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7 June 2021                         Morning Session Analysis

 

NFP fails to deliver, US dollar extend its losses.

US dollar was traded lower against a basket of six major currencies following lower than expected reading from its Nonfarm Payrolls report. As of writing, the dollar index was down 0.03% to 90.07 during Asian trading session. Last Friday, Nonfarm Payrolls report came in at 559K, significantly lower than forecast of 650K. However, Unemployment Rate for the month of May notched down to 5.8%, lower than expected reading of 5.9%. Although unemployment rate has depreciated, the number of jobs created in the US market continues to be well below market expectation. The slack in the employment market may be due to government aids that created an imbalance in between the sum of money received from unemployment benefits and the salary that will be received from finding a new job. Nonetheless, investors remain pessimistic with regards to current job market as its performance was subpar while other economic aspect from the country such as inflation and GDP picks up significantly. For the time being, investors will place their attention upon Federal Reserves’ monetary policy meeting later this week to obtain more market signals.

 

In the commodities market, crude oil price rose 0.37% to $69.50 per barrels. Oil prices continues to rise over the backdrop of rising demand in the global market due to loosened social distancing measures after new coronavirus cases remain well under control. On the other hand, gold price ticks up 0.02% to $1,890.01 a troy ounce due to weaker US dollar.

 

Today’s Holiday Market Close

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Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from the resistance level at 90.50. MACD which illustrated formation of bearish momentum suggest the index to extend its losses after breaking the support level at 90.00.

 

Resistance level: 90.25, 90.50

Support level: 90.00, 89.65

 

GBPUSD, H4: GBPUSD was traded higher while currently testing the support level at 1.4150. MACD which illustrated the formation of bullish momentum suggest the pair to extend its gains after a successful rebound from the support level.

 

Resistance level: 1.4200, 1.4255

Support level: 1.4150, 1,4105

 

EURUSD, H1: EURUSD was traded higher following prior retracement from the support level at 1.2100. MACD which illustrated the formation of bullish momentum suggest the pair to extend its gains in short-term.

 

Resistance level: 1.2170, 1.2200

Support level: 1.2130, 1,2100

 

USDJPY, H1: USDJPY was traded lower while currently testing the support level at 109.40. MACD which illustrated bearish momentum suggest the pair to be traded lower in short-term after breaking the support level.

 

Resistance level: 109.90, 110.35

Support level: 109.40, 109.00

 

AUDUSD, H4: AUDUSD was traded higher following prior rebound from its previous lower level. MACD which illustrated upward momentum suggest the pair to be traded higher in short-term.

 

Resistance level: 0.7755, 0.7805

Support level: 0.7725, 0.7700

 

NZDUSD, H4: NZDUSD was traded higher following prior rebound from the support level at 0.7190. MACD which illustrated bullish momentum suggest the pair to be traded higher in short-term.

 

Resistance level: 0.7240, 0.7280

Support level: 0.7190, 0.7145

 

USDCAD, H4: USDCAD was traded lower following prior retracement from the higher level. MACD which illustrated bearish momentum suggest the pair to be traded lower in short-term.

 

Resistance level: 1.2080, 1.2120

Support level: 1.2045, 1.2000

 

USDCHF, H4: USDCHF was traded lower following a retracement from the higher level. MACD which shows the formation of bearish momentum suggest the pair to be traded lower in short-term.

 

Resistance level: 0.9005, 0.9040

Support level: 0.8970, 0.8935

 

CrudeOIL, H4: Crude oil price was traded higher following prior rebound from the support level at 68.30. MACD which illustrated bullish momentum suggest the commodity to extend its gains after breaking the resistance level at 70.00.

 

Resistance level: 70.00, 71.00

Support level: 69.10, 68.30

 

GOLD_, H1: Gold price was traded lower following a retracement from higher level. MACD which illustrate diminished bullish momentum suggest the commodity to extend its losses in short-term as technical correction

 

Resistance level: 1895.00, 1910.00

Support level: 1880.00, 1863.25