30 October 2018 Morning Session Analysis
US propels as tariffs against China looms.
Greenback rebounds against other major peers on Monday following reports that the United States are planning to initiate more tariffs against China goods. As of writing, the dollar index was quoted up 0.09% to 96.37 during Asian trading session. According to Bloomberg, US is currently preparing to announce tariffs against remaining Chinese imports by early December if the talks between President Donald Trump and Xi Jinping on next month falters. Although the news has sparked a selloff in risky assets, the demand for safe-havens remained subdued as investors places optimistic sentiment upon the US dollar and their economy. In addition, the dollar was further supported after data showed that the US Consumer Spending rose for the seventh consecutive month, reaffirming market’s expectation that a strong consumer demand would help to support overall US economy. On the other hand, pair of EUR/USD rose 0.04% to 1.1377 while investors will now ponder upon the submission of a revamped Italian budget to the EU Commission later today.
As for commodities, crude oil price falters by 0.05% to $66.56 per barrel while investors weigh the severity of impact upon the enactment of US sanctions against the Iran this coming weekend. Otherwise, gold price recovered its losses by 0.07% to $1,230.25 a troy ounce albeit remained under pressure due to strong 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, H4: Dollar index remains traded within an ascending channel following prior rebound from the bottom level. MACD which begins to form a golden cross signal suggests the index to extend its gains in short-term, towards the target of 96.60.
Resistance level: 96.60, 97.00
Support level: 96.20, 95.95
GBPUSD, H1: GBPUSD was traded higher while currently testing at the downward trendline. MACD which begins to form a golden cross signal suggests the pair to extend its gains after breaking the trendline.
Resistance level: 1.2810, 1.2860
Support level: 1.2755, 1.2680
EURUSD, H1: EURUSD remains traded within a narrowing triangle while currently testing at the bottom level. MACD which illustrate bearish signal suggests the pair to extend its losses after breaking the bottom level.
Resistance level: 1.1385, 1.1445
Support level: 1.1360, 1.1320
USDJPY, H4: USDJPY was traded higher while currently testing at the downward trendline. Although MACD has formed a golden cross signal, a break above this trendline is required to attain further confirmation.
Resistance level: 112.45, 112.70
Support level: 112.15, 111.90
AUDUSD, H1: AUDUSD was traded higher following prior rebound from the support level at 0.7055. MACD which illustrate diminishing downward momentum suggests the pair to extend its gains in short-term after closing above the 20-MA line (red).
Resistance level: 0.7100, 0.7130
Support level: 0.7055, 0.7025
NZDUSD, H1: NZDUSD was traded higher following prior rebound from the 60-MA line (green). MACD which illustrate diminishing downward momentum suggests the pair to extend its gains after closing above the 20-MA line (red).
Resistance level: 0.6540, 0.6575
Support level: 0.6500, 0.6460
USDCAD, H1: USDCAD remains traded within an ascending channel while currently testing at 1.3115. MACD which begins to form a death cross signal suggests the pair to extend its losses after closing below the target of 1.3115.
Resistance level: 1.3155, 1.3210
Support level: 1.3115, 1.3080
USDCHF, H4: USDCHF was traded higher following prior rebound from the upward trendline. MACD which begins to form a golden cross signal suggests the pair to extend its gains after breaking the resistance level of 1.0025.
Resistance level: 1.0025, 1.0055
Support level: 1.0000, 0.9975
CrudeOIL, H1: Crude oil price remains traded within an ascending channel following prior rebound from the bottom level. MACD which illustrate diminishing downward momentum suggests the commodity price to be traded higher in short-term as technical correction.
Resistance level: 67.35, 68.55
Support level: 66.10, 64.90
GOLD_, H4: Gold price remains traded within an ascending channel while currently testing at the support level of 1229.05. MACD which illustrate bearish signal suggests the commodity price to extend its losses after closing below 1229.05.
Resistance level: 1237.00, 1243.25
Support level: 1229.05, 1220.25