24 June 2021 Morning Session Analysis
Euro surged on positive economic data.
The Euro surged over the backdrop of bullish economic data on yesterday, which dialed up the market optimism toward the economic progression in European region. According to Markit Economics, Germany Manufacturing Purchasing Managers Index (PMI) notched up significantly from the previous reading of 64.4 to 64.9, exceeding the market forecast at 63.0. Besides, the Eurozone private sector growth in June rose to its highest level since mid-2006 following the lockdown restrictions was eased and public confidence in vaccine program grows, according to HIS Markit. Besides, the Covid-19 infections have been eased to the lowest since last September and are set to be reduced further in July to the lowest since the pandemic began. Nonetheless, investors would continue to scrutinize the updates with regards of the monetary policy statement from European Central Bank as well as further crucial economic data to gauge the likelihood movement for the currency. As of writing, EURUSD surged 0.04% to 1.1930.
In the commodities market, the crude oil price appreciated by 0.10% to $73.55 per barrel as of writing following the Energy Information Administration (EIA) reported that the U.S. Crude Oil Inventories declined significantly from the previous reading of -7.355M to -7.614M, exceeding the market forecast at -3.942M. On the other hand, the gold price slumped 0.10% to $1777.45 per troy ounces as of writing amid positive Covid-19 vaccine development had spurred risk-on sentiment in the FX market, which diminishing demand on the safe-haven commodity.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
19:00 GBP BoE MPC Meeting Minutes
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 16:00 | EUR – German Ifo Business Climate Index (Jun) | 99.2 | 100.1 | – |
| 19:00 | GBP – BoE Interest Rate Decision (Jun) | 0.10% | 0.10% | – |
| 20:30 | USD – Core Durable Goods Orders (MoM) (May) | 1.00% | 0.70% | – |
| 20:30 | USD – GDP (QoQ) (Q1) | 6.40% | 6.40% | – |
| 20:30 | USD – Initial Jobless Claims | 412K | 380K | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from the resistance level at 92.45. However, MACD which illustrated diminishing bearish momentum suggest the index to be traded higher in short-term as technical correction.
Resistance level: 92.35. 93.25
Support level: 91.35, 90.35
GBPUSD, H4: GBPUSD was traded higher while currently near the resistance level at 1.3990. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 1.3990, 1.4100
Support level: 1.3925, 1.3810
EURUSD, H4: EURUSD was traded higher while currently testing the resistance level at 1.1955. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1.1955, 1.2065
Support level: 1.1855, 1.1725
USDJPY, H4: USDJPY was traded higher following prior breakout above the previous resistance level at 110.80. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 111.55.
Resistance level: 111.55, 112.15
Support level: 110.80, 110.35
AUDUSD, Daily: AUDUSD was traded higher while currently testing the resistance level at 0.7585. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 0.7585, 0.7700
Support level: 0.7465, 0.7365
NZDUSD, Daily: NZDUSD was traded higher following prior rebound from the support level at 0.6940. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 0.7120.
Resistance level: 0.7120, 0.7300
Support level: 0.6940, 0.6770
USDCAD, H4: USDCAD was traded lower while currently testing the support level at 1.2275. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 1.2360, 1.2480
Support level: 1.2275, 1.2165
USDCHF, H1: USDCHF was traded lower while currently testing the support level at 0.9180. However, MACD which illustrated increasing bullish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 0.9235, 0.9305
Support level: 0.9180, 0.9135
CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level at 73.70. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.
Resistance level: 73.70, 75.10
Support level: 71.30, 70.05
GOLD_, H1: Gold price was traded lower following prior retracement from the resistance level at 1793.60. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses toward support level at 1766.85.
Resistance level: 1793.60, 1814.35
Support level: 1766.85, 1749.15