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050722 Afternoon Session Analysis

05 July 2022                        Afternoon Session Analysis

Aussie surged amid easing Chinese tariff expectation from US.

The global risk appetite accelerated as market participants speculated that the White House would likely to announce an easing of some Chinese tariffs later this week in an attempt to stabilize the inflation rate, risky currencies as well as Chinese-proxy currency such as Australia Dollar received significant bullish momentum. Currently, the inflation has soared to 8.6%, the White House is currently debating whether lifting some tariffs would provide some relief to US Consumers. In addition, the Aussie extend its gains ahead of crucial monetary policy decision from Reserve Bank of Australia. Economists are tipping a 50-basis point of rate hike when the Reserve Bank meet on Tuesday, lifting the official cash rate from 0.85% to 1.35%, with further rises expected throughout 2022 to combat the inflation rate. Though, investors would continue to scrutinize the latest updates from Reserve Bank of Australia to receive further trading signal. As of writing, AUD/USD appreciated by 0.20% to 0.6880.

 

In the commodities market, the crude oil price appreciated by 0.36% to $111.05 per barrel as of writing amid Norwegian offshore workers began a strike that will reduce oil and gas output. According to Reuters, the oil output from Wednesday would likely to cut by 130,000 barrel per day, corresponding to around 6.5% of Norway production. On the other hand, the gold price extends its gains by 0.08% to $1809.20 per troy ounces as of writing amid weakening US Dollar.

 

Today’s Holiday Market Close

Time                       Market                  Event

N/A

 

Today’s Highlight Events

Time                       Market                  Event

12:30                     AUD                        RBA Rate Statement

18:00                     GBP                         BoE Gov Bailey Speaks

 

Today’s Highlight Economic Data

Time Nation & Data Previous Forecast Actual
12:30 AUD – RBA Interest Rate Decision (Jul) 0.85% 1.35%
16:30 GBP – Composite PMI (Jun) 53.1 53.1
16:30 GBP – Services PMI (Jun) 53.4 53.4

 

 

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher following prior rebounded from the support level. MACD which illustrated increasing bullish momentum suggest the index to extend its gains toward resistance level.

 

Resistance level: 105.25, 106.30

Support level: 104.40, 103.55

 

GBPUSD, H4: GBPUSD was traded lower while currently testing the support level. However, MACD which illustrated increasing bullish momentum suggest the pair to be traded higher as technical correction.

 

Resistance level: 1.2190, 1.2295

Support level: 1.2085, 1.1985

 

EURUSD, H4: EURUSD was traded lower while currently testing the support level. However, MACD which illustrated increasing bullish momentum suggest the pair to be traded higher as technical correction.

 

Resistance level: 1.0575, 1.0780

Support level: 1.0385, 1.0205

 

USDJPY, H4: USDJPY was traded higher while currently testing the resistance level. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after breakout.

 

Resistance level: 136.60, 137.70

Support level: 134.45, 131.40

 

AUDUSD, Daily: AUDUSD was traded higher following prior rebounded from the support level. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level.

 

Resistance level: 0.6990, 0.7275

Support level: 0.6760, 0.6495

 

NZDUSD, Daily: NZDUSD was traded lower while currently testing the support level. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher as technical correction.

 

Resistance level: 0.6365, 0.6535

Support level: 0.6200, 0.6070

 

USDCAD, H4: USDCAD was traded lower while currently testing the support level. MACD which illustrated increasing bearish suggest the pair to extend its losses after breakout.

 

Resistance level: 1.2975, 1.3050

Support level: 1.2840, 1.2765

 

USDCHF, H4: USDCHF was traded higher while currently testing the resistance level. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

 

Resistance level: 0.9625, 0.9715

Support level: 0.9510, 0.9415

 

CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after breakout.

 

Resistance level: 110.75, 113.05

Support level: 107.95, 103.40

 

GOLD_, H4: Gold price was traded higher while currently testing the resistance level. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after breakout.

 

Resistance level: 1811., 1831.15

Support level: 1790.40, 1773.35

050722 Morning Session Analysis

5 July 2022                           Morning Session Analysis

USDCAD dipped over the rising inflation expectations.

The overall trend of USDCAD remained bearish over the backdrop of rising inflation expectation in Canada. According to Reuters, Bank of Canada (BoC) released a survey on Monday which showed that the consumers’ expectations of inflation have risen, along with concerns about food, petrol and rental prices. Besides, BoC found that companies are expected to face high inflation for longer, with firms eyeing record wage rises over the next 12 months, according to the separate survey of BoC. As the market participant expected the inflation is widespread, it increased the odds of aggressive rate hike from BoC in order to stabilize the soaring inflation. Past of few weeks, Canada annual inflation rate reached 7.7%, and the BoC vowed that the cental bank would take ‘more forcefully’ action if the inflation still remained on high-level. As of now, investors would continue to scrutinize on the latest updates with regards of rate hike decision from BoC in order to receive further trading signals. As of writing, USDCAD eased by 0.06% to 1.2851.

 

In the commodities market, crude oil price rose by 1.85% to $110.44 per barrel as of writing following the supply concern driven by political crisis in Libya. On the other hand, gold price appreciated by 0.45% to $1809.65 per troy ounce as of writing. Though, gold price still under pressure as prospects of higher interest rates dimmed appeal of the non-yielding asset.

 

 

Today’s Holiday Market Close

Time                       Market                  Event

N/A

 

 

Today’s Highlight Events

Time                       Market                  Event

12:30                     AUD                                       RBA Rate Statement

18:00                     GBP                                        BoE Gov Bailey Speaks

 

 

Today’s Highlight Economic Data

Time Nation & Data Previous Forecast Actual
12:30 AUD – RBA Interest Rate Decision (Jul) 0.85% 1.35%
16:30 GBP – Composite PMI (Jun) 53.1 53.1
16:30 GBP – Services PMI (Jun) 53.4 53.4

 

 

 

Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded higher following prior breakout above the previous resistance level. However, MACD which illustrated decreasing bullish momentum suggest the index to be traded lower as technical correction.

 

Resistance level: 105.25, 105.90

Support level: 104.40, 103.65

 

GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level. However, MACD which illustrated decreasing bullish momentum suggest the pair to be traded lower as technical correction.

 

Resistance level: 1.2115, 1.2190

Support level: 1.2010, 1.1870

 

EURUSD, H4: EURUSD was traded lower following prior retracement from the resistance level. However, MACD which illustrated increasing bullish momentum suggest the pair to be traded higher as technical correction.

 

Resistance level: 1.0450, 1.0530

Support level: 1.0385, 1.0315

 

USDJPY, H4: USDJPY was traded higher following prior breakout above the previous resistance level. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains.

 

Resistance level: 136.65, 137.35

Support level: 135.55, 134.25

 

AUDUSD, H4: AUDUSD was traded higher following prior breakout above the previous resistance level. MACD which illustrated increasing bullish momentum suggest the pair to extend it gains.

 

Resistance level: 0.6930, 0.7005

Support level: 0.6850, 0.6770

 

NZDUSD, H4: NZDUSD was traded lower following prior retracement from the resistance level. MACD which illustrated decreasing bullish momentum suggest the pair to extend its losses.

 

Resistance level: 0.6235, 0.6295

Support level: 0.6145, 0.6060

 

USDCAD, H4: USDCAD was traded lower following prior breakout below the previous support level. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses.

