06 July 2020 Afternoon Session Analysis
Aussie stays bid amid upbeat data.
During late Asian session, the Aussie dollar which traded against the greenback and other currency pairs remains in bid following the positive release of second-tier data. According to The University of Melbourne – Faculty of Economics and Commerce, Australia’s TD Securities Inflation grew more than prior with the reading of 0.7% against previous 0.1%. At the same time, ANZ Job Advertisements also surged by a huge margin with the reading of 42% against prior reading of 0.5%. On the other hand, market sentiment also taking hints from US President Donald Trump where he refrains to respect the latest surge in coronavirus numbers. The news which weigh on the dollar also help manage to provide boost on the Aussie. At the time of writing, AUD/USD rose 0.29% to 0.6955.
In the commodities market, crude oil price surged 1.78% to $40.34 per barrel as of writing despite the concerns of coronavirus. Recent, the US has reported the jump in virus cases by 50000 for the third consecutive day which raised questions over fuel demand recovery from the top oil consumer. However, upbeat economic data and news of vaccine development continue to support the price.
On the other hand, gold price edge higher 0.03% to $1773.78 a troy ounce at the time of writing following weak dollar that fuel demand for the safe-haven commodity.
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 |
| 22:00 | USD – ISM Non-Manufacturing PMI (Jun) | 45.4 | 50.0 | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower while currently testing the support level at 96.90. MACD which bearish bias momentum signal suggest the pair to extend its losses after it successfully breakout below the support level at 96.90.
Resistance level: 97.55, 98.75
Support level: 96.90, 96.10
GBPUSD, H4: GBPUSD was traded higher following prior rebound from the support level at 1.2435. Due to lack of signal from MACD, it is suggested to wait for further confirmation before entering into the market.
Resistance level: 1.2525, 1.2625
Support level: 1.2435, 1.2335
EURUSD, H4: EURUSD was traded higher while currently testing the resistance level at 1.1285. MACD which illustrate bullish bias momentum signal suggest the pair to extend its gains after it successfully breakout above the resistance level at 1.1285.
Resistance level: 1.1285, 1.1320
Support level: 1.1245, 1.1165
USDJPY, H4: USDJPY was traded higher following prior rebound near the support level at 107.45. MACD which illustrate diminishing bearish momentum with the formation of golden cross signal suggest the pair to extend its gains toward the resistance level at 107.90.
Resistance level: 107.90, 108.35
Support level: 107.45, 106.80
AUDUSD, Daily: AUDUSD was traded higher following prior rebound from the support level at 0.6810. MACD which display diminishing bearish momentum signal suggest the pair to extend its gains toward the resistance level at 0.7115.
Resistance level: 0.7115, 0.7295
Support level: 0.6810, 0.6500
NZDUSD, Daily: NZDUSD was traded higher following prior breakout above the previous resistance level at 0.6480. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its gains toward the resistance level at 0.6580.
Resistance level: 0.6580, 0.6755
Support level: 0.6480, 0.6380
USDCAD, Daily: USDCAD was traded lower following prior retracement from the resistance level at 1.3675. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses toward the support level at 1.3500.
Resistance level: 1.3675, 1.3865
Support level: 1.3500, 1.3355
USDCHF, H4: USDCHF was traded lower while currently testing the support level at 0.9430. MACD which illustrate bearish bias momentum signal suggest the pair to extend its losses after it successfully breakout below the support level at 0.9430.
Resistance level: 0.9475, 0.9535
Support level: 0.9430, 0.9380
CrudeOIL, H4: Crude oil price was traded higher following prior breakout above the previous resistance level at 39.15. MACD which illustrate bullish bias momentum suggest the commodity to extend its gains toward the resistance level at 41.35.
Resistance level: 41.35, 43.75
Support level: 39.15, 37.45
GOLD_, H4: Gold price was traded lower following prior retracement from the resistance level at 1778.00. MACD which illustrate bearish bias momentum suggest the pair to extend its losses toward the support level at 1765.75.
Resistance level: 1778.00, 1788.05
Support level: 1765.75, 1757.85