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ATFX Market Update - June 2019

Discussion in 'Company Articles' started by Kelly Yeung, Jun 2, 2019.

  1. Kelly Yeung

    Kelly Yeung ATFX.com Representative

    Joined:
    Mar 28, 2018
    Messages:
    281
    Likes Received:
    3
    Personal opinions today:

    China has issued a trade negotiation between the United States and China white paper, pointing out China's position on trade wars and trade negotiations with the United States. It is believed that the talks between China and the U.S. have reached a deadlock, and China's position is firm. If the U.S. President and the Commerce Department do not tone down their tough stance, it will be difficult to resolve the impasse before the G20 meeting at the end of June, improving the mood for investment and expectations of an economic slowdown. Besides, the market is watching the release of the U.S. employment report for May this week, ADP private market employment change and non-farm payrolls for May, as well as the unemployment rate and the average hourly wage. The US Non-farm payrolls in May are expected to fall to 190,000, the unemployment rate to 3.7 per cent and average hourly wages to rise just 0.1 per cent, according to market estimates. The Fed could cut interest rates in September if U.S. employment change slows in anticipation of a gloomy economic outlook. Investors may reduce their holdings of the dollar and dollar assets ahead of the U.S. jobs data, giving European currencies and commodity prices a chance to rise.

    Focus today, Germany, Eurozone and UK manufacturing PMI for May, which would be positive for European currencies and sterling if they recorded growth. Besides, the U.S. ISM manufacturing PMI in May. If the data slow down, the dollar will fall further. Conversely, the dollar rebounded.

    [Important financial data and events concerned]
    09:45 China Caixin manufacturing PMI for May
    14:30 Swiss CPI for May
    15:50 French manufacturing PMI for May
    15:55 German manufacturing PMI for May
    16:00 Eurozone manufacturing PMI for May
    16:30 UK manufacturing PMI for May
    21:45 US Markit manufacturing PMI for May
    22:00 US construction expenditure in April
    22:00 U.S. ISM manufacturing PMI for May


    Today suggestion:

    EURUSD
    1.1120/1.1105 support
    1.1150/1.1165 resistance
    The revised U.S. first-quarter real GDP hit estimate at 3.1%, while the Michigan consumer confidence index final fell, the dollar fell, and EURUSD rebounded. Markets are starting to look ahead to this week's U.S. jobs report this week, predicting the dollar's rise was limited. Besides, keep an eye on the manufacturing index today. Technically, 1.1185 and 1.1200 are estimated as the first target resistance, and 1.1160 as the support level.

    GBPUSD
    1.2660/1.2680 resistance
    1.2605/1.2585 support
    US President Donald Trump is on a state visit to the UK this week before the UK parliament voted on the EU bill. It is believed that the risk of a hard Brexit remains high, and the US President's comments also affect the UK's political and economic outlook. Today, the market expected a slowdown in the UK manufacturing PMI for May was also negative today. Technically, GBPUSD significant resistance remains at 1.27, while short-term GBPUSD resistance at 1.2660 and 1.2680. If the breakthrough fails, the trend will continue to decline, and the estimate is to try the support level of 1.2605 and 1.2585.

    AUDUSD
    0.6960/0.6980 resistance
    0.6925/0.6905 support
    The ongoing trade war between China and the United States has been weighing on Australia's economic outlook. Recently, the US government reported that the originally intended to impose additional tariffs on Australian imports, but finally cancelled the ideas. The news got AUDUSD boost. However, the Australian dollar's rise will be held back ahead RBA cut-rate tomorrow, which is expected to be 0.25 per cent. Technically, there are still downside risks to the AUDUSD. Expected, 0.6960 and 0.6980 resistance, 0.6925 and 0.6905 support. Under the expectation of interest rate cut by the reserve bank of Australia, AUDUSD has a chance to try 0.6905 or 0.6885 support.

    USDJPY
    108.55/108.75 resistance
    108.05/107.85 support
    U.S. and Japanese stock markets continued to fall with trade tensions between the United States and China, US Dow and Japan Nikkei index short-term volatility, USDJPY also volatility, and follow the direction of the Dow, judge the trend of USDJPY. Short term focus 108.05 and 107.85 support. If the Nikkei and Dow all up, watch for dollar resistance to 108.55 and 108.75.

    USDCAD
    1.3525/1.3545 resistance
    1.3485/1.3465 support
    An agreement on a US-Canada trade deal could help stabilise Canada's investment economy and confidence, potentially limiting the decline of the Canadian dollar. Today, the market is looking ahead to a weak U.S. jobs report this week if the U.S. manufacturing PMI comes in lower than expected in May, and believes the USDCAD could adjust to 1.3485 or below and 1.3545 resistance.

    Us crude futures USOIL
    53.85/54.40 resistance
    51.85/50.85 support
    The trade war between China and the United States has hit investment and production sentiment, and the United States has imposed tariffs on imports from Mexico. As a result, the global trade war is deadlocked. Technically, crude oil futures prices broke through multiple support levels. Without a rebound, breaking through a resistance of 53.85 and 54.40, crude oil price trend downward target to $50.

    XAUUSD

    1315/1320 resistance
    1305/1309 support
    The trade war between China and the United States is tense and is expected to depress the U.S. economy. U.S. real GDP in the first quarter was just hit as expected, but the manufacturing PMI In May, the labour market is likely to slow in May, Treasury prices are expected to fall, and the federal reserve is expected to cut interest rates in September. Several positive factors in the gold price, gold prices rise. As this analysis pointed out last week, the market hedge funds began to flow into the gold market, the price of gold rose sharply. Gold prices could rise if the U.S. Dow Jones industrial average or global stocks fall further. On the contrary, gold prices downward adjustment.

    U.S. Dow Jones industrial average futures US30

    24745/24825 resistance
    24540/24350 support
    The US President said the China and US trade talks had made progress, but China's comments and white paper on the talks revealed China's position, which clearly shows that the trade war between China and us is still heating up. Besides, weak U.S. jobs data for May is expected to weigh against U.S. stocks. The lack of good news at the moment will hamper the market's upside. At present, the stock market is estimated to increase downward. Otherwise, any positive comments that could boost the stock market's rebound. It is currently recommended to focus on lower support 24540 and 24350, resistance 24745 and 24825.

    BTCUSD:

    9050 / 9250 resistance
    8550 / 8300 support
    Trade tension, US data showed slow down. Expected Fed will not be intended to interest hike, the bitcoin demand increasing. Technically the bitcoin price support at $8550 and 8309, probably reach to $9000. Now, keeps watching the China and U.S. trade tension. If a positive outlook, bearish the price of Bitcoin. On the contrary, the Bitcoin will continue the uptrend.

    Enjoy trading! The content is for reference only. Please do ensure that you understand the risk.

