout above the previous resistance level 107.55. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to experience a short term technical correction towards back the current support level 107.55.
Resistance level: 108.35, 109.20
Support level: 107.55, 107.00
AUDUSD, H4: AUDUSD was traded lower while currently testing near the support level 0.6745. However, due to lack of clear signal and direction from MACD, it is suggested to wait until further signal suggest as breakout below the support level before entering the market.
Resistance level: 0.6805, 0.6850
Support level: 0.6745, 0.6690
NZDUSD, H4: NZDUSD was traded lower following prior retracement from the resistance level 0.6325. MACD which illustrate bearish bias signal suggest the pair to extend its retracement towards the support level 0.6270.
Resistance level: 0.6325, 0.6355
Support level: 0.6270, 0.6235
USDCAD, H4: USDCAD was traded in a sideway channel following recent rebound from the support level 1.3235. Due to lack of signal and clear direction from MACD, it is suggested to wait until further signal appear before entering the market.
Resistance level: 1.3305, 1.3365
Support level: 1.3235, 1.3185
USDCHF, H4: USDCHF was remain traded in a sideway channel while currently testing near the resistance level 0.9940. However, MACD which illustrate diminishing bullish momentum suggest the pair to experience a technical correction in short term towards support level 0.9855.
Resistance level: 0.9940, 0.9980
Support level: 0.9855, 0.9800
CrudeOIL, H4: Crude oil was traded flat near the support level 55.30. However, MACD which illustrate diminishing bearish momentum with the starting formation of golden cross suggest the commodity to be traded higher towards the resistance level 58.35.
Resistance level: 58.35, 62.00
Support level: 55.30, 53.00
GOLD_H4: Gold price was traded flat near the resistance level 1512.75. However, MACD which illustrate bullish bias signal suggest the commodity to be traded higher after it breaks above the resistance level.
Resistance level: 1512.75, 1535.00
Support level: 1487.35, 1452.15