15 June 2020 Morning Session Analysis
Pound Sterling slumped amid negative economic data.
Pound Sterling slumped over the backdrop of a string of bleak data from the UK region. According to Office for National Statistics, the U.K. Manufacturing Production for last month notched down significantly from the previous reading of -4.6% to -24.3%, worse than the market expectation at -15.8%. Similarly, the U.K. Gross Domestic Product (GDP) for last quarter also declined massively from preliminary reading of -5.8% to -20.4%, lower than the market expectation at -18.75%. Such data had both fared worse than market expectation, which dialling down the market optimism toward the economic progression from the United Kingdom while spurring significant selloff for the Pound Sterling. On Brexit front, the lack of progress over the trade negotiation between UK and European Union had left scant hope on soft-Brexit, which further dragged down the appeal for the Pound Sterling. According to Reuters, the UK negotiators claimed that it would not extend a Brexit transition period that is due to end on 31st December 2020. Analysts predicted that the Pound Sterling would be suffering further depreciation amid to poor performance of UK government in managing the COVID-19 crisis and uncertainty with regards of the Brexit issues. As of writing, GBP/USD slumped 0.32% to 1.2495.
In the commodities market, the crude oil price slumped 1.13% to $35.75 per barrel as of writing. The oil market edged lower amid investors remained concern over the second wave of the coronavirus infection in the United States and indication from the Federal Reserve that the economy could struggle for another two years, which weighing the demand for the black-commodity. On the other hand, the gold price surged 0.10% to $1732.45 per troy ouns amid diminishing risk appetite in the FX market.
Today’s Holiday Market Close
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Today’s Highlight Events
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Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 20:30 | USD – NY Empire State Manufacturing Index (Jun) | -48.50 | -27.50 | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index higher while currently testing the resistance level at 97.00. However, MACD which illustrated diminishing bullish momentum suggest the index to be traded lower in short-term as technical correction.
Resistance level: 97.00, 97.60
Support level: 96.00, 95.25
GBPUSD, H4: GBPUSD was traded lower while currently testing the support level at 1.2500. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 1.2595, 1.2675
Support level: 1.2500, 1.2395
EURUSD, H4: EURUSD was traded lower while currently testing the support level at 1.1245. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 1.1405, 1.1555
Support level: 1.1245, 1.1140
USDJPY, H4: USDJPY was traded higher while currently testing the resistance level at 107.45. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 107.45, 107.80
Support level: 107.15, 106.70
AUDUSD, H4: AUDUSD was traded lower following prior retracement from the resistance level at 0.6915. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.6755.
Resistance level: 0.6915, 0.7015
Support level: 0.6755, 0.6650
NZDUSD, H1: NZDUSD was traded lower while currently testing the support level at 0.6405. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 0.6475, 0.6520
Support level: 0.6405, 0.6350
USDCAD, H4: USDCAD was traded higher while currently testing the resistance level at 1.3670. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 1.3670, 1.3800
Support level: 1.3480, 1.3355
USDCHF, H1: USDCHF was traded lower while currently testing the support level at 0.9505. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 0.9545, 0.9580
Support level: 0.9505, 0.9450
CrudeOIL, H4: Crude oil price was traded higher following prior rebound from the support level at 34.30. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains toward resistance level at 37.55.
Resistance level: 37.55, 40.25
Support level: 34.30, 31.75
GOLD_, H4: Gold price was traded lower following prior retracement from the resistance level at 1738.70. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses toward support level at 1723.25.
Resistance level: 1738.70, 1752.05
Support level: 1723.25, 1706.00