12 July 2021 Afternoon Session Analysis
Pound surge following U.K economy reopening hopes.
The pound sterling which traded against the dollar and other currency pair have rose following positive comments from U.K Prime Minister Boris Johnson towards U.K reopening. According to reports, U.K Prime Minister Boris Johnson stated that lockdown and social restrictions would be ease on July 19th as the vaccination program continue to run smooth and efficiently. Health Secretary Sajid Javid stressed that the high level of vaccination in the UK has helped to reduce mortality and hospital admissions caused by coronavirus. According to the latest report, vaccination rates in the UK have recorded readings as high as 68.4% of the population for the first dose and 51.3% for the second dose. On top of that, large businesses in U.K are now rushing ahead with post-lockdown investment plans that could further boost the U.K economy, according to survey by Deloitte. At the time of writing, pound sterling rose 0.04% to 1.3891.
In the commodities market, crude oil price slips 0.16% to $74.66 per barrel as of writing following OPEC worry tempers bull market. The failure to reach an agreement between OPEC and its members in term of production quota have caused a short-term uncertainty and could threaten the stability from coordinated efforts made by OPEC. At the time of writing, gold price fell 0.19% to $1804.91 a troy ounce at the time of writing following dollar rebound.
Today’s Holiday Market Close
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Today’s Highlight Events
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Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower following prior breakout below the previous support level 92.25. MACD which illustrate bearish bias signal suggest the dollar to extend its losses towards the support level 91.65.
Resistance level: 92.25, 92.70
Support level: 91.65, 91.30
GBPUSD, H4: GBPUSD was traded higher following prior breakout above the previous resistance level 1.3885. MACD which illustrate bullish momentum signal suggest the pair to extend its gains towards the resistance level 1.3990.
Resistance level: 1.3990, 1.4105
Support level: 1.3885, 1.3750
EURUSD, H4: EURUSD was traded higher following prior breakout above the previous resistance level 1.1850. MACD which illustrate ongoing bullish momentum signal suggest the pair to extend its gains towards the resistance level 1.1920.
Resistance level: 1.1920, 1.1985
Support level: 1.1850, 1.1785
USDJPY, H4: USDJPY was traded higher while currently testing near the resistance level 110.30. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to extend its gains after it breaks above the resistance level.
Resistance level: 110.30, 111.00
Support level: 109.75, 109.30
AUDUSD, H4: AUDUSD was traded lower following prior retracement from the resistance level 0.7485. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its retracement towards the support level 0.7415.
Resistance level: 0.7485, 0.7545
Support level: 0.7415, 0.7330
NZDUSD, H4: NZDUSD was traded lower following prior retracement from the resistance level 0.7010. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its retracement towards the support level 0.6925.
Resistance level: 0.7010, 0.7075
Support level: 0.6925, 0.6825
USDCAD, H4: USDCAD was traded lower following recent breakout below the previous support level 1.2470. MACD which illustrate bearish momentum signal suggest the pair to extend its losses towards the support level 1.2350.
Resistance level: 1.2470, 1.2565
Support level: 1.2350, 1.2275
USDCHF, H4: USDCHF was traded lower while currently testing the support level 0.9135. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to experience a technical correction towards the resistance level 0.9195.
Resistance level: 0.9195, 0.9245
Support level: 0.9135, 0.9090
CrudeOIL, H4: Crude oil price was traded lower following prior retracement from the resistance level 74.20. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its retracement towards the support level 71.15.
Resistance level: 74.20, 76.35
Support level: 71.15, 68.35
GOLD_, H4: Gold price remain traded in a sideway channel while currently testing near the resistance level 1812.10. However, MACD which illustrate bearish bias signal suggest the commodity to be traded lower towards the support level 1767.55.
Resistance level: 1812.10, 1853.00
Support level: 1767.55, 1725.50