 

Resistance level: 1.2875, 1.2940

Support level: 1.2800, 1.2730

 

USDCHF, H4: USDCHF was traded higher following prior breakout above the previous resistance level. However, MACD which illustrated decreasing bullish momentum suggest the pair to be traded lower as technical correction.

 

Resistance level: 0.9675, 0.9740

Support level: 0.9595, 0.9520

 

CrudeOIL, H4: Crude oil price was traded higher following prior breakout above the previous resistance level. However, MACD which illustrated decreasing bullish momentum suggest the commodity to be traded lower as technical correction.

 

Resistance level: 111.35, 115.95

Support level: 107.60, 103.30

 

GOLD_, H4: Gold price was traded higher while currently testing the resistance level. However, MACD which illustrated decreasing bullish momentum suggest the commodity to be traded lower as technical correction.

 

Resistance level: 1807.95, 1819.70

Support level: 1798.50, 1785.90

040722 Afternoon Session Analysis

04 July 2022                        Afternoon Session Analysis

US Dollar slumped amid downbeat economic outlook.

The Dollar Index which traded against a basket of six major currencies retreated from its higher level amid the fear upon the recession in United States continue to spark further selloff on the US Dollar. According to Institute for Supply Management, US ISM Manufacturing Purchasing Managers Index (PMI) notched down significantly from the previous reading of 56.1 to 53.0, missing the market forecast at 54.9. Such negative economic data had indicated that currently the economy was cooling and slowing down following the aggressive contractionary monetary policy by the Federal Reserve. In addition, the recession fears were amplified by a separate report from the Commerce Department on Friday, indicating that the construction spending unexpectedly fell in May. Meanwhile, the Atlanta Federal Reserve has diminished its second-quarter GDP outlook to show contraction. As of writing, the Dollar Index depreciated by 0.06% to 104.83.

 

In the commodities market, the crude oil price slumped 0.53% to $108.00 per barrel as of writing. The oil market edged lower amid the fears upon the global recession over the backdrop of a string of bearish economic data continue to weigh down the market demand on this black-commodity. On the other hand, the gold market appreciated by 0.03% to $1810.85 per troy ounces as of writing amid weakening US Dollar.

 

Today’s Holiday Market Close

Time                       Market                  Event

All Day                   USD                                        United States – Independence Day

 

Today’s Highlight Events

Time                       Market                  Event

N/A

 

Today’s Highlight Economic Data

N/A

 

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from the resistance level. MACD which illustrated diminishing bullish momentum suggest the index to extend its losses toward support level.

 

Resistance level: 105.25, 106.30

Support level: 104.40, 103.55

 

GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after breakout.

 

Resistance level: 1.2100, 1.2185

Support level: 1.1985, 1.1865

 

EURUSD, H4: EURUSD was traded lower while currently testing the support level. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher as technical correction.

 

Resistance level: 1.0575, 1.0780

Support level: 1.0385, 1.0205

 

USDJPY, H4: USDJPY was traded lower while currently testing the support level. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher as technical correction.

 

Resistance level: 136.60, 137.70

Support level: 134.45, 131.40

 

AUDUSD, Daily: AUDUSD was traded lower following prior breakout below the previous support level. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level.

 

Resistance level: 0.6865, 0.7050

Support level: 0.6695, 0.6510

 

NZDUSD, Daily: NZDUSD was traded lower while currently testing the support level. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher as technical correction.

 

Resistance level: 0.6365, 0.6535

Support level: 0.6200, 0.6070

 

USDCAD, H4: USDCAD was traded lower while currently testing the support level. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after breakout.

 

Resistance level: 1.2975, 1.3050

Support level: 1.2860, 1.2765

 

USDCHF, H4: USDCHF was traded lower following prior retracement from the resistance level. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses.

 

Resistance level: 0.9625, 0.9715

Support level: 0.9510, 0.9415

 

CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains after breakout.

 

Resistance level: 109.10, 113.05

Support level: 105.55, 101.55

 

GOLD_, H4: Gold price was traded higher while currently testing the resistance level. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after breakout.

 

Resistance level: 1809.20, 1831.15

Support level: 1790.40, 1773.35

040722 Morning Session Analysis

4 July 2022                           Morning Session Analysis

Inflation keep hovering in Eurozone, EURUSD surged.

EURUSD, which traded by major investors rebounded from its recent low on last Friday amid the backdrop of bullish economic data. According to Eurostat, the Eurozone Consumer Price Index (CPI) YoY for June notched up from the previous reading of 8.1% to 8.6% while exceeding the market forecast of 8.4%. The CPI data was used as an indicator to determine the inflation rate in certain region, and the higher-than-expected reading had showed that the inflation risk still linger in the European. The European Central Bank (ECB) would likely to implement aggressive contractionary monetary policy in order to bring down the soaring inflation, sparkling the appeal of Euro. Last week, ECB President Christine Lagarde vowed that the central bank would increase interest rate for the first in 11 years to combat inflation risk. Investors would continue to focus on the latest updates with regards of rate hike decision from ECB in order to gauge the likelihood movement of EURUSD. As of writing, EURUSD appreciated by 0.06% to 1.0434.

 

In the commodities market, crude oil price eased by 0.08% to $108.35 per barrel as of writing. Nonetheless, the overall trend of oil price remained bullish over the rising concerns on oil supply tightness. On the other hand, gold price rallied by 0.52% to $1810.90 per troy ounces as of writing following the depreciation of US Dollar.

 

 

Today’s Holiday Market Close

Time                       Market                  Event

All Day                   USD                                        United States – Independence Day

 

 

Today’s Highlight Events

Time                       Market                  Event

N/A

 

 

Today’s Highlight Economic Data

N/A

 

 

Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded higher while currently testing the resistance level. MACD which illustrated increasing bullish momentum suggest the index to extend its gains if successfully breakout the resistance level.

 

Resistance level: 104.80, 105.90

Support level: 103.65, 102.50

 

GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level. MACD which illustrated decreasing bearish momentum suggest the pair to extend its gains if successfully breakout the resistance level.

 

Resistance level: 1.2115, 1.2190

Support level: 1.2010, 1.1870

 

EURUSD, H4: EURUSD was traded higher while currently testing the resistance level. MACD which illustrated decreasing bearish momentum suggest the pair to extend its gains if successfully breakout the resistance level.

 

Resistance level: 1.0450, 1.0530

Support level: 1.0385, 1.0315

 

USDJPY, H4: USDJPY was traded lower following prior breakout below the previous support level. However, MACD which illustrated decreasing bearish momentum suggest the pair to be traded higher as technical correction.

 

Resistance level: 135.55, 136.65

Support level: 134.25, 133.10

 

AUDUSD, H4: AUDUSD was traded higher following prior rebound from the support level. MACD which illustrated decreasing bearish momentum suggest the pair to extend it gains.

 

Resistance level: 0.6850, 0.6910

Support level: 0.6770, 0.6665

 

NZDUSD, H4: NZDUSD was traded higher following prior rebound from the support level. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains.

 

Resistance level: 0.6235, 0.6295

Support level: 0.6145, 0.6060

 

USDCAD, H4: USDCAD was traded lower while currently testing the support level. MACD which illustrated decreasing bullish momentum suggest the pair to extend its losses if successfully breakout the support level.

