28 June 2019 Afternoon Session Analysis
Euro flats, eyes on inflation data.
Euro was traded within a tight range for the past few days as market participants wait for further catalyst from the economic region. Sentiment upon the euro continues to remain weak as market participants speculate the European Central Bank to ease their monetary policy further if economic progression remains bearish. For the time being, traders will place their focus upon inflation data from EU that is bound to be released today in order to attain confirmation with regards to monetary policy easing sentiment. As of writing, pair of EUR/USD ticks up 0.02% to 1.1370. On the other hand, pair of GBP/USD notched down 0.04% to 1.2670 during Asian trading session. Pound sterling remains unchanged for the week due to ongoing uncertainty over the selection of next British Prime Minister as well as whether UK could avoid a no-deal, chaotic exit from the European Union.
As for commodities market, crude oil price slumped 0.30% to $58.91 per barrel. Market participants begin to shift their portfolio from risky assets to safe-havens due to higher uncertainty with regards to the outcome of G20 summit, especially trade talk in between US and China. Otherwise, gold price rose 0.79% to $1,420.95 a troy ounce due to higher risk aversion in the market.
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 |
| 16:30 | GBP – GDP (QoQ) (Q1) | 0.5% | 0.5% | – |
| 17:00 | EUR -CPI (YoY) (Jun) | 1.2% | 1.2% | – |
| 20:30 | USD – Core PCE Price Index (MoM) (May) | 0.2% | 0.2% | – |
| 20:30 | USD – Personal Spending (MoM) (May) | 0.3% | 0.4% | – |
| 20:30 | CAD – GDP (MoM) (Apr) | 0.5% | 0.1% | – |
| 21:45 | USD – Michigan Consumer Sentiment (Jun) | 97.9 | 98.0 | – |
| 01:00 (29th) | CrudeOIL – US Baker Hughes Oil Rig Count | 789 | – | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded flat near the resistance level. However, MACD which illustrate diminishing bullish momentum signal suggest the dollar to be traded lower in short term towards the support level 95.35.
Resistance level: 95.80, 96.35
Support level: 95.35, 94.60
GBPUSD, H4: GBPUSD was traded lower while currently testing the support level 1.2675. MACD which illustrate bearish bias signal suggest the pair to extend its losses after it breaks below the support level.
Resistance level: 1.2750, 1.2810
Support level: 1.2670, 1.2610
EURUSD, H4: EURUSD was remain traded flat in a sideway channel. However, MACD which illustrate bearish momentum signal suggest the pair to be traded lower in short term towards the support level 1.1335.
Resistance level: 1.1395, 1.1445
Support level: 1.1335, 1.1280
USDJPY, H4: USDJPY was traded lower while currently testing the support level 107.60. MACD which illustrate bearish bias signal suggest the pair to extend its losses after it breaks below the support level.
Resistance level: 108.15, 108.70
Support level: 107.60, 107.05
AUDUSD, H4: AUDUSD was traded higher following prior breakout above the previous resistance level 0.7000. However, MACD which display lack of bullish momentum suggest the pair to experience a short term technical correction towards back the current support level 0.7000.
Resistance level: 0.7035, 0.7065
Support level: 0.7000, 0.6965
NZUDSD, H4: NZDUSD was traded flat following recent breakout above the previous resistance level 0.6680. However, MACD which display diminishing bullish momentum with the starting formation of death cross suggest the pair to experience a technical correction in short term towards the support level 0.6680.
Resistance level: 0.6720, 0.6770
Support level: 0.6680, 0.6640
USDCAD, H4: USDCAD was traded lower while currently testing near the support level 1.3080. However, MACD which display lack of bearish momentum suggest the pair to be traded higher in short term towards the resistance level 1.3160.
Resistance level: 1.3160, 1.3230
Support level: 1.3080, 1.2970
USDCHF, H4: USDCHF was traded lower while currently testing the support level 0.9750. MACD which illustrate bearish bias signal suggest the pair to extend its losses after it breaks below the support level.
Resistance level: 0.9800, 0.9855
Support level: 0.9750, 0.9700
CrudeOIL, H4: Crude oil price was traded flat near the resistance level 59.60. However, MACD which illustrate bearish bias signal suggest the commodity to be traded lower as a short term technical correction towards the support level 57.95.
Resistance level: 59.60, 61.05
Support level: 57.95, 55.75
GOLD_, H4: Gold price was traded higher while currently testing the resistance level 1421.40. MACD which illustrate bullish bias signal suggest the commodity to extend its gains after it breaks above the resistance level.
Resistance level: 1421.40, 1437.95
Support level: 1406.50, 1386.35