14 June 2021 Afternoon Session Analysis
Dollar remains firm ahead of Fed meeting this week.
The dollar index which traded against a basket of six major currency pairs have held steady after posting its biggest weekly gain in more than a month as traders remain cautious ahead of a Fed meeting this week. In recent weeks, market continue to digest inflationary pressure that could force the Fed to tighten their policy earlier than expected. The latest data show that the US CPI has risen to 5.0%, the highest level in 13 years. While recent comments from policy makers insist that the inflation would be temporary, markets now expect the Fed may giving clues on changing its asset purchase program. On top of that, investors also continue to bet on U.S economic rebound where coronavirus cases continue to drop in the country. At the time of writing, dollar index rose 0.03% to 90.48.
In the commodities market, crude oil price jump 0.58% to $71.18 per barrel as of writing following improved outlook for demand. According to data, vehicle traffic is returning to pre-pandemic levels in North America and much of Europe and more planes are in the air as lockdowns and other restrictions are being eased. On top of that, IEA also mention that OPEC need to increase output to meet recovery demand. On the other hand, gold price slips 0.64% to $1856.16 a troy ounce at the time of writing following dollar strength.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
21:00 GBP BoE Gov Bailey Speaks
Today’s Highlight Economic Data
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Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher while currently testing the resistance level 90.50. MACD which illustrate bullish momentum signal suggest the dollar to extend its gains after it breaks above the resistance level.
Resistance level: 90.50, 90.75
Support level: 90.15, 89.70
GBPUSD, H4: GBPUSD remain traded in a sideway channel while currently testing the support level 1.4100. However, MACD which illustrate bearish momentum signal suggest the pair to extend its losses after it breaks below the support level
Resistance level: 1.4195, 1.4275
Support level: 1.4100, 1.4020
EURUSD, H4: EURUSD was traded lower while currently testing near the support level 1.2070. MACD which illustrate bearish momentum signal suggest the pair to extend its losses after it breaks below the support level.
Resistance level: 1.2160, 1.2240
Support level: 1.2070, 1.1985
USDJPY, H4: USDJPY remain traded in a sideway channel while currently testing the resistance level 109.75. However, MACD which display bullish momentum signal suggest the pair to extend its gains after it breaks above the resistance 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 the support level 0.7695. However, MACD which illustrate bearish momentum signal suggest the pair to extend its losses after it breaks below the support level.
Resistance level: 0.7765, 0.7805
Support level: 0.7695, 0.7650
NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level 0.7135. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its gains after it breaks above the resistance level 0.7225.
Resistance level: 0.7135, 0.7225
Support level: 0.7065, 0.7000
USDCAD, H4: USDCAD was traded lower following prior retracement from the resistance level 1.2175. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its retracement towards the support level 1.2125.
Resistance level: 1.2175, 1.2270
Support level: 1.2125, 1.2035
USDCHF, H4: USDCHF was traded higher while currently testing the resistance level 0.8990. MACD which illustrate bullish momentum signal suggest the pair to extend its gains after it breaks above the resistance level.
Resistance level: 0.8990, 0.9040
Support level: 0.8935, 0.8890
CrudeOIL, H4: Crude oil price was traded higher following prior rebound from the support level 70.50. MACD which illustrate bullish bias signal suggest the commodity to extend its gains towards the resistance level 72.30.
Resistance level: 72.30, 74.20
Support level: 70.50, 68.30
GOLD_, H4: Gold price was traded lower while currently testing near the support level 1856.05. MACD which illustrate bearish momentum signal suggest the pair to extend its losses after it breaks below the support level.
Resistance level: 1885.35, 1913.30
Support level: 1856.05, 1812.10