 

Resistance level: 1.2940, 1.3030

Support level: 1.2875, 1.2800

 

USDCHF, H4: USDCHF was traded lower following prior breakout below the previous support level. MACD which illustrated decreasing bullish momentum suggest the pair to extend its losses.

 

Resistance level: 0.9595, 0.9675

Support level: 0.9520, 0.9455

 

CrudeOIL, H4: Crude oil price was traded lower while currently testing the support level. However, MACD which illustrated decreasing bearish momentum suggest the commodity to be traded higher as technical correction.

 

Resistance level: 111.35, 115.95

Support level: 107.60, 103.30

 

GOLD_, H4: Gold price was traded lower while currently testing the support level. However, MACD which illustrated increasing bullish momentum suggest the commodity to be traded higher as technical correction.

 

Resistance level: 1819.70, 1829.90

Support level: 1807.95, 1798.50

010722 Afternoon Session Analysis

1 July 2022                           Afternoon Session Analysis

 

The Canadian dollar lingered as market sentiment mixed.

The Canadian dollar, which was traded by the majority of the traders, hovered near the level of 1.2875 after Canada released its GDP data yesterday night. According to Statistics Canada, the GDP data commonly used to gauge the economic growth in Canada came in at 0.3%, as widely expected. Following the release of the data, the Canadian dollar notched up, before falling quite a fair bit amid the downbeat economic growth expectation from the agency. The agency said the growth estimate for May pointed to a contraction for the month amid the weakness in the resource, manufacturing and construction sectors, where a contraction of about -0.2% is recked to happen. However, the primary trend of the pair of USD/CAD is still dominated by the Fed rate hike story. As of writing, the pair of USD/CAD up 0.12% to 1.2888.

In the commodities market, the crude oil price was up by 0.05% to $106.05 after falling tremendously throughout the overnight session amid the increase in oil production of OPEC+ despite tight oil supply.  Besides, the gold prices dropped 0.10% to $1805.40 a troy ounce amid the strengthening of the dollar index.

Today’s Holiday Market Close

Time                       Market                  Event

All Day                   CAD                                        Canada Day

 

Today’s Highlight Events

Time                       Market                  Event

N/A

 

Today’s Highlight Economic Data

Time Nation & Data Previous Forecast Actual
15:55 EUR – German Manufacturing PMI (Jun) 52.0 52.0
16:30 GBP – Manufacturing PMI (Jun) 53.4 53.4
17:00 EUR – CPI (YoY) (Jun) 8.1% 8.3%
22:00 USD – ISM Manufacturing PMI (Jun) 56.1 55.0

 

 

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher following prior rebound from the support level at 104.45. However, MACD which illustrated diminishing bullish momentum suggest the index to undergo technical correction in short term.

 

Resistance level: 105.20, 105.70

Support level: 104.45, 104.00

 

GBPUSD, Daily: GBPUSD was traded lower following prior breakout below the previous support level at 1.2175. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward the support level at 1.1980.

 

Resistance level: 1.2175, 1.2370

Support level: 1.1980, 1.1800

 

EURUSD, Daily: EURUSD was traded higher following prior rebound from the upward trendline. However, MACD which illustrated bearish bias momentum suggest the pair to undergo technical correction in short term.

 

Resistance level: 1.0500, 1.0640

Support level: 1.0370, 1.0300

 

USDJPY, Daily: USDJPY was traded lower while currently testing the support level at 135.25. MACD which illustrated bearish bias momentum suggest the pair to extend its losses after it successfully breakout below the support level at 135.25.

 

Resistance level: 136.65, 138.00

Support level: 135.25, 133.15

 

AUDUSD, Daily: AUDUSD was traded lower while currently testing the support level at 0.6850. However, MACD which illustrated diminishing bearish momentum suggest the pair to undergo technical rebound in short term.

 

Resistance level: 0.6945, 0.7010

Support level: 0.6850, 0.6790

 

NZDUSD, Daily: NZDUSD was traded lower while currently testing the support level at 0.6225. MACD which illustrated bearish bias momentum suggest the pair to extend its losses after it successfully breakout below the support level at 0.6225.

 

Resistance level: 0.6285, 0.6365

Support level: 0.6225, 0.6145

 

USDCAD, H4: USDCAD was traded higher following prior rebound from the upward trendline. MACD which illustrated bullish bias momentum suggest the pair to extend its gains toward the resistance level at 1.2910.

 

Resistance level: 1.2910, 1.2975

Support level: 1.2835, 1.2775

 

USDCHF, Daily: USDCHF was traded higher following prior rebound from the support level at 0.9520. However, MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 0.9590.

 

Resistance level: 0.9590, 0.9665

Support level: 0.9520, 0.9450

 

CrudeOIL, Daily: Crude oil price was traded lower while currently testing the upward trendline. MACD which illustrated bearish bias momentum suggest the commodity to extend its losses after it successfully breakout below the upward trendline.

 

Resistance level: 106.60, 110.50

Support level: 101.85, 98.20

 

GOLD_, H4: Gold price was traded lower following prior breakout below the previous support level at 1808.30. MACD which illustrated bearish bias momentum suggest the commodity to extend its losses toward the support level at 1792.30.

 

Resistance level: 1808.30, 1832.95

Support level: 1792.30, 1765.40

010722 Morning Session Analysis

1 July 2022                           Morning Session Analysis

US Dollar slumped over the downbeat economic data.

The Dollar Index which traded against a basket of six major currencies slumped on Thursday amid the backdrop of bearish economic data. According to Bureau of Economic Analysis, the US Core PCE Price Index MoM for May came in at the reading of 0.3%, missing the market expectation of 0.4%. The Core PCE Price Index was used to determine the changes in the price of goods and services purchased by consumers for the purpose of consumption, which excluding food and energy. The lower-than-expected reading indicated that the inflation started to slow down, which reducing the odds of rate hike from Federal Reserve. Besides, despite the US Initial Jobless Claims notched down from the previous reading of 233K to 231K, the reading still higher than the market forecast of 228K. The fragile labor market would jeopardize the economic progression in US, which prompting investors to shift their capital toward other assets which having better prospects. As of writing, the Dollar Index depreciated by 0.33% to 104.50.

 

In the commodities market, crude oil price appreciated by 0.32% to $106.10 per barrel after a sharp decline throughout the overnight session as concerns over slowing economic growth beaten down the market demand. On the other hand, gold price eased by 0.06% to $1806.25 per troy ounce as of writing amid major central banks adopting aggressive rate hike to combat inflation risk.

 

 

Today’s Holiday Market Close

Time                       Market                  Event

N/A

 

Today’s Highlight Events

Time                       Market                  Event

N/A

 

 

Today’s Highlight Economic Data

Time Nation & Data Previous Forecast Actual
15:55 EUR – German Manufacturing PMI (Jun) 52.0 52.0
16:30 GBP – Manufacturing PMI (Jun) 53.4 53.4
17:00 EUR – CPI (YoY) (Jun) 8.1% 8.3%
22:00 USD – ISM Manufacturing PMI (Jun) 56.1 55.0

 

 

 

Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded lower following prior retracement from the resistance level. MACD which illustrated increasing bearish momentum suggest the index to extend its losses.

 

Resistance level: 104.80, 105.90

Support level: 103.65, 102.50

 

GBPUSD, H4: GBPUSD was traded lower following prior retracement from the resistance level. However, MACD which illustrated increasing bullish momentum suggest the pair to be traded higher as technical correction.

