6 June 2019 Afternoon Session Analysis
AUD slumps, Euro nosedived.
Australian dollar received some bearish pressure during mid-Asian trading session following the release of bearish economic data from the region. According to Australian Bureau of Statistics, its Trade Balance for the month of April came in at only 4.871 billion, missing economist forecast for a reading of 5.050 billion. The lower than expected surplus has further cemented the need for an aggressive stimulus from the Reserve Bank of Australia, which hence reiterates the need for an interest cut last Tuesday. For the time being, investors will place their attention upon future economic data from the region in order to gauge the timing of next interest rate cut which is expected to be initiated during second half of 2019. On the other hand, pair of EUR/USD depreciates more than 0.30% to 1.1225 following risk aversion from the EU market. According to reports, the European Commission may Italy for as much as €3.5 billion after the country fail to reduce its debt targets as per EU’s strict budget rules. Such action initiated higher economic and political risks as it may cultivate more anti-EU sentiment within the region.
In the commodities market, crude oil price continues to hover at a low level of $51.79 as market participants wait for more signals. Oil prices was traded in a downtrend since last week following concerns upon global oversupply and diminishing market demand due to escalation in trade war. On the other hand, gold price depreciates by 0.09% to $1,329.16 a troy ounce following a rebound in greenback.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
17.00 GBP BoE Gov Carney Speaks
19.45 EUR ECB Monetary Policy Statement
20.30 EUR ECB Press Conference
Today’s Highlight Economic Data
| Time | Market & Data | Previous | Forecast | Actual |
| 17.00 | EUR – GDP | 1.2% | 1.2% | – |
| 19.45 | EUR – Deposit Facility Rate | 0.40% | 0.40% | – |
| 19:45 | EUR – ECB Marginal Lending Facility | 0.25% | 0.25% | – |
| 19.45 | EUR – ECB Interest Rate Decision (Jun) | 0.00% | 0.00% | – |
| 22.00 | CAD – Ivey PMI (May) | 55.9 | 56.2 | – |
Technical Analysis
DOLLAR_INDX, H1: Dollar index was traded lower following prior retracement from the higher level. MACD which illustrate diminishing bullish momentum suggests the index to be traded lower toward the support level at 96.95.
Resistance level: 97.40, 97.60
Support level: 96.95, 96.70
GBPUSD, H4: GBPUSD was traded lower following prior breakout below the previous support level at 1.2695. MACD which illustrate diminishing bullish momentum and the formation of death cross suggests the pair to extend its losses toward the support level at 1.2610.
Resistance level: 1.2695, 1.2745
Support level: 1.2610, 1.2555
EURUSD, H1: EURUSD was traded higher following prior rebound from the lower level. MACD which illustrate diminishing bearish momentum suggests the pair to extend its gains toward the resistance level at 1.1245.
Resistance level: 1.1245, 1.1280
Support level: 1.1210, 1.1170
USDJPY, H4: USDJPY was traded lower following prior retracement from the resistance level at 108.40. MACD which illustrate diminishing bullish momentum suggests the pair to extend its losses toward the support level at 107.85.
Resistance level: 108.40, 108.80
Support level: 107.85, 107.45
AUDUSD, H4: AUDUSD was traded lower while currently testing the support level at 0.6960. MACD which illustrate bearish momentum and the formation of death cross suggests the pair to extend its losses after successfully breakout below the support level at 0.6960.
Resistance level: 0.6995, 0.7025
Support level: 0.6960, 0.6935
NZDUSD, H1: NZDUSD was traded higher following prior rebound from the 50 moving average line (Blue). MACD which illustrate diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 0.6640.
Resistance level: 0.6640, 0.6670
Support level: 0.6600, 0.6570
USDCAD, H1: USDCAD was traded lower while currently testing the 20 moving average line (Red). MACD which illustrate diminishing bullish momentum suggests the pair to extend its losses after successfully breakout below the 20 moving average line (Red).
Resistance level: 1.3420, 1.3450
Support level: 1.3390, 1.3345
USDCHF, H4: USDCHF was traded higher following prior breakout above the previous resistance level at 0.9925. MACD which illustrate bullish momentum suggests the pair to extend its gains toward the next resistance level at 0.9965.
Resistance level: 0.9965, 1.0005
Support level: 0.9925, 0.9895
CrudeOIL, H4: Crude oil price was traded higher following prior breakout above the previous resistance level at 51.50. MACD which illustrate bullish bias momentum suggests its prices to extend its gains toward the resistance level at 52.80.
Resistance level: 52.80, 54.30
Support level: 51.50, 50.25
GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1331.35. However, MACD which illustrate bearish momentum and the formation of death cross suggest the commodity to be traded lower in short term toward the support level at 1322.30.
Resistance level: 1331.35, 1340.75
Support level: 1322.30, 1315.00