15 July 2020 Afternoon Session Analysis
Japanese Yen remains weak on BoJ policy.
The Japanese Yen which traded against the greenback have facing some selling pressure after the policy decision from Bank of Japan (BoJ). The Japan central bank have retained its 10-year government bond yield target at 0.00% and also maintain its interest rate at -0.10% as widely expected. However, the central bank have mentioned that Japan economy is currently facing an extremely severe situation and may shrink by 4.7% in the financial year of 2020. On top of that, consumer price index is also expected to decline to -0.5% in 2020. Following the downbeat note, the safe-haven Yen may continue to face selling pressure for the day ahead. At the time of writing, USD/JPY edge higher 0.06% to 107.28.
At the time of writing, crude oil price rose 0.16% to $40.65 at the time of writing following the comeback of demand recovery. The sentiment for the oil is currently remain boosted by a sharp drop in inventories which is reported by the API. Meanwhile, the market will focus on official numbers from EIA later today and also OPEC committee meeting. On the other hand, gold price remains buoyant and edge higher by 0.04% to $1807.38 at the time of writing following COVID-19 cases and US-China tensions continue to support the price.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
22:00 CAD BoC Monetary Policy Report
23:15 CAD BOC Press Conference
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 14:00 | GBP – CPI (YoY)(Jun) | 0.5% | 0.4% | – |
| 20:30 | CAD – Core CPI (MoM)(Jun) | -0.1% | – | – |
| 22:00 | CAD – BoC Interest Rate Decision | 0.25% | 0.25% | – |
| 22:30 | CrudeOIL – Crude Oil Inventories | 5.654M | -2.098M | – |
Technical Analysis
DOLLAR_INDX, Daily: Dollar index was traded lower while currently testing the support level at 96.00. MACD which illustrated increasing bearish momentum suggest the index to extend its losses after it successfully breakout below the support level.
Resistance level: 97.55, 98.85
Support level: 96.00, 94.90
GBPUSD, H4: GBPUSD was traded higher following prior rebound from the support level at 1.2515. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 1.2670.
Resistance level: 1.2670, 1.2800
Support level: 1.2515, 1.2340
EURUSD, Daily: EURUSD was traded higher while currently testing the resistance level at 1.1405. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1.1405, 1.1485
Support level: 1.1305, 1.1175
USDJPY, H4: USDJPY was traded higher while currently testing the resistance level at 107.35. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 107.35, 107.90
Support level: 106.75, 106.35
AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level at 0.7000. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 0.7000, 0.7065
Support level: 0.6925, 0.6850
NZDUSD, H4: NZDUSD was traded higher following prior rebound from the support level at 0.6510. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 0.6565.
Resistance level: 0.6565, 0.6635
Support level: 0.6510, 0.6465
USDCAD, H4: USDCAD was traded lower following prior retracement from the resistance level at 1.3630. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 1.3555.
Resistance level: 1.3630, 1.3685
Support level: 1.3555, 1.3510
USDCHF, H4: USDCHF was traded higher following prior rebound from the support level at 0.9375. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.9435.
Resistance level: 0.9435, 0.9470
Support level: 0.9375, 0.9320
CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level at 41.10. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.
Resistance level: 41.10, 43.00
Support level: 39.35, 37.60
GOLD_, H1: Gold price was traded higher while currently testing the resistance level at 1808.45. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.
Resistance level: 1808.45, 1817.85
Support level: 1794.55, 1783.75