10 June 2020 Afternoon Session Analysis
Pound sterling gains following further lockdown easing.
The pound sterling which traded against the greenback and other currency pairs extend its gains during late Asian session following announcement of further easing lockdown. On Tuesday, British Business Secretary Alok Sharma took over the daily coronavirus (COVID-19) briefings. According to reports. It is confirmed that shops in the UK will reopen on June 15. UK Prime Minister is also expected to announce some more guidelines for the easing of the pandemic-led halt in the economic activities and also updates on how the economy will reopen. Additionally, Sky News mentioned that the policymaker at legislation will make it harder for Chinese firms to invest in UK infrastructure in response to China’s agitation of respecting the UK government’s shift in practices against Huawei. At the time of writing, GBP/USD rose 0.09% to 1.2740.
In the commodities market, crude oil price retreats 0.14% to 38.20 per barrel following fading confidence of recovery outlook. Despite OPEC+ producers committed to extend cuts until the end of July, market confidence have slowly fading due the number of global cases continuing to increase daily and some countries, including South Korea, battling a second wave of cases. Investors fear the resurgence of cases would once again impact the demand recovery. In the other hand, gold price rose 0.08% to $1715.80 a troy ounce amid dollar weakness.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
02:00 USD FOMC Economic Projections
(11th)
02:00 USD FOMC Statement
(11th)
02:30 USD FOMC Press Conference
(11th)
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 22:30 | USD – Core CPI (MoM)(May) | -0.4% | -0.1% | – |
| 22:30 | CrudeOIL – Crude Oil Inventories | -2.077M | -1.738M | – |
| 02:00
(11th) |
USD – Fed Interest Rate Decision | 0.25% | 0.25% | – |
Technical Analysis
DOLLAR_INDX, H1: Dollar index was traded lower while currently testing the support level at 96.20. However, MACD which illustrated diminishing bearish momentum suggest the index to be traded higher in short-term as technical correction.
Resistance level: 96.50, 96.95
Support level: 96.20, 95.85
GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level at 1.2765. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1.2765, 1.2910
Support level: 1.2580, 1.2435
EURUSD, Daily: EURUSD was traded higher while currently testing the resistance level at 1.1405. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 1.1405, 1.1555
Support level: 1.1160, 1.0980
USDJPY, Daily: USDJPY was traded lower while currently testing the support level at 107.50. MACD which illustrated increasing bearish momentum suggest the pair the extend its losses after it successfully breakout below the support level.
Resistance level: 108.75, 109.70
Support level: 107.50, 106.35
AUDUSD, H4: AUDUSD was traded higher following prior rebound from the support level at 0.6895. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 0.7025.
Resistance level: 0.7025, 0.7240
Support level: 0.6895, 0.6715
NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level at 0.6545. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 0.6545, 0.6725
Support level: 0.6350, 0.6185
USDCAD, H4: USDCAD was traded lower following prior retracement from the resistance level at 1.3480. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 1.3355.
Resistance level: 1.3480, 1.3690
Support level: 1.3355, 1.3200
USDCHF, Daily: USDCHF was traded lower while currently testing the support level at 0.9500. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 0.9620, 0.9730
Support level: 0.9500, 0.9425
CrudeOIL, Daily: Crude oil price was traded lower following prior retracement from the resistance level at 40.60. MACD which illustrated diminishing bullish momentum suggest the commodity to extend its losses toward support level at 34.30.
Resistance level: 40.60, 46.65
Support level: 34.30, 28.40
GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1718.75. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.
Resistance level: 1718.75, 1739.05
Support level: 1697.10, 1675.05