30 July 2019 Afternoon Session Analysis
Safe-haven Yen surged following BOJ interest rate decision.
Japanese yen which act as one of the major safe haven asset climbs higher amid Bank of Japan (BOJ) decided to keep its cash rates steady at -0.10% while increase its holding of Japanese government debt by amounted to 80 trillion yen a year and corporate equity by 6 trillion yen after 2 day July policy review meeting. Moreover, Japanese central bank also cut its forecast of inflation for the current fiscal year to 1.0% from 1.1% previously. At the same time, BOJ reiterated that they will keep their eye on global economic outlook and preventive measure will be taken when necessary as global uncertainty is still haunting the economy expansion of Japan despite US and China are set to resume their trade talk. As of now, BOJ emphasized that they will still keep its monetary policy at the current extremely low level until second quarter of 2020. Nonetheless, BOJ dovish tilt comment did not exerted huge bearish momentum toward the Yen market due to knee jerk reaction as global central bank such as US Federal Reserve and European Central bank have delivered their dovish stances, urging the investors flee into safe haven asset in order to protect their asset holding value. During Asian trading session, Dollar index inched up 0.05% to 97.85 while USD/JPY quoted down 0.10% to 108.65.
In the commodities market, crude oil price climbed 0.16% to $57.05 per barrel amid tanker crisis involving Britain, Iran and United States remain unsolved. Heightened of global tension has urged the investor to bet on the price of crude oil as the possibility of supply disrupt rose. On the other hand, gold price fall 0.17% to $1424.05 a troy ounce amid market remain optimistic toward US-China trade talk.
Today’s Holiday Market Close
Time Market Event
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Today’s Highlight Events
Time Market Event
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Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 20.00 | EUR – German CPI (MoM)(Jul) | 0.3% | 0.3% | – |
| 22.00 | USD – CB Consumer Confidence | 121.5 | 125.0 | – |
| 22.00 | USD – Pending Home Sales (Mom) (Jun) | 1.1% | 0.5% | – |
| 04.30 (31th) | CrudeOIL- API Weekly Crude Oil Stock | -10.96M | – | – |
Technical Analysis
DOLLAR_INDX, Daily: Dollar index was traded higher following breakout above the previous resistance level 97.50. MACD which illustrate bullish bias momentum signal suggest the dollar to extend its gains toward the resistance level at 98.00.
Resistance level: 98.00, 98.40
Support level: 97.50, 97.10
GBPUSD, H4: GBPUSD was traded lower following prior breakout below the previous support level at 1.2155. MACD which illustrate persistent bearish momentum signal suggest the pair to extend its losses toward the next support level at 1.2100.
Resistance level: 1.2155, 1.2220
Support level: 1.2100, 1.1990
EURUSD, H1: EURUSD was traded lower while currently testing the 50 moving average line (Blue). MACD which illustrate diminishing bullish momentum and the formation of death cross signal suggest the pair to extend its losses after successfully breakout below the 50 moving average line (Blue).
Resistance level: 1.1170, 1.1200
Support level: 1.1115, 1.1085
USDJPY, H4: USDJPY was traded lower following prior breakout below the previous support level at 108.70. MACD which illustrate bearish bias signal suggest the pair to extend its losses toward the support level at 108.25.
Resistance level: 108.70, 109.20
Support level: 108.25, 107.75
AUDUSD, H4: AUDUSD was traded lower following prior breakout below the previous support level at 0.6905. However, MACD which display bullish momentum and the formation of golden cross suggest the pair to undergo short term technical correction toward the resistance level at 0.6905.
Resistance level: 0.6905, 0.6935
Support level: 0.6865, 0.6825
NZDUSD, Daily: NZDUSD was traded lower following recent breakout below the previous support level 0.6660. MACD which illustrate persistent bearish momentum suggest the pair to extend its losses toward the support level at 0.6600.
Resistance level: 0.6660, 0.6725
Support level: 0.6600, 0.6570
USDCAD, H4: USDCAD was traded higher following prior rebound near the 20 moving average line (Red). MACD which illustrate diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 1.3220.
Resistance level: 1.3220, 1.3275
Support level: 1.3140, 1.3095
USDCHF, H4: USDCHF was traded lower while currently testing the 20 moving average line (Red). MACD which bearish momentum signal suggest the pair to extend its retracement after successfully breakout below the 20 moving average line (Red).
Resistance level: 0.9945, 1.0005
Support level: 0.9880, 0.9840
CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level at 57.15. MACD which illustrate bullish bias signal suggest the commodity to extend its gains after successfully breakout above the resistance level at 57.15.
Resistance level: 57.15, 57.85
Support level: 55.90, 54.95
GOLD_, H4: Gold price was traded higher following prior breakout above the previous resistance level at 1424.05. MACD which illustrate bullish bias signal suggest the commodity to extend its gains towards the resistance level 1436.35.
Resistance level: 1436.35, 1450.00
Support level: 1424.05, 1415.40