15 July 2019 Afternoon Session Analysis
AUD rose following bullish data from China.
Australian dollar extended its gains during Asian trading session after the release of economic data from its major trade partner – China. As of writing, pair of AUD/USD was quoted up 0.15% to 0.7026. In China, Gross Domestic Product for the second quarter came in at 6.2%, well with economists forecast. In addition, Industrial Production for the month of June grew at 6.3%, significantly higher than economist’s expectation for a rise of up to 5.2%. Both data from China has eased market concern for a possible economic slowdown due to rising trade tensions in between US and China. Similarly, as China is Australia’s largest trade partner, the data has eased some bearish economic outlook upon the region as well. For the time being, investors will pay attention towards the release meeting minutes from the Reserve Bank of Australia at tomorrow morning to gain further market signals with regards to Australian dollar. On the other hand, pair of USD/CAD ticks up 0.05% to 1.3035. The pair continues to hover near its 8-months low due to higher chances for an interest rate cut from the Federal Reserve this month end while coupled with bullish fundamentals from the Canadian economy.
In terms of commodities market, crude oil price slumped 0.70% to $59.86 per barrel. Oil futures received some bearish momentum as traders closes their position and take profit after its price hits a new high last week. Similarly, gold price depreciates by 0.34% to $1,410.73 a troy ounce due to a rebound in US dollar.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
N/A
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 14.30 | CHF – PPI (MoM) (Jun) | 0.0% | 0.1% | – |
| 20:30 | USD – NY Empire State Manufacturing Index (Jul) | -8.60 | 1.60 | – |
| 06:45 (16th) | NZD – CPI (QoQ) (Q2) | 0.1% | 0.6% | – |
Technical Analysis
DOLLAR_INDX, Daily: Dollar index was traded lower following prior breakout below the previous support level at 96.45. MACD which illustrate diminishing bullish momentum signal suggest the dollar to extend its losses toward the support level at 96.15.
Resistance level: 96.45, 96.90
Support level: 96.15, 95.85
GBPUSD, H4: GBPUSD was traded higher following prior breakout above the previous resistance level at 1.2555. MACD which display bullish bias momentum suggest the pair to extend its gains toward the resistance level at 1.2610.
Resistance level: 1.2610, 1.2655
Support level: 1.2555, 1.2500
EURUSD, H1: EURUSD was traded higher while currently testing near the resistance level at 1.1280. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to undergo technical correction in short term toward the support level at 1.1245.
Resistance level: 1.1280, 1.1320
Support level: 1.1245, 1.1210
USDJPY, H4: USDJPY was traded higher following prior rebound from the support level at 107.75. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its gains toward the resistance level at 108.20.
Resistance level: 108.20, 108.70
Support level: 107.75, 107.40
AUDUSD, H4: AUDUSD was traded higher following prior breakout above the previous resistance level at 0.7025. MACD which display bullish bias momentum suggest the pair to extend its gains toward the resistance level at 0.7055.
Resistance level: 0.7055, 0.7090
Support level: 0.7025, 0.7000
NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level at 0.6725. MACD which display bullish bias momentum suggest the pair to extend its gains after successfully breakout above the resistance level at 0.6725.
Resistance level: 0.6725, 0.6780
Support level: 0.6660, 0.6600
USDCAD, H4: USDCAD was traded lower following prior breakout below the previous channel bottom level at 1.3050. However, MACD which display diminishing bearish momentum suggest the pair to undergo short term technical correction toward the resistance level at 1.3050.
Resistance level: 1.3050, 1.3095
Support level: 1.2990, 1.2900
USDCHF, H1: USDCHF was traded higher following prior rebound from the support level at 0.9840. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to extend its gains toward the resistance level at 0.9885.
Resistance level: 0.9885, 0.9925
Support level: 0.9840, 0.9805
CrudeOIL, H4: Crude oil price was traded lower while currently testing the 20 moving average line (Red). MACD which illustrate bearish momentum suggest the commodity to extend its losses after successfully breakout below the 20 moving average line (Red).
Resistance level: 60.35, 61.30
Support level: 58.60, 57.85
GOLD_, H4: Gold price was traded lower while currently testing the 20 moving average lien (Red). MACD which illustrate diminishing bullish momentum suggest the pair to extend its losses after successfully breakout below the 20 moving average line (Red).
Resistance level: 1424.05, 1436.35
Support level: 1403.00, 1383.60