31 July 2019 Afternoon Session Analysis
AUD rebounds but short-lived.
Australian dollar managed to rebound from its prior low levels following the release of bullish economic data from the region. As of writing, pair of AUD/USD was quoted up 0.10% to 0.6879. According to Australian Bureau of Statistics, the Consumer Price Index (CPI) for the second quarter came in higher than expected at 0.6%, slightly higher than forecast of only 0.5%. The data came in as a surprise for traders in the FX market as most of them expects bleak inflationary pressure in the region. However, the rebound on the Australian dollar was rather short-lived as Reserve Bank of Australia (RBA) once commented to expect an “extended period of low rates” despite strong employment market and low jobless rate. RBA remains in a dovish stance as global economic momentum remains as an uncertainty due to rising trade tension especially China, its main trade partner. On the other hand, pair of USD/JPY depreciates by 0.03% to 108.56. Japanese yen received some bidding earlier this morning after North Korea fired multiple projectiles for the second time in a week, raising geopolitical tension between Washington and Pyongyang.
As for commodities market, crude oil price extended gains by 0.15% to $58.33 per barrel. Oil futures received higher demand after American Petroleum Institute reported that US crude oil stock depreciates by -6.024 million barrels last week. On the other hand, gold price slumped 0.17% to $1,428.42 a troy ounce due to a rebound in the US dollar.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
02.00 (Aug 1st) USD FOMC Statement
02.00 USD FOMC Press Conference
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 15.55 | EUR – German Unemployment Change (Jul) | -1K | 2K | – |
| 17.00 | EUR – CPI (YoY) (Jul) | 1.3% | 1.1% | – |
| 20.15 | USD – ADP Nonfarm Employment Change (Jul) | 102K | 150K | – |
| 20.30 | CAD – GDP (MoM) (May) | 0.3% | 0.1% | – |
| 22.30 | CrudeOIL – Crude Oil Inventories | -10.835M | -2.588M | – |
| 02.00 (Aug 1st) | USD – Fed Interest Rate Decision | 2.50% | 2.25% | – |
Technical Analysis
DOLLAR_INDX, Daily: Dollar index was traded higher following prior breakout above the previous resistance level at 97.50. However, MACD which illustrate diminishing bullish momentum signal suggest the dollar to undergo short term technical correction toward the support level at 97.50.
Resistance level: 98.00, 98.40
Support level: 97.50, 97.10
GBPUSD, H4: GBPUSD was traded lower while currently testing the support level at 1.2155. MACD which display diminishing bearish momentum suggest the pair to be traded higher in short term toward the resistance level at 1.2220.
Resistance level: 1.2200, 1.2300
Support level: 1.2155, 1.2100
EURUSD, Daily: EURUSD was traded higher following prior rebound from the support level at 1.1115. MACD which illustrate diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 1.1170.
Resistance level: 1.1170, 1.1200
Support level: 1.1115, 1.1085
USDJPY, H4: USDJPY was traded lower following prior retracement from the resistance level at 108.70. MACD which illustrate bearish bias momentum suggest the pair to extend its losses toward the support level at 108.25.
Resistance level: 108.70, 108.95
Support level: 108.25, 107.75
AUDUSD, H4: AUDUSD was traded higher following prior rebound from the support level at 0.6865. MACD which display bullish momentum suggest the pair to extend its gains 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 while currently testing the support level at 0.6600. MACD which display bearish bias momentum suggest the pair to extend its losses after successfully breakout below the support level at 0.6600.
Resistance level: 0.6660, 0.6725
Support level: 0.6600, 0.6570
USDCAD, H4: USDCAD was traded lower while currently testing the support level at 1.3140. MACD which display bearish momentum suggest the pair to extend its losses after successfully breakout below the support level at 1.3140.
Resistance level: 1.3220, 1.3275
Support level: 1.3140, 1.3095
USDCHF, H4: USDCHF was traded higher following prior rebound from the support level at 0.9890. MACD which illustrate diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 0.9945.
Resistance level: 0.9945, 1.0005
Support level: 0.9890, 0.9840
CrudeOIL, H4: Crude oil price was traded higher following prior breakout above the previous resistance level at 58.40. MACD which illustrate bullish bias momentum suggest the commodity to extend its gains toward the next resistance level at 58.90.
Resistance level: 58.90, 60.70
Support level: 57.85, 57.15
GOLD_, H4: Gold price was traded lower following prior retracement from the resistance level at 1431.45. MACD which illustrate diminishing bullish momentum suggest the commodity to extend its retracement toward the support level at 1424.05.
Resistance level: 1431.45, 1450.00
Support level: 1424.05, 1415.40