19 June 2019 Morning Session Analysis
Trump criticizes ECB’s Draghi.
US dollar was traded flat against other major currencies on yesterday following mixed signals in the market. On Tuesday, US President Donald Trump criticized ECB President Mario Draghi whom had hinted for more stimulus and rate cuts if the economy in Eurozone does not improve. Trump stated that such measures would lead the greenback to an uncompetitive position as euro depreciates further. Prior, Trump has been urging US Federal Reserve to cut their interest rates which has risen from 0% to 2.50% for the past three years. For the time being, Fed two-day meeting conclusion will be the main highlight for the week as investors ponder upon the central bank’s forward guidance with regards to monetary policy. In terms of economy, latest report on Building Permits shows increased by only 1.294 million, lower than economist forecast of 1.296 million for the month of May. Building Permits begins to show stagnation for the past few months which may indicate possible depreciation in demand for property. As of writing, the dollar index was traded flat at around 97.10 against a basket of six major currencies.
As for commodities market, crude oil price depreciates by 0.11% to $54.01 per barrel. On yesterday, oil prices rebound from its prior low level after US President Donald Trump announced that he will resume trade talks with Chinese leader Xi Jinping during next week’s G-20 summit. On the other hand, gold price was traded flat at around $1,346.55 a troy ounce as market participants waits for further signal in the market.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
22:00 EUR ECB President Draghi Speaks
02:00 (20th) USD FOMC Economic Projections
02:00 USD FOMC Statement
02:30 USD FOMC Press Conference
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 16:30 | GBP – CPI (YoY) (May) | 2.1% | 2.0% | – |
| 20:30 | CAD – Core CPI (MoM) (May) | 0.0% | – | – |
| 22:30 | CrudeOIL – Crude Oil Inventories | 2.206M | -1.077M | – |
| 02:00
(20th) |
USD – Fed Interest Rate Decision | 2.50% | 2.50% | – |
Technical Analysis
DOLLAR_INDX, H1: Dollar index remains traded within a sideways formation. MACD which begins to form a bearish signal suggests the index to extend its losses after closing below 97.05.
Resistance level: 97.20, 97.50
Support level: 97.05, 96.80
GBPUSD, H4: GBPUSD was traded higher following prior rebound from the support of 1.2515. MACD which begins to form a bullish signal suggests the pair to be traded higher in short-term as technical correction.
Resistance level: 1.2630, 1.2745
Support level: 1.2515, 1.2425
EURUSD, H1: EURUSD was traded higher following prior rebound from the lower level. MACD which begins to form a bullish signal suggests the pair to be traded higher in short-term as technical correction.
Resistance level: 1.1210, 1.1275
Support level: 1.1150, 1.1110
USDJPY, H1: USDJPY was traded higher following prior rebound from the lower levels. MACD which illustrate bullish signal suggests the pair to be traded higher in short-term, towards the direction of 108.70.
Resistance level: 108.70, 109.15
Support level: 108.50, 108.20
AUDUSD, H1: AUDUSD was traded higher while currently testing near the resistance of 0.6880. MACD which illustrate bullish signal suggests the pair to extend its gains after closing above 0.6880.
Resistance level: 0.6880, 0.6900
Support level: 0.6850, 0.6830
NZDUSD, H4: NZDUSD was traded higher following prior rebound from the support of 0.6485. MACD which has formed a bullish signal suggests the pair to extend its gains in short-term, towards the direction of 0.6555.
Resistance level: 0.6555, 0.6600
Support level: 0.6485, 0.6450
USDCAD, H1: USDCAD was traded lower following prior close below 1.3375. MACD which illustrate bearish signal suggests the pair to advance further down, towards the direction of 1.3340.
Resistance level: 1.3375, 1.3395
Support level: 1.3340, 1.3315
USDCHF, H4: USDCHF was traded higher following prior close above 1.0000. MACD which illustrate the formation of bullish signal suggests the pair to extend its gains in mid-term, towards the direction of 1.0040.
Resistance level: 1.0040, 1.0130
Support level: 1.0000, 0.9975
CrudeOIL, H4: Crude oil price was traded higher while currently testing near the resistance level of 54.45. MACD which illustrate bullish signal suggests its price to advance further up after closing above 54.45.
Resistance level: 54.45, 57.30
Support level: 53.00, 51.60
GOLD_, H1: Gold price was traded lower following prior retrace from its higher levels. MACD which begins to form a bearish signal suggests its price to advance lower after closing below 1345.00.
Resistance level: 1350.00, 1355.00
Support level: 1345.00, 1338.00