29 June 2020 Afternoon Session Analysis
Yen struggles amid downbeat data.
The Japanese Yen which traded against the dollar and other currency pairs have fell during late Asian session following the release of Japan trade data. According to the Ministry of Economy, Trade and Industry from Japan, retail sales in the country have fell by -12.3%, weaker than market expectation of -11.6%. Furthermore, Large Retailer Sales in May also deteriorate by -16.7%, missing market expectation of -16.7%. Still, despite with the disappointing data offered immediate direction for the pair, overall risk aversion due to COVID-19 help limiting the losses while the pair awaiting for further catalyst to determine clear direction. On coronavirus update, the death toll from COVID-19 have now reached half a million while reported cases of coronavirus also exceeds 10 million. At the time of writing, USD/JPY rose 0.04% to 107.24.
In the commodities market, crude oil price edge lower 0.11% to $37.88 per barrel as of writing following the re-emergence of Covid-19 cases in some countries hurt demand outlook. New outbreaks are reported in countries including China, New Zealand and Australia may prompting governments to impose restrictions again, thus affecting the market sentiment. On the other hand, gold price remains steady and rose 0.04% to $1769.39 a troy ounce at the time of writing following broad risk aversion support the demand for the safe-haven commodity.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
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Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 22:00 | USD – Pending Home Sales MoM | -21.8% | 19.7% | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index remain traded in a sideway channel while currently testing near the resistance level 97.55. However, MACD which illustrate bearish bias signal with the starting formation of death cross suggest the dollar to be traded lower towards the support level 95.90.
Resistance level: 97.55, 98.80
Support level: 95.90, 94.65
GBPUSD, H4: GBPUSD was traded higher following prior rebound from the support level 1.2340. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its rebound towards the resistance level 1.2510.
Resistance level: 1.2510, 1.2660
Support level: 1.2340, 1.2165
EURUSD, H4: EURUSD was traded flat while currently testing the support level 1.1225. However, MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to be traded higher as a technical correction towards the resistance level 1.1390.
Resistance level: 1.1390, 1.1505
Support level: 1.1225, 1.1090
USDJPY, H4: USDJPY remain traded flat in a sideway channel. Due to lack of momentum and clear direction from MACD, it is suggested to wait until further signal appear before entering the market.
Resistance level: 107.40, 108.00
Support level: 106.60, 106.00
AUDUSD, H4: AUDUSD remain traded in a sideway channel while currently testing near the support level 0.6820. However, MACD which illustrate diminishing bearish momentum with the starting formation of golden cross suggest the pair to be traded higher towards the resistance level 0.7020.
Resistance level: 0.7020, 0.7195
Support level: 0.6820, 0.6680
NZDUSD, H4: NZDUSD remain traded flat in a sideway channel. Due to lack of clear direction and momentum from MACD, it is suggested to wait until further signal appear before entering the market.
Resistance level: 0.6490, 0.6580
Support level: 0.6370, 0.6235
USDCAD, H4: USDCAD remain traded in a sideway channel while currently testing near the resistance level 1.3685. However, MACD which illustrate diminishing bullish momentum signal with the starting formation of death cross suggest the pair to be traded lower as a pullback towards the support level 1.1385.
Resistance level: 1.3645, 1.3810
Support level: 1.3485, 1.3330
USDCHF, H4: USDCHF remain traded flat in a sideway channel while currently testing near the support level 0.9460. However, MACD which illustrate diminishing bullish momentum with the starting formation of death cross suggest the pair to extend its losses after it breaks below the support level.
Resistance level: 0.9545, 0.9650
Support level: 0.9460, 0.9365
CrudeOIL, H4: Crude oil price remain traded in a sideway channel following recent retracement from its high level. However, MACD which illustrate bearish bias signal suggest the commodity to extend its downward momentum in short term towards the support level 35.05.
Resistance level: 40.45, 43.85
Support level: 35.05, 31.05
GOLD_, H4: Gold price was traded higher following prior rebound from the support level 1764.25. MACD which illustrate bullish bias signal with the formation of golden cross suggest the commodity to extend its gains towards the resistance level 1795.80.
Resistance level: 1795.80, 1825.25
Support level: 1764.25, 1736.80