7 July 2021 Afternoon Session Analysis
Euro slumped on downbeat economic reading.
The Euro extends its losses over the backdrop of bearish economic data from European region yesterday, which spurring negative prospect on the economic momentum in Europe countries and diminishing market demand on the Euro. According to ZEW, Germany ZEW Economic sentiment notched down significantly from the previous reading of 79.8 to 63.3, missing the market forecast at 75.2. Besides, resurgence of Covid-19 in Asia-Pacific region and the outbreak of various variants, which do resist vaccines, had also stoked a shift in sentiment toward safe-haven currencies, which dragging down the appeal of the Euro. Recent chatters highlight Epsilon and Lambda virus as the key challenges to the economic outlook in the global economy. Nonetheless, investors would continue to scrutinize the key weekly events of FOMC meeting minutes as well as meeting of the European Central Bank (ECB) to gauge the likelihood movement for the currencies. As of writing, EUR/USD depreciated by 0.01% to 1.1825.
In the commodities market, the crude oil price extends its losses 0.51% to $73.60 per barrel as of writing. The crude oil price slumped over the concerns of the spiking numbers of the Covid-19 cases in Asia-Pacific countries and the variation of the virus, which dialed down the market optimism toward the future oil demand. On the other hand, the gold price depreciated by 0.09% to $1798.55 per troy ounces amid investors speculated that the Federal Reserve would unleash its dovish tone in the FOMC meeting minutes report tomorrow.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
02:00 USD FOMC Meeting Minutes (8th)
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 22:00 | USD – JOLTs Job Openings (May) | 9.286M | 9.388M | – |
| 22:00 | CAD – Ivey PMI (Jun) | 64.7 | – | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher following a rebound from the lower levels. MACD which illustrated bullish momentum suggest the index to extend its gains in short-term.
Resistance level: 92.55, 92.85
Support level: 92.20, 91.90
GBPUSD, H4: GBPUSD was traded lower following prior retracement from higher level. MACD which illustrated bearish momentum suggest the pair to be traded lower in short-term.
Resistance level: 1.3805, 1.3860
Support level: 1.3750, 1.3690
EURUSD, H4: EURUSD was traded lower following prior retrace from 1.1870. MACD which illustrated bearish momentum suggest the pair to be traded lower in short-term.
Resistance level: 1.1840, 1.1870
Support level: 1.1810, 1.1770
USDJPY, H4: USDJPY was traded lower following prior retracement from higher levels. MACD which illustrated bearish momentum suggests the pair to be traded lower after closing below 110.45.
Resistance level: 110.70, 110.95
Support level: 110.45, 110.15
AUDUSD, H4: AUDUSD was traded lower following a retracement from higher levels. MACD which shows diminished bullish momentum suggests the pair to extend its losses in short-term.
Resistance level: 0.7510, 0.7560
Support level: 0.7475, 0.7450
NZDUSD, H4: NZDUSD was traded lower while currently testing the support level at 0.7015. MACD which illustrate bearish momentum suggests the pair to extend its losses after closing below 0.7015.
Resistance level: 0.7070, 0.7115
Support level: 0.7015, 0.6975
USDCAD, H4: USDCAD was traded higher following prior rebound from the support level at 1.2320. MACD which illustrated bullish momentum suggest the pair to extend its gains after closing above 1.2470.
Resistance level: 1.2470, 1.2510
Support level: 1.2400, 1.2320
USDCHF, H4: USDCHF was traded higher following a rebound near 0.9200. MACD which illustrate diminished bullish momentum suggests the pair to be traded higher in short-term.
Resistance level: 0.9270, 0,9205
Support level: 0.9230, 0.9200
CrudeOIL, H4: Crude oil price was traded lower following prior retracement from the higher level. MACD which shows increasing bearish momentum suggests its price to extend losses after breaking the support level of 73.25.
Resistance level: 74.00, 74.70
Support level: 73.25, 72.55
GOLD_, H4: Gold price was traded lower following prior retracement from the higher level. MACD which illustrate diminished bullish momentum suggests its price to extend its losses after closing below 1795.00.
Resistance level: 1813.00, 1830.00
Support level: 1795.00, 1783.00