08 July 2020 Afternoon Session Analysis
Coronavirus extend boost for dollar appeal.
During late Asian session, dollar index which traded against a basket of six major currency pairs in bid as amid increasing risk of coronavirus in the U.S and return of lockdown boost safe-haven demand. According to latest development, the number of coronavirus cases in the U.S have surpassed 3 million on Tuesday, stoking concerns that hospital will be overwhelmed. As of today, U.S remains at the top of in the number of cases and deaths in the tone. On top of that, the risk sentiment was also undermined by Fed officials after three Fed officials expressed their concern that the surge of infections could harm economic growth just as stimulus measures start to expire. Due to these factors, the appeal for safe-haven asset such as greenback itself receive high demand. At the time of writing, dollar index rose 0.06% to 96.84.
In the commodities market, crude oil price slips 0.09% to $40.44 per barrel at the time of writing amid fears of oversupply and weak demand. With the increasing numbers of coronavirus with almost 11.8 million cases reported globally, recovery of global demand remain fragile. Furthermore, recent API data which showed an increase of 2 million barrels also added to the pressure. On the other hand, gold price soars 0.11% to $1794.48 a troy ounce following heightening safe-haven appeal due to coronavirus.
Today’s Holiday Market Close
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Today’s Highlight Events
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Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 22:30 | CrudeOIL – EIA Crude Oil Inventories | -7.195M | -0.710M | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from the resistance level at 96.90. However, MACD which illustrate bullish bias momentum signal suggest the pair to undergo technical correction in short term.
Resistance level: 96.90, 97.55
Support level: 96.10, 95.65
GBPUSD, H4: GBPUSD was traded higher following prior rebound from the support level at 1.2525. MACD which illustrate bullish bias momentum suggest the pair to extend its gains toward the resistance level at 1.2625.
Resistance level: 1.2625, 1.2790
Support level: 1.2525, 1.2435
EURUSD, H4: EURUSD was traded lower following prior breakout below the previous support level at 1.1285. MACD which illustrate bearish bias momentum signal suggest the pair to extend its losses toward the support level at 1.1245.
Resistance level: 1.1285, 1.1320
Support level: 1.1245, 1.1200
USDJPY, H4: USDJPY was traded higher following prior rebound from the lower level. MACD which illustrate diminishing bearish momentum 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 lower following prior breakout below the upward trendline. Due to lack of signal from MACD, it is suggested to wait for further confirmation before entering into the market.
Resistance level: 0.7115, 0.7295
Support level: 0.6810, 0.6500
NZDUSD, H4: NZDUSD was traded lower following prior retracement from the resistance level at 0.6580. MACD which illustrate bearish bias momentum signal suggest the pair to extend its losses toward the support level at 0.6480.
Resistance level: 0.6580, 0.6755
Support level: 0.6480, 0.6380
USDCAD, Daily: USDCAD was traded higher following prior rebound from the support level at 1.3500. MACD which illustrate bullish momentum signal suggest the pair to extend its gains toward the resistance level at 1.3675.
Resistance level: 1.3675, 1.3865
Support level: 1.3500, 1.3355
USDCHF, H4: USDCHF was traded lower following prior retracement from the resistance level at 0.9430. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses toward the support level at 0.9380.
Resistance level: 0.9430, 0.9475
Support level: 0.9380, 0.9320
CrudeOIL, H4: Crude oil price was traded higher following prior rebound from the lower level. MAD which illustrate bearish bias momentum suggest the commodity to undergo technical correction toward the lower level in short term.
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 1796.05. MACD which illustrate diminishing bullish momentum suggest the pair to extend its losses toward the support level at 1777.95.
Resistance level: 1796.15, 1813.90
Support level: 1777.95, 1751.50