30 May 2019 Afternoon Session Analysis
Trade tension escalates with anti-dumping tariff.
US dollar extended gains to two-years high against other major currencies following escalating trade tension in between US and China. Standoffs between world’s two biggest economies escalated to the next level after US Commerce Department announced to impose anti-dumping tariffs upon Chinese-made mattresses and stainless-steel beer kegs which are priced lower than fair market value. Washington will impose duties up to 79.7% upon Chinese-made kegs and up to 1,731% on mattresses. Such action would further worsen trade tension in between US and China which could further delay any effort to resolve in the future. As US dollar is being regarded as one of the safe-haven assets, the dollar index rose 0.02% to 97.95. On the other hand, euro was dumped on yesterday following bearish data from Germany. Germany’s latest data showed an uptick in unemployment rate, accompanying a series of economic reports from the region which signals recessive risks. As of writing, pair of EUR/USD ticked down 0.02% to 1.1139.
On the other hand, crude oil price recovered its losses by 0.14% to $59.04 per barrel. Oil prices continue to hover with a tight range as market participant anticipates for more signals with regards to global oil supply and demand. On the other hand, gold price depreciates by 0.17% to $1,277.81 a troy ounce due to stronger greenback.
Today’s Holiday Market Close
Time Market Event
All Day CHF Ascension Day
Today’s Highlight Events
Time Market Event
N/A
Today’s Highlight Economic Data
| Time | Market & Data | Previous | Forecast | Actual |
| 20:30 | USD – GDP (QoQ) (Q1) | 3.2% | 3.1% | – |
| 20:30 | USD – Initial Jobless Claims | 211K | 216K | – |
| 22:00 | USD – Pending Home Sales (MoM) (Apr) | 3.8% | 0.9% | – |
| 23:00 | CrudeOIL – Crude Oil Inventories | 4.740M | -0.857M | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher while currently retest the resistance level 98.00. However, MACD which illustrate diminishing bullish momentum suggest the dollar to experience a short-term technical correction towards the support level 97.70.
Resistance level: 98.00, 98.50
Support level: 97.70, 97.40
GBPUSD, H4: GBPUSD was traded lower while currently testing the support level 1.2615. However, MACD which illustrate diminishing bearish momentum suggest the pair to be traded higher as a short-term technical correction towards the resistance level 1.2690.
Resistance level: 1.2690, 1.2745
Support level: 1.2615, 1.2550
EURUSD, H4: EURUSD was traded higher following prior rebound from its low level. MACD which illustrate bullish bias signal suggest the pair to extend its rebound in short term towards the resistance level 1.1145.
Resistance level: 1.1145, 1.1175
Support level: 1.1115, 1.1080
USDJPY, H4: USDJPY remain traded in a sideway channel following prior rebound from the support level 109.25. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to extend its rebound towards the resistance level 109.75.
Resistance level: 109.75, 110.00
Support level: 109.25, 109.05
AUDUSD, H4: AUDUSD remain traded in a sideway channel while currently testing near the resistance level 0.6930. MACD which illustrate bullish bias signal suggest the pair to extend its gains after it breaks above the resistance level 0.6930
Resistance level: 0.6930, 0.6965
Support level: 0.6900, 0.6865
NZDUSD, H4: NZDUSD was traded higher following prior rebound from the support level 0.6510. MACD which illustrate diminishing bearish momentum suggest the pair to extend its rebound towards the resistance level 0.6545.
Resistance level: 0.6545, 0.6570
Support level: 0.6510, 0.6475
USDCAD, H4: USDCAD was traded lower following prior retracement from the resistance level 1.3520. MACD which illustrate bearish bias signal suggest the pair to extend its retracement towards the support level 1.3475.
Resistance level: 1.3520, 1.3570
Support level: 1.3475, 1.3415
USDCHF, H4: USDCHF was traded lower following prior retracement from the resistance level 1.0080. MACD which illustrate bearish bias signal suggest the pair to extend its retracement towards the support level 1.0050.
Resistance level: 1.0080, 1.0125
Support level: 1.0050, 1.0005
CrudeOIL, H4: Crude oil price remain traded in a sideway channel while currently testing the resistance level 59.10. MACD which illustrate bullish bias signal suggest the commodity to extend its gains after it breaks above the resistance level.
Resistance level: 59.10, 60.10
Support level: 58.05, 56.95
GOLD_, H4: Gold price was traded lower following prior breakout below the previous support level 1279.05. MACD which illustrate bearish momentum signal suggest the pair to extend its losses towards the support level 1269.80.
Resistance level: 1279.05, 1287.20
Support level: 1269.80, 1262.75