14 June 2021 Morning Session Analysis
Pound dipped amid bearish economic data.
Pound Sterling slumped over the backdrop of bearish economic data last week, which dialed down the market optimism toward the economic progression in United Kingdom while diminishing market demand on the Pound Sterling. According to the Office for National Statistics, U.K. Manufacturing Production for last month had notched down significantly from the previous reading of 2.1% to -0.3%, missing the market forecast at 1.5%. Besides, Pound Sterling extend its losses amid the resurgence of the Covid-19 cases in U.K. ahead of full unlocking decision on 21st June 2021 had heightened the concern of the investors. According to latest data, the UK has reported eight new deaths and a further 7,490 positive cases. Rising Covid-19 case numbers and hospitalizations are a matter of serious concerns, which prompting UK Prime Minister Boris Johnson less optimistic about reopening the country’s economy. Nonetheless, UK Prime Minister Boris Johnson is expected to set out on Monday whether a planned lifting of Covid-19 restriction can go ahead of 21st June. As of writing, GBP/USD surged 0.08% to 1.4115.
In the commodities market, the crude oil price surged 0.23% to 70.95 per barrel as of writing. The oil market edged higher as market participants speculated that rapid Covid-19 vaccination rollouts would boost global economic activity and demand for the commodity. On the other hand, the gold price slumped 0.12% to $1875.40 per troy ounces amid strengthening US Dollar ahead of FOMC meeting.
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
N/A
Technical Analysis
DOLLAR_INDX, H1: Dollar index was traded lower following prior retracement from the resistance level at 90.50. MACD which illustrated increasing bearish momentum suggest the index to extend its losses toward support level at 90.25.
Resistance level: 90.50. 90.75
Support level: 90.25, 89.85
GBPUSD, H4: GBPUSD was traded lower while currently testing the support level at 1.4100. MACD which illustrated increasing bearish 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 following prior breakout below the previous support level at 1.2120. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.2070.
Resistance level: 1.2120, 1.2170
Support level: 1.2070, 1.1990
USDJPY, H4: USDJPY was traded higher while currently testing 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 testing the support level at 0.7700. 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 while currently testing the support level at 0.7125. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 0.7225, 0.7300
Support level: 0.7125, 0.7060
USDCAD, Daily: USDCAD was traded higher following prior rebound from the support level at 1.2035. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.2380.
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 0.8930. However, MACD which illustrated increasing bullish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 0.9095, 0.9175
Support level: 0.8930, 0.8850
CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level at 70.60. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.
Resistance level: 70.60, 71.65
Support level: 68.55, 66.65
GOLD_, H4: Gold price was traded lower while currently near the support level at 1857.10. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses after it successfully breakout below the support level.
Resistance level: 1908.40, 1957.95
Support level: 1857.10, 1814.35