 

Resistance level: 1.2190, 1.2270

Support level: 1.2115, 1.2010

 

EURUSD, H4: EURUSD was traded higher following prior breakout above the previous resistance level. MACD which illustrated decreasing bearish momentum suggest the pair to extend its gains.

 

Resistance level: 1.0530, 1.0605

Support level: 1.0450, 1.0385

 

USDJPY, H4: USDJPY was traded lower while currently testing the support level. However, MACD which illustrated decreasing bearish momentum suggest the pair to be traded higher as technical correction.

 

Resistance level: 136.65, 137.35

Support level: 135.55, 134.25

 

AUDUSD, H4: AUDUSD was traded lower following prior breakout below the previous support level. MACD which illustrated decreasing bullish momentum suggest the pair to extend it losses.

 

Resistance level: 0.6930, 0.7005

Support level: 0.6850, 0.6770

 

NZDUSD, H4: NZDUSD was traded higher following prior breakout above the previous resistance level. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains.

 

Resistance level: 0.6295, 0.6350

Support level: 0.6235, 0.6145

 

USDCAD, H4: USDCAD was traded lower following prior breakout below the previous support level. MACD which illustrated decreasing bullish momentum suggest the pair to extend its losses.

 

Resistance level: 1.2875, 1.2940

Support level: 1.2800, 1.2730

 

USDCHF, H4: USDCHF was traded lower following prior retracement from the resistance level. MACD which illustrated decreasing bullish momentum suggest the pair to extend its losses.

 

Resistance level: 0.9595, 0.9675

Support level: 0.9520, 0.9455

 

CrudeOIL, H4: Crude oil price was traded lower following prior breakout below the previous support level. However, MACD which illustrated decreasing bearish momentum suggest the commodity to be traded higher as technical correction.

 

Resistance level: 107.60, 111.35

Support level: 103.30, 97.70

 

GOLD_, H4: Gold price was traded lower following prior breakout below the previous support level. However, MACD which illustrated decreasing bearish momentum suggest the commodity to be traded higher as technical correction.

 

Resistance level: 1807.95, 1819.70

Support level: 1798.50, 1785.90

300622 Afternoon Session Analysis

30 June 2022                       Afternoon Session Analysis

BoE released its dovish speech, GBPUSD eased.

GBPUSD, which traded by major investors slumped over the dovish tone from the Bank of England (BoE). According to Reuters, BoE Governor Andrew Bailey claimed that BoE would not necessarily have to take aggressive rate hike in order to cooling down the spiking inflation. He also reiterated that there were signs of an economic slowdown taking hold in Britain. In the early month, BoE said it was ready to act forcefully if needed to tackle inflation that it expects to exceed 11% in October. The reducing odds of rate hike from BoE had dialed down the market optimism in Pound Sterling market as investors are preferring the higher risk-free return’s assets such as US Dollar. As of now, investors would continue to scrutinize the latest update with regards of the upcoming UK GDP data in order to receive further trading signals. As of writing, the pair of GBPUSD edged up by 0.09% to 1.2136.

 

In the commodities market, crude oil price appreciated by 0.40% to $110.22 per barrel as of writing amid the rising concern on oil supply tightness. On the other hand, gold price appreciated by 0.08% to $1819.30 per troy ounce as of writing. Nonetheless, the overall trend of gold price remained bearish over the hawkish tone from Federal Reserve.

 

 

Today’s Holiday Market Close

Time                       Market                  Event

N/A

 

 

Today’s Highlight Events

Time                       Market                  Event

N/A

 

 

Today’s Highlight Economic Data

Time Nation & Data Previous Forecast Actual
14:00 GBP – GDP (QoQ) (Q1) 8.7% 8.7%
15:55 EUR – German Unemployment Change (Jun) -4K -6K
20:30 USD – Initial Jobless Claims 229K 227K
20:30 CAD – GDP (MoM) (Apr) 0.7% 0.3%

 

 

 

Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded higher while currently testing the resistance level. MACD which illustrated increasing bullish momentum suggest the index to extend its gains if successfully breakout the resistance level.

 

Resistance level: 104.80, 105.90

Support level: 103.65, 102.50

 

GBPUSD, H4: GBPUSD was traded lower while currently testing the support level. However, MACD which illustrated decreasing bearish momentum suggest the pair to be traded higher as technical correction.

 

Resistance level: 1.2190, 1.2270

Support level: 1.2115, 1.2010

 

EURUSD, H4: EURUSD was traded higher following prior breakout above the previous resistance level. MACD which illustrated decreasing bearish momentum suggest the pair to extend its gains.

 

Resistance level: 1.0530, 1.0605

Support level: 1.0450, 1.0385

 

USDJPY, H4: USDJPY was traded higher while currently testing the resistance level. However, MACD which illustrated decreasing bullish momentum suggest the pair to be traded lower as technical correction.

 

Resistance level: 136.65, 137.35

Support level: 135.55, 134.25

 

AUDUSD, H4: AUDUSD was traded higher following prior rebound from the support level. MACD which illustrated decreasing bearish momentum suggest the pair to extend its gains.

 

Resistance level: 0.6930, 0.7005

Support level: 0.6850, 0.6770

 

NZDUSD, H4: NZDUSD was traded lower following prior breakout below the previous support level. However, MACD which illustrated decreasing bearish momentum suggest the pair to be traded higher as technical correction.

 

Resistance level: 0.6235, 0.6295

Support level: 0.6145, 0.6060

 

USDCAD, H4: USDCAD was traded higher following prior breakout above the previous resistance level. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains.

 

Resistance level: 1.2940, 1.3030

Support level: 1.2875, 1.2800

 

USDCHF, H4: USDCHF was traded higher following prior breakout above the previous resistance level. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains.

 

Resistance level: 0.9595, 0.9675

Support level: 0.9520, 0.9455

 

CrudeOIL, H4: Crude oil price was traded lower following prior breakout below the previous support level. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses.

 

Resistance level: 111.35, 115.95

Support level: 107.60, 103.30

 

GOLD_, H4: Gold price was traded lower following prior breakout below the previous support level. However, MACD which illustrated decreasing bearish momentum suggest the commodity to be traded higher as technical correction.

 

Resistance level: 1819.70, 1829.90

Support level: 1807.95, 1798.50

300622 Morning Session Analysis

30 June 2022                       Morning Session Analysis

Jerome Powell expressed rate hike tone, US Dollar gains.

The Dollar Index which traded against a basket of six major currencies extend its gains on yesterday over the backdrop of hawkish statement from the Federal Reserve. Yesterday, Federal Reserve Chair Jerome Powell vowed Wednesday that the Monetary Policy Committee (MPC) would implement further aggressive policy to stabilize the inflation rate over the long-term period. Recently, the Federal Reserve has instituted multiple rate hikes to try to subdue the rapid price increases despite the recession risk continue to linger in the global financial market. Federal Reserve Chair Jerome Powell claimed that he is confident that Fed would successfully bring down the inflation rate, though he acknowledged that such policy would add further uncertainties toward the economy. On the economic data front, Bureau of Economic Analysis reported that the US Gross Domestic Product for last quarter came in at -1.6%, missing the market forecast at -1.5%. As of writing, the Dollar Index appreciated by 0.57% to 105.10.

