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02 June 2021                       Morning Session Analysis

Dollar surged as upbeat data.

The Dollar Index which traded against a basket of six major currency pairs rebounded over the backdrop of bullish economic data on yesterday. According to Institute for Supply, U.S. ISM Manufacturing Purchasing Managers Index (PMI) notched up significantly from the previous reading of 60.7 to 61.2, exceeding the market forecast at 60.9 amid the reopening economy had boosted up the market demand on the manufacturing products, which dialed up the market optimism toward the economic progression in the United States. Nonetheless, fears upon the future inflation risk had continued to weigh down the US Dollar. Still, the Federal Reserve appears in no rush to change its current policy measures as unemployment rate remains above the pre-pandemic levels. As for now, investors would continue to remain their focus on the latest economic data as well as Federal Reserve monetary policy in order to gauge the likelihood movement for the currency. As of writing, the Dollar Index appreciated by 0.12% to 90.00.

 

In the commodities market, the crude oil price surged 0.04% to $68.00 as of writing. The oil market edged higher on yesterday on expectations for growing oil demand during the summer driving season in the United States. Tracking service GasBuddy claimed on Sunday that the U.S. gasoline demand. coinciding with the Memorial Day weekend, had increased 9.6% above the average of the previous four Sunday. On the other hand, gold price slumped 0.05% to $1900.45 per troy ounces as of writing amid weakening US Dollar.

 

Today’s Holiday Market Close

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Today’s Highlight Events

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Today’s Highlight Economic Data

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Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from the resistance level at 90.25. However, MACD which illustrated diminishing bearish momentum suggest the index to be traded higher in short-term as technical correction.

 

Resistance level: 90.25, 90.75

Support level: 89.50, 88.80

 

GBPUSD, H4: GBPUSD was traded lower following prior retracement from the resistance level at 1.4235. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.4110.

 

Resistance level: 1.4235, 1.4365

Support level: 1.4110, 1.4005

 

EURUSD, H4: EURUSD was traded lower following prior retracement from the resistance level at 1.2255. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 1.2170.

 

Resistance level: 1.2255, 1.2340

Support level: 1.2170, 1.2070

 

USDJPY, Daily: USDJPY was traded lower following prior retracement from the resistance level at 109.80. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 108.55.

 

Resistance level: 109.80, 110.90

Support level: 108.55, 107.50

 

AUDUSD, H4: AUDUSD was traded higher following prior rebound from the support level at 0.7710. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

 

Resistance level: 0.7805, 0.7880

Support level: 0.7700, 0.7620

 

NZDUSD, H4: NZDUSD was traded lower while currently testing the support level at 0.7240. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

 

Resistance level: 0.7300, 0.7360

Support level: 0.7240, 0.7140

 

USDCAD, Daily: USDCAD was traded lower while currently testing the support level at 1.2055. MACD which illustrated increasing bullish momentum suggest the pair to be traded higher in short-term as technical correction.

 

Resistance level: 1.2380, 1.2605

Support level: 1.2055, 1.1785

 

USDCHF, Daily: USDCHF was traded lower while currently testing the support level at 0.8955. 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: 0.8955, 0.8850

 

CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level at 67.90. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.

 

Resistance level: 67.90, 69.45

Support level: 66.25, 63.75

 

GOLD_, H1: Gold price was traded lower while currently testing the support level at 1897.95. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.

 

Resistance level: 1909.70, 1921.15

Support level: 1897.95, 1885.55