10 July 2019 Afternoon Session Analysis
AUD slumps as China data disappoints.
Australian dollar extended its losses during Asian trading session following bearish economic data from its major exporting partner China. As of writing, pair of AUD/USD depreciates by 0.09% to 0.6921. In China, its Producer Price Index for the month of June came in at 0.0%, missing economist expectation to rise by 0.3%. The lower than expected inflationary data for producers has cast a bearish outlook upon the Aussie dollar and thus evoking higher short volume this morning. However, its losses were limited after China’s Consumer Price Index came in within economist expectation with the reading of 2.7% for the month of June. On the other hand, pair of USD/JPY rose 0.05% to 108.90. Japanese yen undergoes higher selling pressure following a change of risk appetite while investors look ahead towards testimonial from Federal Reserve Chairman Jerome Powell in front of US Congress tonight.
In terms of commodities market, crude oil price appreciates by 0.43% to $58.50 per barrel. Oil price edged higher after American Petroleum Institute reported a higher than expected draw in oil inventories by -8.129 million barrels. On the other hand, gold price depreciates by 0.36% to $1,392.72 a troy ounce due to increasing demand for riskier assets.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
22.00 USD Fed Chair Powell Testifies
22.00 CAD BoC Monetary Policy Report
22.00 CAD BoC Rate Statement
22.15 CAD BoC Press Conference
02.00(11th) USD FOMC Meeting Minutes
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 16.30 | GBP – GDP (MoM) | -0.4% | 0.3% | – |
| 16.30 | GBP – Manufacturing Production (MoM) (May) | -3.9% | 2.2% | – |
| 22.00 | CAD – BoC Interest Rate Decision | 1.75% | 1.75% | – |
| 22.30 | CrudeOIL – Crude Oil Inventories | -1.085M | -3.081M | – |
Technical Analysis
DOLLAR_INDX, Daily: Dollar index was traded higher following prior breakout above the previous resistance level at 96.90. MACD which illustrate bullish momentum suggest the index to extend its gains toward the resistance level at 97.35.
Resistance level: 97.35, 98.00
Support level: 96.90, 96.50
GBPUSD, H4: GBPUSD was traded lower following prior breakout below the previous support level at 1.2500. However, MACD which illustrate diminishing bearish momentum suggest the pair to undergo technical correction in short term toward the resistance level at 1.2500.
Resistance level: 1.2500, 1.2555
Support level: 1.2435, 1.2370
EURUSD, Daily: EURUSD was traded lower following prior breakout below the previous support level at 1.1210. MACD which illustrate bearish bias momentum suggest the pair to extend its losses toward the support level at 1.1170.
Resistance level: 1.1210, 1.1245
Support level: 1.1170, 1.1125
USDJPY, Daily: USDJPY was traded higher following prior breakout above the previous resistance level at 108.70. MACD which illustrate bullish bias momentum suggest the pair to extend its gains toward the resistance level at 109.20.
Resistance level: 109.20, 109.55
Support level: 108.70, 108.20
AUDUSD, H4: AUDUSD was traded lower following prior breakout below the previous support level at 0.6935. MACD which illustrate bearish bias momentum suggest the pair to extend its losses toward the support level at 0.6910.
Resistance level: 0.6935, 0.6965
Support level: 0.6910, 0.6865
NZDUSD, H4: NZDUSD was traded lower following prior breakout below the previous support level at 0.6600. MACD which illustrate bearish bias momentum suggest the pair to extend its losses toward the support level at 0.6570.
Resistance level: 0.6600, 0.6635
Support level: 0.6570, 0.6540
USDCAD, H4: USDCAD was traded higher while currently testing the resistance level at 1.3135. MACD which illustrate bullish bias momentum suggest the pair to extend its gains after successfully breakout above the resistance level at 1.3135.
Resistance level: 1.3135, 1.3165
Support level: 1.3095, 1.3050
USDCHF, H4: USDCHF was traded flat while currently testing the support level at 0.9925. MACD which illustrate bearish signal suggests the pair to extend its losses after successfully breakout below the support level at 0.9925.
Resistance level: 0.9965, 1.0010
Support level: 0.9925, 0.9895
CrudeOIL, H4: Crude oil price was traded higher following prior breakout above the previous resistance level at 58.60. MACD which illustrate bullish signal suggests its price to extend its gains toward the next resistance level at 60.35.
Resistance level: 60.35, 61.30
Support level: 58.60, 57.85
GOLD_, Daily: Gold price was traded lower while currently testing the 20 moving average line (Red). MACD which illustrate bearish momentum suggest the commodity to extend its losses after successfully breakout below the 20 moving average line (Red).
Resistance level: 1401.50, 1420.55
Support level: 1383.60, 1354.55