 

In the commodities market, the crude oil price slumped 0.02% to $109.55 per barrel as of writing amid the rising recession risk in the global financial market continue to weigh down the prospect for this black-commodity. On the other hand, the gold price edged lower by 0.01% to $1817.70 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

N/A

 

Today’s Highlight Economic Data

Time Nation & Data Previous Forecast Actual
14:00 GBP – GDP (QoQ) (Q1) 8.7% 8.7%
15:55 EUR – German Unemployment Change (Jun) -4K -6K
20:30 USD – Initial Jobless Claims 229K 227K
20:30 CAD – GDP (MoM) (Apr) 0.7% 0.3%

 

 

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher following prior breakout above the previous resistance level. MACD which illustrated increasing bullish momentum suggest the index to extend its gains.

 

Resistance level: 105.25, 106.30

Support level: 104.40, 103.55

 

GBPUSD, H4: GBPUSD was traded lower while currently testing the support level. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after breakout.

 

Resistance level: 1.2175, 1.2295

Support level: 1.2085, 1.1985

 

EURUSD, H4: EURUSD was traded lower following prior retracement from the resistance level. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses.

 

Resistance level: 1.0575, 1.0780

Support level: 1.0385, 1.0205

 

USDJPY, H4: USDJPY was traded higher while currently testing the resistance level. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower as technical correction.

 

Resistance level: 136.55, 137.70

Support level: 134.45, 131.40

 

AUDUSD, Daily: AUDUSD was traded lower while currently testing the support level. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher as technical correction.

 

Resistance level: 0.7050, 0.7160

Support level: 0.6865, 0.6720

 

NZDUSD, H4: NZDUSD was traded lower while currently testing the support level. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher as technical correction.

 

Resistance level: 0.6365, 0.6535

Support level: 0.6225, 0.6070

 

USDCAD, H4: USDCAD was traded lower while currently testing the support level. MACD which illustrated increasing bullish momentum suggest the pair to be traded higher as technical correction.

 

Resistance level: 1.2975, 1.3050

Support level: 1.2860, 1.2765

 

USDCHF, Daily: USDCHF was traded lower following prior breakout below the previous support level. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher as technical correction.

 

Resistance level: 0.9670, 0.9705

Support level: 0.9415, 0.9305

 

CrudeOIL, H4: Crude oil price was traded lower following prior retracement from the resistance level. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses.

 

Resistance level: 111.95, 115.65

Support level: 107.65, 103.75

 

GOLD_, H4: Gold price was traded lower while currently testing the support level. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher as technical correction.

 

Resistance level: 1833.15, 1844.00

Support level: 1818.80, 1807.9 5

290622 Afternoon Session Analysis

29 June 2022                       Afternoon Session Analysis

EURUSD slumped after the speech of ECB President.

The EURUSD retreated from its overnight gains after European Central Bank (ECB) President Lagarde release her speech. According to her speech, she emphasized that the rising commodities price such as crude oil was the main factor to cause inflation risk in Euro area. As Europe was large dependent on the commodities, the war-driven inflation had led to the soaring import cost in Europe while it brought negative prospects toward the economic progression in Europe region. Besides, Euro extended it losses following the hawkish tone from New York Federal Reserve President John Williams, which prompting investors to shift their capitals toward US Dollar which having better prospects. At this juncture, investors would continue to focus on the latest updates with regards of ECB President’s speech tonight in order to gauge the likelihood movement of EURUSD. As of writing, EURUSD appreciated by 0.10% to 1.0528.

 

 

In the commodities market, crude oil price eased by 0.66% to $111.01 per barrel as of writing. Nonetheless, the overall trend of oil price remained bullish over the global supply tightness, where there is limited room for major producers such as Saudi Arabia to boost production. On the other hand, gold price appreciated by 0.02% to $1821.70 per troy ounce as of writing after a sharp decline throughout the overnight session amid the strengthening of US Dollar.

 

Today’s Holiday Market Close

Time                       Market                  Event

N/A

 

 

Today’s Highlight Events

Time                       Market                  Event

21:00                     USD                                        Fed Chair Powell Speaks

21:00                     EUR                                        ECB President Lagarde Speaks

21:30                     GBP                                        BoE Gov Bailey Speaks

 

 

Today’s Highlight Economic Data

Time Nation & Data Previous Forecast Actual
20:30 USD – GDP (QoQ) (Q1) -1.5% -1.5%
22:30 CrudeOIL – Crude Oil Inventories 1.956M

 

 

Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded higher following prior rebound from the support level. MACD which illustrated decreasing bearish momentum suggest the index to extend its gains.

 

Resistance level: 104.80, 105.90

Support level: 103.65, 102.50

 

GBPUSD, H4: GBPUSD was traded higher following prior rebound from the support level. MACD which illustrated decreasing bearish momentum suggest the pair to extend its gains.

 

Resistance level: 1.2270, 1.2360

Support level: 1.2190, 1.2115

 

EURUSD, H4: EURUSD was traded lower following prior breakout below the previous support level. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses.

 

Resistance level: 1.0530, 1.0605

Support level: 1.0450, 1.0385

 

USDJPY, H4: USDJPY was traded higher following prior breakout above the previous resistance level. However, MACD which illustrated decreasing bullish momentum suggest the pair to be traded lower as technical correction.

 

Resistance level: 136.65, 137.35

Support level: 135.55, 134.25

 

AUDUSD, H4: AUDUSD was traded lower following prior breakout below the previous support level. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses.

 

Resistance level: 0.6930, 0.7005

Support level: 0.6850, 0.6770

 

NZDUSD, H4: NZDUSD was traded higher following prior rebound form the support level. MACD which illustrated decreasing bearish momentum suggest the pair to extend its gains.

 

Resistance level: 0.6295, 0.6350

Support level: 0.6235, 0.6145

 

USDCAD, H4: USDCAD was traded lower following prior breakout below the previous support level. However, MACD which illustrated decreasing bearish momentum suggest the pair to be traded higher as technical correction.

 

Resistance level: 1.2875, 1.2940

Support level: 1.2800, 1.2730

 

USDCHF, H4: USDCHF was traded lower following prior breakout below the previous support level. However, MACD which illustrated increasing bullish momentum suggest the pair to be traded higher as technical correction.

 

Resistance level: 0.9595, 0.9675

Support level: 0.9520, 0.9455

 

CrudeOIL, H4: Crude oil price was traded lower following prior breakout below the previous support level. MACD which illustrated decreasing bullish momentum suggest the commodity to extend its losses.

 

Resistance level: 111.35, 115.95

Support level: 107.60, 103.30

 

GOLD_, H4: Gold price was traded higher following prior breakout above the previous resistance level. MACD which illustrated decreasing bearish momentum suggest the commodity to extend its gains.

 

Resistance level: 1829.90, 1841.85

Support level: 1819.70, 1807.95

 

 

290622 Morning Session Analysis

29 June 2022                       Morning Session Analysis

US Dollar surged amid hawkish expectation from Fed.

The Dollar Index which traded against a basket of six major currencies rebounded significantly yesterday over the backdrop of risk-off sentiment amid the global recession risk as well as hawkish sentiment from Federal Reserve continue to linger in the global financial market. Yesterday, Federal Reserve policymakers vowed for further rapid rate hike in July meeting in order to bring down the spiking inflation risk, triggering tensions over the economic growth as higher borrowing costs would trigger a steep downturn. Earlier, the Federal Reserve implemented the biggest rate hike since 1998 to a range of 1.5% – 1.75% to combat the 40-year high inflation. Meanwhile, they also reiterated that another 75 basis-point rate hike during the next month will be warranted. Meanwhile, New York Federal Reserve Bank President John Williams also claimed that he sees the need to act appropriately to stabilize the inflation rate. On the economic data front, US CB Consumer Confidence notched down significantly from the previous reading of 103.2 to 98.7, missing the market forecast at 100.4. As of writing, the Dollar Index appreciated by 0.535 to 104.50.

