05 June 2020 Afternoon Session Analysis
Dollar extend losses following President Trump’s threat.
The dollar index which traded against a basket of six major currency pairs continue to experience huge selling pressure during late Asian session as the ongoing civil unrest coupled with military threats by the U.S President Donald Trump continue to dragged the sentiment. With the protestors ignoring curfews imposed throughout the US and the unrest continue to mount, President Trump threatened to send in the military to ‘quickly solve the problem’, a move which USD investors fear could escalate tensions even further. Besides that, several officials such as former defence secretary James Mattis and Trump’s current defence chief, Mark Esper also opposed President Trump threats to send in the military. Thus, the increasing uncertainty has exerting tremendous negativity for the greenback and dragging its value down. At the time of writing, dollar index slips 0.05% to 96.68.
At the time of writing, crude oil price edge higher 0.14% to $37.38 per barrel as of writing following possibility of OPEC meeting on Sunday. According to an update from Reuters, a weekend meeting could take place between the Organisation of the Petroleum Exporting Countries (OPEC) and allies led by Russia. On top of that, the positive mood was increased further after US President Donald Trump’s tweet thanking Iran for the release of another detainee and signalling a possible trade deal with the Gulf nation. On the other hand, gold price recovers 0.15% to $1710.05 a troy ounce at the time of writing following US-China tension supported the demand for the commodity.
Today’s Holiday Market Close
Time Market Event
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Today’s Highlight Events
Time Market Event
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Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 20:30 | USD – NonFarm Payrolls (May) | -20,537K | -8,000K | – |
| 20:30 | USD – Unemployment rate (May) | 14.7% | 19.8% | – |
| 20:30 | CAD – Employment Change (May) | -1,993.8K | -500.0K | – |
| 22:00 | CAD – Ivey PMI (May) | 22.8 | – | – |
| 01:00
(6th) |
CrudeOIL – U.S. Baker Hughes Oil Rig Count | 222 | – | – |
Technical Analysis
DOLLAR_INDX, H1: Dollar index was traded lower while currently testing the support level at 96.55. However, MACD which illustrated diminishing bearish momentum suggest the index to be traded higher in short-term as technical correction.
Resistance level: 97.25, 97.95
Support level: 96.55, 96.05
GBPUSD, Daily: GBPUSD was traded higher while currently testing the resistance level at 1.2615. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1.2615, 1.2745
Support level: 1.2435, 1.2290
EURUSD, H1: EURUSD was traded higher while currently testing the resistance level at 1.1350. However, MACD which illustrated increasing bearish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 1.1350, 1.1420
Support level: 1.1240, 1.1160
USDJPY, H1: USDJPY was traded higher while currently testing the resistance level at 109.30. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 109.30, 110.15
Support level: 108.30, 107.50
AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level at 0.6955. MACD which illustrated increasing bearish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 0.6955, 0.7010
Support level: 0.6880, 0.6800
NZDUSD, H4: NZDUSD was traded higher following prior breakout above the previous resistance level at 0.6435. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 0.6525, 0.6605
Support level: 0.6435, 0.6335
USDCAD, H4: USDCAD was traded lower while currently testing the support level at 1.3470. However, MACD which illustrated increasing bullish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 1.3735, 1.3890
Support level: 1.3470, 1.3310
USDCHF, Daily: USDCHF was traded lower following prior breakout below the previous support level at 0.9615. MACD which illustrated increasing bearish momentum suggest the pair to be extend its losses toward support level at 0.9505.
Resistance level: 0.9615, 0.9735
Support level: 0.9505, 0.9435
CrudeOIL, Daily: Crude oil price was traded higher while currently testing the resistance level at 37.50. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.
Resistance level: 37.50, 44.40
Support level: 27.85, 20.45
GOLD_, H1: Gold price was traded lower while currently testing the support level at 1708.35 MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses after it successfully breakout below the support level.
Resistance level: 1722.00, 1731.40
Support level: 1708.35, 1698.10