01 June 2020 Afternoon Session Analysis
Aussie jumped amid risk on mood.
During late Asian session, the Australian dollar which traded against the greenback and other currency pairs have strengthen its value following the release of Chinese Caixin Manufacturing PMI which boosting market risk appetite. According to Caixin, China Manufacturing PMI came in at 50.7, surpassed market expectation of 49.6. On top of that, China’s factory activity is also unexpectedly returned to growth in May as strict measures to contain the coronavirus outbreak were eased, according to Reuters. The risk appetite also got boosted after US President Donald Trump refrained to take a hard approach to China and its trade deal over the Hong Kong security issue last Friday. At the time of writing, AUD/USD rose 1.04% to 0.6735.
In the commodities market, the price of crude oil remains strong and rose 1.50% to $35.52 per barrel as of writing following positive outlook on demand. As the easing of lockdown continues worldwide, crude oil demand remains steadily boosted. Besides that, hopes of falling inventories subsequent to deeper OPEC output cuts also help fuelled the rally. In the other hand, gold price gains 0.52% to $1737.75 a troy ounce at the time of writing amid heightening tension between U.S and China help support the potential demand for the safe-haven commodity.
Today’s Holiday Market Close
Time Market Event
All Day EUR Whit Monday
All Day CHF Pentecost
All Day NZD Queen’s Birthday
Today’s Highlight Events
Time Market Event
N/A
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 15:55 | EUR – German Manfacturing PMI (May) | 34.5 | 36.8 | – |
| 16:30 | GBP – Manufacturing PMI (May) | 40.6 | 40.7 | – |
| 22:00 | USD – ISM Manufacturing PMI (May) | 41.5 | 43.0 | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower while currently testing near the support level 97.70. MACD which illustrate ongoing bearish momentum suggest the dollar to extend its losses after it breaks below the support level.
Resistance level: 98.70, 99.50
Support level: 97.70, 96.50
GBPUSD, H4: GBPUSD was traded higher while currently testing near the resistance level 1.2435. MACD which illustrate bullish momentum signal suggest the pair to extend its gains after it breaks above the resistance level.
Resistance level: 1.2435, 1.2630
Support level: 1.2265, 1.2070
EURUSD, H4: EURUSD was traded higher while currently testing the resistance level 1.1140. However, MACD which illustrate diminishing bullish momentum suggest the pair to experience a technical correction in short term towards the support level 1.1015
Resistance level: 1.1140, 1.1235
Support level: 1.1015, 1.0880
USDJPY, H4: USDJPY remain traded in a sideway channel. Due to lack of clear direction from MACD, it is suggested to wait until further signal appear such as breakout before entering the market.
Resistance level: 108.05, 108.55
Support level: 107.35, 106.50
AUDUSD, H4: AUDUSD was traded higher while currently testing near the resistance level 0.6750. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to extend its gains after it breaks above the resistance level.
Resistance level: 0.6750, 0.6830
Support level: 0.6670, 0.6560
NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level 0.6250. MACD which illustrate bullish bias signal suggest the pair to extend its gains after it breaks above the resistance level.
Resistance level: 0.6250, 0.6365
Support level: 0.6150, 0.6070
USDCAD, H4: USDCAD was traded lower while currently testing near the support level 1.3685. MACD which display diminishing bullish momentum signal suggest the pair to extend its losses after it breaks below the support level.
Resistance level: 1.3865, 1.4020
Support level: 1.3685, 1.3510
USDCHF, H4: USDCHF was traded lower while currently testing the support level 0.9595. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to experience a technical correction towards the resistance level 0.9665.
Resistance level: 0.9665, 0.9730
Support level: 0.9595, 0.9500
CrudeOIL, H4: Crude oil price remain traded in a sideway channel while currently testing the resistance level 35.50. However, MACD which illustrate bullish bias signal suggest the commodity to be traded higher after it breaks above the resistance level.
Resistance level: 35.50, 39.50
Support level: 30.95, 26.70
GOLD_, H4: Gold price was traded higher following prior breakout above the previous resistance level 1723.05. MACD which illustrate ongoing bullish momentum signal suggest the commodity to extend its gains towards the current resistance level 1768.05.
Resistance level: 1768.05, 1800.00
Support level: 1723.05, 1673.95