30 November 2018 Afternoon Session Analysis
Dollar traded flat ahead of Trump-Xi meet.
Greenback held steady against a basket of six major currencies during Asian trading session as investors remained focused on a planned meeting between U.S. President Donald Trump and China Premier Xi Jinping at the G20 summit in Argentina. In G20 summit, issue of Sino-U.S. and other topics are expected to be taken up for discussion. However, market remain nervous as Trump sent mixed signal yesterday where an trade agreement was close but he is still deciding whether the agreement is fair to both countries. On the China side, Beijing wants a deal just as Washington does, but they are also emphasized that the deal must be “fair minded” if it wants to defuse spiraling tensions between United States and China. As of writing, Dollar index dipped 0.01% to 96.65. On the other hand, pair of GBP/USD notched down 0.05% to 1.2780 after British Prime Minister Theresa May commented that she will more focus on persuading lawmakers to back her Brexit deal at a vote in parliament instead of preparing plan B. As of now, the deal has been criticized by both eurosceptics and qurophiles among her own Conservative Party while the opposition parties also said that they plan to vote against the Brexit deal.
In the commodities market, crude oil inched up 0.55% to 51.50 per barrel after hitting one year low amid Russia agreed on the need to reduce the output ahead of an OPEC meeting next week in Vienna. The major oil producer including Russia and Saudi Arabia will meet with other OPEC member next week to discuss on the oil output for next six months. Besides, gold notched up 0.03% to 1224.50 a troy ounce amid Dollar’s weakness.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Event
Time Market Event
N/A
Today’s Highlight Economic Data
| Time | Market & Data | Previous | Forecast | Actual |
| 15:00 | EUR – German Retail Sales (MoM) (Oct) | 0.1% | 0.4% | – |
| 18:00 | EUR – CPI (YoY) (Nov) | 2.2% | 2.1% | – |
| 21:30 | CAD – GDP (QoQ) (Q3) | 0.1% | 0.1% | – |
| 22:45 | USD – Chicago PMI (Nov) | 58.4 | 58.6 | – |
| 02:00 | CrudeOIL – US Baker Hughes Oil Rig Count | 885 | – | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher following prior rebound from the support level at 56.55. MACD which illustrate diminishing bearish momentum suggest the index to extend its gains toward the resistance level at 96.85.
Resistance level: 96.85, 97.35
Support level: 96.55, 96.25
GBPUSD, H1: GBPUSD was traded higher following prior rebound from the support level at 1.2765. 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, 1.2885
Support level: 1.2765, 1.2725
EURUSD, H4: EURUSD was traded higher following prior breakout above the asymmetrical triangle at 1.1385. MACD which display bullish bias momentum suggest the pair to extend its gains toward the resistance level at 1.1415.
Resistance level: 1.1415, 1.1455
Support level: 1.1365, 1.1330
USDJPY, H1: USDJPY was traded higher in sideway channel following prior rebound from the support level at 113.20. However, MACD which illustrate diminishing bullish momentum suggest the pair to be traded lower in short term toward the support level at 113.20.
Resistance level: 114.00, 114.50
Support level: 113.20, 112.45
AUDUSD, H4: AUDUSD was traded lower following prior retracement from the resistance level at 0.7330. MACD which illustrate diminishing bullish momentum suggest the pair to extend its losses toward the support level at 0.7290.
Resistance level: 0.7330, 0.7360
Support level: 0.7290, 0.7265
NZDUSD, H1: NZDUSD was traded lower in sideway channel following prior retracement from the resistance level at 0.6880. MACD which illustrate diminishing bullish momentum suggest the pair to extend its losses toward the support level at 0.6835.
Resistance level: 0.6880, 0.6920
Support level: 0.6835, 0.6800
USDCAD, H1: USDCAD was traded higher in sideway channel while currently testing near the resistance level at 1.3295. MACD which display bullish bias momentum suggest the pair to extend its gains after successfully breakout above the resistance level at 1.3295.
Resistance level: 1.3295, 1.3315
Support level: 1.3250, 1.3225
USDCHF, H4: USDCHF was traded higher following prior breakout above the previous resistance level at 0.9955. MACD which illustrate diminishing bearish momentum and the formation of golden cross suggest the pair to extend its gain toward the resistance level at 1.0000.
Resistance level: 1.0000, 1.0045
Support level: 0.9955, 0.9920
CrudeOIL, H4: Crude oil was traded higher following prior rebound from the support level at 50.10. MACD which illustrate bullish momentum and the formation of golden cross suggest the commodity to extend its gain toward the resistance level at 53.20.
Resistance level: 53.20, 55.15
Support level: 50.10, 49.20
GOLD_, H4: Gold was traded lower following prior retracement from the resistance level at 1228.15. MACD which illustrate diminishing bullish momentum suggest the pair to extend its losses toward the support level at 1220.45.
Resistance level: 1228.15, 1235.65
Support level: 1220.45, 1215.40