 

In the commodities market, the crude oil price surged 0.03% to $111.95 per barrel as of writing. The crude oil price extends its gains over the backdrop of positive inventory data. According to American Petroleum Institute (API), US API Weekly Crude Oil Stock came in at -3.799M, lower than the market forecast -0.110M. On the other hand, the gold price slumped 0.03% to $1818.80 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

21:00                     USD                                        Fed Chair Powell Speaks

21:00                     EUR                                        ECB President Lagarde Speaks

21:30                     GBP                                        BoE Gov Bailey Speaks

 

Today’s Highlight Economic Data

Time Nation & Data Previous Forecast Actual
20:30 USD – GDP (QoQ) (Q1) -1.5% -1.5%
22:30 CrudeOIL – Crude Oil Inventories 1.956M

 

 

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher while currently testing the resistance level. MACD which illustrated increasing bullish momentum suggest the index to extend its gains after breakout.

 

Resistance level: 104.40, 105.25

Support level: 103.55, 102.45

 

GBPUSD, H4: GBPUSD was traded lower while currently testing the support level. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after breakout.

 

Resistance level: 1.2295, 1.2400

Support level: 1.2175, 1.2085

 

EURUSD, H4: EURUSD was traded higher while currently testing the resistance level. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower as technical correction.

 

Resistance level: 1.0575, 1.0640

Support level: 1.0470, 1.0385

 

USDJPY, H4: USDJPY was traded higher while currently testing the resistance level. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after breakout.

 

Resistance level: 136.55, 137.70

Support level: 134.45, 131.40

 

AUDUSD, Daily: AUDUSD was traded lower while currently testing the support level. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher as technical correction.

 

Resistance level: 0.7050, 0.7165

Support level: 0.6865, 0.6720

 

NZDUSD, Daily: NZDUSD was traded lower while currently testing the support level. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher as technical correction.

 

Resistance level: 0.6535, 0.6720

Support level: 0.6225, 0.6070

 

USDCAD, H4: USDCAD was traded lower while currently testing the support level. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher as technical correction.

 

Resistance level: 1.2975, 1.3050

Support level: 1.2860, 1.2765

 

USDCHF, H4: USDCHF was traded lower while currently testing the support level. However, MACD which illustrated increasing bullish momentum suggest the pair to be traded higher as technical correction.

 

Resistance level: 0.9660, 0.9745

Support level: 0.9560, 0.9460

 

CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower as technical correction.

 

Resistance level: 111.95, 115.65

Support level: 107.65, 103.75

 

GOLD_, H4: Gold price was traded lower while currently testing the support level. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses after breakout.

 

Resistance level: 1833.15, 1844.00

Support level: 1818.80, 1807.9 5

280622 Afternoon Session Analysis

28 June 2022                       Afternoon Session Analysis

EURUSD rallied as investors bet on ECB rate hike decision.

The EURUSD rose on Monday over the backdrop of rate hike expectation from European Central Bank (ECB). According to Reuters, the market participants are eyeing on the ECB’s first rate hike in 11 years as well as they think that the risks of a dovish hike are fading, which they are expecting that the ECB would likely increase interest rate by more than 25 basic points. The implementation of aggressive rate hike would likely to increase the risk-free return of investors, which stoked a shift in sentiment toward Euro. Besides, Euro extended its gains following the weakening of US dollar. As for now, investors would continue to scrutinize the latest updates with regard of the rate hike decision from ECB and the economic data in order to receive further trading signals. As of writing, EURUSD edged down by 0.04% to 1.0578.

 

In commodities market, crude oil price appreciated by 1.00% to $110.70 per barrel as of writing on the prospect of even tighter supplies loomed over the market as the Group of Seven nations promised to tighten the squeeze on Russian President Vladimir Putin’s war chest. On the other hand, gold price rallied by 0.10% to $1826.25 per troy ounce as of writing after a sharp decline amid the upbeat US economic data.

 

 

Today’s Holiday Market Close

Time                       Market                  Event

N/A

 

 

Today’s Highlight Events

Time                       Market                  Event

16:00                     EUR                                        ECB President Lagarde Speaks

 

 

Today’s Highlight Economic Data

Time Nation & Data Previous Forecast Actual
22:00 CB Consumer Confidence (Jun) 106.4 100.9

 

 

 

Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded lower while currently testing the support level. MACD which illustrated increasing bearish momentum suggest the index to extend its losses if successfully breakout the support level.

 

Resistance level: 104.80, 105.90

Support level: 103.65, 102.50

 

GBPUSD, H4: GBPUSD was traded higher following prior breakout above the previous resistance level. However, MACD which illustrated decreasing bullish momentum suggest the pair to be traded lower as technical correction.

 

Resistance level: 1.2360, 1.2430

Support level: 1.2270, 1.2190

 

EURUSD, H4: EURUSD was traded lower following retracement from the resistance level. MACD which illustrated decreasing bullish momentum suggest the pair to extend its losses.

 

Resistance level: 1.0605, 1.0685

Support level: 1.0530, 1.0450

 

USDJPY, H4: USDJPY was traded higher while currently testing the resistance level. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains if successfully breakut the resistance level.

 

Resistance level: 135.55, 136.65

Support level: 134.25, 133.10

 

AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level. However, MACD which illustrated decreasing bullish momentum suggest the pair to be traded lower as technical correction.

 

Resistance level: 0.6930, 0.7005

Support level: 0.6850, 0.6770

 

NZDUSD, H4: NZDUSD was traded higher following prior breakout above the previous resistance level. However, MACD which illustrated decreasing bullish momentum suggest the pair to be traded lower as technical correction.

 

Resistance level: 0.6350, 0.6405

Support level: 0.6295, 0.6235

 

USDCAD, H4: USDCAD was traded lower following prior breakout below the previous support level. However, MACD which illustrated decreasing bearish momentum suggest the pair to be traded higher as technical correction.

 

Resistance level: 1.2875, 1.2940

Support level: 1.2800, 1.2730

 

USDCHF, H4: USDCHF was traded lower following prior breakout below the previous support level. MACD which illustrated decreasing bullish momentum suggest the pair to extend its losses.

 

Resistance level: 0.9595, 0.9675

Support level: 0.9520, 0.9455

 

CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains if successfully breakout the resistance level. .

 

Resistance level: 111.25, 115.40

Support level: 106.95, 102.20

 

GOLD_, H4: Gold price was traded higher following prior rebound from the support level. MACD which illustrated decreasing bearish momentum suggest the commodity to extend its gains.

 

Resistance level: 1829.90, 1841.85

Support level: 1819.70, 1807.95

280622 Morning Session Analysis

28 June 2022                       Morning Session Analysis

US Dollar seesawed as mixed market sentiment.

