06 November 2019                            Afternoon Session Analysis

 

Dollar slips after skyrocketed to new high.

Dollar index which measured its value against a basket of six major currencies fall after hitting the highest level in three weeks amid economic data from US region unexpectedly rise sharply. According to the Institute for Supply Management, US ISM Non-Manufacturing PMI came in at 54.7, stronger than previous month reading of 52.6 while far ahead of economist’s consensus at 53.6. This data showed that US economic activity is growing robustly and even faster than expected expansion pace, damped the market expectation on further rate cut in next Fed meeting. However, greenback sentiments has turned tepid now as market participants are cautious toward the progress of trade talk, geopolitical risk and the risk of slowing down in global growth. During Asian trading session, dollar index plummeted 0.09% to 97.65. On the other hand, the pair of NZD/USD inched down 0.03% to 0.6370 following downbeat economic data shows New Zealand labor market has weakened. The employment change in New Zealand has declined from 0.8 to 0.2%, job creation has fall significantly while lifted up the expectation of rate cut in upcoming RBNZ meeting.

 

In the commodities market, crude oil price rose 0.54% to $56.90 per barrel amid recent data showed a stockpile in US crude oil inventories. According to API data, inventories level jumped to 4.260M from previous month -0.708M. On the other hand, gold price quoted up 0.18% to $1486.00 a troy ounce amid weakening of greenback.

 

Today’s Holiday Market Close

Time                       Market                  Event

N/A

 

Today’s Highlight Events

Time                       Market                  Event

Tentative                              GBP                                        Autumn Budget

 

Today’s Highlight Economic Data

Time Nation & Data Previous Forecast Actual
23.00 CAD – Ivey PMI (Oct) 49.3 48.7
23.30 CrudeOIL – Crude Oil Inventories 5.702M 1.515M

 

 

Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded higher following prior breakout above the previous resistance level at 97.55. MACD which illustrated increasing bullish momentum suggest the index to extend its gain toward the resistance level at 97.95.

 

Resistance level: 97.95, 98.40

Support level: 97.55, 96.90

 

GBPUSD, Daily: GBPUSD was traded lower following prior retracement from the resistance level at 1.2980. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.2780.

 

Resistance level: 1.2980, 1.3180

Support level: 1.2780, 1.2625


EURUSD, H4: EURUSD was traded lower while currently testing the support level at 1.1075. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

 

Resistance level: 1.1125, 1.1175

Support level: 1.1075, 1.1010


USDJPY, Daily: USDJPY was traded higher while currently testing the resistance level at 109.05. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gain after it successfully breakout above the resistance level.

 

Resistance level: 109.05, 109.90

Support level: 107.95, 107.00

 

AUDUSD, Daily: AUDUSD was traded higher following prior rebound from the support level at 0.6875. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

 

Resistance level: 0.6935, 0.7020

Support level: 0.6875, 0.6810


NZDUSD, H4: NZDUSD was traded lower following prior breakout below the previous support level at 0.6390. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

 

Resistance level: 0.6390, 0.6430

Support level: 0.6345, 0.6315


USDCAD, Daily: USDCAD was traded higher following prior rebound from the support level at 1.3145. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.3210.

 

Resistance level: 1.3210, 1.3260

Support level: 1.3145, 1.3085


USDCHF, Daily: USDCHF was traded higher following prior breakout above the previous resistance level at 0.9885. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gain toward resistance level at 0.9940.

 

Resistance level: 0.9940, 1.0000

Support level: 0.9885, 0.9840


CrudeOIL, Daily: Crude oil price was traded higher while currently testing the resistance level at 57.00. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.

 

Resistance level: 57.00, 58.25

Support level: 54.90, 53.25


GOLD_, H4: Gold price was traded higher following prior rebound from the support level at 1483.55. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains toward the resistance level at 1493.70.

 

Resistance level: 1493.70, 1501.60

Support level: 1483.55, 1476.20