27 June 2019 Morning Session Analysis
Mnuchin’s positive comment wake greenback up.
Dollar index which measure its value against a basket of six major currencies rose following US Treasury Secretary Mnuchin gave out optimistic comment on trade talk deal between US and China yesterday. The message of ‘we were about 90% complete on sealing trade deal with China’ was told by Mnuchin in a CNBC interview and eventually boosted up the dollar market sentiment as it lifted up the possibility of trade deal will be achieved in coming G20 Summit. Moreover, greenback received another wave of huge demand after upbeat economic data been announced from the region. According to Census Bureau, U.S. Core Durable Goods Orders data showed a reading of 0.3%, exceeding the economist’s forecast of 0.1%. Despite growing risk in the economy, Us-made capital good order still increased solidly and indicating the US economy is remain resilient. As of now, investors are eye on GDP data later today to gauge the further direction of Greenback.As of writing, dollar index up 0.03% to 96.70. On the other hand, the pair of GBP/USD quoted up 0.07% to 1.2695 amid British government is drafting a plan to ensure that vital supplies can be brought into the country in the event of no deal Brexit. It dampened the market sentiment toward the risk of no deal Brexit may dragged the UK economy further down.
As for commodities market, crude oil price ticked up by 0.03% to $59.15 per barrel following a major drop in stockpile. According to the Energy Information Administration, oil stock fell by 12.788M, exceeding the economist’s forecast of fell by 2.540M. On the other hand, gold price inched down 0.03% to $1406.45 a troy ounce amid dollar’s strengthen.
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 | Nation & Data | Previous | Forecast | Actual |
| 20:00 | EUR – German CPI (MoM) (Jun) | 0.2% | 0.2% | – |
| 20:30 | USD – GDP (QoQ) (Q1) | 3.1% | 3.1% | – |
| 22:00 | USD – Pending Home Sales (MoM) (May) | -1.5% | 1.1% | – |
| 07:30 (28th) | JPY – Tokyo Core CPI (YoY) (Jun) | 1.1% | 1.0% | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher while currently testing the 20-MA line (green). MACD which illustrate bullish momentum suggest dollar to extend its gains after successfully closing above the 20-MA line.
Resistance level: 96.30, 97.00
Support level: 95.50, 95.00
GBPUSD, H4: GBPUSD was traded higher while currently testing the 20-MA line (green). MACD which display diminishing bearish momentum suggest the pair to be traded higher after successfully closing above the 20-MA line.
Resistance level: 1.2755, 1.2810
Support level: 1.2655, 1.2610
EURUSD, H4: EURUSD was traded lower while currently testing the support level 1.1360. MACD which illustrate bearish momentum suggest the pair to extend its losses after successfully breaking below the support level.
Resistance level: 1.1400, 1.1445
Support level: 1.1360, 1.1305
USDJPY, H4: USDJPY was traded lower following prior retracement from the resistance level 107.80. MACD which display diminishing bullish momentum suggest the pair to extend its retracement towards the support level 107.35.
Resistance level: 107.80, 108.20
Support level: 107.35, 106.80
AUDUSD, H4: AUDUSD was traded higher while currently testing near the resistance level at 0.7000. Due to lack of momentum from the MACD, a breakout above or retracement from the resistance level 0.7000 is required to obtain further confirmation before entering the market.
Resistance level: 0.7000, 0.7055
Support level: 0.6970, 0.6930
NZDUSD, Daily: NZDUSD was traded higher following prior breakout above previous resistance level at 0.6675. MACD which illustrate ongoing bullish momentum suggest the pair to extend its gains towards the resistance level 0.6720.
Resistance level: 0.6720, 0.6770
Support level: 0.6675, 0.6635
USDCAD, H4: USDCAD was traded lower while currently testing the support level 1.3110. MACD which illustrate bearish momentum with the formation of death cross suggest the pair to extend its losses after successfully breaking below the support level.
Resistance level: 1.3160, 1.3240
Support level: 1.3110, 1.3055
USDCHF, H4: USDCHF was traded higher following prior rebound from the support level 0.9750. MACD which display bullish momentum suggest the pair to extend its rebound towards the resistance level 0.9805.
Resistance level: 0.9805, 0.9860
Support level: 0.9750, 0.9715
CrudeOIL, H4: Crude oil price was traded lower following prior retracement near the resistance level 60.20. MACD which illustrate diminished bullish momentum suggest the commodity to extend its retracement towards the support level 57.95.
Resistance level: 60.20, 61.80
Support level: 57.95, 55.85
GOLD_, H1: Gold was traded flat above the support level at 1406.50. MACD which illustrate diminishing bullish momentum suggest gold to be traded lower after successfully breaking below the support level.
Resistance level: 1421.40, 1440.00
Support level: 1406.50, 1386.35