11 June 2020 Afternoon Session Analysis
Aussie slips amid increasing risk-off sentiment.
The Aussie dollar which traded against the greenback and other currency pairs have retreat from its high during late Asian session following downbeat data and U.S-China tension weighing on the market risk. On data front, Australia’s Consumer Inflation Expectations for the month of June have fell to 3.3%, missing market expectation of 4.2%. On top of that, the ongoing tension between the U.S and China also exert some of the selling pressure for the Aussie. Earlier during the day, China’s Global Times criticized the US President Donald Trump by turning down his praise for the Federal Reserve’s easy-money policies. US Vice President Mike Pence also took a toll on China while stating to remain tough on the trade deal. As China is the largest trading partner for the U.S, the Aussie was also affected due to the increasing tension. At the time of writing, AUD/USD fell 0.26% to 0.6979.
In the commodities market, crude oil price fell 1.02% to $38.45 per barrel as of writing amid weak recovery outlook continue to diminish market confidence. U.S. Federal Reserve said the world’s largest economy would shrink 6.5% this year and the unemployment rate would be at 9.3% at the end of 2020 in its first projections of the pandemic era. Besides that, the unexpected increase of crude oil supply also added further to the current negative sentiment. On the other hand, gold price rose 0.09% to $1732.73 a troy ounce at the time of writing following dollar weakness continue to drive the demand for safe-haven commodity.
Today’s Holiday Market Close
Time Market Event
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Today’s Highlight Events
Time Market Event
N/A
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 20:30 | USD – Initial Jobless Claims | 1,877K | 1,550K | – |
| 20:30 | USD – PPI (MoM)(May) | -1.3% | 0.1% | – |
Technical Analysis
DOLLAR_INDX, H1: Dollar index was traded within a range while currently testing the support level at 95.95. MACD which illustrated increasing bullish momentum suggest the index to be traded higher in short-term as technical correction.
Resistance level: 97.00, 97.60
Support level: 95.95, 95.25
GBPUSD, H4: GBPUSD was traded lower following prior retracement from the resistance level at 1.2745. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.2580.
Resistance level: 1.2745, 1.2910
Support level: 1.2580, 1.2435
EURUSD, Daily: EURUSD was traded higher while currently testing the resistance level at 1.1405. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 1.1405, 1.1555
Support level: 1.1160, 1.0980
USDJPY, H4: USDJPY was traded lower following prior breakout below the previous support level at 107.10. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 107.10, 107.55
Support level: 106.70, 106.30
AUDUSD, H4: AUDUSD was traded lower following prior retracement from the resistance level at 0.7015. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.6765.
Resistance level: 0.7015, 0.7185
Support level: 0.6765, 0.6525
NZDUSD, H4: NZDUSD was traded lower following prior retracement from the resistance level at 0.6545. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.6350.
Resistance level: 0.6545, 0.6725
Support level: 0.6350, 0.6185
USDCAD, H4: USDCAD was traded higher while currently testing the resistance level at 1.3480. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1.3480, 1.3690
Support level: 1.3355, 1.3200
USDCHF, H1: USDCHF was traded lower while currently testing the support level at 0.9425. However, MACD which illustrated increasing bullish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 0.9505, 0.9560.
Support level: 0.9425, 0.9330
CrudeOIL, H4: Crude oil price was traded lower following prior retracement from the resistance level at 40.25. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses toward support level at 37.60.
Resistance level: 40.25, 44.15
Support level: 37.60, 33.05
GOLD_, H4: Gold price was traded lower following prior retracement from the resistance level at 1738.70. MACD which illustrated diminishing bullish momentum suggest the commodity to extend its losses toward support level at 1722.65.
Resistance level: 1738.70, 1752.05
Support level: 1722.65, 1706.00