10 June 2019 Morning Session Analysis
Greenback tumbles as NFP fumbles.
US dollar tumbled lower since last Friday following the release of bearish Nonfarm Payrolls report from the region. Traders rushed to short against the US dollar after Nonfarm Payrolls for the month of May came in at 75,000, missing economist forecast of 185,000. In addition, Average Hourly Earnings remains stagnant at 0.2%, missing forecast for a rise of up to 0.3%. Both reports have raised expectations upon Federal Reserve which may decrease US interest rates as job markets hits a peak. Likewise, ongoing trade tension in between US and China continues to support for such sentiment as well. Prior, Fed Chairman Jerome Powell indicated that they will “act as appropriate to sustain economic expansion”, signaling for a course of rate cut if overall economy tilt downwards. As of writing, the dollar index recorded a loss of 0.05% to 97.47. On the other hand, pair of USD/JPY continues to oscillate within a tight range as market participants gauge risks that are present in the market such as trade war and unresolved Brexit conundrum. Pair of USD/JPY was last seen at around 108.47.
As for commodities market, crude oil price rose 1.07% to $54.56 per barrel. Oil price rebounds from a low level after Baker Hughes report shows that the total number of active oil rig dropped from 800 to 789 last week. Otherwise, gold price slumped 0.44% to $1,334.66 a troy ounce due to as market participants lock in their profits following last week’s rise.
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, Daily: Dollar index was traded lower following prior retrace from the top level. MACD which illustrate bearish signal suggests the index to extend its losses, towards the upward trendline.
Resistance level: 97.05, 97.50
Support level: 96.35, 95.80
GBPUSD, H4: GBPUSD remains traded within a sideways channel following prior retrace from the top. MACD which illustrate diminishing upward momentum suggests the pair to be traded lower in short-term.
Resistance level: 1.2745, 1.2790
Support level: 1.2630, 1.2515
EURUSD, H4: EURUSD was traded lower following prior retrace from the top level. MACD which illustrate diminishing upward momentum suggests the pair to be traded lower in short-term as technical correction.
Resistance level: 1.1335, 1.1380
Support level: 1.1275, 1.1220
USDJPY, H1: USDJPY remains traded within a sideways channel while currently testing at the top level. Although MACD has formed a bullish signal, a break above is required to attain further confirmation.
Resistance level: 108.50, 108.70
Support level: 107.95, 107.70
AUDUSD, H4: AUDUSD was traded lower following prior retrace from the resistance of 0.7005. MACD which illustrate diminishing upward momentum suggests the pair to be traded lower in short-term as technical correction.
Resistance level: 0.7005, 0.7030
Support level: 0.6990, 0.6965
NZDUSD, H4: NZDUSD was traded lower while currently testing at the support of 0.6655. MACD which illustrate diminishing upward momentum suggests the pair to extend its losses after closing below the support level.
Resistance level: 0.6680, 0.6705
Support level: 0.6655, 0.6615
USDCAD, H4: USDCAD was traded higher following prior rebound from the lower level. MACD which illustrate diminishing downward momentum suggests the pair to be traded higher in short-term as technical correction.
Resistance level: 1.3290, 1.3325
Support level: 1.3220, 1.3175
USDCHF, H4: USDCHF was traded higher following prior rebound from the lower level. MACD which illustrate positive divergence signal suggests the pair to be traded higher in short-term as technical correction.
Resistance level: 0.9910, 0.9965
Support level: 0.9830, 0.9790
CrudeOIL, H4: Crude oil price was traded higher while currently testing near the resistance of 54.45. MACD which illustrate bullish signal suggests its prices to extend its gains after closing above 54.45.
Resistance level: 54.45, 55.75
Support level: 52.85, 51.60
GOLD_, Daily: Gold price was traded lower following prior retracement from the top level. MACD which illustrate diminishing upward momentum suggests its prices to be traded lower in short-term as technical correction.
Resistance level: 1340.00, 1355.00
Support level: 1321.00, 1302.00