    Information provided by ATFX, Chief Analyst of Asia Pacific: Martin Lam

    Registered Australian Accountant/ Certified Professional Manager / Certified Financial
    Advisor Experienced Investor / Media Market Commentator Martin Lam has Over 17 years’ experience in global investment market. Familiar with the worldwide stock indices, precious metals such Gold and Silver, Crude oil and Forex. He operated Martin Currency Trading Company and had partnership with a number of well-known international financial corporations and institutions. Before he join ATFX, he was TeleTrade Greater China development and Sales Director. Mr. Lam attends Hong Kong Now TV and China CCTV finance channel once a week. He also had regularly invited by different media, such as DBC Digital Financial Channel, Hong Kong Economic Times, The Standard, Ming Pao to share his experience to trade in Forex, Precious metals, Crude oil and worldwide stock indices.
    Contact: cs.gm@atfx.com or wechat: ATFX_China

    Legal: ATFX is a trading name of AT Global Markets Limited (ATGM, registration number 24226 IBC 2017). ATGM is an International Business Company in Saint Vincent and the Grenadines. Registered address is : the Financial Services Centre, Stoney Ground, Kingstown, St.Vincent & the Grenadines.
     
  2. Kelly Yeung

    Kelly Yeung ATFX.com Representative

    Joined:
    Mar 28, 2018
    Messages:
    281
    Likes Received:
    3
    Personal opinions today:

    U.S. and Mexico agreement risk easing, risk sentiment cooled, the dollar to rise. Gold prices fell, European currencies and commodity currencies adjusted. But fears of a global economic slowdown were widely, with crude oil prices falling more than 1% and US crude oil prices closing below $54. The market is focused on US API stocks tomorrow, which will have an impact on crude oil prices.

    UK manufacturing and industrial output fell yesterday, its GDP contracted in the three months to April, and today's widely expected rise unemployment rate and jobless claims in May, weighed against GBPUSD. It also focused on the Eurozone investor sentiment index in June and the U.S. PPI for May. If the U.S. PPI falls in May, the dollar fall. European currencies, commodity currencies and gold prices could benefit, indirectly bullish. In addition, the tension between China and the United States may once again lead to a drop in investment sentiment. Keep wait and see any negative news will affect global stock markets and boost gold prices.



    [Important financial data and events]

    16:30 UK unemployment and jobless claims in May

    16:30 Eurozone Sentix sentiment index for June

    20:30 US PPI monthly rate in May

    24:00 EIA releases monthly short-term energy outlook

    The next day at 04:30 U.S. API crude inventories



    Today suggestion :



    EURUSD

    1.1320/1.1340 resistance

    1.1290/1.1270 support

    The European central bank released the central bank would consider cutting interest rates if the economy slowdown, limit the euro uptrend. Today, the market focus was on the Eurozone Sentix investor sentiment index in June, as well as the UK unemployment and jobless claims figures in May. Markets are expecting the data to be negative for the euro, which is believed to be holding back gains ahead of the release. In addition, the U.S. monthly PPI rate for May. If U.S. PPI data for May is in line with market expectations of a fall, the euro will continue to adjust, with short-term support at 1.1290 and 1.1270 key support levels. Technically, the euro is at an important resistance level of $1.1340. If there is no break in resistance, remain concerned about the downward trend of the EURUSD.



    GBPUSD

    1.2705/1.2730 resistance

    1.2670/1.2645 support

    UK manufacturing and industrial output fell and GDP slowed in April yesterday. Expectations of higher unemployment and jobless claims in May weighed against GBPUSD. In addition, one of the nominees for Britain's next prime minister, Johnson, is a strong favourite. His call for a hard brexit without a deal could stir investor sentiment against sterling. Current estimates, bearish trend and limit the rise in GBPUSD. Technically, the first GBPUSD support level is 1.2670, and the key support level is 1.2645. Short-term resistance at 1.2705 and key resistance at 1.2730. The EUR is strong against GBP, which is expected to remain bullish EURGBP to testing 0.90.



    AUDUSD

    0.6970/0.6985 resistance

    0.6945/0.6930 support

    After the reserve bank of Australia cut interest rates, the AUDUSD rise was limited to 0.70 resistance. The trade war between China and the United States has hampered expectations of a slowdown in China's economy and Australia's resource exports, bearish the Australian dollar. If future us economic data shows weakness again and the US dollar falls, the AUDUSD has the opportunity to rise. But estimated AUDUSD into adjustment time in short term trading. Technically, focus on 0.6970 and 0.6985 resistance. At present, the AUDUSD adjustment, the reference support 0.6945 and 0.6930.



    USDJPY

    108.70/108.85 resistance

    108.00/107.80 support

    The Dow and Nikkei rose as the fed cut interest rate expectations and the U.S. and Mexico deal initially eased risks. The dollar traded at 108.55 yen, its first high against 108.71 resistance. However, the trade war between China and the United States has led to renewed disputes between the two countries. If the Dow falls in the United States, the dollar may try 108.00 or 107.80 support levels against the yen, depending on the depth of the fall. Technically, USDJPY may hit a barrier before 109 resistance, careful reversal. Keep an eye on how the U.S. Dow and Nikkei affect the dollar-yen trend.



    USDCAD

    1.3240/1.3225 support

    1.3345/1.3365 resistance

    Fed officials said the rate cut, to boost economic confidence, crude oil futures prices reversed, once rose to the level of 54 dollars, indirectly to bullish Canadian dollars. But the U.S. dollar stalled at 1.3250 against the Canadian dollar as crude oil prices stopped further go up. The U.S. API and EIA crude oil stocks will be released tomorrow. It is recommended to keep an eye on the crude oil price trend. If crude oil price continues to rise to $55 - $56, bullish the Canadian dollar.



    Us crude futures

    55.35/55.85 resistance

    52.75/51.95 support

    Fed officials cut interest rates, lifted economic and investment sentiment, stabilized oil prices and boosted oil prices. The U.S. API and EIA crude oil stocks will be released tomorrow. It is recommended to pay attention to the volume results and note the large increase in inventories. In general, the US President is happy to accept a fall in the price of oil, and if he expresses his opinion, it may also affect the price drop. Technically, refer to the 55.85 resistance and 51.95 support ranges.



    XAUUSD

    1332/1334 resistance

    1326/1324 support

    Fed officials have cut interest rates, and weak U.S. nonfarm payrolls data have boosted gold prices. But the interest rate cut, after the positive stock market, again lifted the Dow, led the Dow rebound, gold price adjustment. A decline in the Dow could push gold prices higher as the trade war between China and the U.S. continues to heat up and the outlook for the U.S. economy remains uncertain. Watch for significant resistance at $1336 and $1340. Short-term support at $1326 and $1324.



    U.S. Dow Jones industrial average futures US30

    26185/26255 resistance

    25855/25735 support

    The Dow future rose as the federal reserve cut interest rates and the U.S. and Mexico agreement showed signs of easing, raising the sentiment for investment. Positive comments from the Fed, though, could boost a rebound in U.S. stocks. However, the continued trade war between China and the United States has affected the economic outlook, and corporate profits are expected to decline, which is bearish for the stock market finally. It is recommended to note a reversal with current reference resistance at 26185 and 26255 and short-term support at 25855 and 25735.



