14 July 2020 Afternoon Session Analysis
Greenback rose as virus continue to dominate.
The dollar index which traded against a basket of six major currency pairs have appreciated during late Asian session following market continue to shift towards safe-haven assets after COVID-19 continue to climbs. According to Johns Hopkins University, the number of COVID-19 cases have globally passed 13 million as of today. Following the surge of new cases, hopes of quick economic recovery have been diminished with some of the countries re-imposed lockdown measures to contain the spread of the virus, thus continue to provide boost for the greenback. On top of that, the ongoing tension between U.S and China over trade and Hong Kong’s national security laws also added further into the momentum. U.S. Secretary of State Michael Pompeo have recently issued a statement rejecting Chinese claims in the South China Sea while China hit back and rejecting the U.S. statement, calling Pompeo’s accusations of China bullying its neighbours “completely unjustified”. At the time of writing, dollar index rose 0.10% to 96.48.
In the commodities market, crude oil price extend its retreat and fell 0.71% to $39.36 per barrel as of writing following plan of increase output next month According to Bloomberg, OPEC+ and Russia may consider raising their outputs by 2 million barrel per day. In the other hand, gold price retreats 0.24% to $1797.89 a troy ounce at the time of writing amid profit taking and rebound in dollar.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
19:00 CrudeOIL OPEC Monthly Report
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 14:00 | GBP – Claimant Count Change (Jun) | 528.9K | 400.0K | – |
| 14:00 | GBP – GDP (MoM) | -20.4% | – | – |
| 14:00 | GBP – Manufacturing Production (MoM) (May) | -24.3% | 8.0% | – |
| 20:30 | USD – Core CPI (MoM) (Jun) | -0.1% | 0.1% | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher following prior rebound from the support level at 96.10. MACD which illustrate bullish momentum signal suggest the pair to extend its gains toward the resistance level at 96.90.
Resistance level: 96.90, 97.55
Support level: 96.10, 95.65
GBPUSD, H4: GBPUSD was traded lower following prior breakout below the previous support level at 1.2580. MACD which illustrate bearish bias momentum suggest the pair to extend its losses toward the support level at 1.2525.
Resistance level: 1.2580, 1.2665
Support level: 1.2525, 1.2435
EURUSD, H4: EURUSD was traded lower following prior retracement from the resistance level at 1.1360. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses toward the support level at 1.1320.
Resistance level: 1.1360, 1.1390
Support level: 1.1320, 1.1285
USDJPY, H4: USDJPY was traded lower following prior retracement from the higher level. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses toward the support level at 106.95.
Resistance level: 107.50, 107.95
Support level: 106.95, 106.35
AUDUSD, Daily: AUDUSD was traded lower following prior retracement from the higher level. MACD which illustrate bearish bias momentum signal suggest the pair to extend its losses toward the support level at 0.6810.
Resistance level: 0.7115, 0.7295
Support level: 0.6810, 0.6500
NZDUSD, Daily: NZDUSD was traded lower following prior retracement from the resistance level at 0.6580. MACD which illustrate bearish momentum signal suggest the pair to extend its losses toward the support level at 0.6380.
Resistance level: 0.6580, 0.6755
Support level: 0.6480, 0.6380
USDCAD, Daily: USDCAD was traded higher following prior rebound from the support level at 1.3500. MACD which illustrate bullish bias momentum signal suggest the pair to extend its gains toward the resistance level at 1.3675.
Resistance level: 1.3675, 1.3865
Support level: 1.3500, 1.3355
USDCHF, H4: USDCHF was traded higher following prior rebound from the support level at 0.9380. MACD which illustrate bullish bias momentum suggest the pair to extend its gains toward the resistance level at 0.9430.
Resistance level: 0.9430, 0.9475
Support level: 0.9380, 0.9320
CrudeOIL, H4: Crude oil price was traded lower following prior breakout below the previous support level at 40.10. MACD which illustrate bearish momentum signal suggest the commodity to extend its losses toward the support level at 39.00.
Resistance level: 40.10, 41.35
Support level: 39.00, 37.55
GOLD_, H4: Gold price was traded lower while currently testing the support level at 1797.20. MACD which illustrate bearish bias momentum signal suggest the pair to extend its losses after it successfully breakout below the support level at 1797.20.
Resistance level: 1813.90, 1823.80
Support level: 1797.20, 1786.25