30 October 2018 Afternoon Session Analysis
Dollar surged, supported by safe haven bid
Dollar index rose against its six major peers on Tuesday amid rising trade tensions and fears of slowdown in global economic growth, caused investors to shy away from risky assets and cushioned the greenback as one of the safe haven assets. According to Bloomberg, United States is preparing to announce tariffs on the remaining Chinese imports by early December if the talk on next month between presidents Donald Trump and Xi Jin Ping fail to resolve trade issue between both nations. In addition, the data of Core PCE Price Index and Personal Spending which announced on yesterday came in at 0.2% and 0.4% respectively has triggered a wave of bullish momentum toward US Dollar as it portrays resilient consumer spending in the United States. As of writing, US Dollar rose 0.10% to 96.40. On the other hand, the pair of GBP/USD notched up 0.11% to 1.2805 amid the announcement of Office for Budget Responsibility (OBR) escalating its growth forecast from 1.3% to 1.6% for 2019 and predicting that UK will have a lower deficit of 1.4% in the coming year. This announcement successfully generated strong ‘driving force’ toward the sterling pound and was traded higher since Asian session.
On the commodities market, crude oil price rose 0.75% to $67.20 per barrel amid while investor eyes on the US sanctions against Iran which take into effect on 4th of November. Next, gold price dipped 0.15% to $1227.40 a troy ounce as it depressed by higher demand of US Dollar.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
03:30 CAD BoC Gov Poloz Speaks
Today’s Highlight Economic Data
| Time | Market & Data | Previous | Forecast | Actual |
| 16:55 | EUR – German Unemployment Change (Oct) | -23K | -12K | – |
| 18:00 | EUR – GDP (QoQ) | 0.4% | 0.4% | – |
| 21:00 | EUR – German CPI (MoM) (Oct) | 0.4% | 0.1% | – |
| 22:00 | USD – CB Consumer Confidence (Oct) | 138.4 | 136.0 | – |
| 04:30 （31st） | CrudeOIL – API Weekly Crude Oil Stock | 9.880M | – | – |
Technical Analysis
DOLLAR_INDX, H1: Dollar Index was traded higher following prior rebound from the support level at 96.30. MACD which illustrate diminishing of bullish momentum suggest the index to be traded lower in short term toward the support level at 96.30.
Resistance level: 96.45, 96.55
Support level: 96.30, 96.15
GBPUSD, H1: GBPUSD was traded higher following prior rebound from the support level at 1.2790. MACD which illustrate bullish momentum and the formation of golden cross suggest the pair to extend its gains toward the resistance level at 1.2835.
Resistance level: 1.2835, 1.2875.
Support level: 1.2790, 1.2690
EURUSD, H1: EURUSD was traded higher following prior rebound from the support level at 1.1370. MACD which illustrate starting bullish momentum and the formation of golden cross suggest the pair to extend its gain toward the resistance level at 1.1390.
Resistance level: 1.1390, 1.1410
Support level: 1.1370, 1.1335
USDJPY, H4: USDJPY was traded higher following prior breakout from the previous resistance level at 112.50. MACD which illustrate bullish momentum and the formation of golden cross suggest the pair to extend its gains toward the resistance level at 112.80.
Resistance level: 112.80, 113.05
Support level: 112.50, 112.10
AUDUSD, H1: AUDUSD was traded higher following prior breakout from the previous resistance level at 0.7075. MACD which illustrate bullish momentum and the formation of golden cross suggest the pair to extend its gain toward the resistance level at 0.7105.
Resistance level: 0.7105, 0.7140
Support level: 0.7075, 0.7055
NZDUSD, H1: NZDUSD was traded higher while currently testing near the resistance level at 0.6550. MACD which illustrate bullish momentum and the formation of golden cross suggest the pair to extend its gain after successfully breakout the resistance level at 0.6550.
Resistance level: 0.6550, 0.6565
Support level: 0.6535, 0.6520
USDCAD, H4: USDCAD was traded lower following prior retracement from the resistance level at 1.3135. MACD which illustrate diminishing of bullish momentum suggest the pair to extend its losses toward the support level at 1.3080.
Resistance level: 1.3135, 1.3185
Support level: 1.3080, 1.3015
USDCHF, H4: USDCHF was traded higher following prior breakout from the previous resistance level at 1.0005. MACD which illustrate bullish momentum and the formation of golden cross suggest the pair to extend its gains toward the resistance level at 1.0025.
Resistance level: 1.0025, 1.0050
Support level: 1.0005, 0.9970
CrudeOIL, H1: Crude oil was higher while currently testing near the resistance level at 67.15. MACD which illustrate starting bullish momentum and the formation of golden cross suggest the commodity to extend its gain after successfully breakout the resistance level at 67.15.
Resistance level: 67.15, 67.70
Support level: 66.60, 66.10
GOLD_, H4: Gold was traded lower prior following breakout from the previous support level at 1229.40. MACD which illustrate bearish momentum and formation of death cross suggest the commodity to extend its losses toward the support level at 1221.35.
Resistance level: 1229.40, 1230.05
Support level: 1221.35, 1208.95