    BTCUSD:

    8200 / 8450 resistance

    7700 / 7450 support

    Trade tension, US data showed slow down. Expected Fed fund rate will cut, probably increasingthe bitcoin demand. Now, keeps watching the China and U.S. trade tension. If a positive outlook, bearish the price of Bitcoin. On the contrary, the Bitcoin will continue the uptrend.



    Enjoy trading! The content is for reference only. Please do ensure that you understand the risk.

    Information provided by ATFX, Chief Analyst of Asia Pacific: Martin Lam

    Registered Australian Accountant/ Certified Professional Manager / Certified Financial
    Advisor Experienced Investor / Media Market Commentator Martin Lam has Over 17 years’ experience in global investment market. Familiar with the worldwide stock indices, precious metals such Gold and Silver, Crude oil and Forex. He operated Martin Currency Trading Company and had partnership with a number of well-known international financial corporations and institutions. Before he join ATFX, he was TeleTrade Greater China development and Sales Director. Mr. Lam attends Hong Kong Now TV and China CCTV finance channel once a week. He also had regularly invited by different media, such as DBC Digital Financial Channel, Hong Kong Economic Times, The Standard, Ming Pao to share his experience to trade in Forex, Precious metals, Crude oil and worldwide stock indices.
    Contact: cs.gm@atfx.com or wechat: ATFX_China

    Legal: ATFX is a trading name of AT Global Markets Limited (ATGM, registration number 24226 IBC 2017). ATGM is an International Business Company in Saint Vincent and the Grenadines. Registered address is : the Financial Services Centre, Stoney Ground, Kingstown, St.Vincent & the Grenadines.
     
  3. Kelly Yeung

    Kelly Yeung ATFX.com Representative

    Joined:
    Mar 28, 2018
    Messages:
    281
    Likes Received:
    3
    Personal opinions today:

    Last week, the U.S. API crude oil stocks increased, bearish crude oil prices. With EIA crude oil stocks also expected to rise today, crude oil prices have a chance to test the $51 level.

    US President Trump has said publicly that if China fails to reach the trade deal demanded by the US government, it will choose to intensify its trade war without any agreement. And Trump said he would meet with Chinese leaders at a G20 meeting end of this month. But whether the both can reach an agreement will be seen. Based on the current attitude of both sides, the market risk assessment, the dollar and the China yuan momentum is weak, the risk of flow into safe-haven assets. For example, gold, silver and yen. Equity assets may be left to other markets, in anticipation of negative Dow and global stock markets.

    Today is the most noteworthy, the US CPI monthly rate in May. If U.S. inflation slows, as expected, to 0.1 percent, bearish dollar. Finally, if data in line with or above expectations could reverse the dollar's decline. Next the market will wait and see the U.S. stocks tonight and German and Eurozone data tomorrow.

    [Important financial data and events]
    09:30 China CPI annual rate in May
    16:15 ECB President Mario Draghi attend Euro group meeting
    20:30 US CPI monthly rate in May
    22:30 US EIA crude oil stocks for the week ending June 7


    Today suggestion:

    EURUSD
    1.1345/1.1360 resistance
    1.1305/1.1290 support
    The Eurozone Sentix sentiment index fell in June, while the U.S. PPl was flat in May. Yesterday the dollar had risen, the EURUSD lower, holding 1.1290 support. The dollar weakened from yesterday, because markets expected the US CPI to fall to 0.1 per cent in May. Believe dollar weakness, will continue to the data released. Whether EURUSD can challenge the 1.1360 resistance depends on the performance of US CPI result today and Eurozone economic data tomorrow. Technically, the EURUSD important resistance 1.1345 and 1.1360. If no break the resistance, it will focus on the downward of the EURUSD.

    GBPUSD
    1.2745/1.2760 resistance
    1.2685/1.2670 support
    One of the nominees for Britain's next prime minister is Johnson. He advocated a hard brexit without a deal, which touched investor sentiment and bearish on pound. Current estimates, bearish trend and limit the rise in pound. Technically, pay attention to the first support position 1.2685 and the important support position 1.2670. Resistance level 1.2745 and key resistance 1.2760. If the euro remains strong and the pound falls, expect the euro to keep rising against the pound, testing the 0.90 level. The key support levels of 0.8875 and 0.8840 will be tested if the euro adjusts against sterling in the short term.

    AUDUSD
    0.6970/0.6985 resistance
    0.6945/0.6930 support
    After the RBA cut interest rates, the Australian dollar will limit its rise against the U.S. dollar to 0.70 resistance. In addition, tensions over the trade war between the United States and China are hampering China's economy and Australia's resource exports, hurting the Australian dollar. If U.S. economic data shows weakness again and the U.S. dollar falls, the Australian dollar has a chance to rise against the U.S. dollar. The Australian dollar is expected to gain indirectly from a weaker than expected 0.1 percent rise in US CPI today. Technically, focus on short term AUDUSD 0.6970 and 0.6985 resistance. Reference support 0.6945 and 0.6930.

    USDJPY
    108.60/108.75 resistance
    108.25/108.10 support
    US crude stocks have risen, US President comments have undermined progress in trade talks and hurt investment confidence. The Dow and Nikkei fell and the dollar fell again against the yen after a 108.71 resistance failed. It is believed that the Dow future fell after the release of the expected fall in US CPI and the trade war between China and the US continued to dispute. Depending on the depth of the losses in the Dow and Nikkei, the USDJPY could test support at 108.00 or 107.80, respectively. Technically, USDJPY may hit a barrier before 109 resistance, careful reversal. Keep an eye on how the U.S. Dow and Nikkei affect the USDJPY trend.

    USDCAD
    1.3270/1.3250 support
    1.3315/1.3330 resistance
    Federal reserve officials said the rate cut, crude oil futures prices once rose to 54 dollars level, indirectly bullish the Canadian dollars. But crude oil prices fell as U.S. API crude stocks rose and EIA crude stocks were expected to rise. Against the Canadian dollar, the U.S. dollar lost 1.3250 and recovered 1.3305. If the price of crude oil continues to fall, it will continue to bearish the Canadian dollar.

    Us crude oil futures USOIL
    53.30/54.00 resistance
    52.15/51.65 support
    Crude oil futures fell as U.S. API inventories rose to 4.85 million barrels. In general, oil inventories have risen sharply, bearish crude futures prices. And the US President welcome to lower oil prices, which could be further affected crude oil price by his comments. Crude oil prices were weighed down by weak U.S. data today after the release of US CPI. Technically, refer to 53.30 and 54.00 resistance. Crude oil prices fell the previous support level of 52.85, further down 52.15 and 51.65. Significant support at $51.20.

    XAUUSD
    1334/1338 resistance
    1325/1321 support
    Fed officials have cut interest rates, lifting the stock market, lifting the Dow future, leading to a correction in gold prices. The trade war between China and the United States continues to heat up recently, and the outlook for the U.S. economy is uncertain. Dow fall, it could push gold prices higher Keep an eye on resistance level 1338. Short-term support at $1325 and $1321.

