27 November 2018 Morning Session Analysis
Dollar favored as risk persists.
Greenback was generally favored when compared to a basket of other major currencies on Monday due to a slew of negative factors and uncertainty such as Brexit and Italy budget crisis. The currency climbed back towards 97 thresholds since American trading session on yesterday ahead of a number of key Fed speakers for the week which includes Federal Reserve Chair Jerome Powell scheduled this coming Wednesday. However, gains on the greenback were capped as investors wait for the G20 summit in Argentina this coming Friday whereby US President Donald Trump and China President Xi Jinping is expected to meet on the sidelines to discuss for a possible trade deal. On the other hand, euro received fresh pressure from yesterday, giving up all its earlier gains due to dovish signals from European Central Bank President Mario Draghi. According to Draghi, moderation in recent economic data has been expected as uncertainties such as protectionism and trade war which arise from Trump administration grew. Thus, such moderation may push ECB to maintain significant monetary stimulus for the time being, dialing down investors’ expectation for a rate hike by autumn next year. As of writing, the dollar index was up 0.15% to 96.97 while EUR/USD ticks up 0.02% to 1.1334.
In the commodities market, crude oil price rose 0.04% to $51.47 per barrel. The commodity prices edged up from its 13-months low as investors ponder upon the possibility for an output cut from OPEC during its meeting early next month. Otherwise, gold price ticks up 0.03% to $1,222.65 a troy ounce over the backdrop of prominent risk that still lingers in the market.
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 | 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 following prior retrace from the top level of ascending channel. MACD which illustrate diminishing upward momentum suggests the index to be traded lower in short-term as technical correction.
Resistance level: 97.00, 97.40
Support level: 96.60, 96.20
GBPUSD, H1: GBPUSD remains traded within a descending triangle while currently testing at the bottom level. MACD which illustrate diminishing downward momentum suggests the pair to be traded higher in short-term as technical correction.
Resistance level: 1.2895, 1.2955
Support level: 1.2805, 1.2770
EURUSD, H4: EURUSD remains traded within a descending channel following prior rebound from the bottom level. MACD which illustrate diminishing downward momentum suggests the pair to be traded higher in short-term as technical correction.
Resistance level: 1.1365, 1.1410
Support level: 1.1310, 1.1265
USDJPY, H4: USDJPY was traded lower following prior retracement from the higher levels. MACD which illustrate diminishing upward momentum suggests the pair to be traded lower in short-term as technical correction.
Resistance level: 113.70, 113.85
Support level: 113.30, 112.95
AUDUSD, H4: AUDUSD was traded lower following prior breakout from the bottom level of ascending channel. MACD which illustrate bearish signal suggests the pair to extend its losses, towards the direction of 0.7170.
Resistance level: 0.7265, 0.7300
Support level: 0.7170, 0.7105
NZDUSD, H1: NZDUSD was traded lower following prior retracement from the resistance level of 0.6775. MACD which illustrate bearish signal suggests the pair to extend its losses, towards the bottom level of the channel.
Resistance level: 0.6775, 0.6795
Support level: 0.6745, 0.6730
USDCAD, H4: USDCAD was traded higher while currently testing at the resistance level of 1.3255. MACD which illustrate bullish signal suggests the pair to extend its gains after closing above the threshold of 1.3255.
Resistance level: 1.3255, 1.3320
Support level: 1.3210, 1.3155
USDCHF, H4: USDCHF was traded higher following prior rebound from the support level of 0.9950. However, MACD which illustrate diminishing upward momentum may suggests the pair to be traded lower in short-term as technical correction.
Resistance level: 1.0000, 1.0040
Support level: 0.9955, 0.9905
CrudeOIL, H4: Crude oil price was traded higher following prior rebound from the lower levels. MACD which illustrate bullish signal suggests the commodity price to extend its gains in short-term, towards the direction of 53.90.
Resistance level: 53.90, 55.35
Support level: 49.50, 47.50
GOLD_, H4: Gold price remains traded within a sideways channel following prior rebound from the bottom level. MACD which continues to illustrate bearish signal suggests its prices to extend its losses after closing below 1220.00.
Resistance level: 1228.00, 1237.25
Support level: 1220.00, 1215.95