31 October 2018 Afternoon Session Analysis
Dollar surged amid U.S consumer confidence rose.
The dollar index, a gauge of its value versus six major rivals has strengthened amid stronger than expected data of U.S Consumer Confidence released yesterday. According to Conference Board (CB), US Consumer Confidence data came in at a level of 137.9 which is higher than economists expected level of 136.0, driven largely a robust labor market. The data indicates that the consumer’ assessment of current conditions remains favorable along with strong economic growth outlook that could persist in short term. Besides, parts of the market participants currently are awaiting for the coming announcement of US data which is significant toward the dollar’s trend in next few days. As of writing, the dollar index rose 0.04% to 96.75. On the other hand, pair of EUR/USD dipped 0.04% to 1.1340 amid downbeat GDP report from the EU zone that has disappointed investors as the economy grew less than expected in third quarter. According to report, Gross Domestic Product (GDP) for the quarter of July until September came in at 0.2%, slightly lower than previous reading of 0.4%.
In the commodities market, crude oil price rose 0.05% to 66.35 per barrel amid the US sanctions against Iran is around the corner. Next, gold price notched down 0.47% to 1217.35 amid dollar’s recovery.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Event
Time Market Event
04:15 (1st) CAD BoC Gov Poloz Speak
Today’s Highlight Economic Data
| Time | Market & Data | Previous | Forecast | Actual |
| 18:00 | EUR – CPI (YoY) (Oct) | 2.1% | 2.1% | – |
| 20:15 | USD – ADP Nonfarm Employment Change (Oct) | 230K | 189K | – |
| 20:30 | CAD – GDP (MoM) (Aug) | 0.2% | – | – |
| 21:45 | USD – Chicago PMI (Oct) | 60.4 | 60.3 | – |
| 22:30 | CrudeOIL – EIA Crude Oil Inventories | 6.346M | 4.110M | – |
Technical Analysis
DOLLAR_INDX, H1: Dollar index was traded higher while currently testing near the resistance level at 96.80. However, MACD which illustrate diminishing of bullish momentum and the formation of death cross suggest the index to be traded lower in short term toward the support level at 96.65.
Resistance level: 96.75, 97.45
Support level: 96.65, 96.55
GBPUSD, H1: GBPUSD was higher following prior rebound from the support level at 1.2695. MACD which illustrate bullish momentum and the formation of golden cross suggest the pair to extend its gains toward the resistance level at 1.2740.
Resistance level: 1.2740, 1.2790
Support level: 1.2695, 1.2665
EURUSD, H4: EURUSD was traded lower while currently testing near the support level at 1.1335. MACD which illustrate bearish momentum and the formation of death cross suggest the pair to extend its losses after successfully breakout the support level at 1.1335.
Resistance level: 1.1360, 1.1390
Support level: 1.1335, 1.1320
USDJPY, H4: USDJPY was traded higher while currently testing near the resistance level at 113.30. MACD which illustrate bullish momentum and the formation of golden cross suggest the pair to extend its gains after successfully breakout the resistance level at 113.30.
Resistance level: 113.30, 113.55
Support level: 113.05, 112.80
AUDUSD, H1: AUDUSD was traded higher following prior rebound from the support level at 0.7080. MACD which illustrate diminishing of bearish momentum suggest the pair to be traded higher toward the resistance level at 0.7105.
Resistance level: 0.7105, 0.7115
Support level: 0.7080, 0.7055
NZDUSD, H1: NZDUSD was traded higher while currently testing near the resistance level at 0.6550. MACD which illustrate diminishing bearish momentum suggest the pair to be traded higher after successfully breakout the resistance level at 0.6550.
Resistance level: 0.6550, 0.6570
Support level: 0.6540, 0.6520
USDCAD, H1: USDCAD was traded higher following prior rebound from the support level at 1.3105. MACD which illustrate bullish momentum and the formation of golden cross suggest the pair to extend its gains toward the resistance level at 1.3140.
Resistance level: 1.3140, 1.3185
Support level: 1.3105, 1.3080
USDCHF, H1: USDCHF was traded lower following prior retracement from the resistance level at 1.0050. MACD which illustrate bearish momentum and formation of death cross suggest the pair to extend its losses toward the support level at 1.0030
Resistance level: 1.0050, 1.0090
Support level: 1.0030, 1.0010
CrudeOIL, H4: Crude oil was traded higher following prior rebound from the support level at 66.10. MACD which illustrate diminishing of bearish momentum and the formation of golden cross suggest the commodity to be traded higher in short term toward the resistance level at 67.70.
Resistance level: 67.70, 68.50,
Support level: 66.10, 64.20
GOLD_, H4: Gold was traded lower while currently testing near the support level at 1216.75. MACD which illustrate bearish momentum suggest the commodity to extend its losses after successfully breakout the support level at 1216.75.
Resistance level: 1229.40, 1230.05
Support level: 1216.75, 1208.95