27 June 2019 Afternoon Session Analysis
Trade deal inches towards completion.
US dollar rebounds from its prior low level as US-China trade talk progresses positively while investors remained focus upon the upcoming G20 summit in Osaka for further market signals. The dollar index notched up 0.08% to 95.77 against a basket of six major currencies. On yesterday, greenback received higher demand from the market after US Treasury Secretary Steven Mnuchin stated that the trade deal in between US and China is currently about 90% complete. US President Donald Trump and Chinese President Xi Jinping are due to meet at the G20 summit in Osaka tomorrow which may provide further signals with regards to current condition of trade talks. On the other hand, pair of USD/CAD fell sharply on yesterday due to sharp appreciation in crude oil price. Oil futures received higher demand due to overall optimism towards the trade talks in between US and China. As of writing, pair of USD/CAD ticks up 0.03% to 1.3129 during Asian trading session.
As for commodities market, crude oil price ticked down 0.02% to $58.98 per barrel. Overall, investors will be remained fixated upon tomorrow’s G20 summit which may provide further signal with regards to US-China trade negotiations. Subsequently, gold price ticked down 0.07% to $1,408.16 a troy ounce due to a rebound in greenback.
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 |
| 20:00 | EUR – German CPI (MoM) (Jun)) | 0.2% | 0.2% | – |
| 20:30 | USD – GDP (QoQ) (Q1) | 3.1% | 3.1% | – |
| 22:00 | USD – Pending Home Sales (MoM) (May) | -1.5% | 1.1% | – |
| 07:30 (28th) | JPY – Tokyo Core CPI (YoY) (Jun) | 1.1% | 1.0% | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher following prior rebound from the support level 95.65. MACD which illustrate persistent bullish bias signal suggest the dollar to extend its gains towards the resistance level 96.05.
Resistance level: 96.05, 96.45
Support level: 95.65, 95.10
GBPUSD, H4: GBPUSD was traded flat while currently testing near the support level 1.2670. However, MACD which illustrate persistent bearish momentum signal suggest the pair to be traded lower after it breaks below the support level 1.2670.
Resistance level: 1.2750, 1.2810
Support level: 1.2670, 1.2610
EURUSD, H4: EURUSD was traded lower following prior retracement from the resistance level 1.1395. MACD which illustrate persistent bearish momentum signal suggest the pair to extend its retracement towards the support level 1.1335.
Resistance level: 1.1395, 1.1445
Support level: 1.1335, 1.1280
USDJPY, H4: USDJPY was traded higher while currently testing the resistance level 108.15. MACD which display bullish momentum signal suggest the pair to extend its gains after it breaks above the resistance level.
Resistance level: 108.15, 108.70
Support level: 107.60, 107.05
AUDUSD, H4: AUDUSD was traded higher while currently testing near the resistance level 0.7000. However, MACD which illustrate diminishing bullish momentum suggest the pair to be traded lower as a short term technical correction towards the support level 0.6965.
Resistance level: 0.6965, 0.7000
Support level: 0.6930, 0.6900
NZUDSD, H4: NZDUSD was traded higher while currently testing the resistance level 0.6680. However, MACD which display diminishing bullish bias signal with the starting formation of death cross suggest the pair to experience a technical correction in short term towards the support level 0.6640.
Resistance level: 0.6680, 0.6720
Support level: 0.6640, 0.6600
USDCAD, H4: USDCAD was traded lower following prior breakout below the previous support level 1.3160. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to be undergo a short term technical correction towards back the current resistance level 1.3160.
Resistance level: 1.3160, 1.3230
Support level: 1.3080, 1.2970
USDCHF, H4: USDCHF was traded higher while currently testing the resistance level 0.9800. MACD which illustrate persistent bullish bias signal suggest the pair to extend its gains after it breaks above the resistance level.
Resistance level: 0.9800, 0.9855
Support level: 0.9750, 0.9700
CrudeOIL, H4: Crude oil price was traded lower following prior retracement from the resistance level 59.60. MACD which illustrate bearish momentum signal with the formation of death cross suggest the commodity to extend its retracement towards the support level 57.95.
Resistance level: 59.60, 61.05
Support level: 57.95, 55.75
GOLD_, H4: Gold price was traded lower while currently testing the support level 1406.50. MACD which display ongoing bearish momentum signal suggest the commodity to extend its losses after it breaks below the support level.
Resistance level: 1421.40, 1437.95
Support level: 1406.50, 1386.35