17 June 2021 Afternoon Session Analysis
Aussie rebounds following upbeat jobs data.
The Australian dollar which traded against the dollar and other currency pairs have recoup some of the losses and rose following strong Australia jobs report for May. According to the Australian Bureau of Statistics, the number of employed people in Australia as represented by Employment Change data have rose to 115.2K, surpassed market expectation of 30K. On top of that, Unemployment Rate also improved significantly to 5.1%, better than market expectation of 5.5%. The surprising bullish jobs reports have helped the Aussie to reverse some of its losses caused by hawkish Fed. However, market remain cautious following statement from RBA governor Phillip Lowe. Lowe stated that that it is currently still premature to consider for ceasing bond purchasing as the Australian economy still need stimulus. At the time of writing, AUD/USD rose 0.24% to 0.7629.
In the commodities market, crude oil price fell 0.14% to $71.53 per barrel as of writing following Fed’s hawkish note which offsetting signs of tightening crude oil market. Following Fed hawkish note which provide a huge boost for the dollar, it reduces the appeal of commodities priced in the currency. On the other hand, gold price fell 0.09% to 1923.97 a troy ounce at the time of writing following dollar strength.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
16.30 CHF SNB Press Conference
22.00 USD Fed Chair Yellen Testifies
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 15.30 | CHF – SNB Interest Rate Decision | -0.75% | – | – |
| 17.00 | EUR – CPI (YoY)(May) | 1.6% | 2.0% | – |
| 20:30 | USD – Initial Jobless Claims | 376K | 359K | – |
| 20.30 | USD – Philadelphia Fed Manufacturing Index (Jun) | 31.5 | 31.0 | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher while currently testing the resistance level 91.30. MACD which illustrate bullish momentum signal suggest the dollar to extend its gains after it breaks above the resistance level 91.30.
Resistance level: 91.30, 91.75
Support level: 90.90, 90.55
GBPUSD, H4: GBPUSD was traded lower following recent breakout below the previous support level 1.4020. MACD which illustrate bearish bias signal suggest the pair to extend its losses towards the support level 1.3925.
Resistance level: 1.4020, 1.4105
Support level: 1.3925, 1.3830
EURUSD, H4: EURUSD was traded lower while currently testing the support level 1.1985. MACD which illustrate bearish momentum signal suggest the pair to extend its losses after it breaks below the support level.
Resistance level: 1.2070, 1.2160
Support level: 1.1985, 1.1920
USDJPY, H4: USDJPY was traded higher while currently testing near the resistance level 110.85. MACD which illustrate ongoing bullish momentum signal suggest the pair to extend its gains after it breaks above the resistance level.
Resistance level: 110.85, 111.45
Support level: 110.30, 109.75
AUDUSD, H4: AUDUSD was traded lower while currently testing near the support level 0.7595. MACD which illustrate bearish momentum signal suggest the pair to extend its losses after it breaks below the support level.
Resistance level: 0.7650, 0.7695
Support level: 0.7595, 0.7550
NZDUSD, H4: NZDUSD was traded lower while currently testing near the support level 0.7065. MACD which illustrate bearish bias signal suggest the pair to extend its losses after it breaks below the support level.
Resistance level: 0.7135, 0.7225
Support level: 0.7065, 0.7000
USDCAD, H4: USDCAD was traded higher while currently testing the resistance level 1.2275. MACD which illustrate bullish momentum signal suggest the pair to extend its gains after it breaks above the resistance level.
Resistance level: 1.2275, 1.2340
Support level: 1.2185, 1.2125
USDCHF, H4: USDCHF was traded higher while currently testing near the resistance level 0.9090. MACD which illustrate bullish momentum signal suggest the pair to extend its gains after it breaks above the resistance level.
Resistance level: 0.9090, 0.9135
Support level: 0.9040, 0.8990
CrudeOIL, H4: Crude oil price was traded lower following prior retracement from the resistance level 72.40. MACD which illustrate bearish momentum signal with the formation of death cross suggest the commodity to extend its retracement towards the support level 70.50.
Resistance level: 72.40, 74.20
Support level: 70.50, 68.30
GOLD_, H4: Gold price was traded lower while currently testing near the support level 1812.10. MACD which illustrate bearish momentum signal suggest the commodity to extend its losses after it breaks below the support level.
Resistance level: 1856.00, 1885.35
Support level: 1812.10, 1769.45