1 July 2021 Morning Session Analysis
Dollar appreciated amid bullish data.
The Dollar Index which traded against a basket of six major currency pairs received significant bullish momentum over the backdrop of a string of upbeat economic data yesterday. According to Automatic Data Processing (ADP), U.S. ADP Nonfarm Employment Change came in at 692K, exceeding the market forecast at 600K. Meanwhile, National Association of Realtor reported that the U.S. Pending Home Sales for last month notched up significantly from the previous reading of -4.4% to 8.0%, which better than the market forecast at 0.8%. As both crucial economic data had fared better than expectation, which dialed up the market optimism toward the economic progression in the United States while spurring demand on the US Dollar. Nonetheless, as for now investors would continue to remain their focus toward the crucial Nonfarm Payroll data which will be released on Friday to gauge the likelihood movement for the US Dollar. As of writing, the Dollar Index appreciated by 0.05% to 92.40.
In the commodities market, the crude oil price appreciated by 0.11% to 73.80 per barrel as of writing following bullish inventory data was released. According to Energy Information Administration (EIA), the U.S. Crude Oil Inventories came in at -6.718M, better than the market forecast at -4.686M. On the other hand, the gold price slumped 0.13% to $1767.95 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 |
| 15:55 | EUR – German Manufacturing PMI (Jun) | 64.4 | 64.9 | – |
| 16:30 | GBP – Manufacturing PMI (Jun) | 64.2 | 64.2 | – |
| 20:30 | USD – Initial Jobless Claims | 411K | 386K | – |
| 22:00 | USD – ISM Manufacturing PMI (Jun) | 61.2 | 61.0 | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher while currently near the resistance level at 92.35. MACD which illustrated increasing bullish momentum suggest the index to extend its gains after it successfully breakout above the resistance level.
Resistance level: 92.35. 93.25
Support level: 91.35, 90.35
GBPUSD, H4: GBPUSD was traded lower while currently testing the support level at 1.3790. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 1.3875, 1.3940
Support level: 1.3790, 1.3700
EURUSD, H4: EURUSD was traded lower while currently near the support level at 1.1845. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 1.1955, 1.2065
Support level: 1.1845, 1.1725
USDJPY, H4: USDJPY was traded higher while currently testing the resistance level at 111.15. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 111.15, 111.55
Support level: 110.45, 109.75
AUDUSD, H4: AUDUSD was traded lower while currently testing the support level at 0.7465. However, MACD which illustrated diminishing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 0.7590, 0.7700
Support level: 0.7465, 0.7365
NZDUSD, Daily: NZDUSD was traded lower while currently near the support level at 0.6940. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 0.7120, 0.7300
Support level: 0.6940, 0.6770
USDCAD, H4: USDCAD was traded higher following prior breakout above the previous resistance level at 1.2360. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 1.2480, 1.2605
Support level: 1.2360, 1.2275
USDCHF, H4: USDCHF was traded higher following prior breakout above the previous resistance level at 0.9235. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.9305.
Resistance level: 0.9305, 0.9375
Support level: 0.9235, 0.9165
CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level at 73.75. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.
Resistance level: 73.75,74.90
Support level: 72.50, 70.30
GOLD_, H1: Gold price was traded lower following prior retracement from the resistance level at 1773.70. MACD which illustrated diminishing bullish momentum suggest the commodity to extend its losses toward support level at 1754.15.
Resistance level: 1773.70, 1794.65
Support level: 1754.15, 1735.85