30 December 2019 Afternoon Session Analysis
Riskier currencies soar as easing of trade tensions.
Other major currencies rose against the dollar recently as the development of trade talk between US and China goes in the favor of market expectation, lifted up the risk-on sentiment of investor in FX market. Recently, China ambassador (Cu Tian Kai) to the United States revealed that Beijing will live up their trade deal commitments which was promised in the earlier trade talk. Prior to now, China has agreed to buy more agriculture products from US local farmers in return with no tariff hiking will be imposed on their goods exported to US, in the hopes of interim deal able to end the trade war issue which has rattled the global economy for more than a year. However, Cu Tian Kai commented that China administration did not confirm that China premier Xi Jin Ping and US leader Donald Trump would meet up, but just saying that both countries trade and economic team are in close contract, in order to finish up the last stage of trade agreement including legal review and translation. Besides, it is noteworthy that the next step of trade development will be phase 2 trade talks, however both sides did not reveal any timetable or comment as of now. During Asian trading session, dollar index plummeted 0.17% to 96.35.
In the commodities market, crude oil price rose 0.10% to $61.70 per barrel as trade optimism and a huge draw in US crude oil inventories level lifted up the positive sentiment of this black commodity market. However, market are still awaiting for more updates from US-China trade talk as it will determine the path of future demand. Besides, gold price appreciated by 0.34% to $1515.70 as phenomenon of tax loss harvesting lifted up the appeal of gold market.
Today’s Holiday Market Close
Time Market Event
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Today’s Highlight Events
Time Market Event
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Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 23:00 | USD – Pending Home Sales (MoM) (Nov) | -1.7% | 1.1% | – |
Technical Analysis
DOLLAR_INDX, Daily: Dollar index was traded lower following prior breakout below the previous support level at 96.85. MACD which illustrated bearish momentum suggest the index to extend its losses toward the support level at 96.25.
Resistance level: 96.85, 97.25
Support level: 96.25, 95.45
GBPUSD, H4: GBPUSD was traded higher following prior breakout above the previous resistance level at 1.3085. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 1.3165, 1.3225
Support level: 1.3085, 1.3035
EURUSD, Daily: EURUSD was traded higher following prior breakout above the previous resistance level at 1.1170. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.1240.
Resistance level: 1.1240, 1.1300
Support level: 1.1170, 1.1075
USDJPY, H4: USDJPY was traded lower following prior breakout below the previous support level at 109.25. MACD which illustrated bearish momentum suggest the pair to extend its losses toward the support level at 108.95.
Resistance level: 109.25, 109.70
Support level: 108.95, 108.45
AUDUSD, H4: AUDUSD was traded higher following prior breakout above the previous resistance level at 0.6965. However, MACD which illustrated diminishing bullish momentum suggest the pair to undergo short term technical correction toward the support level at 0.6965.
Resistance level: 0.7005, 0.7065
Support level: 0.6965, 0.6925
NZDUSD, H1: NZDUSD was traded lower following prior retracement from the higher level. Due to lack of signal from MACD, it is suggested to wait for further signal to appear before entering the market.
Resistance level: 0.6725, 0.6775
Support level: 0.6695, 0.6865
USDCAD, H4: 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 undergo short term technical correction toward the resistance level at 1.3085.
Resistance level: 1.3085, 1.3145
Support level: 1.3020, 1.2940
USDCHF, H4: USDCHF was traded lower while currently testing the support level at 0.9725. MACD which illustrated bearish bias momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 0.9770, 0.9810
Support level: 0.9725, 0.9690
CrudeOIL, H1: Crude oil price was traded higher following prior rebound from the upward trend line. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains toward the resistance level at 61.90.
Resistance level: 61.90, 62.35
Support level: 61.10, 60.10
GOLD_, H4: Gold price was traded higher following prior breakout above the previous resistance level at 1513.55. However, MACD which illustrated diminishing bullish momentum and the formation of death cross suggest the commodity to be traded lower in short-term as technical correction.
Resistance level: 1513.55, 1520.25
Support level: 1507.75, 1501.95