5 June 2019 Afternoon Session Analysis
AUD rose despite bearish GDP data.
Australian dollar extended its gains during mid-Asian trading session despite bearish economic data from the region. For the 1st quarter of 2019, Australia’s Gross Domestic Product (GDP) came in at 0.4%, missing economist expectation to rise to 0.5%. Likewise, its annualized growth rate slowed down to 1.8% as expected from prior quarter’s reading of 2.3%. However, Australian dollar remains supported in the FX market as market participants have fully priced in downside risks which continues to surround its economy. Likewise, market is also speculating that Reserve Bank of Australia may not deliver a back-to-back rate cuts in July if its unemployment rate held steady at 5.2%. As of writing, pair of AUD/USD rose 0.14% to 0.7000. On the other hand, pair of USD/JPY depreciates by 0.07% to 108.06. Japanese yen received higher bidding as risk-off sentiment continues to dominate the financial market.
As for commodities market, crude oil price extended its recovery by 0.49% to $53.12 per barrel. Oil price remains traded in a tight range as market participants waits for more signals in the market to determine its mid-term trend direction. On the other hand, gold price rose 0.12% to $1,326.86 a troy ounce due to higher risk aversion.
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 | Market & Data | Previous | Forecast | Actual |
| 16.30 | GBP – Services PMI (May) | 50.4 | 50.6 | – |
| 20.15 | USD – ADP Nonfarm Employment Change (May) | 275K | 180K | – |
| 22.00 | USD – ISM Non-Manufacturing PMI (May) | 55.5 | 55.5 | – |
| 22.30 | CrudeOIL – Crude Oil Inventories | -0.282M | -0.849M | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower following prior breakout below the previous support level at 96.95. However, MACD which illustrate diminishing bearish momentum suggests the index to undergo technical correction in short term toward the resistance level at 96.95.
Resistance level: 96.95, 97.40
Support level: 96.70, 96.35
GBPUSD, H4: GBPUSD was traded higher following prior breakout above the previous resistance level at 1.2695. MACD which illustrate bullish signal suggests the pair to extend its gains toward the resistance level at 1.2745.
Resistance level: 1.2745, 1.2795
Support level: 1.2690, 1.2610
EURUSD, Daily: EURUSD was traded higher following prior breakout above the previous resistance level at 1.1245. MACD which illustrate bullish momentum suggests the pair to extend its gains toward the resistance level at 1.1280.
Resistance level: 1.1280, 1.1320
Support level: 1.1245, 1.1210
USDJPY, H4: USDJPY was traded lower following prior retracement from the resistance level at 108.40. However, MACD which illustrate bullish momentum suggests the pair to undergo technical correction in short term toward the support level at 107.85.
Resistance level: 108.40, 108.80
Support level: 107.85, 107.45
AUDUSD, H4: AUDUSD was traded higher following prior breakout above the previous resistance level at 0.6995. MACD which illustrate bullish momentum and the formation of golden cross suggests the pair to extend its gains toward the resistance level at 0.7025.
Resistance level: 0.7025, 0.7055
Support level: 0.6995, 0.6960
NZDUSD, H4: NZDUSD was traded higher following prior breakout above the previous resistance level at 0.6630. MACD which illustrate bullish bias momentum suggest the pair to extend its gains toward the resistance level at 0.6670.
Resistance level: 0.6670, 0.6705
Support level: 0.6630, 0.6600
USDCAD, H4: USDCAD was traded lower following prior breakout below the previous support level at 1.3390. MACD which illustrate bearish bias momentum suggests the pair to extend its losses toward the support level at 1.3345.
Resistance level: 1.3390, 1.3415
Support level: 1.3345, 1.3310
USDCHF, Daily: USDCHF was traded lower following prior breakout below the previous support level at 0.9925. MACD which illustrate bearish momentum suggests the pair to extend its losses toward the next support level at 0.9895.
Resistance level: 0.9925, 0.9965
Support level: 0.9895, 0.9855
CrudeOIL, H4: Crude oil price was traded lower while currently testing the support level at 52.80. However, MACD which illustrate bullish momentum suggests its prices to be traded higher in short term toward the resistance level at 54.30.
Resistance level: 54.30, 55.90
Support level: 52.80, 51.50
GOLD_, Daily: Gold price was traded higher following prior breakout above the previous resistance level at 1322.30. MACD which illustrate bullish momentum suggest the commodity to extend its gains toward the resistance level at 1331.35.
Resistance level: 1331.35, 1340.75
Support level: 1322.30, 1315.00