The Dollar Index was traded within a range amid the mixed sentiment toward the US financial market. On the positive front, the US Dollar received some bullish momentum yesterday over the backdrop of bullish economic data. According to Census Bureau, US Core Durable Goods Orders notched up significantly from the previous reading of 0.2% to 0.7%, exceeding the market forecast at 0.3%. Besides, National Association of Realtor reported that the US Pending Home Sales increased from the previous reading of -4.0% to 0.7%, which also higher than the market forecast at -3.7%. As both crucial economic had fared better-than-expectation, which dialing up the market optimism toward the economic progression in the United States while insinuating market demand on the US Dollar.  Though, the gains experienced by the US Dollar was limited by diminishing inflation risk in future following the depreciation of commodities price. Recently, the dropping in the commodities price such as copper and wheat had reduced the worries upon the hyperinflation, diminishing the rate hike expectation from Federal Reserve. As of writing, the Dollar Index depreciated by 0.23% to 103.95 as of writing.

 

In the commodities market, the crude oil price surged 0.20% to $110.10 per barrel as of writing. The oil market edged higher amid the rising tensions on the Russia-Ukraine relationship continue to spur bullish momentum on this black-commodity. On the other hand, the gold price depreciated by 0.02% to $1823.00 per troy ounces as of writing over the backdrop of bullish economic data from the United States.

 

Today’s Holiday Market Close

Time                       Market                  Event

N/A

 

Today’s Highlight Events

Time                       Market                  Event

16:00                     EUR                                        ECB President Lagarde Speaks

 

Today’s Highlight Economic Data

Time Nation & Data Previous Forecast Actual
22:00 CB Consumer Confidence (Jun) 106.4 100.9

 

 

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower while currently testing the support level. However, MACD which illustrated diminishing bearish momentum suggest the index to be traded higher as technical correction.

 

Resistance level: 104.40, 105.25

Support level: 103.55, 102.45

 

GBPUSD, H4: GBPUSD was traded within a range while currently testing the resistance level. MACD which illustrated increasing bearish momentum suggest the pair to be traded lower as technical correction.

 

Resistance level: 1.2295, 1.2400

Support level: 1.2195, 1.2085

 

EURUSD, H4: EURUSD was traded higher while currently testing the resistance level. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after breakout.

 

Resistance level: 1.0585, 1.0665

Support level: 1.0470, 1.0385

 

USDJPY, H4: USDJPY was traded higher following prior rebounded from the support level. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains.

 

Resistance level: 136.55, 137.70

Support level: 134.45, 131.40

 

AUDUSD, Daily: AUDUSD was traded lower while currently testing the support level. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher as technical correction.

 

Resistance level: 0.7050, 0.7165

Support level: 0.6865, 0.6720

 

NZDUSD, Daily: NZDUSD was traded lower while currently testing the support level. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher as technical correction.

 

Resistance level: 0.6535, 0.6720

Support level: 0.6225, 0.6070

 

USDCAD, H4: USDCAD was traded lower following prior retracement from the resistance level. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher as technical correction.

 

Resistance level: 1.2975, 1.3050

Support level: 1.2860, 1.2765

 

USDCHF, H4: USDCHF was traded lower while currently testing the support level. However, MACD which illustrated increasing bullish momentum suggest the pair to be traded higher as technical correction.

 

Resistance level: 0.9660, 0.9745

Support level: 0.9560, 0.9460

 

CrudeOIL, H4: Crude oil price was traded higher following prior breakout above the previous resistance level. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains toward resistance level.

 

Resistance level: 111.55, 115.65

Support level: 107.65, 103.75

 

GOLD_, H4: Gold price was traded lower while currently testing the support level. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses after breakout.

 

Resistance level: 1833.15, 1844.00

Support level: 1818.80, 1807.95

270622 Afternoon Session Analysis

27 June 2022                       Afternoon Session Analysis

GBPUSD rose over the upbeat economic data.

The GBPUSD edged up on Monday amid the backdrop of bullish economic data. According to Office for National Statistics, the UK Retail Sales MoM for May came in at the reading of -0.5%, exceeding the market forecast of -0.7%. The higher-than expected reading indicated that the recovery of UK retail sales market in UK, which brought positive prospects toward the economic progression in UK region. Nonetheless, the overall movement of GBPUSD is now relatively slower as the market participants overhe market participants ively slowerare still waiting the unleash of GDP data in upcoming Thursday. The GDP data would show the market value of all the finished goods and services produced within a country while it would figure out the economic health. Thus, investors would not rush to invest as they are eyeing on the GDP data in order to receive further trading signals. As of writing, GBPUSD appreciated by 0.09% to 1.2273.

 

In commodities market, crude oil price depreciated by 0.03% to $107.59 per barrel as of writing following the Leaders of the Group of Seven rich democracies are having “very constructive” discussions on a possible cap on Russian oil imports, according to the German government official speech on Saturday. Besides, gold price rallied by 0.38% to $1837.25 per troy ounce as of writing following the weakening of US Dollar.

 

 

Today’s Holiday Market Close

Time                       Market                  Event

N/A

 

 

Today’s Highlight Events

Time                       Market                  Event

N/A

 

 

Today’s Highlight Economic Data

Time Nation & Data Previous Forecast Actual
20:30 USD – Durable Goods Orders (MoM) (May) 0.4% 0.3%
22:00 USD – Pending Home Sales (MoM) (May) -3.9% -4.0%

 

 

 

Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded lower while currently testing the support level. MACD which illustrated increasing bearish momentum suggest the index to extend its losses if successfully breakout the support level.

 

Resistance level: 104.80, 105.90

Support level: 103.65, 102.50

 

GBPUSD, H4: GBPUSD was traded lower while currently testing the support level. MACD which illustrated decreasing bullish momentum suggest the pair to extend its losses if successfully breakout the support level.

 

Resistance level: 1.2360, 1.2430

Support level: 1.2270, 1.2190

 

EURUSD, H4: EURUSD was traded higher following prior breakout above the previous resistance level. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains.

 

Resistance level: 1.0605, 1.0685

Support level: 1.0530, 1.0450

 

USDJPY, H4: USDJPY was traded lower following prior breakout below the previous support level. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses.

 

Resistance level: 135.55, 136.65

Support level: 134.25, 133.10

 

AUDUSD, H4: AUDUSD was traded lower following prior breakout below the previous support level. MACD which illustrated decreasing bullish momentum suggest the pair to extend its losses.

 

Resistance level: 0.6930, 0.7005

Support level: 0.6850, 0.6770

 

NZDUSD, H4: NZDUSD was traded lower while currently testing the support level. MACD which illustrated decreasing bullish momentum suggest the pair to extend its losses if successfully breakout the support level.

 

Resistance level: 0.6350, 0.6405

Support level: 0.6295, 0.6235

 

USDCAD, H4: USDCAD was traded lower while currently testing the support level. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses if successfully breakout the support level.

 

Resistance level: 1.2940, 1.3030

Support level: 1.2875, 1.2800

 

USDCHF, H4: USDCHF was traded lower following prior breakout below the previous support level. MACD which illustrated decreasing bullish momentum suggest the pair to extend its losses.

 

Resistance level: 0.9595, 0.9675

Support level: 0.9520, 0.9455

 

CrudeOIL, H4: Crude oil price was traded higher following prior breakout above the previous resistance level. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains.

 

Resistance level: 111.25, 115.40

Support level: 106.95, 102.20

 

GOLD_, H4: Gold price was traded higher following prior breakout above the previous resistance level. However, MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains.

