29 May 2020 Afternoon Session Analysis
Aussie struggles following risk-off sentiment.
On late Asian session, the Aussie dollar which traded against the dollar and other currency pairs struggling to extend its gains following negative news from China turned off risk appetite. Although the recent news surrounding the People’s Bank of China’s (PBOC) liquidity infusion seems to have helped buoyed Aussie pair, Beijing’s anti-dumping investigation into Australian and Japanese chemical exports have limited it potential the upside. On top of that, the sentiment was made darker after the Republican leader have already signalled sanctions for China during early of the week, thus exert pressure for the pair. As the fear of escalating tension between the U.S and China remains, investors continue to focus on the development and wait for further signal before gauge future direction for the pair. At the time of writing, AUD/USD edge lower 0.03% to 0.6635.
In the commodities market, crude oil price slips 0.74% to $33.31 per barrel as of writing following U.S fuel demand remains weak. According to EIA, crude oil stock rose sharply by 7.928m, missing market expectation of a decrease of 1.944m. The data have signalled the lack of fuel demand in the world’s largest oil consumer while worsening U.S.-China tensions also weighed on the market. On other hand, gold price rose 0.05% to $1720.07 a troy ounce following dollar weakness.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
23:00 USD Fed Chair Powell Speaks
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 17:00 | EUR – CPI (YoY)(May) | 0.3% | 0.1% | – |
| 20:30 | CAD – GDP(MoM)(Mar) | 0.0% | -9.0% | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower while currently testing the support level at 98.20. MACD which illustrated increasing bearish momentum suggest the index to extend its losses after it successfully breakout below the support level.
Resistance level: 99.10, 99.90
Support level: 98.20, 97.50
GBPUSD, H1: GBPUSD was traded higher while currently testing the resistance level at 1.2340. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 1.2340, 1.2425
Support level: 1.2255, 1.2160
EURUSD, H4: EURUSD was traded higher while currently testing the resistance level 1.1105. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1.1105, 1.1180
Support level: 1.0985, 1.0895
USDJPY, H4: USDJPY was traded lower following prior retracement from the resistance level at 107.85. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 107.10.
Resistance level: 107.85, 108.50
Support level: 107.10, 106.10
AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level at 0.6655. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 0.6655, 0.6790
Support level: 0.6435, 0.6260
NZDUSD, H4: NZDUSD was traded lower following prior retracement from the resistance level at 0.6215. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.6155.
Resistance level: 0.6215, 0.6270
Support level: 0.6155, 0.6105
USDCAD, H4: USDCAD was traded within a range while currently testing the support level at 1.3735. MACD which illustrated increasing bullish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 1.3890, 1.4085
Support level: 1.3735, 1.3540
USDCHF, H4: USDCHF was traded lower while currently testing the support level at 0.9630. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 0.9735, 0.9835
Support level: 0.9630, 0.9505
CrudeOIL, H1: Crude oil price was traded lower while currently near the support level at 32.80. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses after it successfully breakout below the support level.
Resistance level: 34.05, 36.05
Support level: 32.80, 31.50
GOLD_, H1: Gold price was traded higher while currently testing the resistance level at 1721.05. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1721.05, 1728.60
Support level: 1711.35, 1699.30