11 June 2019 Afternoon Session Analysis
Market remained skeptical as trade war escalates.
Greenback measuring against a basket of six major currency pairs was relatively stable after US President Donald Trump threatened to raise tariff against Chinese goods if a deal is not met. Earlier this week, Trump emphasized that a deal is crucial during the G20 summit at Osaka, Japan which will be held at the end of this month whereby he is expected to further trade talks with Chinese Premier Xi Jinping. Trade tensions had since pressured global economy after previous talks ended with an impasse and additional tariffs on Chinese goods went into effect since 1st June. Australia who is export-reliant for the Asia region was also pressured by trade feud after China’s import data showed signs of weaker domestic consumption with a reading of -8.5% compared to previous 4.0%. Investors will now place their focus onto possible trade developments especially the G20 summit although no reports had confirmed China’s willingness to further trade talks with the US. As of writing, dollar index ticked up by 0.03% to 96.69 while pair of AUD/USD was traded lower by 0.04% to 0.6955.
In terms of commodities, crude oil price was traded higher by 0.32% to $53.56 per barrel. Oil market sentiment remained mixed amid global economic slowdown and optimism from OPEC to further production cut throughout this year. On the other hand, gold price ticked lower by 0.01% to $1,328.49 a troy ounce while market participants wait for further signals in the market.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
N/A
Today’s Highlight Economic Data
| Time | Market & Data | Previous | Forecast | Actual |
| 16:30 | GBP – Average Earnings Index +Bonus (Apr) | 3.2% | 2.9% | – |
| 16:30 | GBP – Claimant Count Change (May) | 24.7K | 22.9K | – |
| 20:30 | USD – PPI (MoM) (May) | 0.2% | 0.1% | – |
| 05.30
(12th) |
CrudeOIL – API Weekly Crude Oil Stock | 3.545M | – | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded flat while currently testing the support level 96.65. However, MACD which illustrate bullish momentum signal with the formation of golden cross suggest the dollar to be traded higher in short term towards the resistance level 96.90.
Resistance level: 96.90, 97.25
Support level: 96.65, 96.40
GBPUSD, H4: GBPUSD was traded lower while currently testing the support level 1.2680. MACD which illustrate persistent bearish bias signal suggest the pair to extend its losses after it breaks below the support level.
Resistance level: 1.2745, 1.2795
Support level: 1.2680, 1.2610
EURUSD, H4: EURUSD was traded higher following prior rebound from its recent lows. However, MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to be traded lower as a short term technical correction towards the support level 1.1280.
Resistance level: 1.1335, 1.1395
Support level: 1.1280, 1.1210
USDJPY, H4: USDJPY was traded higher following prior breakout above the previous resistance level 108.50. MACD which illustrate bullish bias signal suggest the pair to extend its gains towards the resistance level 109.15.
Resistance level: 109.15, 109.75
Support level: 108.50, 107.85
AUDUSD, H4: AUDUSD was traded lower following prior breakout below the previous support level 0.6965. MACD which illustrate persistent bearish bias signal suggest the pair to extend its losses towards the support level 0.6930.
Resistance level: 0.6965, 0.7000
Support level:0.6930, 0.6900
NZDUSD, H4: NZDUSD was traded lower following prior breakout below the previous support level 0.6600. MACD which illustrate persistent bearish bias signal suggest the pair to extend its losses towards the support level 0.6570
Resistance level: 0.6600, 0.6645
Support level: 0.6570, 0.6545
USDCAD, H4: USDCAD was traded flat in a sideway channel. However, MACD which illustrate bullish bias signal with the golden cross formation suggest the pair to be traded higher towards the resistance level 1.3295.
Resistance level: 1.3295, 1.3345
Support level: 1.3220, 1.3125
USDCHF, H4: USDCHF was traded higher while currently testing near the resistance level 0.9910. MACD which illustrate bullish bias signal suggest the pair to extend its gains after it breaks above the resistance level.
Resistance level: 0.9910, 0.9965
Support level: 0.9855, 0.9790
CrudeOIL, H4: Crude oil price was traded higher following prior rebound from its recent lows. However, MACD which indicate bearish bias signal with the starting formation of death cross suggest the commodity to be traded lower in short term towards the support level 52.70.
Resistance level: 54.50, 55.75
Support level: 52.70, 50.55
GOLD_, H4: Gold price was traded flat in a sideway channel. However, MACD which illustrate bullish bias signal suggest gold to be traded higher in short term towards the resistance level 1334.65.
Resistance level: 1334.65, 1345.55
Support level: 1323.10, 1310.70