11 July 2019 Afternoon Session Analysis
CAD rebounds as doves hides away.
Canadian dollar received higher demand from the financial market following the release of interest rate decision from the Bank of Canada (BoC). On yesterday, BoC announced to keep their interest rate unchanged at 1.75%, well within market’s expectation. Likewise, BoC was seemingly less dovish than expected by citing recent improvements in its regional economic data. The central bank was relatively optimistic towards households spending due to declining long-term mortgage rates while coupled with a healthy labor market which has offset some degree of risks from trade war and global recession. As such, policymakers maintained a “wait-and-see” approach by gauging next few economic releases before undertaking considerable measures in terms of its monetary policy setting. As of writing, pair of USD/CAD extended its losses by 0.11% to 1.3066. On the other hand, pair of AUD/USD rose 0.04% to 0.6960. The Australian dollar received some bullish support after Home Loans for the month of May came in at 0.0%, fared better than economic expectation to decrease by -0.6%.
In terms of commodities market, crude oil price rose 0.58% to $60.53 per barrel. Oil prices hits its highest level in over a month following potential hurricane threat near Gulf of Mexico which may significantly reduce oil production temporarily. Similarly, gold price rose 0.19% to $1,421.66 a troy ounce due to dovish statement delivered by Fed Chairman Jerome Powell on yesterday.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
19:00 CrudeOIL OPEC Monthly Report
19:30 EUR ECB Publishes Account of Monetary Policy Meeting
22:00 USD Fed Chair Powell Testifies
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 14:00 | EUR – German CPI (Mom) (Jun) | 0.3% | 0.3% | – |
| 20:30 | USD – Core CPI (MoM) (Jun) | 0.1% | 0.2% | – |
| 20:30 | USD – Initial Jobless Claims | 221K | 220K | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower following prior breakout below the previous support level 96.50. MACD which illustrate bearish momentum signal suggest the dollar to extend its losses towards the support level 96.15.
Resistance level: 96.50, 96.90
Support level: 96.15, 95.85
GBPUSD, H4: GBPUSD was traded higher following prior breakout above the previous resistance level at 1.2500. MACD which display bullish momentum suggest the pair to extend its gains toward the resistance level at 1.2555.
Resistance level: 1.2555, 1.2610
Support level: 1.2500, 1.2435
EURUSD, H4: EURUSD was traded higher while currently testing the resistance level at 1.1280. MACD which illustrate bullish momentum signal suggest the pair to extend its gains after successfully breakout above the resistance level 1.1280.
Resistance level: 1.1280, 1.1320
Support level: 1.1245, 1.1210
USDJPY, H4: USDJPY was traded lower while currently testing the support level 107.85. MACD which illustrate bearish bias momentum suggest the pair to extend its losses after it breaks below the support level at 107.85.
Resistance level: 108.20, 108.70
Support level: 107.85, 107.45
AUDUSD, H4: AUDUSD was traded higher following prior breakout above the previous resistance level at 0.6965. MACD which display bullish momentum suggest the pair to extend its gains toward the resistance level at 0.7000.
Resistance level: 0.7000, 0.7025
Support level: 0.6965, 0.6935
NZDUSD, H4: NZDUSD was traded higher following prior breakout above the previous resistance level at 0.6665. MACD which display bullish momentum suggest the pair to extend its gains toward the resistance level at 0.6705.
Resistance level: 0.6705, 0.6740
Support level: 0.6665, 0.6635
USDCAD, H4: USDCAD was traded lower while currently testing the support level at 1.3050. MACD which display bearish bias signal with the formation of death cross suggest the pair to extend its losses after successfully breakout below the support level at 1.3050.
Resistance level: 1.3095, 1.3135
Support level: 1.3050, 1.2990
USDCHF, H4: USDCHF was traded lower following prior breakout below the previous resistance level at 0.9895. MACD which illustrate bearish momentum signal suggest the pair to extend its losses toward the support level at 0.9840.
Resistance level: 0.9895, 0.9925
Support level: 0.9840, 0.9805
CrudeOIL, H4: Crude oil price was traded higher following prior breakout above previous resistance level 60.35. MACD which illustrate bullish bias momentum suggest the commodity to extend its gains towards the resistance level 61.30.
Resistance level: 61.30, 62.85
Support level: 60.35, 58.60
GOLD_, H4: Gold price was traded higher following prior breakout above previous resistance level 1420.55. MACD which illustrate bullish bias momentum suggest the commodity to extend its gains towards the resistance level 1436.35.
Resistance level: 1436.35, 1450.00
Support level: 1420.55, 1401.50