28 December 2018 Afternoon Session Analysis
Dollar plunged amid safe heaven asset’s demand rose.
Greenback fall massively against six major peer currencies after hitting 96.50 high level amid investors sought shelter in safe heaven asset such as Swiss franc and Yen, shied away from Dollar market. The positive sentiment of investors toward the Dollar market has faded away wholly due to renewed U.S-China trade tensions and downbeat data in both economies that aroused global growth fears. According to Reuters, Trump administration was planning to execute an order where US will declare a national emergency that would impede their local companies from using products which made by Chinese firms Huawei Technologies. It has further worsening the trade tensions between two countries and market are still remain skeptical whether U.S and China can bridge their differences. As of now, Dollar index down 0.10% to 95.90. On the other hand, pair of USD/JPY dipped 0.30% to 110.65 following the release of downbeat CPI and unemployment data. Japan CPI for December fell to 0.3% while the previous reading was 0.8% and the unemployment rate has also ticked higher to 2.5%.
In the commodities market, crude oil price rose 0.51% to $45.60 per barrel ahead of 1.2 million barrels oil production cut which will take into effect on early next month. Besides, gold inched up 0.21% to $1278.10 a troy ounce amid demand for safe heaven asset rose.
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 |
| 21:00 | EUR – German CPI (MoM) (Dec) | 0.1% | 0.3% | – |
| 22:45 | USD – Chicago PMI (Dec) | 66.4 | 62.0 | – |
| 23:00 | USD – Pending Home Sales (MoM) (Nov) | -2.6% | 0.7% | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower following prior breakout below previous support level 96.00. MACD which illustrate bearish momentum and the formation of death cross suggest dollar to extend its losses towards the support level 95.65.
Resistance level: 96.00, 96.30
Support level: 95.65, 95.25
GBPUSD, H4: GBPUSD was traded upward in sideway channel following prior rebound from the support level at 1.2615. MACD which display bullish signal suggest the pair to extend its gains toward the resistance level at 1.2715.
Resistance level: 1.2715, 1.2785
Support level: 1.2615, 1.2550
EURUSD, H4: EURUSD was traded higher following prior breakout above previous resistance level at 1.1430. MACD which illustrate bullish momentum and the formation of golden cross suggest the pair to extend its gains towards the resistance level 1.1475.
Resistance level: 1.1475, 1.1540
Support level: 1.1430, 1.1385
USDJPY, H4: USDJPY was traded lower following prior breakout below the previous support level at 110.70. MACD which display diminishing bullish momentum suggest the pair to extend its losses toward the support level at 110.25.
Resistance level: 110.70, 110.95
Support level: 110.25, 109.95
AUDUSD, H4: AUDUSD was traded higher following prior breakout above previous resistance level 0.7030. MACD which illustrate bullish bias momentum suggest the pair to extend its gains towards the resistance level at 0.7075.
Resistance level: 0.7075, 0.7115
Support level: 0.7030, 0.6985
NZDUSD, H1: NZDUSD was traded higher following prior rebound from the support level 0.6695. MACD which illustrate bullish bias momentum suggest the pair to extend its rebound towards the resistance level 0.6740.
Resistance level: 0.6740, 0.6790
Support level: 0.6695, 0.6630
USDCAD, H1: USDCAD was traded higher following prior rebound from the support level at 1.3610. MACD which display diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 1.3650.
Resistance level: 1.3650, 1.3680
Support level: 1.3610, 1.3565
USDCHF, H4: USDCHF was traded lower following prior breakout below the previous support level at 0.9855. MACD which display ongoing bearish momentum suggest the pair to extend its losses toward the support level at 0.9815.
Resistance level: 0.9855, 0.9905
Support level: 0.9815, 0.9755
CrudeOIL, H1: Crude oil price was traded higher following prior rebound near the support level 44.85. MACD which illustrate starting bullish momentum and the formation of golden cross suggest the commodity to extend its rebound towards the resistance level 47.00.
Resistance level: 47.00, 48.35
Support level: 44.85, 43.70
GOLD_, H4: Gold price was traded higher while currently testing the resistance level 1278.10. MACD which display starting bullish signal and the formation of golden cross suggest gold to extend its gains after successfully breaking above the resistance level.
Resistance level: 1278.10, 1291.10
Support level: 1272.65, 1265.60