9 July 2021 Afternoon Session Analysis
Aussie fell amid downbeat China data.
The Australian dollar which traded against the dollar and other currency pairs remains pressured and fell after recent release of weak China inflation data. According to the National Bureau of Statistics of China, China’s CPI have fell to 1.1%, weaker than market expectation of 1.3%. While PPI came in line with market expectation of 8.8%, the reading was down from previous reading of 9%. On top of that, Covid-19 woes in Australia also added further burden for the Aussie. Australia’s covid infections have jumped to three days high on July 08 and pushes authorities to rule out unlock any time soon. Recently, New South Wales (NSW) Premier, Gladys Berejiklian stated that the Aussie state will continue to tighten lockdown, hard to see opening by next Friday. She also stated that NSW is facing the biggest challenge we have faced since the pandemic started. At the time of writing, AUD/USD fell 0.15% to 0.7415.
In the commodities market, crude oil price rose extend gains and rose 0.11% to $72.96 per barrel as of writing following prospect of robust demand. Following reports from EIA, a gauge of fuel demand surged to 10 million barrels a day in the week leading up to the July 4th holiday. On the other hand, gold price rose 0.16% to $1805.38 a troy ounce at the time of writing amid dollar weakness.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
18:00 GBP BoE Gov Bailey Speaks
18:00 EUR ECB President Lagarde Speaks
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 14:00 | GBP – GDP (MoM) | 2.30% | – | – |
| 14:00 | GBP – Manufacturing Production (MoM) (May) | -0.30% | 1.00% | – |
| 20:30 | CAD – Employment Change (Jun) | -68.0K | 175.0K | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower while currently testing near the support level 92.25. MACD which illustrate bearish bias signal suggest the dollar to extend its losses after it breaks below the support level.
Resistance level: 92.70, 93.05
Support level: 92.25, 91.65
GBPUSD, H4: GBPUSD was traded lower while currently testing near the support level 1.3750. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to be traded higher as a technical correction towards the resistance level 1.3885.
Resistance level: 1.3885, 1.3990
Support level: 1.3750, 1.3675
EURUSD, H4: EURUSD was traded higher while currently testing near the resistance level 1.1850. MACD which illustrate bullish momentum signal suggest the pair to extend its gains after it breaks above the resistance level 1.1850.
Resistance level: 1.1850, 1.1920
Support level: 1.1765, 1.1705
USDJPY, H4: USDJPY was traded higher following prior rebound from the support level 109.75. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its rebound towards the resistance level 110.30.
Resistance level: 110.30, 111.00
Support level: 109.75, 109.30
AUDUSD, H4: AUDUSD was traded lower while currently testing near the support level 0.7395. MACD which illustrate bearish bias signal suggest the pair to extend its losses after it breaks below the support level.
Resistance level: 0.7475, 0.7545
Support level: 0.7395, 0.7330
NZDUSD, H4: NZDUSD was traded lower while currently testing near the support level 0.6925. MACD which illustrate ongoing bearish momentum signal suggest the pair to extend its losses after it breaks below the support level 0.6925
Resistance level: 0.7010, 0.7075
Support level: 0.6925, 0.6825
USDCAD, H4: USDCAD was traded higher while currently testing the resistance level 1.2560. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to be traded lower as a technical correction towards the support level 1.2490.
Resistance level: 1.2560, 1.2640
Support level: 1.2490, 1.2420
USDCHF, H4: USDCHF was traded lower while currently testing near the support level 0. 9135.MACD which illustrate bearish momentum signal suggest the pair to extend its losses after it breaks below the support level 0.9135.
Resistance level: 0.9195, 0.9245
Support level: 0.9135, 0.9090
CrudeOIL, H4: Crude oil price was traded higher following prior rebound from the support level 71.15. MACD which illustrate diminishing bearish momentum signal with the formation of golden cross suggest the commodity to extend its rebound towards the resistance level 74.20.
Resistance level: 74.20, 76.35
Support level: 71.15, 68.35
GOLD_, H4: Gold price was traded lower following prior retracement from the resistance level 1812.10. However, MACD which illustrate bearish bias signal suggest the commodity to extend its losses towards the support level 1767.55.
Resistance level: 1812.10, 1856.00
Support level: 1767.55, 1725.50