28 November 2018 Morning Session Analysis
Sterling plunged after Trump comments.
US dollar rose against its rivals on Tuesday while shrugging off bearish economic data due to a large selloff in pound sterling. As of writing, the dollar index was quoted up 0.30% to 97.22 during early Asian session. In the economic front, the Conference Board’s Consumer Confidence Gauge fell to a reading of 135.7 for the month of November, missing economist forecast for a reading of 135.9. The data is a leading indicator of consumer spending as it plays major role in inflation and overall economic activity. In addition, the dollar received some bullish pressure following contradictory remarks from Federal Reserve Vice Chairman Richard Clarida. According to Clarida, he backs for a continuous gradual rate hikes for the time to come and there was no agreement as to “how close” interest rates were approaching the neutral level. On the other hand, pound sterling received tremendous bearish pressure following pessimistic outlook with regards to Brexit. According to reports, US President Donald Trump said that the Brexit agreement achieved between UK and EU may hamper trades between the US and UK, dialing down optimism for a smooth Brexit transition ahead. During Asian session, pair of GBP/USD was down 0.04% to 1.2741.
As for commodities, crude oil price extended its losses by 0.19% to $51.90 per barrel. The commodity remained on its backfoot as investors anxiously eyeing on OPEC’s upcoming meeting for further clarity with regards to future supply cuts. Otherwise, gold price depreciates by 0.08% to $1,214.05 a troy ounce following resilient US dollar.
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, H4: Dollar index was traded higher following prior breakout from 97.00. MACD which illustrate bullish signal suggests the index to extend its gains, towards the direction of resistance level at 97.40.
Resistance level: 97.40, 97.80
Support level: 97.00, 96.60
GBPUSD, H4: GBPUSD was traded lower following prior breakout from the support level of 1.2770. MACD which illustrate bearish signal suggests the pair to extend its losses, towards the direction of 1.2690.
Resistance level: 1.2770, 1.2895
Support level: 1.2690, 1.2570
EURUSD, H4: EURUSD was traded lower following prior closure below the threshold of 1.1310. MACD which continues to illustrate bearish signal suggests the pair to extend its losses, towards the direction of 1.1265.
Resistance level: 1.1310, 1.1360
Support level: 1.1265, 1.1220
USDJPY, H1: USDJPY was traded lower following prior retracement from the higher levels. MACD which begins to form a negative divergence signal suggests the pair to extend its losses after successfully closing below 113.70.
Resistance level: 113.85, 114.20
Support level: 113.70, 113.30
AUDUSD, H4: AUDUSD was traded higher following prior rebound from the support level at 0.7215. MACD which begins to form a bullish signal suggests the pair to extend its gains in short-term after closing above the 20-MA line (red).
Resistance level: 0.7265, 0.7300
Support level: 0.7215, 0.7170
NZDUSD, H1: NZDUSD was traded lower following prior retracement from the top level of descending channel. MACD which illustrate diminishing upward momentum suggests the pair to extend its losses in short-term, towards the lower level of the channel.
Resistance level: 0.6795, 0.6815
Support level: 0.6775, 0.6745
USDCAD, H4: USDCAD was traded higher following prior rebound from the support level near 1.3255. MACD which illustrate bullish signal suggests the pair to extend its gains, towards the direction of 1.3320.
Resistance level: 1.3320, 1.3385
Support level: 1.3255, 1.3210
USDCHF, H1: USDCHF remains traded within an ascending channel following prior rebound from the lower level. MACD which illustrate diminishing downward momentum suggests the pair to extend its gains in short-term, towards the direction of 1.0000.
Resistance level: 1.0000, 1.0040
Support level: 0.9955, 0.9930
CrudeOIL, H4: Crude oil price was traded higher following prior rebound from the lower levels. MACD which illustrate bullish signal suggests its prices to be traded higher in short-term as technical correction.
Resistance level: 53.90, 55.35
Support level: 49.50, 47.50
GOLD_, H4: Gold price was traded lower following prior breakout from the strong support of 1220.00. MACD which illustrate bearish signal suggests its prices to extend its losses after closing below the support of 1212.00.
Resistance level: 1215.95, 1220.00
Support level: 1212.00, 1206.00