83% of retail investor accounts lose money when trading CFDs with this provider.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 83% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

08 June 2021                       Afternoon Session Analysis

 

Yen surged amid upbeat economic data.

The Japanese Yen surged over the backdrop of bullish economic data in the morning. According to Cabinet Office, Japan Gross Domestic Product (GDP) for last quarter came in at -1.0%, exceeding the market forecast at -1.2%, which spurring positive prospect for the economic progression in Japan region. On the Covid-19 front, the Japanese Yen received further bullish momentum amid decreasing number of Covid-19 infections had spurred hopes on the economic recovery. According to Japan Times, Tokyo confirmed 351 new Covid-19 cases on Sunday while Okinawa Prefecture tallied 183 new infections. Nonetheless, the Tokyo’s average daily tally of Covid-19 cases had declined from the previous average reading of 558.6 to 426.4 cases. In overall, Japan confirmed 2,652 new cases of Covid-19 cases on last Saturday, a decrease of 939 from a week before. As of writing, USDJPY depreciated by 0.05% to 109.40.

 

In the commodities market, the crude oil price depreciated by 0.81% to $68.65 per barrel as of writing. The crude oil price edged lower amid declined of China’s oil import in May had spurred concerns about global recovery in demand for crude oil. According to latest data, China’s crude imports were down 14.6% in May, from a high level a year earlier. On the other hand, the gold price surged 0.03% to 1896.65 per troy ounces as of writing amid weakening US Dollar.

 

Today’s Holiday Market Close

Time                       Market                  Event

N/A

 

Today’s Highlight Events

Time                       Market                  Event

N/A

 

Today’s Highlight Economic Data

Time Nation & Data Previous Forecast Actual
17:00 EUR – German ZEW Economic Sentiment (Jun) 84.4 85.3
22:00 USD – JOLTs Job Openings (Apr) 8.123M

 

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher following prior rebound from its low level. MACD which illustrate diminishing bearish momentum signal suggest the dollar to extend its rebound towards the resistance level 90.15.

 

Resistance level: 90.15, 90.50

Support level: 89.70, 89.35

 

GBPUSD, H4: GBPUSD remain traded in a sideway channel following recent retracement from the resistance level 1.4195. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to be extend its retracement in short term towards the support level 1.4100.

 

Resistance level: 1.4195, 1.4275

Support level: 1.4100, 1.4020

 

EURUSD, H4: EURUSD was traded lower following prior retracement from its high level. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its retracement in short term towards the support level 1.2160.

 

Resistance level: 1.2240, 1.2335

Support level: 1.2160, 1.2070

 

USDJPY, H4: USDJPY was traded higher while currently testing the resistance level 109.40. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its gains after it breaks above the resistance level.

 

Resistance level: 109.40, 109.75

Support level: 109.00, 108.45

 

AUDUSD, H4: AUDUSD was traded lower following prior retracement from the resistance level 0.7765. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its retracement towards the support level 0.7695.

 

Resistance level: 0.7765, 0.7805

Support level: 0.7695, 0.7650

 

NZDUSD, H4: NZDUSD was traded lower following prior breakout below the previous support level 0.7225. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses towards the support level 0.7135.

 

Resistance level: 0.7225, 0.7310

Support level: 0.7135, 0.7065

 

USDCAD, H4: USDCAD remain traded in a sideway channel following recent rebound from its low level. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its rebound in short term towards the resistance level 1.2125.

 

Resistance level: 1.2125, 1.2175

Support level: 1.2035, 1.1970

 

USDCHF, H4: USDCHF was traded lower following prior breakout below the previous support level 0.8985. MACD which illustrate bearish bias signal suggest the pair to extend its losses towards the support level 0.8935.

 

Resistance level: 0.8985, 0.9040

Support level: 0.8935, 0.8890

 

CrudeOIL, H4: Crude oil was traded lower while currently testing near the support level 68.30. MACD which illustrate bearish momentum signal suggest the commodity to extend its losses after it breaks below the support level 68.30.

 

Resistance level: 70.10, 72.30

Support level: 68.30, 66.55

 

GOLD_, H4: Gold price was traded higher following recent rebound from the support level 1885.35. MACD which illustrate bullish bias signal suggest the commodity to extend its gains in short term towards the resistance level 1913.75.

 

Resistance level: 1913.75, 1937.35

Support level: 1885.35, 1856.05