2 July 2021 Afternoon Session Analysis
Aussie plunged following Covid update.
The Australian dollar which traded against the greenback and other currency pairs have continue to extend its decline for the fifth consecutive days following rising concerns on COVID-19 situation in the Australia. According to latest data, Australia’s most populous state, New South Wales have reported 31 new cases on Friday, the biggest daily rise for 2021. The total infections have grown to more than 200 since the first cases was detected more than two weeks ago. The state also warned its residents to brace for further increase in Covid-19 infections over the next few days. At the same time, vaccination in the Australia also slowed due to frequent changes in medical advice for AstraZeneca and the Australis’ national cabinet is set to meet on today to discuss the level of vaccination. At the time of writing, AUD/USD slips 0.05% to 0.7465.
In the commodities market, crude oil price rose 0.33% to $75.45 per barrel at the time of writing following disagreement within the OPEC and its allies. Following latest development, United Arab Emirates have blocked a deal at the last minute which causing the alliance to put off its decision on monthly decision. The decision would end with OPEC not increasing any output and production remain unchanged until April 22. On the other hand, gold price fell 0.06% to $1778.22 a troy ounce at the time of writing following rising dollar.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
20:30 EUR ECB President Lagarde Speaks
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 20:30 | USD – Nonfarm Payrolls (Jun) | 559K | 700K | – |
| 20:30 | USD – Unemployment Rate (Jun) | 5.80% | 5.70% | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher following prior breakout above the previous resistance level 92.25. MACD which illustrate ongoing bullish momentum signal suggest the dollar to extend its gains towards the resistance level 92.70.
Resistance level: 92.70, 93.05
Support level: 92.25, 91.65
GBPUSD, H4: GBPUSD was traded lower while currently testing the support level 1.3785. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to experience a short-term technical correction towards the resistance level 1.3830.
Resistance level: 1.3830, 1.3935
Support level: 1.3755, 1.3675
EURUSD, H4: EURUSD was traded lower while currently testing the support level 1.1850. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to be traded higher as a technical correction towards the resistance level 1.1920.
Resistance level: 1.1920, 1.1985
Support level: 1.1850, 1.1785
USDJPY, H4: USDJPY was traded higher while currently testing the resistance level 111.60. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to experience a technical correction towards the support level 111.00.
Resistance level: 111.60, 112.20
Support level: 111.00, 110.30
AUDUSD, H4: AUDUSD was traded flat while currently testing the resistance level 0.7475. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to be traded higher as a technical correction after it breaks above the resistance level.
Resistance level: 0.7475, 0.7545
Support level: 0.7395, 0.7330
NZDUSD, H4: NZDUSD was traded lower following prior retracement from the resistance level 0.7010. MACD which illustrate bearish bias signal suggest the pair to extend its retracement towards the support level 0.6925.
Resistance level: 0.7010, 0.7075
Support level: 0.6925, 0.6825
USDCAD, H4: USDCAD was traded lower while currently testing the support level 1.2420. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses after it breaks below the support level 1.2420.
Resistance level: 1.2505, 1.2560
Support level: 1.2420, 1.2350
USDCHF, H4: USDCHF was traded flat while currently testing near the support level 0.9245. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to be traded lower after it breaks below the support level.
Resistance level: 0.9310, 0.9355
Support level: 0.9245, 0.9195
CrudeOIL, H4: Crude oil price was traded higher following recent breakout above the previous resistance level 74.20. MACD which illustrate diminishing bullish momentum signal suggest the commodity to experience a technical correction towards the support level 74.20.
Resistance level: 76.30, 78.75
Support level: 74.20, 72.40
GOLD_, H4: Gold price was traded higher following prior rebound from the support level 1767.55. MACD which illustrate bullish momentum signal suggest the commodity to extend its gains towards the resistance level 1812.10.
Resistance level: 1812.10, 1856.00
Support level: 1767.55, 1725.50