09 June 2021 Morning Session Analysis
Dollar appreciated on positive economic data.
The Dollar Index which traded against a basket of six major currency pairs surged over the backdrop of upbeat job data on yesterday. According to Bureau of Labor Statistics, U.S. JOLTs Job Opening notched up significantly from the previous reading of 8.288M to 9.286M, exceeding the market forecast at 8.300M, which dialed up the market optimism toward the economic progression in United States. Nonetheless, the overall market movement for the US Dollar remained subdued as market participants wait for clearer signals on inflation levels as well as Federal Reserve monetary policy plan in future. As for now, the overall statement from Federal Reserve remained vague while investors would suggested to focus on the future inflation data from US region as well as the updates with regards of Federal Reserve policy statement in order to gauge the likelihood movement for the US Dollar. As of writing, the Dollar Index surged 0.21% to 90.15.
In the commodities market, the crude oil price surged 0.05% to $70.05 per barrel as of writing. The oil price extends its gains following the top U.S. diplomat claimed that even if United States were to reach a nuclear deal with Iran, there will still be hundreds of U.S. sanction on Tehran. That could mean additional Iranian oil supply would not be re-introduced into market soon. On the other hand, the gold price depreciated by 0.05% to $1893.50 per troy ounces as of writing amid strengthening US Dollar.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
Tentative CAD BoC Press Conference
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 22:00 | BoC Interest Rate Decision | 0.25% | 0.25% | – |
| 22:30 | Crude Oil Inventories | -5.080M | – | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher following prior rebound from the support level at 89.85. MACD which illustrated diminishing bearish momentum suggest the index to extend its gains toward resistance level at 90.25.
Resistance level: 90.25. 90.75
Support level: 89.85, 89.50
GBPUSD, H4: GBPUSD was traded lower while currently near the support level at 1.4100. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 1.4235, 1.4365
Support level: 1.4100, 1.4005
EURUSD, H4: EURUSD was traded lower while currently testing the support level at 1.2170. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 1.2255, 1.2340
Support level: 1.2170, 1.2120
USDJPY, H4: USDJPY was traded higher following prior rebound from the support level at 109.05. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 109.75.
Resistance level: 109.75, 110.30
Support level: 109.05, 108.55
AUDUSD, H4: AUDUSD was traded lower while currently near the support level at 0.7710. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 0.7805, 0.7880
Support level: 0.7710, 0.7620
NZDUSD, H4: NZDUSD was traded lower following prior retracement from the resistance level at 0.7225. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.7140.
Resistance level: 0.7225, 0.7300
Support level: 0.7140, 0.7060
USDCAD, Daily: USDCAD was traded lower while currently testing the support level at 1.2040. However, MACD which illustrated increasing bullish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 1.2380, 1.2605
Support level: 1.2040, 1.1785
USDCHF, Daily: USDCHF was traded lower while currently testing the support level at 0.8955. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 0.9095, 0.9175
Support level: 0.8955, 0.8850
CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level at 70.20. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.
Resistance level: 70.20, 71.65
Support level: 68.60, 66.75
GOLD_, H1: Gold price was traded lower while currently testing the support level at 1892.55. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.
Resistance level: 1909.70, 1928.05
Support level: 1892.55, 1882.60