30 August 2017 Daily Analysis
Greenback swings over North Korea’s mayhem.
Greenback stages its rebound during early Asian trading hours on Wednesday while investors keep an eye on the Korean peninsula and major economic docket ahead. The dollar index rose 0.10% to 92.23 while USD/JPY tacked up 0.15% to 109.86. Overnight, US dollar fell to a fresh two-and-a-half-year low against six major peers following heightened geopolitical risk over North Korea’s missile launch which flew over northern Japanese territory. In spite of that, dollar-bull attempted to pare some losses over the backdrop of optimistic consumer confidence report. According to the Conference Board, Consumer Confidence Index rose to 122.9 in August, exceeding consensus forecast for a rise of 120.3. Nevertheless, gains were remained subdued as an uptick in geopolitical concern encourages risk aversion among investors for safe-haven currencies such as Japanese yen and Swiss Franc.
In the commodities market, crude oil price depreciates by 0.30% to $46.30 due to growing concern of investors over a fall in demand as Hurricane Harvey expected to shut down 16% of refineries in Texas. Similarly, gold price sheds 0.29% to $1,309.28 while remained supported as geopolitical risk continues to linger.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
09:30 NZD RBNZ Gov Wheeler Speaks
21:15 USD FOMC Member Powell Speaks
Today’s Highlight Economy Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 09:30 | AUD – Building Approvals (MoM) (Jul) | 10.9% | -5.0% | -1.7% |
| 09:30 | AUD – Construction Work Done (QoQ) (Q2) | 0.9% | 1.0% | 9.3% |
| 16:30 | GBP – Net Lending to Individuals | 5.6B | 5.3B | – |
| 20:00 | EUR – German CPI (MoM) (Aug) | 0.4% | 0.1% | – |
| 20:15 | USD – ADP Nonfarm Employment Change (Aug) | 178K | 185K | – |
| 20:30 | USD – GDP (QoQ) (Q2) | 2.6% | 2.7% | – |
| 22:30 | CrudeOIL – Crude Oil Inventories | -3.327M | -1.908M | – |
GBPUSD
GBPUSD, H4: GBPUSD was traded lower following prior retracement from the resistance level of 1.2960. MACD indicator which illustrate diminishing upward momentum suggests GBPUSD to extend its losses, towards the target of support level at 1.2890.
Resistance level: 1.2960, 1.3020
Support level: 1.2890, 1.2830
EURUSD
EURUSD, Daily: EURUSD extended its gains following prior closure above the resistance level of 1.1880. MACD histogram which continues to illustrate positive divergence suggests EURUSD to advance further up and retest at the psychological level of 1.2000.
Resistance level: 1.2000, 1.2150
Support level: 1.1880, 1.1700
USDJPY
USDJPY, H4: USDJPY was traded higher following a sharp rebound from the support level of 108.25. Both MA line which begins to narrow upwards suggests USDJPY to extend its upward momentum after successfully closing above the resistance level of 109.90.
Resistance level: 109.90, 110.35
Support level: 109.60, 109.30
CrudeOIL
CrudeOIL, Daily: Crude oil price extended its losses following prior closure below the 60-MA line (green). Both MA lines which begins to narrow downwards suggests further downside bias for its prices to advance towards the support level of 45.50.
Resistance level: 47.00, 48.50
Support level: 45.50, 43.80
GOLD
GOLD_, H4: Gold price was traded higher following a rebound near the support level of 1308.25. Both MA lines which continues to expand upwards suggests gold price to extend its gains, towards the target of resistance level at 1316.30.
Resistance level: 1316.30, 1325.80
Support level: 1308.75, 1297.40