    U.S. Dow Jones industrial average futures US30
    26185/26255 resistance
    25960/25785 support
    The Dow future rose after the federal reserve rate-cutting comments, which had boosted investment sentiment. Positive comments from the Fed, though, could boost a rebound in U.S. Dow. However, the continued trade war between China and the United States has affected the economic outlook, and corporate profits are expected to decline, which is bad news for the stock market. Today, the United States released the quarter adjusted CPI monthly rate for May, the market is expected to fall. As advice yesterday, it was to watch for a reversal in the short term and now watch the data to see where the Dow goes next.

    BTCUSD:
    8200 / 8450 resistance
    7700 / 7450 support
    Trade tension, US data showed slow down. Expected Fed fund rate will cut, probably increasingthe bitcoin demand. Now, keeps watching the China and U.S. trade tension. If a positive outlook, bearish the price of Bitcoin. On the contrary, the Bitcoin will continue the uptrend.

    Enjoy trading! The content is for reference only. Please do ensure that you understand the risk.

    Information provided by ATFX, Chief Analyst of Asia Pacific: Martin Lam

    Registered Australian Accountant/ Certified Professional Manager / Certified Financial
    Advisor Experienced Investor / Media Market Commentator Martin Lam has Over 17 years’ experience in global investment market. Familiar with the worldwide stock indices, precious metals such Gold and Silver, Crude oil and Forex. He operated Martin Currency Trading Company and had partnership with a number of well-known international financial corporations and institutions. Before he join ATFX, he was TeleTrade Greater China development and Sales Director. Mr. Lam attends Hong Kong Now TV and China CCTV finance channel once a week. He also had regularly invited by different media, such as DBC Digital Financial Channel, Hong Kong Economic Times, The Standard, Ming Pao to share his experience to trade in Forex, Precious metals, Crude oil and worldwide stock indices.
    Contact: cs.gm@atfx.com or wechat: ATFX_China

    Legal: ATFX is a trading name of AT Global Markets Limited (ATGM, registration number 24226 IBC 2017). ATGM is an International Business Company in Saint Vincent and the Grenadines. Registered address is : the Financial Services Centre, Stoney Ground, Kingstown, St.Vincent & the Grenadines.
     
  4. Kelly Yeung

    Kelly Yeung ATFX.com Representative

    Joined:
    Mar 28, 2018
    Messages:
    281
    Likes Received:
    3
    Personal opinions today:
    Yesterday the US API and EIA crude oil inventories recorded an increase, the increase in the number of crude oil inventories, bearish crude oil prices. As this analysis showed yesterday, crude oil prices would test $51, now as low as $50.60. The impact of the continued inability of the United States and China to reach a trade agreement and intensify the trade war, as demand for crude falls. Moreover, seasonal factors are also important, and generally in the second and third quarters of production capacity and demand for crude oil reduced, affecting the oil price rise room. The above factors affect, the market sentiment weakened, the U.S. Dow future followed investment sentiment down, some funds into safe-haven assets. Gold rose above $1,330 in anticipation of a Fed rate cut.
    The US consumer price index slowed to a seasonally adjusted 0.1 per cent monthly rate in May, just in line with market expectations, but in line with expectations it could reverse the dollar's decline, the analysts said yesterday. Finally, the dollar index bounced back from 96.6 to nearly 97.0. U.S. import prices for may and initial jobless claims were among the market's top concerns. If the results are weak and below market expectations, the dollar index could fall from 97. In addition, it is worth looking at the performance of the U.S. stock market and German CPI and Eurozone industrial output data today.
    The Swiss national bank announced the interest rate decision today, the market estimated that interest rates and monetary policy unchanged. However, it is worth noting whether the SNB will indicate its future monetary policy stance, which will affect not only the Swiss franc, but also the euro and pound indirectly.

    [Important financial data and events]
    14:00 Germany CPI monthly final value for May
    15:30 Swiss national bank announces interest rate decision
    17:00 Eurozone industrial output for April
    20:30 US initial jobless claims in the week ended June 8
    20:30 US import price index in May
    ECB Euro group meeting
    Britain first round of prime minister-designate elections

    Today suggestion:
    EURUSD

    1.1305/1.1330 resistance
    1.1275/1.1255 support
    Yesterday, the dollar rose and the euro adjusted to 1.1280, which is now in the 1.1290 support range. Today markets expect Eurozone economic data weak, with German CPI unchanged in May. The overall trend of the EURUSD, to wait and see the results. If the results are in line with expectations, it could be bullish for the euro. In addition, the European group meeting, the market focused on how the European group to solve Italy's fiscal deficit and future monetary policy stance, attention to downside risks. Technically, the EURUSD did not break resistance at 1.1345 and 1.1360, the EURUSD would keep downtrend. First support would the references 1.1275 and 1.1255.

    GBPUSD
    1.2745/1.2760 resistance
    1.2685/1.2670 support
    Around 17 nominees will be chosen for the first round of the UK prime minister election today. Earlier, it was noted that one of the nominees, Johnson, is now the front-runner. His call for a hard brexit without a deal is likely to hurt investor sentiment and bearish on pound. GBPUSD fell from 1.2733 yesterday as the bearish. Technically, pay attention to the first support position 1.2685 and the important support position 1.2650. If the euro remains strong and the pound falls, expect the euro to keep rising against the pound, testing the 0.90 level. Test the key support levels of 0.8875 and 0.8840, if the euro adjusts against pound in the short term.

    AUDUSD
    0.6940/0.6960 resistance
    0.6905/0.6885 support
    The Australian dollar fell against the U.S. dollar today after Australia seasonally adjusted unemployment rate at 5.2 percent in May, higher than market expectations, after the RBA cut interest rates. Technically, focus on AUDUSD 0.6905 and 0.6885 support. Resistance 0.6940 and 0.6960.

    USDJPY
    108.50/108.65 resistance
    108.00/107.80 support
    The dow Jones industrial average fell after the U.S. said it expected a drop in the monthly CPI after the may quarter survey and the trade war between China and the United States continued to dispute. Depending on the depth of the losses in the Dow and Nikkei, the USDJPY could test support at 108.00 or 107.80, respectively. Earlier this analysis pointed out that USDJPY may barrier before 109 resistance, watching it reversing the trend. Keep an eye on the Dow and Nikkei affect the USDJPY trend.

    USDCAD
    1.3315/1.3295 support
    1.3360/1.3400 resistance
    Crude oil prices fell as U.S. API and EIA inventories rose. The Canadian dollar extended losses, with the U.S. dollar breaking through 1.3305 against the Canadian dollar, having seen 1.3340. If the price of crude oil continues to fall, it will continue to bearish the Canadian dollar. Currently reference support levels 1.3315 and 1.3295, resistance 1.3360 and 1.3400.

    Us crude oil futures USOIL
    51.55/52.30 resistance
    50.60/49.65 support
    Crude oil futures fell as U.S. API inventories rose, crude oil inventories have risen sharply, bearish crude futures prices. Weak U.S. monthly CPI data for May and weak production and manufacturing data weighed against crude oil prices. Technically, refer to resistance of 51.55 and 52.30, then look down further at 50.60 and 49.65.

