7 July 2021 Morning Session Analysis
Greenback rose over bullish speculation.
US dollar rebounds from its lower level on yesterday following bullish speculation among investors. Currently, investors are waiting for the release of Federal Reserve meeting minutes to gauge their perception and timeline of interest rate hike. Previously, several members of Fed have urged to tighten their monetary policy as soon as next year due to rising inflation in the US. According to latest report, US inflation is currently hovering near 5% for the comparison of year-over-year, significantly above Fed’s target of 2%. However, gains on the US dollar remains limited after recent economic data from the US shows a significant scale down in economic momentum. For the month of Jun, ISM Non-Manufacturing PMI notched down to 60.1, significantly lower than forecast of 63.5. The depreciation in services sector activities were largely due to shortage of staff that limits its output for last month. As of writing, the dollar index was up 0.01% to 92.48.
For the commodities, crude oil price slumped 0.36% to $73.03 per barrel. Oil price plunged sharply after investors began to take profits from the recent appreciation of price. For the time being, investors will place attention upon OPEC for possible signals with regards to production hike. On the other hand, gold price was down 0.08% to $1,796.13 a troy ounce while market await for more signals.
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, H1: 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 in short-term.
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