9 July 2019 Afternoon Session Analysis
AUD depreciates as confidence deteriorates.
Australian dollar extended its bearish momentum following the release of economic data during Asian trading session. Pair of AUD/USD was quoted down 0.19% to 0.6959 as of writing. According to National Australia Bank, Business Confidence is Australia for the month of June came in within expectation at 2, significantly lower than prior month reading of 7. Deteriorating business confidence has dialed down market optimism towards the region as ongoing trade war lead to persistent recessive risk towards its economy. Likewise, with fresh doubts over US-China trade war negotiation in tow, traders continue to pile into US dollar following diminishing aggressive rate cut speculation from the Federal Reserve. On the other hand, pair of EUR/USD ticked down 0.02% to 1.1212. With the lack of economic releases from the EU, traders held off from making large sum of trading upon the currency while waiting for more market signals.
As for commodities market, crude oil price slumped 0.21% to $57.30 per barrel. Oil price extended its losses while traders place their doubts over OPEC production cut plan as global oversupply hovers at a higher level. Similarly, gold price slumped 0.10% to $1,393.81 a troy ounce due to a rebound in US dollar.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
20:45 USD Fed Chair Powell Speaks
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 20:30 | CAD – Building Permits (MoM) (May) | 14.7% | -2.5% | – |
| 22:00 | USD – JOLTs Job Openings (May) | 7.449M | 7.470M | – |
| 04:30 (10th) | CrudeOIL – API Weekly Crude Oil Stock | -5.000M | – | – |
Technical Analysis
DOLLAR_INDX, Daily: Dollar index was traded higher following prior breakout above the previous resistance level at 96.90. MACD which illustrate bullish momentum suggest the index to extend its gains toward the resistance level at 97.35.
Resistance level: 97.35, 98.00
Support level: 96.90, 96.50
GBPUSD, H4: GBPUSD was traded higher following prior rebound from the support level at 1.2500. MACD which illustrate bullish momentum and the formation of golden cross suggest the pair to extend its rebound toward the resistance level at 1.2555.
Resistance level: 1.2555, 1.2610
Support level: 1.2500, 1.2435
EURUSD, Daily: EURUSD was traded lower while currently testing the support level at 1.1210. MACD which illustrate bearish momentum suggest the pair to extend its losses after successfully breakout below the support level at 1.1210.
Resistance level: 1.1245, 1.1280
Support level: 1.1210, 1.1170
USDJPY, Daily: USDJPY was traded higher while currently testing the resistance level at 108.70. MACD which illustrate bullish momentum suggest the pair to extend its gains after successfully breakout above the resistance level at 108.70.
Resistance level: 108.70, 109.15
Support level: 108.20, 107.85
AUDUSD, H4: AUDUSD was traded lower following prior breakout below the previous support level at 0.6965. MACD which illustrate bearish bias momentum suggest the pair to extend its losses toward the support level at 0.6935.
Resistance level: 0.6965, 0.7000
Support level: 0.6935, 0.6910
NZDUSD, H4: NZDUSD was traded higher following prior rebound from the lower level. MACD which illustrate diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 0.6635.
Resistance level: 0.6635, 0.6665
Support level: 0.6600, 0.6570
USDCAD, H4: USDCAD was traded higher while currently testing the 50 moving average line (Blue). MACD which illustrate bullish bias momentum suggest the pair to extend its gains after successfully breakout above the 50 moving average line (Blue).
Resistance level: 1.3135, 1.3165
Support level: 1.3095, 1.3050
USDCHF, H4: USDCHF was traded higher following prior breakout above the previous resistance level at 0.9925. However, MACD which illustrate diminishing bullish signal suggests the pair to undergo short term technical correction toward the support level at 0.9925.
Resistance level: 0.9965, 1.0010
Support level: 0.9925, 0.9895
CrudeOIL, H4: Crude oil price was traded lower while currently testing 20 moving average line (Red). MACD which illustrate bearish signal suggests its price to extend its losses after successfully breakout below the 20 moving average line (Red).
Resistance level: 57.85, 58.60
Support level: 56.85, 55.90
GOLD_, H1: Gold price was traded higher following prior rebound from the lower level. MACD which illustrate diminishing bearish momentum suggest the commodity to extend its gains toward the resistance level at 1401.50.
Resistance level: 1401.50, 1422.55
Support level: 1383.60, 1355.15