    XAUUSD
    1338/1342 resistance
    1330/1326 support
    Fed officials have cut interest rates, which have boosted the dow and led to a correction in gold prices. But as the trade war between China and the United States continues to heat up, the outlook for the U.S. economy is uncertain. The Dow future fell after the U.S. reported a weak monthly CPI reading for may, pushing up gold prices. Test 1338 and 1342 resistance, and last week high 1346. Short-term support at $1330 and $1326.

    U.S. Dow Jones industrial average futures US30
    26050/26170 resistance
    25860/25785 support
    The Dow future rose after the federal reserve rate-cutting comments, which had boosted investment sentiment. Positive comments from the Fed, though, could boost a rebound in U.S. stocks. However, the continued trade war between China and the United States has affected the economic outlook, and corporate profits are expected to decline, which is bearish for the stock market. Yesterday, the United States released the quarter adjusted CPI monthly rate for May, met the market expectation and bearish the market sentiment. Current reference support 25860 and 25785. Key support 25620.

    BTCUSD:
    8200 / 8450 resistance
    7700 / 7450 support
    Trade tension, US data showed slow down. Expected Fed fund rate will cut, bullish the bitcoin. Now, keeps watching the China and U.S. trade tension. If a positive outlook, bearish the price of Bitcoin. On the contrary, the Bitcoin will continue the uptrend.
    Enjoy trading! The content is for reference only. Please do ensure that you understand the risk.

    Information provided by ATFX, Chief Analyst of Asia Pacific: Martin Lam

    Registered Australian Accountant/ Certified Professional Manager / Certified Financial
    Advisor Experienced Investor / Media Market Commentator Martin Lam has Over 17 years’ experience in global investment market. Familiar with the worldwide stock indices, precious metals such Gold and Silver, Crude oil and Forex. He operated Martin Currency Trading Company and had partnership with a number of well-known international financial corporations and institutions. Before he join ATFX, he was TeleTrade Greater China development and Sales Director. Mr. Lam attends Hong Kong Now TV and China CCTV finance channel once a week. He also had regularly invited by different media, such as DBC Digital Financial Channel, Hong Kong Economic Times, The Standard, Ming Pao to share his experience to trade in Forex, Precious metals, Crude oil and worldwide stock indices.
    Contact: cs.gm@atfx.com or wechat: ATFX_China


    Legal: ATFX is a trading name of AT Global Markets Limited (ATGM, registration number 24226 IBC 2017). ATGM is an International Business Company in Saint Vincent and the Grenadines. Registered address is : the Financial Services Centre, Stoney Ground, Kingstown, St.Vincent & the Grenadines.
     
  5. Kelly Yeung

    Kelly Yeung ATFX.com Representative

    Joined:
    Mar 28, 2018
    Messages:
    281
    Likes Received:
    3
    Personal opinions today:
    Today's focus was on U.S. retail sales and U.S. industrial output, following the reading of the University of Michigan consumer confidence index. The performance of the US data affects the dollar and indirectly affects the price of the dollar against other currencies and gold. French CPI monthly and bank of England governor, Carney attended a activity just to watch.
    The market expects the US retail sales and the industrial output increased significantly from the previous month. The dollar index rose last night to try 97.05. It is expected to bullish the dollar ahead. However, the University of Michigan consumer confidence index for June is expected to fall continuously, falling below 100 to just expect as 98. Assuming the data could lead the dollar lower, bullish other currencies and gold price.

    [Important financial data and events]
    14:45 France CPI monthly rate in May
    16:00 IEA releases monthly oil market report
    20:30 US retail sales monthly rate in May
    20:55 BOE Carney attends activity
    21:15 U.S. industrial output monthly rate in May
    22:00 US business inventory monthly rate for April
    22:00 US Michigan consumer confidence index for June

    Today suggestion:
    EURUSD

    1.1290/1.1305 resistance
    1.1255/1.1240 support
    Eurozone economic data continue to be weak, Germany CPI in May flat, no growth, the overall euro against the dollar trend weak. In addition, the European group meeting, the market focused on how the European group to solve Italy's fiscal deficit and future monetary policy stance, attention to downside risks. Technically, the EURUSD did not break resistance level at 1.1345, while the EURUSD hourly chart still maintains a downward trend. If the EURUSD continues below the 20-hour average without a break, the first target support level is 1.1255 or 1.1240. Investors are watching the European group meeting for any good news and a boost to the euro.

    GBPUSD
    1.2695/1.2705 resistance
    1.2650/1.2635 support
    Britain's first round of prime minister-designate elections to select a successor to the next prime minister. Earlier, it was noted that one of the nominees, Johnson, is now the front-runner. He advocates a hard brexit without a deal, which would be bearish for the pound. Yesterday, the trend of GBPUSD fell, technically, GBPUSD initially reached the first support level of 1.2685, looping the next support level of 1.2650. If the euro/sterling short-term adjustment, wait and see key support levels 0.8875 and 0.8840, then testing the 0.90 level.

    AUDUSD
    0.6920/0.6935 resistance
    0.6900/0.6880 support
    Australia's seasonally adjusted unemployment rate stood at 5.2 percent in May, above market expectations. Bearish the Australian dollar fell against the U.S. dollar. Market sentiment expected, the reserve bank of Australia may cut interest rates further. AUDUSD would testing 0.6900 and 0.6880 support. Reference resistance levels 0.6920 and 0.6935.

    USDJPY
    108.40/108.55 resistance
    108.00/107.85 support
    The fed fund rate cut is expected to increase, investment sentiment increasing, bullish Dow future. But the trade war between China and the United States limited Asian stocks. The Nikkei index was weak, USDJPY could be tested at 108.00 or 107.85 support levels respectively. Short-term resistance at 108.40 and 108.55. To collect USDJPY trend, please keeping an eye on how the U.S. Dow and Nikkei momentum and how affected the USDJPY trend.

    USDCAD
    1.3320/1.3305 support
    1.3360/1.3400 resistance
    U.S. crude oil prices fell bearish the Canadian dollar. The U.S. dollar broke through 1.3305 against the Canadian dollar, which the trend stalled at 1.3340. If crude oil prices continue to fall, it will further bearish Canadian dollar. Currently reference support levels 1.3315 and 1.3295, resistance 1.3360 and 1.3400.

    Us crude oil futures USOIL
    52.35/52.95 resistance
    51.65/51.25 support
    U.S. API crude oil stocks increased, and the trade war between China and the United States and seasonal demand reduces, leading to the decline of crude oil futures prices. Although, the Middle East oil supply affected, seems bullish short - term crude prices. But lower crude oil demand is limiting price increases. Technically, refer to the resistance of 52.35 and 52.95, looking further down at 51.65 and 51.25.

    XAUUSD
    1346/1348 resistance
    1340/1338 support
    Fed officials have pushed up gold prices with interest rate cuts and worries about slowing global growth. By the middle of next week, the fed is expected to announce a timetable for rate cuts. Gold's gains are limited if the fed considers cutting interest rates. If the decision to cut interest rates, gold prices have room to rise. We are looking for resistance levels 1346 and 1348 again. Short-term support at $1340 and $1338. Significant support at $1,334.

