13 June 2019 Afternoon Session Analysis
Aussie sinks with poor job data.
The Australian dollar fell against the dollar on early Thursday following prior release of downbeat Australian job data. According to the Australian Bureau of Statistics, the unemployment rate for Australia rose to 5.2%, missing economists’ expectation to contract to 5.1%, thus indicating a weaker job sector. Recently, Reserve Bank of Australia (RBA) had cut their cash rate to 1.25% from 1.5% and emphasized in their statement that the bank will continue to monitor future job and housing data to further assess the country’s economic performance. The weaker job data had caused uncertainties among investors that RBA may continue to cut rate consecutively especially during their policy meeting in early July if future economic data continues to disappoints. In other news, pound sterling was remained supported by Brexit optimism following comments from leading PM candidate Boris Johnson, where he emphasized to prevent a no-Brexit deal but will still make preparations for the outcome. He also stated that the government must deliver Brexit by 31st October and a better deal must be in place. As of writing, AUD/USD is fell by 0.19% to 0.6912 while pair of GBP/USD ticked higher by 0.07% to 1.2690.
As for commodities market, crude oil price further its losses by 0.04% to $51.01 per barrel after US reported building crude oil inventories. Oil buyers are now hoping for further positive sentiment from the market such as a trade deal between US-China as well as OPEC’s effort to keep oil price higher. Otherwise, gold price rebounded by 0.27% to $1,336.85 a troy ounce following a major sell-off in Australian investments due to poor job figures.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
15:30 CHF SNB Monetary Policy Assessment
16:00 CHF SNB Press Conference
19:00 CrudeOIL OPEC Monthly Report
Today’s Highlight Economic Data
| Time | Market & Data | Previous | Forecast | Actual |
| 14:00 | EUR – German CPI (MoM) (May) | 0.2% | 0.2% | – |
| 15:30 | CHF – SNB Interest Rate Decision | -0.75% | 0.75% | – |
| 17:00 | EUR – Industrial Production (MoM) (Apr) | -0.3% | -0.5% | – |
| 20:30 | USD – Import Price Index (MoM) (May) | 0.2% | -0.3% | – |
| 20:30 | USD – Initial Jobless Claims | 218K | 215K | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower following recent retracement from the resistance level 96.90. MACD which illustrate diminishing bullish momentum suggest the dollar to extend its retracement towards the support level 96.45.
Resistance level: 96.90, 97.25
Support level: 96.45, 96.05
GBPUSD, H4: GBPUSD was traded flat while currently testing the support level 1.2680. However, MACD which illustrate bearish bias signal suggest the pair to be traded lower after it successfully breaks below the support level.
Resistance level: 1.2745, 1.2795
Support level: 1.2680, 1.2610
EURUSD, H4: EURUSD was traded higher following prior rebound from the support level 1.1280. MACD which illustrate diminishing bearish momentum suggest the pair to extend its gains towards the resistance level 1.1335.
Resistance level: 1.1335, 1.1395
Support level: 1.1280, 1.1210
USDJPY, H4: USDJPY was traded lower following prior retracement from the resistance level 108.50. MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to extend its losses towards the support level 107.85.
Resistance level: 108.50, 109.15
Support level: 107.85, 107.10
AUDUSD, H4: AUDUSD was traded lower while currently testing near the support level 0.6900. MACD which illustrate bearish bias signal suggest the pair to extend its losses after it breaks below the support level.
Resistance level: 0.6930, 0.6965
Support level: 0.6900, 0.6865
NZUDSD, H4: NZDUSD was traded flat while currently testing the support level 0.6570. However, MACD which illustrate diminishing bearish momentum suggest the pair to be traded higher as a technical correction towards the resistance level 0.6600.
Resistance level: 0.6600, 0.6645
Support level: 0.6570, 0.6545
USDCAD, H4: USDCAD was traded lower following prior retracement from the resistance level 1.3335. MACD which illustrate diminishing bullish momentum suggest the pair to extend its retracement towards the support level 1.3290.
Resistance level: 1.3335, 1.3380
Support level: 1.3290, 1.3230
USDCHF, H4: USDCHF was traded lower following prior retracement from the resistance level 0.9965. MACD which illustrate bearish bias signal suggest the pair to extend its retracement towards the support level 0.9910.
Resistance level: 0.9965, 1.0005
Support level: 0.9910, 0.9855
CrudeOIL, H4: Crude oil price was traded lower while currently testing the support level 50.55. However, MACD which illustrate diminishing bearish momentum suggest the commodity to be traded higher in short term as technical correction towards the resistance level 52.70.
Resistance level: 52.70, 54.50
Support level: 50.55, 48.45
GOLD_, H4: Gold price was traded higher following prior breakout above the previous resistance level 1334.65. MACD which illustrate bullish bias signal with the formation of golden cross suggest the commodity to extend its gains towards the resistance level 1345.55.
Resistance level: 1345.55, 1353.10
Support level: 1334.65, 1323.10