29 January 2020 Morning Session Analysis
US dollar rose over bullish data.
US dollar extended its gains against a basket of six major currencies, underpinned by mostly bullish economic data from the United States. According to US Commerce Department, Durable Goods Orders for the month of December rose by 2.4%, significantly higher than forecast of 0.4%. However, its Core Durable Goods Orders which excludes transportation items fell by -0.1%, missing forecast of 0.2% rise. The baseline data was deemed to be “misleading” as large amount of orders from last month comprises of aircraft defense orders. Nonetheless, Conference Board reported that its Consumer Confidence Index rose to 131.6, significantly higher than forecast for a reading of 128.0. As consumer confidence is the leading indicator of spending, a rise on the index may provide a more bullish take for retail sales in the future. For the time being, US dollar remains firm, hovering near 1 month high prior to the announcement of monetary policy from Federal Reserve’s meeting tomorrow morning. As of writing, the dollar index ticked up 0.01% to 97.71.
In the commodities market, crude oil price rose 0.01% to $53.92 per barrel. Oil futures snapped its bearish trend after OPEC reportedly to be discussing an extension upon its output cuts until the month of June. Prior, OPEC has agreed last year to extend its output cuts of 1.7 million barrels per day until the end of March in order to curb global oversupply. On the other hand, gold price rose 0.09% to $1,567.21 a troy ounce as trader’s remains anxious over the economical impact of China’s coronavirus outbreak.
Today’s Holiday Market Close
Time Market Event
All Day China Spring Festival
Today’s Highlight Events
Time Market Event
03:00 USD FOMC Statement (30th)
03:30 USD FOMC Press Conference (30th)
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 15:00 | EUR – GfK German Consumer Climate (Feb) | 9.6 | 9.6 | – |
| 23:00 | USD – Pending Home Sales (MoM) (Dec) | 1.2% | 0.5% | – |
| 23:30 | CrudeOIL – Crude Oil Inventories | -0.405M | 0.482M | – |
| 03:00 (30th) | USD – Fed Interest Rate Decision | 1.75% | 1.75% | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower following prior retrace from 97.90. MACD which illustrate diminished upward momentum suggests the index to be traded lower in short-term as technical correction.
Resistance level: 97.90, 98.15
Support level: 97.65, 97.20
GBPUSD, H4: GBPUSD was traded higher following prior rebound from the support of 1.2970. MACD which illustrate diminished downward momentum suggests the pair to be traded higher in short-term.
Resistance level: 1.3055, 1.3135
Support level: 1.2970, 1.2920
EURUSD, H4: EURUSD was traded higher following prior rebound from the lower level. MACD which has formed bullish signal suggests the pair to be traded higher in short-term.
Resistance level: 1.1050, 1.1080
Support level: 1.1005, 1.0990
USDJPY, H4: USDJPY was traded lower following prior retrace from 109.20. MACD which illustrate diminished upward momentum suggests the pair to be traded lower in short-term as technical correction.
Resistance level: 109.20, 109.65
Support level: 108.50, 108.00
AUDUSD, H4: AUDUSD was traded higher following prior rebound from the lower level. MACD which illustrate diminished downward momentum suggests the pair to be traded higher in short-term.
Resistance level: 0.6790, 0.6840
Support level: 0.6750, 0.6700
NZDUSD, H4: NZDUSD was traded higher following prior rebound from the lower level. MACD which illustrate diminished downward momentum suggests the pair to be traded higher in short-term.
Resistance level: 0.6590, 0.6650
Support level: 0.6540, 0.6490
USDCAD, H4: USDCAD was traded lower following prior retrace from its higher level. MACD which begin to form bearish signal suggests the pair to be traded lower in short-term as technical correction.
Resistance level: 1.3180, 1.3200
Support level: 1.3140, 1.3100
USDCHF, H4: USDCHF was traded lower following prior retracement from its higher level. MACD which illustrate diminished upward momentum suggests the pair to be traded lower in short-term as technical correction.
Resistance level: 0.9730, 0.9780
Support level: 0.9670, 0.9615
CrudeOIL, H4: Crude oil price was traded higher following prior rebound from the lower level. MACD which illustrate bullish signal suggests its price to be traded higher in short-term as technical correction.
Resistance level: 54.20, 56.25
Support level: 52.05, 49.55
GOLD_, H4: Gold price was traded lower following prior retrace from its higher levels. MACD which illustrate bearish signal suggests its price to be traded lower in short-term.
Resistance level: 1580.00, 1598.80
Support level: 1562.20, 1553.00