28 September 2018 Afternoon Session Analysis
Dollar remains strong amid Fed’s rate hike comments.
Dollar index remains its strength in early European trading session after surging two weeks high yesterday amid US Federal Reserve Chairman Jerome Powell stated that gradual rate hikes is a good way to sustained economy growth. The dollar index rose 0.06% to 94.56 as of writing. Powell’s remarks were followed after hiking in interest rates for a third time this year and in schedule for additional hikes next year. With all the positive sentiment surrounding the dollar this week, investors are shifting their portfolio towards the dollar thus pushing the dollar higher. In other news, the Australian dollar managed to regained its strength against the dollar amid today’s morning economic data of Private Sector Credit for the month of August where the actual data of 0.5% was report higher than the forecasted data of 0.4%.
In the commodities market, crude oil price appreciated by 0.10% to $72.24 per barrel amid the uncertainty over the potential impact on crude supply due to Iran sanctions. On the other hand, gold price plunged by 0.06% to $1,181.90 a troy ounce while the dollar continues its bullish momentum.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
N/A
Today’s Highlight Economy Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 16:30 | GBP – GDP (QoQ) (Q2) | 0.4% | 0.4% | – |
| 17:00 | EUR – CPI (YoY) (Sep) | 2.0% | 2.1% | – |
| 20:30 | USD – Core PCE Price Index (MoM) (Aug) | 0.2% | 0.1% | – |
| 20:30 | USD – Personal Spending (MoM) (Aug) | 0.4% | 0.3% | – |
| 20:30 | USD – Personal Income (MoM) (Aug) | 0.3% | 0.4% | – |
| 20:30 | CAD – GDP (MoM) (Jul) | 0.0% | 0.1% | – |
| 22:00 | USD – Michigan Consumer Sentiment (Sep) | 100.8 | 100.5 | – |
| 01:00 | CrudeOIL – US Baker Hughes Oil Rig Count | 866 | – | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher follow prior breakout above the previous resistance level 94.50. Recent price action and MACD which illustrate persistent bullish bias suggest the dollar to extend its gains towards the resistance level 94.80.
Resistance level: 94.80, 95.50
Support level: 94.50, 93.95
GBPUSD, H4: GBPUSD was traded lower while currently testing near the support level 1.3065. MACD which display a bearish momentum suggest the pair to extend its losses after a breakout below the support level 1.3065.
Resistance level: 1.3180, 1.3280
Support level: 1.3065, 1.2975
EURUSD, H4: EURUSD was traded lower following prior breakout below the previous support level 1.1680. Recent price action and MACD which display persistent bearish momentum suggest the pair to extend its losses towards the support level 1.1615.
Resistance level: 1.1680, 1.1730
Support level: 1.1615, 1.1530
USDJPY, H1: USDJPY was traded lower following prior retracement from the resistance level 113.55. MACD which illustrate bearish momentum and the formation of death cross suggest the pair to extend its losses towards the support level 113.00.
Resistance level: 113.55, 114.15
Support level: 113.00, 112.50
AUDUSD, H4: AUDUSD was traded lower while currently testing near the resistance level 0.7215. MACD which illustrate bearish momentum suggest the pair to extend its losses after a retracement from the resistance level 0.7215.
Resistance level: 0.7215, 0.7295
Support level: 0.7135, 0.7090
NZDUSD, H4: NZDUSD was traded lower following prior breakout below the previous support level 0.6635. Recent price movement and MACD which display persistent bearish signal suggest the pair to extend its losses towards the support level 0.6595.
Resistance level: 0.6635, 0.6690
Support level: 0.6595, 0.6540
USDCAD, H4: USDCAD was traded lower following prior retracement from the resistance level 1.3065. MACD which display diminishing bullish momentum suggest the pair to extend its losses in the short-term.
Resistance level: 1.3065, 1.3155
Support level: 1.2975, 1.2900
USDCHF, H4: USDCHF was traded thinly near the support level of 0.9755. MACD which illustrate persistent bullish momentum suggest the pair to extend its gains in the short-term.
Resistance level: 0.9810, 0.9875
Support level: 0.9755, 0.9700
CrudeOIL, H1: Crude oil price remains traded within an ascending triangle while currently testing near the mid-level of the triangle. MACD which illustrate starting bullish momentum and the formation of golden cross suggest the commodity to be traded higher after a breakout above the triangle and resistance level 72.40.
Resistance level: 72.40, 73.00
Support level: 71.25, 70.45
GOLD_, H4: Gold price was traded lower following prior breakout below the previous support level 1186.80. MACD which illustrate persistent bearish momentum suggest the commodity to extend its losses after a breakout below the support level 1180.50.
Resistance level: 1186.80, 1191.10
Support level: 1180.50, 1173.60