17 July 2020 Afternoon Session Analysis
Euro fell following ECB decision.
During late Asian session, the euro which traded against the greenback have ended its winning streak and retreat following recent policy decision from European Central Bank (ECB). ECB have kept its monetary policy stance unchanged but pledge to roll out more stimulus if the economic recovery in the Eurozone continue to slow. The ECB governor remain calling for support day ahead of the two-day European Summit EU leaders will discuss the European Commission proposals for a €750 billion recovery plan to help some of the economic bloc’s worst-hit members. However, the recovery plan which requires the approval of all 27 EU members is expected to fail as some of the members have already disagree on how it should be funded. Thus, the news have exert pressure for the pair. At the time of writing, EUR/USD fell 0.04% to 1.1385.
In the commodities market, crude oil price retreats 0.09% to 40.95 per barrel as of writing following signs of weak recovery. As US continue to witness record numbers in cases and virus deaths, demand outlook remains dim, and thus continue to weigh on the sentiment. On the other hand, gold price slips 0.05% to $1798.23 a troy ounce at the time of writing following greenback recovery.
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 |
| 14:00 | GBP – Retail Sales (MoM) (Jun) | 12.0% | – | – |
| 17:00 | EUR – CPI (YoY) (Jun) | 0.3% | 0.3% | – |
| 20:30 | USD – Building Permits (Jun) | 1.216M | 1.280M | – |
| 22:00 | USD – Michigan Consumer Sentiment (Jul) | 78.1 | 79.0 | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher while currently testing the top level of downward channel. MACD which illustrate bullish momentum signal suggest the pair to extend its gains after it successfully breakout above the top level of downward channel.
Resistance level: 96.90, 97.55
Support level: 96.10, 95.65
GBPUSD, H4: GBPUSD was traded higher following prior rebound from the upward trend line. MACD which illustrate bearish bias momentum suggest the pair to undergo technical correction in short term.
Resistance level: 1.2580, 1.2665
Support level: 1.2525, 1.2435
EURUSD, H4: EURUSD was traded lower following prior breakout below the previous support level at 1.1390. MACD which illustrate bearish bias momentum signal suggest the pair to extend its losses toward the support level at 1.1360.
Resistance level: 1.1390, 1.1435
Support level: 1.1360, 1.1320
USDJPY, H4: USDJPY was traded lower following prior retracement from the resistance level at 107.35. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses toward the support level at 106.95.
Resistance level: 107.35, 107.50
Support level: 106.95, 106.35
AUDUSD, Daily: AUDUSD was traded higher following prior rebound from the 20 moving average line (Red). Due to lack of signal from MACD, it is suggested to wait for further confirmation before entering into the market.
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 0.6480.
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 0.9430. However, MACD which illustrate diminishing bullish momentum suggest the pair to undergo technical correction in short term.
Resistance level: 0.9475, 0.9540
Support level: 0.9430, 0.9365
CrudeOIL, H4: Crude oil price was traded lower following prior retracement from the resistance level at 41.35. MACD which illustrate diminishing bullish momentum signal suggest the commodity to extend its losses toward the support level at 40.10.
Resistance level: 41.35, 42.50
Support level: 40.10, 39.00
GOLD_, H4: Gold price was traded higher following prior rebound from the support level at 1793.80. MACD which illustrate bearish bias momentum signal suggest the pair to undergo technical correction toward the support level at 1793.80.
Resistance level: 1805.00, 1813.90
Support level: 1793.80, 1786.25