11 June 2021 Afternoon Session Analysis
Pound gains following receding pessimism in Brexit.
The pound sterling which traded against the dollar and other currency pairs have rose following receding pessimism over the Brexit. According to reports from Reuters, UK Prime Minister (PM) Boris Johnson said that Biden is “a big breath of fresh air”. After a visit from U.S President Joe Biden, Boris Johnson and Biden agreed that both U.K and the EU had a responsibility to work together and to find pragmatic solutions to allow unencumbered trade between Northern Ireland, Britain and Ireland. On top of that, U.K and EU have also signed a new deal and both have agreed on a catch limits for 70 shared fish stocks that work £333million in fishing opportunities to UK vessels. At the time of writing, GBP/USD rose 0.03% to 1.4173.
In the commodities market, crude oil price remains resilient and edge higher 0.03% to $69.89 per barrel following expectations for fuel demand recovery in U.S and EU. According to recent data, the road traffic has returned to pre-COVID-19 levels in North America and Europe. On top of that, jet fuel demand also showed signs of improvement with flights in Europe increase 17% over the past two weeks. On the other hand, gold price rose 0.12% to $1900.31 a troy ounce at the time of writing following dollar weakness.
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 |
| 14:00 | GBP – Manufacturing Production (MoM) (Apr) | 2.1% | 1.5% | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index remain traded in a sideway channel following recent retracement from the resistance level 90.15. However, MACD which illustrate bearish bias signal with the formation of death cross suggest the dollar to extend its retracement in short term towards the support level 89.70.
Resistance level: 90.15. 90.50
Support level: 89.70, 89.35
GBPUSD, H4: GBPUSD remain traded in a sideway channel while currently testing near the resistance level 1.4195. MACD which illustrate bullish momentum signal suggest the pair to extend its gains after it breaks above the resistance level.
Resistance level: 1.4195, 1.4275
Support level: 1.4100, 1.4020
EURUSD, H4: EURUSD remain traded in a sideway channel following recent rebound from the support level 1.2160. However, MACD which illustrate bullish bias signal suggest the pair to extend its rebound in short term towards the resistance level 1.2240.
Resistance level: 1.2240, 1.2335
Support level: 1.2160, 1.2070
USDJPY, H4: USDJPY remain traded in a sideway channel while currently testing the support level 109.30. However, MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to extend its losses after it breaks below the support level.
Resistance level: 109.75, 110.30
Support level: 109.30, 108.95
AUDUSD, H4: AUDUSD remain traded in a sideway channel while currently testing near the resistance level 0.7765. However, MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to be traded higher after it breaks above the resistance level 0.7765.
Resistance level: 0.7765, 0.7805
Support level: 0.7695, 0.7650
NZDUSD, H4: NZDUSD was traded higher following recent rebound from its low level. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to extend its rebound towards the resistance level 0.7225.
Resistance level: 0.7225, 0.7310
Support level: 0.7135, 0.7065
USDCAD, H4: USDCAD remain traded in a sideway channel following recent retracement from the resistance level 1.2125. However, MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to extend its retracement towards the support level 1.2035.
Resistance level: 1.2125, 1.2175
Support level: 1.2035, 1.1970
USDCHF, H4: USDCHF was traded lower while currently testing the support level 0.8935. However, MACD which illustrate bearish bias signal suggest the pair to extend its losses after it breaks below the support level.
Resistance level: 0.8985, 0.9040
Support level: 0.8935, 0.8890
CrudeOIL, H4: Crude oil price was traded lower following prior retracement from the resistance level 70.50. MACD which illustrate bearish momentum signal suggest the commodity to extend its retracement towards the support level 68.30.
Resistance level: 70.50, 72.30
Support level: 68.30, 66.55
GOLD_, H4: Gold price was traded higher following recent breakout above the previous resistance level 1885.35. MACD which illustrate bullish bias signal with the formation of golden cross suggest the commodity to extend its gains towards the resistance level 1913.30.
Resistance level: 1913.30, 1937.35
Support level: 1885.35, 1856.05