 

Resistance level: 1841.85, 1855.00

Support level: 1829.90, 1819.70

270622 Morning Session Analysis

27 June 2022                       Morning Session Analysis

US Dollar retreated amid easing inflation fears.

The Dollar Index was traded lower last week as market participants assessed the prospect of major central bank rate hikes to curb spiking inflation rate. The diminishing in oil and commodity prices last week had eased inflation fears while sparkling further risk appetite in the global financial market, prompting investors to shift their portfolio toward the riskier equity markets. In addition, easing inflation risk had diminished the odds for the Federal Reserve to implement tightening monetary policy in future. As for now, US Fed Fund Futures on Friday speculated a 73% probability of 75 basis point rate hike at July meeting. Though, the overall statement from the Fed’s Monetary Policy Committee (MPC) skewed to hawkish tone despite the recession risk continue to linger in the global financial market. As for now, investors would still eye on the latest monetary policy decision from Fed as well as the crucial economic data to receive further trading signal. As of writing, the Dollar Index depreciated by 0.17% to 104.00.

 

In the commodities market, the crude oil price slumped 0.96% to $106.20 per barrel amid technical correction in the early Asian trading session. Nonetheless, the oil price rebounded on last week amid the rising tensions between the Russia-Ukraine issues continue to spur bullish momentum on this black-commodity. On the other hand, the gold price surged 0.20% to $1832.00 per troy ounces as of writing following the Group of Seven claimed that they will announce a ban on gold imports from Russia on Tuesday.

 

Today’s Holiday Market Close

Time                       Market                  Event

N/A

 

Today’s Highlight Events

Time                       Market                  Event

N/A

 

Today’s Highlight Economic Data

Time Nation & Data Previous Forecast Actual
20:30 USD – Durable Goods Orders (MoM) (May) 0.4% 0.3%
22:00 USD – Pending Home Sales (MoM) (May) -3.9% -4.0%

 

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from the resistance level. MACD which illustrated increasing bearish momentum suggest the index to extend its losses toward support level.

 

Resistance level: 104.40, 105.25

Support level: 103.55, 102.45

 

GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after breakout.

 

Resistance level: 1.2295, 1.2400

Support level: 1.2195, 1.2085

 

EURUSD, H4: EURUSD was traded higher while currently testing the resistance level. MACD which illustrated increasing bearish momentum suggest the pair to extend its gains after breakout.

 

Resistance level: 1.05675, 1.0640

Support level: 1.0470, 1.0385

 

USDJPY, Daily: USDJPY was traded higher while currently testing the resistance level. However, MACD which illustrated increasing bearish momentum suggest the pair to be traded lower as technical correction.

 

Resistance level: 137.70, 140.95

Support level: 131.40, 126.45

 

AUDUSD, H4: AUDUSD was traded higher following prior rebounded from the support level. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains.

 

Resistance level: 0.7050, 0.7165

Support level: 0.6865, 0.6720

 

NZDUSD, Daily: NZDUSD was traded lower while currently testing the support level. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher as technical correction.

 

Resistance level: 0.6535, 0.6720

Support level: 0.6225, 0.6070

 

USDCAD, H4: USDCAD was traded lower following prior retracement from the resistance level. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level.

 

Resistance level: 1.2975, 1.3050

Support level: 1.2860, 1.2765

 

USDCHF, H4: USDCHF was traded lower while currently testing the support level. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after breakout.

 

Resistance level: 0.9660, 0.9745

Support level: 0.9560, 0.9460

 

CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower as technical correction.

 

Resistance level: 107.65, 111.55

Support level: 103.75, 100.70

 

GOLD_, H4: Gold price was traded higher while currently testing the resistance level. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains after breakout.

 

Resistance level: 1835.15, 1844.00

Support level: 1818.80, 1807.95

240622 Afternoon Session Analysis

24 June 2022                       Afternoon Session Analysis

Euro slumped amid bearish economic data.

The Euro slumped significantly over the backdrop of bearish economic data from German and French region, spurring negative prospect toward the economic progression in the European region. According to Markit Economics, Germany Manufacturing Purchasing Managers Index (PMI) notched down significantly from the previous reading of 54.8 to 52.0, missing the market forecast at 54.0. Meanwhile, France Manufacturing Purchasing Managers Index (PMI) came in at 51.0, which also fared worse-than-expectation at 54.0. Following the release of bearish economic data, money market is currently pricing bout 30 basis point of rate hike in July compared to 34 bps on Monday. Nonetheless, investors would continue to scrutinize the latest updates with regards of the future monetary policy to receive further trading signal. As of writing, EUR/USD depreciated by 0.05% to 1.0530.

 

In the commodities market, the crude oil price slumped 0.04% to $104.30 per barrel as of writing. The oil market retreated following market participants speculated that the OPEC and allied producing countries including Russia will likely to stick to a plan for accelerated output increases in August. On the other hand, the gold price depreciated by 0.01% to $1824.95 per troy ounces amid hawkish expectation from Federal Reserve.

 

Today’s Holiday Market Close

Time                       Market                  Event

N/A

 

Today’s Highlight Events

Time                       Market                  Event

18:00                     EUR                                        EU Leaders Summit

 

Today’s Highlight Economic Data

Time Nation & Data Previous Forecast Actual
14:00 GBP – Retail Sales (MoM) (May) 1.4% -0.9%
16:00 EUR – German Ifo Business Climate Index (Jun) 93.0 92.9
22:00 USD – New Home Sales (May) 591K 585K

 

 

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from the resistance level. MACD which illustrated diminishing bullish momentum suggest the index to extend its losses toward support level.

 

Resistance level: 104.40, 105.25

Support level: 103.55, 102.45

 

GBPUSD, H1: GBPUSD was traded higher while currently testing the resistance level. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level.

 

Resistance level: 1.2295, 1.2400

Support level: 1.2195, 1.2085

 

EURUSD, H4: EURUSD was traded higher while currently testing the resistance level. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after breakout.

 

Resistance level: 1.0560, 1.0640

Support level: 1.0470, 1.0385

 

USDJPY, Daily: USDJPY was traded higher while currently testing the resistance level. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower as technical correction.

 

Resistance level: 137.70, 140.95

Support level: 131.40, 126.45

 

AUDUSD, H4: AUDUSD was traded lower while currently near the support level. Namun, MACD which illustrated increasing bullish momentum suggest the pair to be traded higher as technical correction.

 

Resistance level: 0.7050, 0.7165

Support level: 0.6865, 0.6720

 

NZDUSD, Daily: NZDUSD was traded lower while currently testing the support level. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher as technical correction.

 

Resistance level: 0.6535, 0.6720

Support level: 0.6225, 0.6070

 

USDCAD, H1: USDCAD was traded lower following prior retracement from the resistance level. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level.

 

Resistance level: 1.3005, 1.3070

Support level: 1.2915, 1.2865

 

USDCHF, H4: USDCHF was traded lower following prior breakout below the previous support level. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level.

 

Resistance level: 0.9655, 0.9745

Support level: 0.9560, 0.9460

 

CrudeOIL, H4: Crude oil price was traded lower following prior breakout below the previous support level. However, MACD which illustrated increasing bullish momentum suggest the commodity to be traded higher as technical correction.

 

Resistance level: 106.10, 111.45

Support level: 100.70, 95.90

 

GOLD_, H1: Gold price was traded lower while currently testing the support level. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher as technical correction.

 

Resistance level: 1835.15, 1844.00

Support level: 1818.80, 1807.95