30 December 2019 Morning Session Analysis
Dollar index fell amid to trade optimism.
Dollar index slumped on last Friday amid to the optimism around prospect for a “phase 1” U.S.-China trade deal, which spurred the investors’ risk appetite in the market while sapping the demand for the safe-haven currencies such as the greenback. According to Reuters, China claimed on Wednesday that it is close to sign a trade-deal with the U.S. soon. On the other hand, the Euro has recovered most of last week’s losses on last Friday amid to market participants started to adjusting their positions in the Euro market before the end of the year amid speculation that the Eurozone economy could be strengthen in the next year. Despite for much of 2019, investors sold the Euro as bleak economy performance in the Eurozone’s, however the recent data from the European region has begun to indicate some signs of the recovery, boosting the hopes that the bloc’s economy will tend to be stronger while insinuating the demand for the Euro. As of writing, the dollar index appreciated by 0.04% to 96.57 while the EUR/USD surged 0.05% to 1.1179.
In the commodities market, the crude oil price appreciated by 0.03% to $61.68 per barrel. The oil market edged higher price following the crude oil inventories data was released. According to Energy Information Administration, the U.S. crude oil inventories notched down from the previous reading of -1.085M to -5.474M, lower than the economist forecast of -1.724M. Such reading indicated that there is a greater demand for the crude oil in the market, which providing further bullish support for the crude oil price. On the other hand, the gold price surged 0.16% to $1512.56 per troy ounces amid investors continued to seek out the safe-haven metal as an insurance for the potential drop in the equity market in the early next year.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
N/A
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, H1: Dollar index was traded higher following prior rebound from the support level at 96.50. MACD which illustrated diminishing bearish momentum suggest the index to extend its gains toward resistance level at 96.75.
Resistance level: 96.75, 96.95
Support level: 96.50, 96.30
GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level at 1.3115. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 1.3115, 1.3225
Support level: 1.3005, 1.2905
EURUSD, Daily: EURUSD was traded higher following prior breakout above the previous resistance level at 1.1160. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.1220.
Resistance level: 1.1220, 1.1285
Support level: 1.1160, 1.1095
USDJPY, H4: USDJPY was traded lower while currently testing the support level at 109.35. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 109.60, 109.95
Support level: 109.35, 108.90
AUDUSD, H4: AUDUSD was traded higher following prior breakout above the previous resistance level at 0.6965. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.7010.
Resistance level: 0.7010, 0.7050
Support level: 0.6965, 0.6920
NZDUSD, Daily: NZDUSD was traded higher while currently testing the resistance level at 0.6720. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 0.6720, 0.6775
Support level: 0.6655, 0.6595
USDCAD, Daily: USDCAD was traded lower while currently testing the support level at 1.3065. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 1.3135, 1.3220
Support level: 1.3065, 1.3020
USDCHF, Daily: USDCHF was traded lower while currently testing the support level at 0.9730. MACD which illustrated increasing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 0.9790, 0.9860
Support level: 0.9730, 0.9670
CrudeOIL, Daily: Crude oil price was traded higher following prior breakout above the previous resistance level at 60.70. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.
Resistance level: 62.35, 63.70
Support level: 60.70, 58.85
GOLD_, Daily: Gold price was traded higher while currently testing the resistance level at 1517.00. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.
Resistance level: 1517.00, 1535.80
Support level: 1488.45, 1452.15