15 June 2020 Afternoon Session Analysis
Aussie slips following weak data from China.
The Aussie dollar which traded against the U.S dollar and other currency pairs have fell during late Asian session after the release of weak data from China. According to National Bureau of Statistics of China, the Industrial Production data which shows the volume of production in Chinese factories have arrived at 4.4%, missing market expectation of 5%. Besides that, China Retail Sales also slump to -2.8%, weaker than economist forecast of -2% which disappoints the market further. Considering the negative data was from Australia’s biggest trading partner China, the sentiment for Aussie dollar was also affected simultaneously. Moreover, Fear of a second wave coronavirus also weigh in the risk sentiment. According to reports, Beijing has recorded dozens of new cases of the coronavirus in recent days, all linked to a major wholesale food market. At the time of writing, AUD/USD fell 0.50% to 0.6828.
In the commodities market, crude oil price remains pressured and fell 1.84% to $35.36 per barrel as of writing following concerns over demand and second wave coronavirus continue to weigh on the market. As some of the major currencies such as China, Japan and US have recorded a new spike in cases recently, investors worried that the commodity’s fragile demand will slump back down and trigger an oversupply, thus dragging its value lower. In the other hand, gold price remains steady and edge higher 0.03% to $1729.75 a troy ounce amid weakening risk appetite due to mounting second coronavirus fears.
Today’s Holiday Market Close
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Today’s Highlight Events
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Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 20:30 | USD – NY Empire State Manufacturing Index (Jun) | -48.50 | -27.50 | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher while currently testing near the resistance level 97.40. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to experience a technical correction in short term towards the support level 95.90.
Resistance level: 97.40, 98.80
Support level: 95.90, 94.65
GBPUSD, H4: GBPUSD was traded lower following recent retracement from the resistance level 1.2620. MACD which illustrate ongoing bearish momentum suggest the pair to extend its loss towards the support level 1.2435.
Resistance level: 1.2620, 1.2775
Support level: 1.2435, 1.2225
EURUSD, H4: EURUSD was traded lower while currently testing the support level 1.1245. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to experience a technical correction towards the resistance level 1.1390.
Resistance level: 1.1390, 1.1490
Support level: 1.1245, 1.1090
USDJPY, H4: USDJPY was traded lower following prior retracement from the resistance level 107.35. MACD which illustrate diminishing bullish bias signal suggest the pair to extend its retracement towards the support level 106.60.
Resistance level: 107.35, 108.00
Support level: 106.60, 106.00
AUDUSD, H4: AUDUSD was traded lower following prior retracement from the resistance level 0.6860. MACD which display ongoing bearish bias signal suggest the pair to extend its losses towards the support level 0.6680.
Resistance level: 0.6860, 0.7020
Support level: 0.6680, 0.6505
NZDUSD, H4: NZDUSD was traded flat in a tight range while currently testing near the support level 0.6370. However, MACD which illustrate bearish momentum signal suggest the pair to be traded lower after it breaks below the support level.
Resistance level: 0.6490, 0.6580
Support level: 0.6370, 0.6235
USDCAD, H4: USDCAD was traded higher while currently testing the resistance level 1.3645. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to experience a technical correction in short term towards the support level 1.3485.
Resistance level: 1.3645, 1.3810
Support level: 1.3485, 1.3330
USDCHF, H4: USDCHF was traded higher while currently testing the resistance level 0.9550. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to experience a technical correction towards the support level 0.9460.
Resistance level: 0.9550, 0.9650
Support level: 0.9460, 0.9365
CrudeOIL, H4: Crude oil price was traded lower while currently testing the support level 35.05. MACD which illustrate ongoing bearish momentum signal suggest the commodity to extend its losses after it breaks below the support level 35.05.
Resistance level: 39.25, 43.85
Support level: 35.05, 31.05
GOLD_, H4: Gold price was traded lower following prior retracement from the resistance level 1736.80. MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to extend its retracement towards the support level 1701.70.
Resistance level: 1736.80, 1761.25
Support level: 1701.70, 1676.00