13 July 2021 Morning Session Analysis
Dollar was traded flat ahead of crucial data.
The Dollar Index which traded against a basket of six major currency pairs was remained flat amid market participants still wait for crucial inflation data and Federal Reserve monetary policy to gauge the likelihood movement for the US Dollar. Analysts suggested that rising price pressures may prompt the Federal Reserve to be tightening its monetary policy plan sooner than expected. Contractional monetary policy would decrease the money circulation in the US financial market, which spurring bullish momentum on the US Dollar. Besides, Fed Chair Jerome Powell’s semi-annual testimony to Congress on Wednesday and Thursday could provide further signal with regards of the stance on monetary policy from Federal Reserve. Nonetheless, the overall sentiment from the Federal Reserve remained vague, investors would continue to scrutinize the latest updates with regards of Fed’s statement as well as further crucial economic data to receive further trading signal. As of writing, the Dollar Index depreciated by 0.01% to 92.20.
In the commodities market, the crude oil price slumped 0.05% to $74.40 per barrel as of writing. The oil market edged lower over the concerns of spiking numbers of Covid-19 infections would be spurring negative prospect for the economic recovery in future. On the other hand, the gold price was traded flat at $1808.30 per troy ounces as of writing amid market participants still wait for further catalyst before entering the safe-haven market.
Today’s Holiday Market Close
Time Market Event
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Today’s Highlight Events
Time Market Event
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Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 20:30 | USD – Core CPI (MoM) (Jun) | 0.7% | 0.4% | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower while currently testing the support level at 92.00. However, MACD which illustrated diminishing bearish momentum suggest the index to be traded higher in short-term as technical correction.
Resistance level: 92.65, 93.25
Support level: 92.00, 91.35
GBPUSD, H4: GBPUSD was traded higher following prior rebound from the support level at 1.3750. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 1.3960, 1.4100
Support level: 1.3750, 1.3565
EURUSD, H4: EURUSD was traded higher following prior breakout above the previous resistance level at 1.1850. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 1.1955, 1.2065
Support level: 1.1850, 1.1725
USDJPY, H4: USDJPY was traded higher following prior rebound from the support level at 109.75. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 110.45.
Resistance level: 110.45, 110.95
Support level: 109.75, 109.05
AUDUSD, H4: AUDUSD was traded higher following prior rebound from the support level at 0.7440. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.7590.
Resistance level: 0.7590, 0.7700
Support level: 0.7440, 0.7285
NZDUSD, Daily: NZDUSD was traded lower while currently testing the support level at 0.6940. However, MACD which illustrated increasing bullish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 0.7120, 0.7305
Support level: 0.6940, 0.6770
USDCAD, H4: USDCAD was traded lower following prior breakout below the previous support level at 1.2495. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.2360.
Resistance level: 1.2495, 1.2605
Support level: 1.2360, 1.2275
USDCHF, H4: USDCHF was traded lower following prior breakout below the previous support level at 0.9165. However, MACD which illustrated increasing bullish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 0.9165, 0.9230
Support level: 0.9095, 0.9035
CrudeOIL, H4: Crude oil price was traded higher following prior rebound from the support level at 72.45. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains toward resistance level at 74.15.
Resistance level: 74.15, 75.05
Support level: 72.45, 71.05
GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1813.05. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1813.05, 1832.25
Support level: 1788.95, 1773.45