    U.S. Dow Jones industrial average futures US30
    26250/26320 resistance
    25960/25885 support
    The Fed fund rate-cutting comments come amid a wait-and-see investment climate ahead of next week's fed meeting, which is expected to limit resistance to the U.S. dow at 26250 and 26320. Positive comments from the fed, though, could lift U.S. stocks. But the continuing trade war between China and the United States is hurting the economic outlook and has opportunities to weigh against stocks. Current reference support bits 25960 and 25885. Key support bit 25620.

    BTCUSD:
    8350 / 8500 resistance
    8020 / 7980 support
    Trade tension, US economic data showed slow down. Expected Fed fund rate will cut, bullish the bitcoin. The bitcoin uptrend recently, hit 8270. Now, keeps watching the China and U.S. trade tension. If a positive outlook, bearish the price of Bitcoin. On the contrary, the Bitcoin will continue the uptrend.

    Enjoy trading! The content is for reference only. Please do ensure that you understand the risk.

    Information provided by ATFX, Chief Analyst of Asia Pacific: Martin Lam

    Registered Australian Accountant/ Certified Professional Manager / Certified Financial
    Advisor Experienced Investor / Media Market Commentator Martin Lam has Over 17 years’ experience in global investment market. Familiar with the worldwide stock indices, precious metals such Gold and Silver, Crude oil and Forex. He operated Martin Currency Trading Company and had partnership with a number of well-known international financial corporations and institutions. Before he join ATFX, he was TeleTrade Greater China development and Sales Director. Mr. Lam attends Hong Kong Now TV and China CCTV finance channel once a week. He also had regularly invited by different media, such as DBC Digital Financial Channel, Hong Kong Economic Times, The Standard, Ming Pao to share his experience to trade in Forex, Precious metals, Crude oil and worldwide stock indices.
    Contact: cs.gm@atfx.com or wechat: ATFX_China

    Legal: ATFX is a trading name of AT Global Markets Limited (ATGM, registration number 24226 IBC 2017). ATGM is an International Business Company in Saint Vincent and the Grenadines. Registered address is : the Financial Services Centre, Stoney Ground, Kingstown, St.Vincent & the Grenadines.
     
  6. Kelly Yeung

    Kelly Yeung ATFX.com Representative

    Joined:
    Mar 28, 2018
    Messages:
    281
    Likes Received:
    3
    The next FOMC meeting will take place on June 19, and on June 13 the interest rates markets were pricing in a rate cut of 25 bps by 24.2%, while the likelihood of the Fed leaving rates unchanged in the 225-250 interval was at 75.8%.

    The June meeting will be one of those meetings when the Economic Projections are updated, and currently, economists are projecting that the FOMC will use the June meeting to a hint of a rate cut, maybe as early as in July. At least that is what the rates markets is currently pricing in with an 86.9% probability.

    There are a few reasons why the market has turned dovish. First, the composite Markit PMI indicator has dropped sharply over the last few months, and is now nearing the 50-boom-bust threshold, and indicating very low growth going forward. If the index slips below 50, it will suggest that the U.S. economy has stalled. Second, in the latest reading, US PCE Core inflation, dropped to 1.57% from being around the Fed 2% target from August 2018 until early 2019. Having interest rates at current levels while the Markit PMI is dropping sharply and thereby suggesting demand is dropping does not bode well for future inflation.

    Third, the U.S. employment growth has been very poor in 2019, and February and May showed job growth of 56k, and 75k respectively. Fourth, neither the US or China are backing down, and it looks like the economic war will be prolonged. The situation might even escalate if the US increased tariffs further.

    As the ECB is not ready to make any changes to its monetary policy, and the Euro is acting as a funding currency, it looks likely that the EURUSD could drift higher in the months ahead as the Fed cut rates and the ECB leaves their policy unchanged. We could also see a large reaction in the USDJPY, and we might see the price trade lower, as once again the USD is here traded against a funding currency. As for the USD vs. the Australian and New Zealand dollars, I think it is unlikely that we see the dollar weakening too much, as the RBA and RBNZ will probably continue to remain dovish as their economies are soft.

    For my technical levels in EURUSD and USDJPY please see the video below.


    For more analysis check out https://www.atfx.com/uk/en/technical-analysis/ and interact with Alex on Twitter at https://twitter.com/AlexFX00

    ATFX is a co-brand shared by a number of different entities globally including:

    • AT Global Markets (UK) Limited in the United Kingdom regulated by FCA;
    • ATFX Global Markets (CY) Limited in Cyprus regulated by CySEC;
    • AT Global Markets Limited registered in the Financial Services Authority (FSA) in Saint Vincent and the Grenadines;
    • AT Global Markets Intl Ltd in Mauritus is licensed by the Financial Services Commission (FSC) and;
    • AT Capital Markets Limited is a rep office of ATFX Global Markets (CY) Limited regulated by Financial Services Regulatory Authority (FSRA) and CySEC. AT Capital Markets Limited deals with Professional clients only.
     
  7. Kelly Yeung

    Kelly Yeung ATFX.com Representative

    Joined:
    Mar 28, 2018
    Messages:
    281
    Likes Received:
    3
    Personal opinions today:
    U.S. retail sales and industrial output rose in May, but the Michigan consumer confidence index fell slightly in June. The U.S. data did well, pushing the dollar higher, indirectly affecting the dollar's rise against major currencies and gold price fell from recently high. The dollar index rose, breaking 97.05, once approached 97.55 resistance.
    Inflation figures for the Eurozone and the UK are due in the next two days. The market is widely expected to fall, bearish euro and pound, indirect bullish of the dollar. Subsequently, the FOMC meeting this Thursday, announced the interest rate decision and monetary policy statement. Fed chairman Powell held a news conference afterwards. In May, U.S. economic and employment data were weak and inflation moderated. The Fed is widely expected to cut its planned rate soon. The Fed's meeting is likely to announce a rate cut. If no rate cut is announced at this meeting, but the Fed chairman plans to cut rates more than once in the third and fourth quarters of this year, it could affect investor confidence in dollar assets and the dollar in the second half of the year.

    [Important financial data and events]
    21:00 Canada existing home sales in May
    22:00 U.S. NAHB housing market index for June
    04:00 the next day, US capital inflows

    Today suggestion:
    EURUSD

    1.1230/1.1245 resistance
    1.1185/1.1165 support
    Economic data in the Eurozone continues to be weak, with German CPI unchanged in May last week and expectations of weak overall Eurozone inflation. In addition, the European group meeting, the market focused on how the European group to solve Italy's fiscal deficit and future monetary policy stance, attention to downside risks. Technically, the euro has maintained its downward trend against the dollar on an hourly basis, with the euro continuing to trade below its 20-hour average, breaking through its first target of 1.1255 and reaching its low of 1.1205 in early June. Investors are watching the European group meeting for good news and a boost to the euro. But the euro's rebound was limited by expected weak European data over the next two days.

