28 November 2018 Afternoon Session Analysis
Dollar flat ahead of data and Fed’s speech.
Greenback was traded flat against a basket of six major currencies before European trading session while investors are waiting for US GDP and New Home Sales data later today. The GDP data which measures the overall economy condition of a country will affect the dollar while current trade tensions weighing on. Following the release of the data is a speech given by Fed’s Chairman Jerome Powell where further confirmation of Fed’s plan for gradual rate hike might be included in the speech. Dollar index inched up by 0.01% to 97.20 as of writing. In other news, pair of EUR/USD edged up by 0.11% to 1.1300 amid Italian’s willingness to make amendments for their budget plan. The budget of 2.4% GDP deficit had led the EU to back up The European Commission (EC) decision to fine Italy due to the breach of EC’s budget requirement. According to news, Italian Deputy Prime Minister Luigi Di Maio appeared to backtrack with the budget plan which boosted the sentiment for euro market after falling to 2-weeks low.
As for commodities, crude oil price increases by 0.17% to $52.20 per barrel due to shutdown of Britain’s largest North Sea oilfield. OPEC’s meeting on 6th December will be expected to provide positive sentiment for oil prices as they plan to cut supply by 1.4 million bpd expansively. Otherwise, gold price depreciated by 0.05% to $1,214.00 a troy ounce due to lower demand for safe-haven assets.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
01:00 (29th) USD Fed Chair Powell Speaks
Today’s Highlight Economic Data
| Time | Market & Data | Previous | Forecast | Actual |
| 21:30 | USD – GDP (QoQ)(Q3) | 3.5% | 3.6% | – |
| 23:00 | USD – New Home Sales (Oct) | 553K | 583K | – |
| 23:30 | CrudeOIL – Crude Oil Inventories | 4.851M | 0.769M | – |
Technical Analysis
DOLLAR_INDX, H1: Dollar index was traded lower following prior retracement from the resistance level 97.40. MACD which illustrate bearish signal and the formation of death cross suggest index to extend its retracement towards the support level 97.15.
Resistance level: 97.40, 97.80
Support level: 97.15, 96.90
GBPUSD, H4: GBPUSD was traded higher while currently testing near the resistance level 1.2760. MACD which illustrate diminished bearish momentum suggest the pair to extend its gains after a breakout above the resistance level.
Resistance level: 1.2760, 1.2800
Support level: 1.2700, 1.2640
EURUSD, H4: EURUSD was traded higher following prior rebound near the support level 1.1270. MACD which display diminishing bearish momentum suggest the pair to extend its rebound towards the resistance level 1.1310.
Resistance level: 1.1310, 1.1340
Support level: 1.1270, 1.1245
USDJPY, H4: USDJPY was traded higher while currently testing the resistance level 113.85. MACD which illustrate diminishing bullish momentum suggest the pair to retrace from the resistance level towards the support level of 113.50.
Resistance level: 113.85, 114.20
Support level: 113.50, 113.25
AUDUSD, H4: AUDUSD was traded higher following prior breakout above the previous resistance level 0.7230. MACD which illustrate bullish momentum suggest the pair to extend its gains towards the resistance level 0.7265.
Resistance level: 0.7265, 0.7290
Support level: 0.7230, 0.7200
NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level 0.6795. MACD which display bullish bias and the formation of golden cross suggest the pair to extend its gains after a breakout above the resistance level.
Resistance level: 0.6795, 0.6845
Support level: 0.6755, 0.6710
USDCAD, H4: USDCAD was traded higher following prior breakout from the previous resistance level 1.3290. MACD which illustrate persistent bullish momentum suggest the pair to extend its gains towards the resistance level 1.3335.
Resistance level: 1.3335, 1.3380
Support level: 1.3290, 1.3260
USDCHF, H4: USDCHF was traded higher while currently testing near the resistance level 0.9990. MACD which illustrate diminished bearish momentum suggest the pair to retrace from its resistance level.
Resistance level: 0.9990, 1.0030
Support level: 0.9955, 0.9915
CrudeOIL, H1: Crude oil price was traded higher following prior breakout from the previous resistance level 52.25 and its sideway channel. MACD which illustrate bullish momentum suggest the commodity to extend its gains towards the resistance level 53.15.
Resistance level: 53.15, 54.15
Support level: 52.25, 51.50
GOLD_, H4: Gold price was traded lower while currently testing near the support level 1214.10. MACD which illustrate diminishing bearish momentum suggest the commodity to undergo short-term technical correction and rebound from the support level.
Resistance level1219.10, 1224.05
Support level: 1214.10, 1208.15