29 October 2019 Afternoon Session Analysis
Dollar remains buoyant over trade optimism.
Dollar index rose against its basket of six major currency pairs amid hopes for an easing in Sino-U.S. trade tensions. According to recent reports, U.S President Donald Trump have stated that a trade agreement looked to be ahead of schedule on Monday. Last week, officials from both U.S and China have stated that they were “close to finalizing” a deal. U.S also said that it is considering whether they will extend tariff suspensions which is due to expire on December. Thus, market sentiment remain cautiously held while market shifting their attention towards the Fed meeting which will be held this week for any indications of further cuts. On the other hand, Loonie continue to strengthen against the dollar following market pricing in on divergent decisions from Canadian and U.S central bank. At the moment, traders are expecting on almost no probability of rate cut from Bank Canada while also predicting a quarter point cut from the U.S Federal Reserve. At the time of writing, dollar index rose 0.03% to 97.47 while USD/CAD fell 0.02 to 1.3054.
In the commodities market, crude oil price fell 0.07% to $55.59 per barrel as of writing amid oil market remains pressured on slower economic growth concerns. Despite recent signs of easing trade war between U.S and China, trader are still giving more weight to weakening demand growth over tightening supplies. Next, gold price slip 0.03% to $1492.01 a troy ounce at the time of writing amid stronger greenback on trade optimism.
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 | Nation & Data | Previous | Forecast | Actual |
| 22:00 | USD – CB Consumer Confidence (Oct) | 125.1 | 128.0 | – |
| 22:00 | USD – Pending Home Sales (MoM) (Sep) | 1.6% | 0.9% | – |
Technical Analysis
DOLLAR_INDX, Daily: Dollar index was traded higher while currently testing the resistance level at 97.60. MACD which illustrated diminishing bearish momentum suggest the index to extend its gain after it successfully breakout above the resistance level.
Resistance level: 97.60, 98.15
Support level: 97.05, 96.40
GBPUSD, H4: GBPUSD was traded within a range while currently testing at the resistance level 1.2855. MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower toward support level at 1.2770.
Resistance level: 1.2855, 1.2940
Support level: 1.2770, 1.2700
EURUSD, Daily: EURUSD was traded higher following prior rebound from the support level at 1.1075. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 1.1125, 1.1185
Support level: 1.1075, 1.1010
USDJPY, Daily: USDJPY was traded higher while currently testing the resistance level at 109.00. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 109.00, 109.75
Support level: 108.40, 107.65
AUDUSD, H4: AUDUSD traded higher following prior breakout above the previous resistance level at 0.6840. MACD which illustrated increasing bullish momentum suggest the pair to extend its gain toward the resistance level at 0.6875.
Resistance level: 0.6875, 0.6920
Support level: 0.6840, 0.6805
NZDUSD, Daily: NZDUSD was traded higher following prior rebound from the support level at 0.6330. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 0.6425, 0.6495
Support level: 0.6330, 0.6280
USDCAD, Daily: USDCAD was traded lower following prior breakout below the previous support level at 1.3085. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 1.3085, 1.3145
Support level: 1.3020, 1.2950
USDCHF, H4: USDCHF was traded lower following prior retracement from the resistance level at 0.9955. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 0.9925.
Resistance level: 0.9955, 0.9975
Support level: 0.9925, 0.9895
CrudeOIL, Daily: Crude oil price was traded lower following prior retracement from the resistance level at 56.75. MACD which illustrated diminishing bullish momentum suggest the commodity to extend its losses toward support level at 54.65.
Resistance level: 56.75, 58.05
Support level: 54.65, 52.95
GOLD_, H4: Gold price was traded higher following prior rebound from the support level at 1489.25. However, MACD which illustrated increasing bearish momentum suggest the commodity to be traded lower in short-term as technical correction.
Resistance level: 1496.20, 1502.60
Support level: 1489.25, 1482.30