29 September 2017 Daily Analysis
U.S. administration uncertainty, Greenback’s bull on hold.
Dollar index languished by 0.1% below its highest level since August 18th of 93.666 to 93.155, as a result of investors pondered upon Trump administration’s tax plan and the outlook for Federal Reserve policy. According to statements by market strategists, they explained the current retracement of dollar index was probably due to traders taking profits in the wake of the dollar’s rally as well as fading market sentiment into a realization that the progress of tax reform may not be easy. Later tonight, market focus will be directed to U.S. economic data including the personal consumption expenditures (PCE) price index for August. On the other hand, EUR/USD held steady at $1.1780, down 0.06%; GBP/USD eased 0.16% to $1.3419, USD/JPY traded at 112.56, up 0.23%.
In the commodity market, crude oil prices settled higher by 0.06% at $51.59, following threats from Turkey to restrict oil trading with Iraqi Kurds after they backed independence from Baghdad. Otherwise, gold prices remained flat, trading at $1285.97 with a slight increase of 0.04%. Its previous downside momentum was limited following overnight dollar weakness.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
22:15 EUR ECB President Draghi Speaks
22:45 GBP BoE Gov Carney Speaks
23:00 USD FOMC Member Harker Speaks
Today’s Highlight Economy Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 09:45 | CNY – Caixin Manufacturing PMI (Sep) | 51.6 | 51.5 | * |
| 15:55 | EUR – German Unemployment Change (Sep) | -5K | -5K | – |
| 16:30 | GBP – GDP (QoQ) (Q2) | 0.3% | 0.3% | – |
| 17:00 | EUR –CPI (YoY) (Sep) | 1.5% | 1.6% | – |
| 20:30 | USD – Core PCE Price Index (MoM) (Aug) | 0.1% | 0.2% | – |
| 20:30 | USD – Personal Spending (MoM) (Aug) | 0.3% | 0.1% | – |
| 20:30 | CAD – GDP (MoM) (Jul) | 0.3% | 0.1% | – |
| 21:45 | USD – Chicago PMI (Sep) | 58.9 | 58.5 | – |
| 01:00 | CrudeOIL – US Baker Hughes Oil Rig Count | 744 | – | – |
GBPUSD
GBPUSD, H4: GBPUSD was traded higher prior breaking above the top of the descending triangle. Upward slope of MACD histogram suggests GBPUSD to continue its bullish momentum toward the resistance level at 1.3470.
Resistance level: 1.3470, 1.3580
Support level: 1.3360, 1.3255
EURUSD
EURUSD, H4: EURUSD was traded higher after its rebound from support level at 1.1715. Upward slope of MACD histogram suggests the pair to undergo technical correction to trade higher toward the resistance level at 1.1820.
Resistance level: 1.1820, 1.1880
Support level: 1.1715, 1.1660
USDJPY
USDJPY, H4: USDJPY was traded higher prior its rebound from the bottom level of ascending triangle. Formation of pin bar at the bottom level of the ascending triangle suggests the pair is still on bullish momentum to trade higher, testing the resistance level at 113.00
Resistance level: 113.00, 114.30
Support level: 111.65, 110.00
CrudeOIL
CrudeOIL, H1: Crude oil price was traded lower following prior retracement while currently testing at the resistance level of 51.65. A breakout of the said resistance level is required for the price of crude oil to gain its bullish momentum.
Resistance level: 51.65, 52.30
Support level: 50.70, 49.60
GOLD
GOLD_, Daily: Gold price was traded lower prior breaking below support level at 1297.05. Downward slope of MACD signal line suggests gold price to further its losses toward the resistance by 200-MA line around 1260.40.
Resistance level: 1297.05, 1341.80
Support level: 1260.40, 1249.70