6 August 2019 Afternoon Session Analysis
Australian dollar rise as RBA kept rate unchanged.
Aussie dollar received upward momentum after Reserve Bank of Australia (RBA) kept their interest rate unchanged at 1.00% following two consecutive cuts over the past two months. According to RBA statement, Governor Philip Lowe stated that outlook for global economy remains reasonable however it is still pressured by ongoing trade disputes between China and US which had since dampened global economy growth. In terms of inflation, Lowe stated that inflationary pressure for the first half of the year was subdued. However, inflationary pressure is expected to return to RBA’s target of 2% in the longer run. Whilst in terms of economic growth, Australia suffered a lower than expected growth for the first half of 2019 with household consumption declining due to lower income growth and declining house prices. Though, the growth is expected to strengthen throughout the 2nd half of the year. On the dovish side of the statement, Lowe emphasized that RBA will continue with its low interest rate levels to reduce unemployment rate as well as supporting inflation towards its targeted level. RBA will also continue to monitor labor market progress and further monetary policy easing to sustain its economical growth. As of writing, dollar index ticked up by 0.04% to 97.29 while pair of AUD/USD rose 0.39% to 0.6780.
In the commodities market, crude oil price rose 0.58% to $55.25 per barrel despite ongoing trade tensions between US and China. Oil traders are now waiting for possible developments in trade talks as well as US crude inventories to further gauge oil’s movement. On the other hand, gold price fell by 0.16% to $1,459.55 a troy ounce due to dollar rebound.
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 – JOLTs Job Openings (Jun) | 7.323M | 7.450M | – |
| 04:30 (7th) | CrudeOIL – API Weekly Crude Oil Stock | -6.024M | – | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher following prior rebound from the support level 97.10. MACD which illustrate diminishing bearish momentum suggest the dollar to extend its rebound towards the resistance level 97.90.
Resistance level: 97.90, 98.50
Support level: 97.10, 96.30
GBPUSD, H4: GBPUSD was traded flat in a sideway channel. However, MACD which display diminishing bullish momentum suggest the pair to be traded lower in short term towards the support level 1.2100.
Resistance level: 1.2245, 1.2400
Support level: 1.2100, 1.1955
EURUSD, H4: EURUSD was traded lower following prior retracement from the resistance level 1.1260. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its retracement towards the support level 1.1170.
Resistance level: 1.1260, 1.1340
Support level: 1.1170, 1.1100
USDJPY, H4: USDJPY was traded higher while currently testing near the resistance level 106.90. MACD which illustrate bullish bias signal with the formation of golden cross suggest the pair to extend its gains after it breaks above the resistance level.
Resistance level: 106.90, 107.80
Support level: 106.05, 105.45
AUDUSD, H4: AUDUSD was traded higher following prior rebound from the support level 0.6760. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to extend its rebound towards the resistance level 0.6825.
Resistance level: 0.6825, 0.6865
Support level: 0.6760, 0.6695
NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level 0.6550. However, MACD which illustrate diminishing bullish momentum suggest the pair to be traded lower in short term towards the support level 0.6490.
Resistance level: 0.6550, 0.6600
Support level: 0.6490, 0.6420
USDCAD, H4: USDCAD was traded lower following prior retracement from the resistance level 1.3230. MACD which illustrate bearish momentum signal suggest the pair to extend its losses towards the support level 1.3145.
Resistance level: 1.3230, 1.3290
Support level: 1.3145, 1.3095
USDCHF, H4: USDCHF was traded higher while currently testing near the resistance level 0.9755. MACD which illustrate diminishing bearish momentum suggest the pair to extend its gains after it breaks above the resistance level.
Resistance level: 0.9755, 0.9800
Support level: 0.9705, 0.9635
CrudeOIL, H4: Crude oil price was traded higher following prior rebound from the support level 54.50. MACD which display bullish bias signal with the starting formation of golden cross suggest the pair to extend its rebound towards the resistance level 56.00.
Resistance level: 56.00, 57.85
Support level: 54.50, 52.90
GOLD_, H4: Gold price was traded lower while currently testing the support level 1458.00. MACD which illustrate diminishing bullish momentum suggest the commodity to extend its losses after it breaks below the support level.
Resistance level: 1475.50, 1495.60
Support level: 1458.00, 1446.60