15 May 2020 Afternoon Session Analysis
Aussie drops following mixed China data.
During late Asian session, the Aussie dollar which traded against the greenback and other currency pairs have slip after the release of China data. According to National Bureau of Statistics of China, Industrial Production for the month of April have improved to 3.9%, surpassed market expectation of 1.5%. However, market sentiment remains frail as A higher than expected drop in Retail Sales and Fixed Asset Investments seem to dominated over better than forecast Industrial Production. Fixed Asset Investment came in at -10.3%, weaker than expectation of -10.0 while Retail Sales also slump to -7.5%, lower than market forecast of -7.0%. Besides that, a no rate change announcement from the People’s Bank of China (PBOC) also seems to have also proved its influence on the Aussie. The PBOC kept its interest rate on a one-year Medium-Term Lending Facility (MLF) unchanged at 2.95%. At the time of writing, AUD/USD fell 0.13% to 0.6450.
In the commodities market, crude oil price rose 0.11% to $27.81 per barrel as of writing following encouragement from IEA. According to reports, Paris-based International Energy Agency (IEA) have boosted its 2020 global demand forecast for oil by 700,000 barrels per day, noting that the black commodity has improved with demand a little stronger than expected. In the other hand, gold price soars 0.14% to $1732.93 a troy ounce at the time of writing following heightening risk-aversion mood amid gloomy outlook.
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 |
| 16:00 | EUR – German GDP (QoQ)(Q1) | 0.0% | -2.2% | – |
| 20:30 | USD – Core Retail Sales (MoM)(Apr) | -4.2% | -8.6% | – |
| 20:30 | USD – Retail Sales (MoM)(Apr) | -8.4% | -12.0% | – |
| 22:00 | USD – JOLTs Job Openings (Mar) | 6.882M | – | – |
| 01:00
(16th) |
CrudeOIL – U.S. Baker Hughes Oil Rig Count | 292 | – | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from the resistance level at 100.45. MACD which illustrated diminishing bullish momentum suggest the index to extend its losses toward support level at 99.60
Resistance level: 100.45, 108.85
Support level: 99.60, 98.75
GBPUSD, H1: GBPUSD was traded lower while currently testing the support level at 1.2975. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 1.2250, 1.2290
Support level: 1.2195, 1.2120
EURUSD, H4: EURUSD was traded higher following prior rebound from the support level at 1.0795. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 1.0845.
Resistance level: 1.0845, 1.0875
Support level: 1.0795, 1.0765
USDJPY, H4: USDJPY was traded higher following prior rebound from the support level at 106.75. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 107.75.
Resistance level: 107.75, 108.45
Support level: 106.75, 106.05
AUDUSD, H4: AUDUSD was traded higher following prior rebound from the support level at 0.6405. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 0.6560.
Resistance level: 0.6560, 0.6685
Support level: 0.6405, 0.6235
NZDUSD, H4: NZDUSD was traded lower following prior retracement from the resistance level at 0.6005. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 0.6005, 0.6065
Support level: 0.5925, 0.5850
USDCAD, H1: USDCAD was traded higher following prior rebound from the support level at 1.4035. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 1.4070.
Resistance level: 1.4070, 1.4105
Support level: 1.4035, 1.4005
USDCHF, Daily: USDCHF was traded higher while currently testing the resistance level at 0.9755. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 0.9755, 0.9880
Support level: 0.9585, 0.9495
CrudeOIL, H4: Crude oil price was higher following prior breakout above the previous resistance level at 26.70. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains toward resistance level at 28.90.
Resistance level: 28.90, 30.90
Support level: 26.70, 22.90
GOLD_, H1: Gold price traded within a range while currently testing the resistance level at 1731.85. However, MACD which illustrate increasing bearish momentum suggest the commodity to be traded lower in short-term as technical correction.
Resistance level: 1731.85, 1745.20
Support level: 1721.65, 1710.80