30 June 2020 Afternoon Session Analysis
Upbeat China data keeping Aussie afloat.
The Aussie dollar which traded against the dollar and other currency pairs have manage to hold its ground during late Asian session after the release of positive data from China. According to China Federation of Logistics and Purchasing, the NBS Manufacturing PMI have improved to 50.9, surpassed market expectation with the reading of 50.4. Besides that, China’s Non-Manufacturing PMI also crossed above previous reading of 53.6, with the results came in at 54.4. The data manage to help the Aussie stay directed for a short term however risk-on influence may limit the positivity towards the upside momentum following the worsening condition of coronavirus. World Health Organization (WHO) Director-General Tedros Adhanom Ghebreyesus stated on earlier that the pandemic is speeding up. Dr. Tedros also mentioned that the “the worst is yet to come”. At the time of writing, AUD/USD edge higher 0.06% to 0.6873.
In the commodities market, crude oil price retreats 0.24% to $39.39 per barrel as of writing following heightening concerns of COVID-19 weigh on market. As global coronavirus death have surpassed half a million, some countries like UK have stated to re-impose lockdown while other regions are still grappling with the first wave. On the other hand, gold price remains stable and edge higher by 0.03%to 1771.74 a troy ounce at the time of writing following broad risk-aversion which prompting investors to increase their bets on safe-haven 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 |
| 14:00 | GBP – GDP (QoQ) (Q) | -2.0% | -2.0% | – |
| 17:00 | EUR – CPI (YoY) (Jun) | 0.1% | 0.1% | – |
| 20:30 | CAD – GDP (MoM) (Apr) | -7.2% | -12.0% | – |
| 22:00 | USD – CB Consumer Confidence (Jun) | 86.6 | 91.6 | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index remain traded in a sideway channel while currently testing near the resistance level 97.55. However, due to lack of momentum from MACD, it is suggested to wait until further signal appear before entering the market.
Resistance level: 97.55, 98.80
Support level: 95.90, 94.65
GBPUSD, H4: GBPUSD was traded lower following recent breakout below the previous support level 1.2340. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to experience a short term technical correction towards the current resistance level 1.2340.
Resistance level: 1.2340, 1.2510
Support level: 1.2165, 1.1995
EURUSD, H4: EURUSD was traded flat while currently testing the support level 1.1225. MACD which illustrate diminishing bullish momentum suggest the pair to be traded lower after it breaks below the support level 1.1225.
Resistance level: 1.1390, 1.1505
Support level: 1.1225, 1.1090
USDJPY, H4: USDJPY was traded higher following prior breakout above the previous resistance level 108.00. MACD which illustrate bullish momentum signal suggest the pair to extend its gains towards the resistance level 108.00.
Resistance level: 108.00, 108.60
Support level: 107.40, 106.60
AUDUSD, H4: AUDUSD remain traded in a sideway channel while currently testing near the support level 0.6820. However, MACD which illustrate bullish 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, 1.3820
Support level: 1.3485, 1.3330
USDCHF, H4: USDCHF remain traded in a sideway channel following prior rebound from the support level 0.9460. However, MACD which illustrate bullish momentum suggest the pair to extend its momentum towards the resistance level 0.9545.
Resistance level: 0.9545, 0.9650
Support level: 0.9460, 0.9365
CrudeOIL, H4: Crude oil price remain traded in a sideway channel while currently testing near the resistance level 40.45. However, MACD which illustrate bullish momentum signal suggest the commodity to be traded higher after it breaks above the resistance level.
Resistance level: 40.45, 43.85
Support level: 35.05, 31.05
GOLD_, H4: Gold price was traded flat while currently testing near support level 1764.25. However, MACD which illustrate bearish bias signal with the formation of death cross suggest the commodity to be traded lower after it breaks below the support level.
Resistance level: 1795.80, 1825.25
Support level: 1764.25, 1736.80