    GBPUSD
    1.2615/1.2635 resistance
    1.2560/1.2545 support
    Tomorrow, the second round of voting for the candidate of next Britain PM. The candidate, Johnson, who wants a hard Brexit without a deal. The UK is facing the risk of a hard Brexit and pound is weak. Technically, there is an opportunity to try 1.2560. If breaks through the 1.2558 support level, the other target below is 1.2460. If the Euro/GBP adjustment, wait and see key support levels 0.8875 and 0.8840 then testing the 0.90 level.

    AUDUSD
    0.6900/0.6915 resistance
    0.6865/0.6850 support
    The minutes of the RBA monetary policy meeting tomorrow, the market expectations, they may consider cutting interest rates further to stimulate the economy. The rate cut is expected to see the Australian dollar fall before the Australian economy rebounds. Technically, the focus on AUDUSD to break through the 0.6900 support level, as a reference resistance level. Look down for support of 0.6865 and 0.6850. After the release of the minutes of the monetary policy meeting tomorrow morning, the Australian dollar is expected to stabilize, which may test resistance.

    USDJPY
    108.80/108.95 resistance
    108.45/108.30 support
    The Fed fund rate cut is expected to increase, bullish Dow. Dow and Nikkei future was up in Asian trading today, while the dollar rose against the yen. But the trade war between China and the United States continues to be tense, potentially limiting stocks. If the Nikkei index is weak, we expect the dollar to test support levels against the yen. Changes in market information suggest keeping an eye on how the Dow and Nikkei affect the USDJPY trend. If the Dow and Nikkei rise, breaking through the recent resistance or support of related indexes, the USDJPY may break out of the range trend.

    USDCAD
    1.3380/1.3360 support
    1.3430/1.3445 resistance
    U.S. crude oil prices after the bearish Canadian dollar. If crude oil prices continue to fall, it will further bearish Canadian dollar. Also tomorrow, the market is expected the Canada manufacturing orders and inventories for April fall. The day after tomorrow, Canada CPI drop for May, bearish the Canadian dollar. Currently reference support levels 1.3380 and 1.3360, resistance 1.3430 and 1.3445.

    Us crude futures USOIL
    52.95/53.35 resistance
    52.15/51.65 support
    Last week, API crude oil stock in the United States increased, which is believed to continue to be affected by the trade war between China and the United States. In addition, affected by the seasonal demand reduction, the impact of oil demand, oil futures prices will fall, the rise limit. Although, the Middle East oil supply affected, short - term support crude prices. But lower overall oil demand is limiting price increases. Technically, refer to 52.95 resistance and look down at 51.65.

    XAUUSD
    1346/1348 resistance
    1339/1337 support
    Fed officials and US President comment that have pushed up gold prices. Before the FOMC meeting this week, the Fed fund rate was considering a rate cut, which was also supported by the U.S. President. We are looking at resistance levels 1346 and 1348, or above $1350 again. Short-term support at $1339 and $1337. Significant support at $1,335.

    U.S. Dow Jones industrial average futures US30
    26250/26320 resistance
    25960/25885 support
    The market wait-and-see investment mood ahead of the FOMC meeting this week and expected the Fed fund rate cut, with the Dow Jones industrial average expected to see a resistance of 26320. Interest rate this cut comments from the Fed, though, could lift U.S. stocks. But the continuing trade war between the U.S. and China has hurt the economic outlook, giving the Dow a chance to turn negative. Current reference support 25960 and 25885. Key support bit 25620.

    BTCUSD:
    9510 / 9759 resistance
    8720 / 8520 support
    Trade tension, US economic data showed slow down. Expected Fed fund rate will cut, bullish the bitcoin. The bitcoin uptrend recently breaks US9000. Now, keeps watching the China and U.S. trade tension. If a positive outlook, bearish the price of Bitcoin. On the contrary, the Bitcoin will continue the uptrend.
    Enjoy trading! The content is for reference only. Please do ensure that you understand the risk.

    Information provided by ATFX, Chief Analyst of Asia Pacific: Martin Lam

    Registered Australian Accountant/ Certified Professional Manager / Certified Financial
    Advisor Experienced Investor / Media Market Commentator Martin Lam has Over 17 years’ experience in global investment market. Familiar with the worldwide stock indices, precious metals such Gold and Silver, Crude oil and Forex. He operated Martin Currency Trading Company and had partnership with a number of well-known international financial corporations and institutions. Before he join ATFX, he was TeleTrade Greater China development and Sales Director. Mr. Lam attends Hong Kong Now TV and China CCTV finance channel once a week. He also had regularly invited by different media, such as DBC Digital Financial Channel, Hong Kong Economic Times, The Standard, Ming Pao to share his experience to trade in Forex, Precious metals, Crude oil and worldwide stock indices.
    Contact: cs.gm@atfx.com or wechat: ATFX_China

    Legal: ATFX is a trading name of AT Global Markets Limited (ATGM, registration number 24226 IBC 2017). ATGM is an International Business Company in Saint Vincent and the Grenadines. Registered address is : the Financial Services Centre, Stoney Ground, Kingstown, St.Vincent & the Grenadines.
     
  8. Kelly Yeung

    Kelly Yeung ATFX.com Representative

    Joined:
    Mar 28, 2018
    Messages:
    281
    Likes Received:
    3
    Personal opinions today:
    Yesterday, there were no essential data and news in the market, and the US dollar index continued to range, from 97.30 to 97.55. Dollar index by hour chart, the pattern shows three top. But today, the Eurozone release trade account for April, CPI for May, and the ZEW economic sentiment index for the Eurozone and Germany for June. These data will affect EUR performance. In the evening, the ECB President, Mario Draghi speech. The Eurozone data and Draghi remarks could affect the EUR and other European currencies. At the moment, markets are pricing in a contraction in Eurozone inflation and weaker economic sentiment from a month ago, which could weigh against the EUR and limit its gains.
    The federal reserve monetary price meeting begins its first day tomorrow, and markets expect the Fed to hold its interest rate and monetary policy statements. The market is expected to cut rates when the Fed meeting in July. For now, the market is watching Fed chairman Powell hold a news conference, looking for the direction of the Fed's monetary policy. If the Fed says it plans to cut rates more than once in the third and fourth quarters of this year, it could affect investor confidence in dollar assets and the dollar in the second half of the year.
    The short-term dollar index is expected to trade in a tight range between 97.30 and 97.55 resistance. Any stronger or weaker data in Eurozone data could have an impact on the US dollar.

    [Important financial data and events]
    09:30 RBA releases minutes
    17:00 Eurozone trade accounts for April
    17:00 Eurozone CPI monthly and annual final for May
    17:00 Eurozone ZEW economic sentiment index for June
    17:00 Germany ZEW economic sentiment index for June
    20:30 U.S. building permits in May
    20:30 U.S. housing starts in May
    22:00 Bank of England governor Carney speech
    22:00 ECB President Mario Draghi speech
    Next day 04:30 U.S. API crude oil stocks


    Today suggestion:
    EURUSD

    1.1245/1.1260 resistance
    1.1190/1.1175 support
    Eurozone economic data are expected to be weak, Eurozone inflation data expected to be weak. Eurozone CPI is likely to fall to 0.2 percent in May from the previous month, which is a notable downside risk ahead of the data release. Technically, the EURUSD hour chart to maintain a downward trend. Investors were watching the European group meeting, where European central bank President Mario Draghi speech in hopes of another round of good news to boost the euro. Looking ahead to the euro in the near term, the first resistance is 1.1245, with support at 1.1190.

