The release of US GDP data scheduled for 19:30 WIB has the chance to be a catalyst for the US dollar movement after strengthening over the past two days amid markets awaiting speeches from FOMC members like Randal Quarles, Richard Clarida and Michelle Bowman to look for clues on US central bank monetary policy in the future.
In addition, the release of the German consumer price index data will potentially move EURUSD amid the dovish of ECB President Draghi in his speech yesterday. Meanwhile the development of the UK parliamentary tugging over the development of Brexit still has the potential to trigger volatility in the GBPUSD
Market Movers today
Movement Potential
Gold
Gold prices have a chance to move down in the short term amid the sentiment of a stronger US dollar to test support levels at $ 1305 - $ 1300. If it moves up, the closest resistance level is seen at $ 1312 - $ 1317. Today the market looks forward to the release of Q4 GDP data from the United States for guidance on the movement of the US dollar.
Oil
The increase in US crude oil reserves in the EIA report overnight could potentially trigger a decline in oil prices in the short term to test the support level at $ 58.90 - $ 58.40. However, if the market considers the ongoing supply restrictions by OPEC + and the disruption of Venezuelan production it is likely to support the rise in oil prices to test resistance at $ 59.80 - $ 60.30.
EURUSD
The statement of ECB President Draghi, which appeared yesterday, after the sentiment of a stronger US dollar could potentially weigh on the EURUSD movement in the short term to test the support at 1.1210 - 1.1150. If the price rises, the resistance level is seen in the 1.1280 - 1.1340 area with today's market waiting for German inflation data for guidance on the health level of the country with the largest economic level in the Euro zone.
GBPUSD
GBPUSD has a chance to weaken in the short term amid market concerns about Brexit uncertainty after the last report showed that all of PM May's proposals were rejected by the British Parliament by testing the support at 1.3100 - 1.3040. For the upside, resistance levels are seen in the 1.3230 - 1.3300 area.
USDJPY
The USDJPY has the chance to move down in the short term if the market returns to hunt for the safe haven assets of the yen amid the fall in the stock market with the support level at 110.00 - 109.70. However, if the dollar's sentiment strengthens dominates the market, the USDJPY has a chance to move up to test resistance at 110.70 - 111.00.
AUDUSD
AUDUSD has a chance to weaken in the short term amid the strong US dollar outlook and the market's move away from risk assets to test support levels at 0.7040 - 0.7000. If it rises, the resistance level is seen at 0.7110 - 0.7150.