09 June 2021 Afternoon Session Analysis
Aussie slips amid increasing concerns over China.
The Australian dollar which traded against the dollar and other currency pairs have fell from its recent high after reports of China plans to control coal price. According to reports from Reuters, China is considering to impose a cap on the thermal coal as it struggles to contain the high energy cost ahead of peak demand. As Australia is one of the main thermal coal exporters in the world, the move will escalate further tension in between Australia and China. Previously, Australia supported a call for a global inquiry into China’s handling of Covid-19, thus causing relationships between the two countries begin to sour. Beijing has since taken several measures restricting Australian imports, ranging from levying tariffs to imposing other bans and restrictions. At the time of writing, AUD/USD fell 0.05% to 0.7733.
In the commodities market, crude oil price soars 0.66% to $70.48 per barrel as of writing following optimism towards fuel demand outlook. U.S. crude oil supply data from the American Petroleum Institute showed a drop of 2.108 million barrels for the week ending June 4, better than market expectation of a 3.576 million increase. On top of that, various countries such as U.S, France, Canada and Germany have lowered travel warnings for certain countries which making it possible to loosen airline restrictions for trips overseas. On the other hand, gold price edge higher 0.04% to 1893.59 a troy ounce at the time of writing following weakness in dollar.
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
Tentative CAD BoC Press Conference
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 22:00 | CAD – BoC Interest Rate Decision | 0.25% | 0.25% | – |
| 22:30 | CrudeOIL -Crude Oil Inventories | -5.080M | – | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index remain traded in a sideway channel. Due to lack of momentum and clear direction from MACD, it is suggested to wait until further signal appear before entering the market.
Resistance level: 90.15, 90.50
Support level: 89.70, 89.35
GBPUSD, H4: GBPUSD remain traded in a sideway channel. Due to lack of momentum and clear direction from MACD, it is suggested to wait until further signal appear before entering the market.
Resistance level: 1.4195, 1.4275
Support level: 1.4100, 1.4020
EURUSD, H4: EURUSD was traded flat near the support level 1.2160. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to be traded lower after it breaks below the support level.
Resistance level: 1.2240, 1.2335
Support level: 1.2160, 1.2070
USDJPY, H4: USDJPY was traded flat after recent breakout above the previous resistance level 109.40. However, MACD which display bullish bias signal with the formation of golden cross suggest the pair to be traded higher towards the resistance level 109.75.
Resistance level: 109.75, 110.30
Support level: 109.40, 109.00
AUDUSD, H4: AUDUSD remain traded in a sideway channel following recent retracement from the resistance level 0.7765. MACD which illustrate bearish bias signal with the formation of death cross suggest the pair to be traded lower 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 retracement from the resistance level 0.7225. MACD which illustrate bearish bias signal with the formation of death cross suggest the pair to extend its retracement 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 while currently testing near the resistance level 1.2125. However, MACD which illustrate bullish momentum signal suggest the pair to be traded higher after it breaks above the resistance level.
Resistance level: 1.2125, 1.2175
Support level: 1.2035, 1.1970
USDCHF, H4: USDCHF was traded lower following recent retracement from its high level. MACD which illustrate bearish momentum 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 higher following prior breakout above the previous resistance level 70.10. MACD which illustrate bullish bias signal with the formation of golden cross suggest the commodity to extend its gains towards the resistance level 72.30.
Resistance level: 72.30, 74.20
Support level: 70.10, 68.30
GOLD_, H4: Gold price remain traded flat in a sideway channel while currently testing near the support level 1885.35. However, MACD which illustrate diminishing bullish momentum signal suggest the commodity to be traded lower after it breaks below the support level.
Resistance level: 1913.75, 1937.35
Support level: 1885.35, 1856.05