15 June 2021 Afternoon Session Analysis
Aussie fell amid dovish RBA.
The Australian dollar which traded against the greenback and other currency pairs have plunged after recent dovish statement from the RBA. According to the meeting minutes from RBA, the board members have agreed that it would be “premature to consider easing” the bond buying program. RBA insisted that the policy would need to remain highly accommodative in order to reach full employment. On top of that, the minutes also conveyed that inflation is unlikely to be sustainably within its target range until 2024 at the earliest, hinting that the prospect of rate hike is unlikely until then. At the time of writing, AUD/USD fell 0.12% to 0.7702.
In the commodities market, crude oil price remains firm and edge higher 0.03% to $70.68 per barrel as of writing following faded prospect of extra supply from Iran. According to sources, indirect discussions between the United States and Iran, along with other parties to the 2015 deal on Tehran’s nuclear programme will be resumed on Saturday in Vienna and the recent meeting were described as “intense” by the European Union. On the other hand, gold price fell 0.24% to $1841.49 a troy ounce at the time of writing amid dollar strength.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
20:15 GBP BoE Gov Bailey Speaks
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 14:00 | GBP – Average Earnings Index +Bonus (Apr) | 4.00% | 4.90% | – |
| 14:00 | GBP – Claimant Count Change (May) | -15.1K | – | – |
| 20:30 | USD – Core Retail Sales (MoM) (May) | -0.8% | 0.2% | – |
| 20:30 | USD – PPI (MoM) (May) | 0.6% | 0.6% | – |
| 20:30 | USD – Retail Sales (MoM) (May) | 0.0% | -0.7% | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from the resistance level 90.50. MACD which illustrate diminishing bullish momentum signal suggest the dollar to experience a short-term technical correction towards the support level 90.15.
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 diminishing bearish momentum signal suggest the pair to be traded higher towards the resistance level 1.4195.
Resistance level: 1.4195, 1.4275
Support level: 1.4100, 1.4020
EURUSD, H4: EURUSD was traded higher following recent rebound from its low level. MACD which illustrate bullish bias signal with the starting formation of golden cross suggest the pair to extend its rebound towards the resistance level 1.2160.
Resistance level: 1.2160, 1.2240
Support level: 1.2070, 1.1985
USDJPY, H4: USDJPY was traded higher following recent breakout above the previous resistance level 109.75. MACD which illustrate bullish momentum signal suggest the pair to extend its gains towards the resistance level 110.30.
Resistance level: 110.30, 110.85
Support level: 109.75, 109.30
AUDUSD, H4: AUDUSD remain traded in a sideway channel while currently testing the support level 0.7695. However, MACD which illustrate ongoing 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 flat while currently testing the support level 0.7135. However, MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to be traded higher towards the resistance level 0.7225.
Resistance level: 0.7225, 0.7310
Support level: 0.7135, 0.7065
USDCAD, H4: USDCAD was traded lower while currently testing near the support level 1.2125. MACD which illustrate bearish bias signal with the formation of death cross suggest the pair to extend its losses after it breaks below the support level.
Resistance level: 1.2185, 1.2265
Support level: 1.2125, 1.2035
USDCHF, H4: USDCHF was traded higher following prior breakout above the previous resistance level 0.8990. MACD which illustrate bullish momentum signal suggest the pair to extend its gains towards the resistance level 0.9040.
Resistance level: 0.9040, 0.9090
Support level: 0.8990, 0.8935
CrudeOIL, H4: Crude oil price was traded lower while currently testing the support level 70.50. MACD which illustrate bearish momentum signal suggest the commodity to extend its losses after it breaks below the support level 70.50.
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 1856.00. MACD which illustrate ongoing bearish momentum signal suggest the commodity to extend its losses after it breaks below the support level.
Resistance level: 1885.35, 1913.30
Support level: 1856.05, 1812.10