Aussie surged on upbeat economic data.
The Australian Dollar surged over the backdrop of string of upbeat economic data from Australia region. According to Australian Bureau of Statistics, Australia Retail Sales for last month notched up significantly from the previous reading of 0.1% to 0.4%, exceeding the market forecast at 0.1%, while dialed up the market optimism toward the economic recovery in Australia. Nonetheless, the gains experienced by the Aussie was limited following China reported negative economic data in early morning. China Caixin Services Purchasing Managers index (PMI) had declined significantly from the previous reading of 55.1 to 50.3, since Australia is China’s sixth largest trading partners, negative data in China would be spurring some negative prospect for the economic momentum in Australia. As for now, market participants will scrutinize the latest updates with regards of RBA interest rates decision as well as FOMC meeting minutes in order to gauge the likelihood movement for the Australia Dollar. As of writing, AUD/USD appreciated by 0.11% to 0.7515.
In the commodities market, the crude oil price depreciated by 0.02% to $75.30 per barrel as of writing. The crude oil price was traded lower amid investors are now anxiously waiting for the OPEC+’s decision following the disagreement during the early meeting. On the other hand, the gold price was traded flat at $1787.05 per troy ounces as of writing following United States released mixed economic data last week.
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 |
|
16:30 |
GBP – Composite PMI (Jun) |
61.7 |
61.7 |
– |
|
16:30 |
GBP – Services PMI (Jun) |
61.7 |
61.7 |
– |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower while currently testing the support level at 92.30. MACD which illustrated increasing bearish momentum suggest the index to extend its losses after it successfully breakout below the support level.
Resistance level: 93.25, 94.10
Support level: 92.30, 91.30
GBPUSD, H4: GBPUSD was traded higher following prior rebound from the support level at 1.3790. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.3960.
Resistance level: 1.3960, 1.4100
Support level: 1.3790, 1.3685
EURUSD, Daily: EURUSD was traded lower while currently near the support level at 1.1845. However, MACD which illustrated bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 1.1955, 1.2065
Support level: 1.1845, 1.1725
USDJPY, H4: USDJPY was traded lower while currently testing the support level at 110.95. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 111.55, 112.15
Support level: 110.95, 110.45
AUDUSD, H4: AUDUSD was traded higher following prior rebound from the support level at 0.7465. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.7590.
Resistance level: 0.7590, 0.7700
Support level: 0.7465, 0.7365
NZDUSD, H4: NZDUSD was traded higher following prior rebound from the support level at 0.6940. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 0.7120, 0.7300
Support level: 0.6940, 0.6770
USDCAD, H4: USDCAD was traded lower following prior breakout below the previous support level at 1.2360. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 1.2360, 1.2480
Support level: 1.2275, 1.2165
USDCHF, H4: USDCHF was traded lower following prior breakout below the previous support level at 0.9235. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 0.9235, 0.9305
Support level: 0.9165, 0.9095
CrudeOIL, H1: Crude oil price was traded lower while currently testing the support level at 74.90. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses after it successfully breakout below the support level.
Resistance level: 75.85,76.70
Support level: 74.90, 73.75
GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1794.65. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.
Resistance level: 1794.65, 1812.65
Support level: 1773.75, 1751.20