6 July 2021 Morning Session Analysis
Pound surged amid positive data.
Pound Sterling surged amid the upbeat economic data from the UK region yesterday, which dialed up the market optimism toward the economic progression in United Kingdom. According to Markit Economics, U.K. Composite Purchasing Managers’ Index (PMI) came in at 62.2, exceeding the market forecast at 61.7. Meanwhile, U.K. Service Purchasing Managers Index (PMI) came in at 62.4, which also better than market expectation at 61.7. Nonetheless, the gains experienced by the Pound Sterling was limited as spiking numbers of the Covid-19 had diminished hopes toward the easing lockdown restrictions. According to latest data, U.K. reported another 27,334 new daily cases of Covid-19, its second highest daily total since the end of January. Despite that, the hospitalizations and deaths remaining relatively low, some investors are confident that the easing of lockdown restrictions later this month will go ahead. Investors would continue to scrutinize the latest updates with regards of latest lock-down restrictions as well as further economic data to gauge the likelihood movement for the Pound Sterling. As of writing, GBP/USD appreciated by 0.07% to 1.3855.
In the commodities market, the crude oil price surged 0.05% to 76.55 per barrel as of writing. The oil price jumped to its highest level in nearly three years on Monday following the meeting between OPEC and its oil-producing allies were postponed indefinitely, with the group failing to reach an agreement on production policy. On the other hand, the gold price was traded flat at $1792.65 per troy ounces amid investors are still waiting for further catalyst before entering the gold market.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
12:30 AUD RBA Rate Statement
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 12:30 | AUD – RBA Interest Rate Decision (Jul) | 0.10% | 0.10% | – |
| 16:30 | GBP – Construction PMI (Jun) | 64.2 | 63.5 | – |
| 17:00 | EUR – German ZEW Economic Sentiment (Jul) | 79.8 | 75.4 | – |
| 22:00 | USD – ISM Non-Manufacturing PMI (Jun) | 64 | 63.5 | – |
Technical Analysis
DOLLAR_INDX, Daily: Dollar index was traded lower while currently testing the support level at 92.10. MACD which illustrated diminishing bullish momentum suggest the index to extend its losses after it successfully breakout below the support level.
Resistance level: 93.25, 94.10
Support level: 92.10, 91.30
GBPUSD, H4: GBPUSD was traded higher following prior rebound from the support level at 1.3790. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 1.3960, 1.4100
Support level: 1.3790, 1.3685
EURUSD, H4: EURUSD was traded lower while currently near the support level at 1.1845. MACD which illustrated diminishing bullish 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 lower following prior breakout below the previous support level at 110.95. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 110.95, 111.55
Support level: 110.45, 109.75
AUDUSD, H4: AUDUSD was traded higher following prior rebound from the support level at 0.7465. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.7590.
Resistance level: 0.7590, 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 increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.7120.
Resistance level: 0.7120, 0.7305
Support level: 0.6940, 0.6770
USDCAD, H4: USDCAD was traded higher while currently testing the resistance level at 1.2360. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 1.2360.
Resistance level: 1.2360, 1.2480
Support level: 1.2275, 1.2165
USDCHF, H4: USDCHF was traded within a range while currently testing the resistance level at 0.9235. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 0.9235, 0.9305
Support level: 0.9165, 0.9095
CrudeOIL, H4: Crude oil price was traded higher while currently near the resistance level at 77.00. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.
Resistance level: 77.00, 78.60
Support level: 74.35, 72.50
GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1794.65. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.
Resistance level: 1794.65, 1812.65
Support level: 1773.75, 1751.20