26 June 2020 Morning Session Analysis
Dollar hovered following the release of mixed economic data.
Dollar index which gauges its value against a basket of six major currencies was having a mixed pattern and hovered near the recent high level during early Asian trading session amid unclear sentiment in dollar market. According to the Census Bureau, US Core Durable Goods Orders came in at 4.0%, higher than the economist forecast of 2.5%, showing that US manufacturing sector is in the midst of recovery stage. However, market participants are now forecasting weak underlying inflation pressure in the future after the recent GDP data showed that US economy shrank at a pace of 5.0% in the first quarter. Amidst the outbreak of coronavirus, US doesn’t seem to have a downward curved in the figure of infection, where the market sees little hopes over a strong rebound may happen in US economy as of now. Moreover, Initial Jobless Claims data which acts as a strong indicator to reflect the current US labour market condition showed that there is a high number of Americans were still filing for unemployment insurance claims last week. According to the Department of Labour, US Initial Jobless Claims data reported an increase of 1,480K, blowing the estimates of 1,300K, indicating the labour market still remains weak and vulnerable under the shadow of pandemic. As of now, dollar index rose by 0.05% to 97.40.
In the commodities market, crude oil price appreciated 1.21% to $39.20 per barrel despite demand worries persist on recent spike in coronavirus. As of now, oil market participants are still remain cautious amid recent signs of second wave of coronavirus in few of the major countries. Besides, gold price rose 0.10% to $1765.40 per troy ounce amid market worries over the virus heightened.
Today’s Holiday Market Close
Time Market Event
All Day CNY Dragon Boat Festival
Today’s Highlight Events
Time Market Event
15:00 EUR ECB President Lagarde Speaks
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 22:00 | USD – Michigan Consumer Sentiment (Apr) | 78.9 | 79.0 | – |
| 01:00
(27th) |
CrudeOIL – U.S. Baker Hughes Oil Rig Count | 189 | – | – |
Technical Analysis
DOLLAR_INDX, Daily: Dollar index was traded lower following prior retracement from the resistance level at 97.55. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its retracement toward the support level at 96.90.
Resistance level: 97.55, 98.75
Support level: 96.90, 96.10
GBPUSD, H4: GBPUSD was traded higher following prior rebound from the lower level. MACD which illustrate diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 1.2435.
Resistance level: 1.2435, 1.2525
Support level: 1.2345, 1.2230
EURUSD, H4: EURUSD was traded higher following prior rebound from the lower level. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its rebound toward the resistance level at 1.1245.
Resistance level: 1.1245, 1.1320
Support level: 1.1165, 1.1095
USDJPY, H4: USDJPY was traded lower following prior retracement from the resistance level at 107.45. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses toward the support level at 106.80.
Resistance level: 107.45, 107.90
Support level: 106.80, 106.35
AUDUSD, Daily: AUDUSD was traded higher following prior rebound from the support level at 0.6810. MACD which display diminishing bearish momentum signal suggest the pair to extend its gains toward the resistance level at 0.7115.
Resistance level: 0.7115, 0.7295
Support level: 0.6810, 0.6500
NZDUSD, H4: NZDUSD was traded higher following prior rebound near the support level at 0.6380. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its gains toward the resistance level at 0.6480.
Resistance level: 0.6480, 0.6580
Support level: 0.6380, 0.6265
USDCAD, H4: USDCAD was traded lower following prior retracement from the resistance level at 1.3675. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses toward the support level at 1.3500.
Resistance level: 1.3675, 1.3865
Support level: 1.3500, 1.3355
USDCHF, H4: USDCHF was traded lower while currently testing the support level at 0.9475. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 0.9535, 0.9595
Support level: 0.9475, 0.9430
CrudeOIL, H4: Crude oil price was traded lower following prior retracement from the resistance level at 39.25. However, MACD which illustrate diminishing bearish momentum signal suggest the commodity to undergo technical correction toward the higher level.
Resistance level: 39.25, 41.35
Support level: 37.45, 34.65
GOLD_, H1: Gold price was traded higher following prior rebound from the support level at 1757.85. MACD which illustrate bullish bias momentum suggest the pair to extend its gains toward the resistance level at 1778.35.
Resistance level: 1778.35, 1794.30
Support level: 1757.85, 1741.75