01 July 2020 Morning Session Analysis
Dollar plunged amid US intention to implement additional relief.
Dollar index which gauges its value against a basket of six major currencies was having mixed pattern, eventually failed to extend its gains yesterday after US top economic policymaker revealed that they are considering to release another round of economic aid in near term. Prior to the testimony of US Financial Services Committee, Treasury Secretary Steven Mnuchin and Fed Chairman Jerome Powell unleashed dovish comment on the current economy health condition, while emphasizing that they are pledged to unveil additional relief in order to prevent the long lasting damage of Covid-19 toward their economy. Besides, Mnuchin revealed that they are near to a consensus in getting another round of relief approved, expecting the lawmaker’s approval can be obtained by the end of July. Additionally, further aid will be most likely focus on supporting local businesses that have been hit tremendously since the outbreak of virus. At the moment, US is still being the top country that most affected by the pandemic, where its latest virus infection cases per day was recorded at 41,211 while the death toll increased by 705 cases. During Asian early trading session, dollar index dropped by 0.16% to 97.40.
In the commodities market, crude oil price surged by 1.04% to $39.70 per barrel amid surprise drop in US crude oil inventory level. According to the API, US Weekly Crude Oil Stock came in at -8.156M, blowing the estimation of economist at 1.749M, showing that the supply glut eased as increasing of market demand on crude oil product. Besides, gold price appreciated by 0.15% to $1783.20 amid heightening of market worries over the pandemic of Covid-19.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
02:00 USD FOMC Meeting Minutes
(2nd)
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 15:55 | EUR – German Manufacturing PMI | 44.6 | 44.6 | – |
| 15:55 | EUR – German Unemployment Rate | 6.3% | 6.6% | – |
| 16:30 | GBP – Manufacturing PMI (Jun) | 50.1 | 50.1 | – |
| 20:15 | USD – ADP Nonfarm Employment Change (Jun) | -2,760K | 3,000K | – |
| 22:00 | USD – ISM Manufacturing PMI (Jun) | 43.1 | 49.5 | – |
| 22:30 | CrudeOIL – Crude Oil Inventories | 1.442M | -0.710M | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower following prior breakout below the previous support level at 97.55. MACD which illustrate bearish bias momentum signal suggest the pair to extend its losses toward the support level at 96.90.
Resistance level: 97.55, 98.75
Support level: 96.90, 96.10
GBPUSD, H4: GBPUSD was traded higher following prior breakout above the previous resistance level at 1.2335. MACD which illustrate bullish bias momentum suggest the pair to extend its gains toward the resistance level at 1.2435.
Resistance level: 1.2435, 1.2525
Support level: 1.2335, 1.2250
EURUSD, H4: EURUSD was traded higher while currently testing near the resistance level at 1.1245. MACD which illustrate bullish bias momentum signal suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1.1245, 1.1320
Support level: 1.1165, 1.1095
USDJPY, H4: USDJPY was traded higher following prior breakout above the previous resistance level at 107.90. MACD which illustrate bullish bias momentum signal suggest the pair to extend its gains toward the resistance level at 108.35.
Resistance level: 108.35, 108.90
Support level: 107.90, 107.45
AUDUSD, Daily: AUDUSD was traded higher following prior rebound from the support level at 0.6810. MACD which display diminishing bearish momentum signal suggest the pair to extend its gains toward the resistance level at 0.7115.
Resistance level: 0.7115, 0.7295
Support level: 0.6810, 0.6500
NZDUSD, Daily: NZDUSD was traded higher following prior rebound near the support level at 0.6380. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its gains toward the resistance level at 0.6480.
Resistance level: 0.6480, 0.6580
Support level: 0.6380, 0.6265
USDCAD, Daily: USDCAD was traded lower following prior retracement from the resistance level at 1.3675. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses toward the support level at 1.3500.
Resistance level: 1.3675, 1.3865
Support level: 1.3500, 1.3355
USDCHF, H4: USDCHF was traded lower following prior breakout below the previous support level at 0.9475. MACD which illustrate bearish bias momentum signal suggest the pair to extend its losses toward the support level at 0.9430.
Resistance level: 0.9475, 0.9535
Support level: 0.9430, 0.9380
CrudeOIL, H4: Crude oil price was traded higher following prior breakout above the previous resistance level at 39.25. MACD which illustrate bullish bias momentum signal suggest the commodity to extend its gains toward the resistance level at 41.35.
Resistance level: 41.35, 43.75
Support level: 39.25, 37.45
GOLD_, H4: Gold price was traded higher following prior breakout above the previous resistance level at 1778.35. MACD which illustrate bullish momentum with the formation of golden cross suggest the pair to extend its gains toward the resistance level at 1794.30.
Resistance level: 1794.30, 1818.40
Support level: 1778.35, 1767.35