8 June 2018 Daily Analysis
Dollar-bears took a break, ECB still on tap.
Greenback shies away from session low against other major peers on yesterday albeit remained under pressure as Euro continued to extend its gains over the backdrop of higher prospect towards European Central Bank (ECB) to shed their plans on their QE program. The dollar index tacks up 0.08% while last quoted at 93.37 during Asian trading hours. Overnight, US dollar received some bullish support after Initial Jobless Claims for last week decreased by 1,000 individuals to a seasonally adjusted total of 222,000, beating economist expectation to remain at 223,000. However, overall upside on the currency remained limited as investors mulls over ECB that may announce the end date of their massive bond-purchasing program next week, sparking higher bets on the central bank to tighten their policy sooner than later. The single common currency, Euro depreciates slightly by 0.06% to $1.1796 against the US dollar.
Peering into the commodities market, crude oil price pared its losses by 0.35% to $66.12 per barrel after Iraqi’s Oil Minister postulate that a production increase for the second half of the year is not the main agenda for OPEC’s meeting on June 22nd. The signal has reduced investors fear over OPEC which has suggested to lift their production levels in order to offset diminished supply from Venezuela and Iran. Otherwise, gold price was down 0.02% to $1,296.93 a troy ounce over the backdrop of stronger dollar and diminished market risk.
Today’s Holiday Market Close
Time Market Event
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Today’s Highlight Events
Time Market Event
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Today’s Highlight Economy Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 07:50 | JPY – GDP (QoQ) (Q1) | -0.2% | -0.1% | -0.2% |
| 14:00 | EUR – German Industrial Production (MoM) (Apr) | 1.0% | 0.3% | – |
| 14:00 | EUR – German Trade Balance (Apr) | 22.0B | 21.0B | – |
| 16:30 | GBP – Manufacturing Production (MoM) (Apr) | -0.1% | -0.2% | – |
| 20:30 | CAD – Employment Change (May) | -1.1K | 17.5K | – |
| 20:30 | CAD – Unemployment Rate (May) | 5.8% | 5.8% | – |
| 01:00 | CrudeOIL – US Baker Hughes Oil Rig Count | 861 | – | – |
GBPUSD
GBPUSD, H4: GBPUSD was traded lower following prior retracement from the threshold of 1.3460. MACD histogram which has formed a death cross signal suggests the pair to be traded lower in short-term as technical correction after closing below the support level of 1.3410.
Resistance level: 1.3460, 1.3530
Support level: 1.3410, 1.3360
EURUSD
EURUSD, H1: EURUSD was traded higher following a bullish rebound from the support level of 1.1790. MACD histogram which illustrate diminishing downward momentum suggests the pair to extend its upside bias after closing above the 20-MA line (red).
Resistance level: 1.1830, 1.1865
Support level: 1.1790, 1.1740
USDJPY
USDJPY, H1: USDJPY was traded higher following prior rebound near the region of 109.40. MACD histogram which begins to form an upward signal suggests the pair to extend its gains after closing above the 20-MA line (red).
Resistance level: 110.00, 110.55
Support level: 109.40, 108.85
CrudeOIL
CrudeOIL, H4: Crude oil price extended gains following prior closure above the resistance level at 65.70. MACD histogram which illustrate upside bias suggests the commodity price to advance further upwards after closing above the 60-MA line (green).
Resistance level: 67.35, 68.30
Support level: 65.70, 64.10
GOLD
GOLD_, H1: Gold price remains traded within an ascending channel while currently testing at the bottom level. MACD histogram which illustrate downward signal suggests the commodity price to extend its losses after breaking the bottom level of the channel and target at 1296.00.
Resistance level: 1298.20, 1300.35
Support level: 1296.00, 1293.40