10 June 2019 Afternoon Session Analysis
Safe-haven slumps as Trump cancels tariff.
Japanese yen received higher bearish pressure following diminishing risks in the financial market. As of writing, pair of USD/JPY rose 0.29% to 108.50 during mid-Asian trading session. Earlier, the pair received some downward momentum following the release of bullish economic data from Japan. According to reports, Japan’s Gross Domestic Product for the first quarter rose by 0.6%, exceeding economist forecast of 0.5%. However, the currency received higher short orders after United States and Mexico struck a migration deal which will avert a tariff war in between both countries. Prior, US President Donald Trump vowed to impose 5% tariff upon all Mexico goods if the country failed to reduce the number of illegal immigrants into the US. As US tariff upon Mexico has been called off, market participants shifted their focus towards risky assets while dumping prior holdings in safe-havens such as Japanese yen and gold. On the other hand, euro depreciates by 0.16% to 1.1313 against the US dollar. Euro received higher selling pressure after Italy propose the introduction of parallel currency in order to regain their own monetary independence. Such introduction would defy laws as laid out by EU Commission and may evoke higher political and economic risk from the region.
As for commodities market, crude oil price rose 0.39% to $54.19 per barrel. Oil futures receives higher demand in the market as traders speculate possible extension of production cut from OPEC later this month. On the other hand, gold price slumped 0.81% to $1,329.76 a troy ounce after Trump called off tariffs upon Mexico imports.
Today’s Holiday Market Close
Time Market Event
All Day AUD Queen’s Birthday
All Day EUR Germany – Whit Monday
Today’s Highlight Events
Time Market Event
N/A
Today’s Highlight Economic Data
| Time | Market & Data | Previous | Forecast | Actual |
| 16:30 | GBP – Manufacturing Production (MoM) (Apr) | 0.9% | -1.0% | – |
| 22:00 | USD – JOLTs Job Openings (Apr) | 7.488M | 7.240M | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher following prior breakout above the previous resistance level 96.65. MACD which illustrate bullish bias signal with the starting formation of golden cross suggest the dollar to extend its gains towards the resistance level 96.90.
Resistance level: 96.90, 97.25
Support level: 96.65, 96.45
GBPUSD, H4: GBPUSD was traded lower following recent retracement towards the resistance level 1.2745. MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to extend its retracement towards the support level 1.2680.
Resistance level: 1.2745, 1.2795
Support level: 1.2680, 1.2610
EURUSD, H4: EURUSD was traded lower following prior retracement towards the resistance level 1.1335. MACD which illustrate bearish momentum signal suggest the pair to extend its retracement towards the support level 1.1280.
Resistance level: 1.1335, 1.1395
Support level: 1.1280, 1.1210
USDJPY, H4: USDJPY was traded higher following prior breakout above the previous resistance level 108.50. MACD which illustrate persistent bullish bias signal suggest the pair to extend its gains towards the resistance level 109.15.
Resistance level: 109.15, 109.75
Support level: 108.50, 107.85
AUDUSD, H4: AUDUSD was traded lower following prior retracement from the resistance level 0.7000. MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to extend its losses towards the support level 0.6965.
Resistance level: 0.7000, 0.7035
Support level: 0.6965, 0.6930
NZDUSD, H4: NZDUSD was traded lower following prior breakout below the previous support level 0.6645. MACD which illustrate bearish bias signal suggest the pair to extend its losses towards the support level 0.6600.
Resistance level: 0.6645, 0.6680
Support level: 0.6600, 0.6570
USDCAD, H4: USDCAD was traded higher following prior rebound from the support level 1.3220. MACD which illustrate diminishing bearish momentum suggest the pair to extend its rebound towards the resistance level 1.3295.
Resistance level: 1.3295, 1.3345
Support level: 1.3220, 1.3125
USDCHF, H4: USDCHF was traded higher while currently testing the resistance level 0.9910. MACD which illustrate bullish bias signal suggest the pair to extend its gains after it breaks above the resistance level.
Resistance level: 0.9910, 0.9965
Support level: 0.9855, 0.9790
CrudeOIL, H4: Crude oil price was traded higher while currently retest the resistance level 54.50. However, MACD which illustrate diminishing bullish momentum suggest the commodity to be traded lower towards the support level 52.70.
Resistance level: 54.50, 55.75
Support level: 52.70, 50.55
GOLD_, H4: Gold price was traded lower following prior breakout below the previous support level 1334.65. MACD which illustrate persistent bearish momentum signal suggest the commodity to extend its losses towards the support level 1323.10.
Resistance level: 1334.65, 1345.55
Support level: 1323.10, 1310.70