11 June 2021 Morning Session Analysis
US Dollar slumped amid high inflation risk.
The Dollar Index which traded against a basket of six major currency pairs slumped over the backdrop of high inflation data on yesterday. A high reading of the core inflation data would likely lower the value for US Dollar while prompting investors to shift their portfolio toward another region. According to U.S. Bureau of Labor Statistics, U.S. Core Consumer Price Index (CPI) came in at 0.7%, exceeding the market forecast at 0.4%. Despite that, high inflation rate would be potentially challenging the Fed to discuss about tapering its bond purchasing program while scaling back its massive asset purchases to combat the inflation risk. Nonetheless, the overall statement from the Federal Reserve remained vague while investors would be suggested to focus on the Federal Open Market Committee (FOMC) meeting next week in order to gauge the likelihood movement for the US Dollar. Besides, U.S. Initial Jobless Claims came in at 376K, worse than the market forecast at 370K, which spurring further bearish momentum on the US Dollar. As of writing, the Dollar Index slumped 0.01% to 90.05.
In the commodities market, the crude oil price surged 0.11% to $70.20 per barrel as of writing. The crude oil price edged higher amid market participants speculated that the positive development of Covid-19 vaccination would able to enhance the crude oil demand in future. On the other hand, the gold price surged 0.03% to $1898.45 per troy ounces as of writing amid weakening US Dollar.
Today’s Holiday Market Close
Time Market Event
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Today’s Highlight Events
Time Market Event
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Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 14:00 | GBP – Manufacturing Production (MoM) (Apr) | 2.1% | 1.5% | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from the resistance level at 90.25. MACD which illustrated increasing bearish momentum suggest the index to extend its losses toward support level at 89.85.
Resistance level: 90.25. 90.75
Support level: 89.85, 89.50
GBPUSD, H4: GBPUSD was traded higher following prior rebound from the support level at 1.4100. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.4235.
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 increasing bearish 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 lower following prior retracement from the resistance level at 109.75. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 109.05.
Resistance level: 109.75, 110.30
Support level: 109.05, 108.55
AUDUSD, H4: AUDUSD was traded higher following prior rebound from the support level at 0.7710. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.7805.
Resistance level: 0.7805, 0.7880
Support level: 0.7710, 0.7645
NZDUSD, H4: NZDUSD was traded higher while currently near the resistance level at 0.7225. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
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. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
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 0.8930. 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: 0.8930, 0.8850
CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level at 70.45. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.
Resistance level: 70.45, 71.65
Support level: 69.55, 68.60
GOLD_, H4: Gold price was traded higher following prior rebound from the support level at 1881.90. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains toward resistance level at 1910.95.
Resistance level: 1910.95, 1927.20
Support level: 1881.90, 1866.30