    GBPUSD
    1.2560/1.2585 resistance
    1.2485/1.2460 support
    The candidate of Britain's governing conservative party, former London mayor Boris Johnson, who advocates a hard Brexit without a deal, has surged ahead of his rivals. The markets expect Britain to face a hard Brexit without an agreement on October 31st. On the negative side, if there is no good news to boost the pound, the expected trend will continue to be weak, and out of the pace of the euro, some fell. Currently, the GBPUSD broke 1.2558 pre-support level and will try the next level target of 1.2460. The EURGBP after adjustment, beak 0.8930 resistance. The EURGBP expect to test the 0.90 level.

    AUDUSD
    0.6880/0.6900 resistance
    0.6845/0.6825 support
    Minutes from the reserve bank of Australia's June monetary policy meeting showed the central bank was still considering another rate cut as a stimulus target. The Australian dollar has a chance to fall against the US dollar as interest rate cuts are expected to continue before the Australian economy rebounds. Technically, focus on AUDUSD break through 0.6900 support level, looking down 0.6845 and 0.6825 support. Moreover, the Fed's monetary policy meeting on Thursday cannot be ignored. About US monetary policy can change the AUDUSD trend, temporarily estimated AUDUSD around 0.6800 as a preliminary significant support level.

    USDJPY
    108.55/108.70 resistance
    108.35/108.20 support
    Fed rate cut expectations are rising, decisive of the Dow performance. The dollar followed the Dow and Nikkei. If the trade war between China and the U.S. continues, the Dow and Nikkei index is weak, limiting gains in related stock markets. The USDJPY is expected to limit resistance at 108.70, after which 108.35 and 108.20 support levels may be tested. Changes in market information suggest keeping an eye on how the Dow and Nikkei affect the dollar-yen trend.

    USDCAD
    1.3380/1.3360 support
    1.3430/1.3445 resistance
    U.S. crude oil prices, indirect bearish Canadian dollar. If crude oil prices continue to fall, it will further bearish the Canadian dollar. Canada manufacturing orders and inventories for April were released in today, followed by inflation data for Canada tomorrow. The Canadian dollar remains bearish in two days of expected weak Canadian data. Currently reference support levels 1.3380 and 1.3360, resistance 1.3430 and 1.3445. Should the data turn out to be in line with market expectations, it could be worth bullish Canadian dollars. If crude oil prices rebound would be bullish the Canadian dollars.

    Us crude oil futures USOIL
    52.45/53.05 resistance
    51.65/51.05 support
    US API crude oil stocks increased last week, believe continue to be affected by the trade war between China and the US. The latest crude oil stocks release tomorrow. Expected increasing in crude stocks from last week would be bearish for oil prices. Otherwise, the price of crude oil will be higher. It is worth noting that seasonal demand factors may affect the decrease of crude oil demand, which may lead to the increase of crude oil stocks and limit the prices upward further. Technically, we can refer to 53.05 short-term significant resistance, 51.65 and 51.05 support and 50.70 considerable resistance.

    XAUUSD
    1346/1348 resistance
    1336/1334 support
    Fed officials, who have expressed concern about slowing global growth, are expected to cut interest rates in the second half of the year, boosting gold prices. With the Fed meeting starting tomorrow and expectations that the Fed may match the President's views for a cut-rate, gold has consolidated above $1330 and is testing resistance at $1346 and $1348, or would break through $1350. Short-term support at $1336 and $1334. Technically, gold prices above $1329 support level, the trend may reverse downward, please note.

    U.S. Dow Jones industrial average futures US30
    26250/26320 resistance
    25960/25885 support
    Ahead of the Fed meeting, the investment climate remained on the sidelines, with the U.S. Dow in a narrow range, with technical resistances 26250 and 26320. Supports 25960 and 25885. Key support 25620. No significant U.S. data is expected today, with the Dow remaining in a narrow range. But it must pay attention to President Trump, including views on monetary policy and China and US trade talks or deal. With positive deal, Dow could see resistance. If not, look down the support.

    BTCUSD:
    9510 / 9759 resistance
    8720 / 8520 support
    Trade tension, US economic data showed slow down. Expected Fed fund rate will cut, bullish the bitcoin. The bitcoin uptrend recently breaks US9000. Now, keeps watching the China and U.S. trade tension. If a positive outlook, bearish the price of Bitcoin. On the contrary, the Bitcoin will continue the uptrend.

    Enjoy trading! The content is for reference only. Please do ensure that you understand the risk.

    Information provided by ATFX, Chief Analyst of Asia Pacific: Martin Lam

    Registered Australian Accountant/ Certified Professional Manager / Certified Financial
    Advisor Experienced Investor / Media Market Commentator Martin Lam has Over 17 years’ experience in global investment market. Familiar with the worldwide stock indices, precious metals such Gold and Silver, Crude oil and Forex. He operated Martin Currency Trading Company and had partnership with a number of well-known international financial corporations and institutions. Before he join ATFX, he was TeleTrade Greater China development and Sales Director. Mr. Lam attends Hong Kong Now TV and China CCTV finance channel once a week. He also had regularly invited by different media, such as DBC Digital Financial Channel, Hong Kong Economic Times, The Standard, Ming Pao to share his experience to trade in Forex, Precious metals, Crude oil and worldwide stock indices.
    Contact: cs.gm@atfx.com or wechat: ATFX_China

    Legal: ATFX is a trading name of AT Global Markets Limited (ATGM, registration number 24226 IBC 2017). ATGM is an International Business Company in Saint Vincent and the Grenadines. Registered address is : the Financial Services Centre, Stoney Ground, Kingstown, St.Vincent & the Grenadines.
     
  9. Kelly Yeung

    Kelly Yeung ATFX.com Representative

    Joined:
    Mar 28, 2018
    Messages:
    281
    Likes Received:
    3
    For my technical levels in EURUSD please see the video below.

    For more analysis check out https://www.atfx.com/uk/en/technical-analysis/ and interact with Alex on Twitter at https://twitter.com/AlexFX00

    ATFX is a co-brand shared by a number of different entities globally including:

    • AT Global Markets (UK) Limited in the United Kingdom regulated by FCA;
    • ATFX Global Markets (CY) Limited in Cyprus regulated by CySEC;
    • AT Global Markets Limited registered in the Financial Services Authority (FSA) in Saint Vincent and the Grenadines;
    • AT Global Markets Intl Ltd in Mauritus is licensed by the Financial Services Commission (FSC) and;
    • AT Capital Markets Limited is a rep office of ATFX Global Markets (CY) Limited regulated by Financial Services Regulatory Authority (FSRA) and CySEC. AT Capital Markets Limited deals with Professional clients only.
     

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