10 June 2021 Morning Session Analysis
Pound slumped amid Brexit tensions.
Pound Sterling received bearish momentum yesterday amid rising Brexit tensions between United Kingdom and European Union. According to BBC, The EU claimed that its patience is “wearing very thin” with the UK in talks aimed at avoiding a post-Brexit trade war. Although the UK formally left EU in 2020, the two sides are still trading threats over the Brexit deal after London unilaterally delayed the implementation of the Northern Irish clauses of the deal. Mr. Sefcovic claimed that if UK were to take further unilateral action in the coming weeks, the EU will not hesitate to act swiftly, firmly and resolutely to ensure the UK abides by its international obligations. The EU and Britain currently tried to solve the border riddle with the Northern Ireland Protocol of Brexit agreement, which keeping the province in both the UK’s custom territory and the EU’s single market. Rising tensions between EU and UK had dialed down the market optimism toward the economic progression in UK, which spurring bearish momentum on the Pound Sterling. As of writing, GBP/USD depreciated by 0.05% to 1.4112.
In the commodities market, the crude oil price appreciated by 0.01% to $69.75 per barrel as of writing. The overall momentum for the crude oil commodity remained bullish amid positive inventory data. According Energy Information Administration (EIA), U.S. Crude Oil Inventories came in at -5.241M, better than the market forecast at -2.036M. On the other hand, the gold price appreciated by 0.03% to $1889.05 per troy ounces as of writing amid inflation fears remained, which prompting investors to shift their portfolio into safe-haven commodity in order to hedge against high inflation risk.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
20:30 EUR ECB Press Conference
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 19:45 | EUR – ECB Interest Rate Decision (Jun) | 0.00% | 0.00 | – |
| 20:30 | USD – Core CPI (MoM) (May) | 0.9% | 0.4% | – |
| 20:30 | USD – Initial Jobless Claims | 385K | 371K | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher following prior rebound from the support level at 89.85. MACD which illustrated diminishing bearish momentum suggest the index to extend its gains toward resistance level at 90.25.
Resistance level: 90.25. 90.75
Support level: 89.85, 89.50
GBPUSD, H4: GBPUSD was traded lower while currently near the support level at 1.4100. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 1.4235, 1.4365
Support level: 1.4100, 1.4005
EURUSD, H4: EURUSD was traded lower while currently testing the support level at 1.2170. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 1.2255, 1.2340
Support level: 1.2170, 1.2120
USDJPY, H4: USDJPY was traded higher while currently near the resistance level at 109.75. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 109.75, 110.30
Support level: 109.05, 108.55
AUDUSD, H4: AUDUSD was traded lower while currently near the support level at 0.7710. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 0.7805, 0.7880
Support level: 0.7710, 0.7645
NZDUSD, H4: NZDUSD was traded lower following prior retracement from the resistance level at 0.7225. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.7140.
Resistance level: 0.7225, 0.7300
Support level: 0.7140, 0.7060
USDCAD, Daily: USDCAD was traded lower while currently testing the support level at 1.2040. However, MACD which illustrated increasing bullish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 1.2380, 1.2605
Support level: 1.2040, 1.1785
USDCHF, Daily: USDCHF was traded lower while currently testing the support level at 0.8955. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 0.9095, 0.9175
Support level: 0.8955, 0.8850
CrudeOIL, H1: Crude oil price was traded lower while currently testing the support level at 69.55. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.
Resistance level: 70.45, 71.65
Support level: 69.55, 68.60
GOLD_, Daily: Gold price was traded higher following prior rebound from the support level at 1876.40. However, MACD which illustrated increasing bearish momentum suggest the commodity to be traded lower in short-term as technical correction.
Resistance level: 1923.75, 1949.40
Support level: 1876.40, 1830.10