27 November 2018 Afternoon Session Analysis
Greenback plunged amid Trump tariff threat.
The dollar index tumbled against a basket of six major currencies after hitting two-week highs amid U.S President Donald Trump seemed to destroy the hope of a trade truce with China and intended to increase tariff on China imported goods. According to an interview conducted by Wall Street Journal, Donald Trump said he planned to move ahead with raising tariffs $200 billion on China imported goods from 10 percent to 25 percent. However, investors will still be keeping their eyes on the upcoming G20 meeting in Argentina where Donald Trump and China President Xi Jin Ping are likely to discuss about trade issues while positive outcome would exert bullish momentum toward the dollar index. As of writing, the dollar index dipped 0.05% to 96.85. On the other hand, pair of GBP/USD notched down 0.12% to 1.2810 ahead of Parliamentary vote on the Brexit deal scheduled on 11th December. According to reports, economists expect that the risks for pound sterling is remain asymmetric around the UK Parliament vote. In the least optimistic situation, sterling would face huge selling pressure once the Withdrawal Agreement has been rejected by majority vote.
In the commodities market, crude oil notched down 0.29% to $51.40 per barrel amid Saudi Arabia hit a record high of oil production at between 11.1 million bpd and 11.3 million bpd in some days in November, reported by Reuters. Next, gold price notched up 0.02% to $1225.25 a troy ounce amid Dollar’s weakness.
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 | Market & Data | Previous | Forecast | Actual |
| 23:00 | USD – CB Consumer Confidence | 137.9 | 135.9 | – |
| 05:30 (28th) | CrudeOIL – API Weekly Crude Oil Stock | -1.545M | – | – |
Technical Analysis
DOLLAR_INDX, H1: Dollar Index was traded lower in the upward channel while currently testing near the support level at 96.85. MACD which illustrate bearish momentum and the formation of death cross suggest the pair to extend its losses after successfully breakout from the support level at 96.85.
Resistance level: 97.05, 97.50
Support level: 96.85, 96.65
GBPUSD, H4: GBPUSD was traded lower in sideway channel following prior retracement from the resistance level at 1.2885. Due to lack of clear signal from MACD, it is suggested to wait until further signal appear such as a breakout below or rebound from the support level.
Resistance level: 1.2885, 1.2935
Support level: 1.2765, 1.2700
EURUSD, H1: EURUSD was traded higher following prior rebound from the support level at 1.1330. MACD which illustrate diminishing bearish momentum and the formation of golden cross suggest the pair to extend its gain toward the resistance level at 1.1365.
Resistance level: 1.1365, 1.1415
Support level: 1.1330, 1.1270
USDJPY, H4: USDJPY was traded lower following prior retracement from the resistance level at 113.65. MACD which illustrate bearish momentum suggest the pair to extend its losses toward the support level at 113.05.
Resistance level: 113.65, 114.20
Support level: 113.05, 112.30
AUDUSD, H1: AUDUSD was traded higher in the sideway channel following prior rebound from the support level at 0.7215. MACD which illustrate bullish momentum and the formation of golden cross suggest the pair to extend its gains toward the resistance level at 0.7265.
Resistance level: 0.7265, 0.7290
Support level: 0.7215, 0.7175
NZDUSD, H1: NZDUSD was traded higher following prior rebound from the support level at 0.6755. MACD which illustrate diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 0.6790.
Resistance level: 0.6790, 0.6845
Support level: 0.6755, 0.6715
USDCAD, H1: USDCAD was traded lower following prior retracement from the resistance level at 1.3265. MACD which illustrate diminishing bullish momentum and the formation of death cross suggest the pair to extend its losses toward the support level at 1.3225.
Resistance level: 1.3265, 1.3285
Support level: 1.3225, 1.3190
USDCHF, H1: USDCHF was traded lower in upward channel following prior retracement from the channel’s resistance level at 0.9990. MACD which illustrate bearish momentum and the formation of death cross suggest the pair to extend its losses toward the support level at 0.9960.
Resistance level: 0.9990, 1.0045
Support level: 0.9960, 0.9920
CrudeOIL, H1: Crude oil was traded lower following prior retracement from the resistance level at 51.95. MACD which illustrate diminishing bullish momentum and the formation of death cross suggest the pair to extend its losses toward the support level at 50.35.
Resistance level: 51.95, 53.20
Support level: 50.35, 49.20
GOLD_, H1: Gold was traded lower in the sideway channel following prior retracement from the resistance level at 1228.15. However, MACD which illustrate diminishing bearish momentum suggest the commodity to be traded higher in short term toward the resistance level at 1228.15.
Resistance level: 1228.15, 1235.65
Support level: 1220.45, 1215.40