14 June 2019 Afternoon Session Analysis
Dollar held steady as market remain focus on Fed meeting.
Dollar index which measuring against a basket of six major currency pairs have remain steady in early Asia session as market awaiting for further cues on possible rate cut . Following recent reports and rising trade tensions which signaled a declining growth in U.S economy and hiring, market have anticipated that at least there will be two rate cuts by the end of this year. The expectations of maintain rate have only reached 11.3%, compared to previous 74.1% a month ago. Investors will turn their attention on U.S retail sales data for further insights on U.S economy. Dollar index rose 0.02% to 96.95 as of writing. Meanwhile, NZD/USD plummets 0.50% to 0.6531 as of writing following weak manufacturing data. According to Bank of New Zealand Business NZ, manufacturing activity grew at its slowest pace in more than six years in May with the reading of only 50.2 against the forecasted reading 54.4. The data is likely to reinforce expectations of a dovish RBNZ on the next meeting which have dragged the Kiwi further down.
As for commodities market, crude oil price have fell 0.15% to $52.12 per barrel as of writing as market closed profits on sharp gains boosted by oil tanker attacks. Tensions in the Middle East have escalated as Washington blames Iran for the attack, however Iran have denied the allegation. With the ongoing tension rising, market remains concerned and continue to focus their attention on ongoing developments to determine further prospect. On the other hand, gold price skyrocketed 0.38% to $1347.12 at the time of writing following global uncertainty risk which boosted the demand for safe-haven asset.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
16:00 CrudeOIL IEA Monthly Report
20:55 GBP BoE Gov Carney Speaks
Today’s Highlight Economic Data
| Time | Market & Data | Previous | Forecast | Actual |
| 20:30 | USD – Core Retail Sales (MoM) (May) | 0.1% | 0.5% | – |
| 20:30 | USD – Retail Sales (MoM) (May) | -0.2% | 0.7% | – |
| 22:00 | USD – Michigan Consumer Sentiment (Jun) | 100.0 | 98.1 | – |
| 01:00
(15th) |
CrudeOIL – US Baker Hughes Oil Rig Count | 789 | – | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher while currently testing the resistance level 97.00. MACD which display diminishing bullish momentum suggest index to undergo short-term technical correction and retrace towards the support level 96.35.
Resistance level: 96.90, 97.25
Support level: 96.45, 96.05
GBPUSD, H4: GBPUSD was traded flat after retracing from the resistance level 1.2690. MACD which illustrate ongoing bearish momentum suggest the pair to be traded lower towards the support level 1.2615.
Resistance level: 1.2690, 1.2765
Support level: 1.2615, 1.2515
EURUSD, H4: EURUSD was traded lower while currently testing near the 60-MA line (red). MACD which illustrate diminishing bearish momentum suggest the pair to be traded higher towards the resistance level 1.1305 as a technical correction.
Resistance level: 1.1305, 1.1360
Support level: 1.1240, 1.1180
USDJPY, H4: USDJPY remained traded in a narrowing triangle while currently testing the bottom level of the triangle. MACD which illustrate persistent bearish momentum suggest the pair to extend its losses after successfully breaking below the bottom level of the triangle.
Resistance level: 108.45, 109.15
Support level: 107.85, 107.40
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, 0.6970
Support level: 0.6900, 0.6860
NZUDSD, H4: NZDUSD was traded lower following prior breakout below previous support level 0.6540. MACD which illustrate bearish bias signal suggest the pair to extend its losses towards the support level 0.6510.
Resistance level: 0.6540, 0.6580
Support level: 0.6510, 0.6470
USDCAD, H4: USDCAD was traded higher following prior rebound from the support level 1.3305. MACD which illustrate ongoing bullish momentum suggest the pair to extend its rebound towards the resistance level 1.3380.
Resistance level: 1.3380, 1.3435
Support level: 1.3305, 1.3255
USDCHF, H1: USDCHF was traded higher while currently testing the resistance level 0.9940. MACD which display bullish bias signal suggest the pair to extend its gains after successfully breaking above the resistance level.
Resistance level: 0.9940, 0.9980
Support level: 0.9905, 0.9860
CrudeOIL, H4: Crude oil price was traded higher while currently testing near the resistance level 52.65. MACD which display bullish momentum with the formation of golden cross suggest the commodity to extend its gains after successfully breaking above the resistance level.
Resistance level: 52.65, 54.50
Support level: 50.50, 49.70
GOLD_, Daily: Gold price was trade higher following prior breakout above the previous resistance level at 1341.15. MACD which illustrate persistent bullish momentum suggest gold to extend its gains towards the resistance level 1358.00.
Resistance level: 1358.00, 1370.00
Support level: 1341.15, 1321.50