15 June 2021 Morning Session Analysis
Dollar was traded flat ahead of FOMC meeting.
The Dollar Index which traded against a basket of six major currency pairs was traded flat amid market participants still anxiously wait for a key event of FOMC meeting this week for guidance on future monetary policy. Recent data pointing a surge in inflation rate has spurred concerns that the price pressure following the post-Covid-19 economic reopening could force the policymakers to be tightening its monetary policy in order to combat the high inflation risk. Nearly 60% of economists in a Reuters poll claimed that a much-anticipated taper announcement will come in next quarter, despite a weak recovery in the job market. Nonetheless, the overall statement from the Federal Reserve remained vague while investors would continue to scrutinize the latest updates with regards of FOMC meeting to gauge the likelihood movement for the US Dollar. As of writing, the Dollar Index depreciated by 0.06% to 90.50.
In the commodities market, the crude oil price depreciated by 0.21% to $70.05 per barrel as of writing amid technical correction following hitting 2-year highs. The overall momentum for this black-commodity remains bullish amid market participants speculated that the positive development of rapid Covid-19 vaccination rollout would able to enhance the economic growth as well as the oil demand in future. On the other hand, the gold price surged 0.06% to $1867.30 per troy ounces as of writing amid weakening US Dollar.
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, H1: Dollar index was traded lower following prior retracement from the resistance level at 90.50. However, MACD which illustrated diminishing bearish momentum suggest the index to be traded higher in short-term as technical correction.
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. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 1.4235, 1.4365
Support level: 1.4100, 1.4005
EURUSD, H4: EURUSD was traded higher following prior rebound from the support level at 1.2110. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 1.2170.
Resistance level: 1.2170, 1.2255
Support level: 1.2110, 1.2060
USDJPY, H4: USDJPY was traded higher following prior breakout above the previous resistance level at 109.75. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 110.30.
Resistance level: 110.30, 110.90
Support level: 109.75, 109.05
AUDUSD, H4: AUDUSD was traded lower while currently testing the support level at 0.7700. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
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 lower while currently testing the support level at 70.45. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses after it successfully breakout below the support level.
Resistance level: 71.65, 73.00
Support level: 70.45, 68.55
GOLD_, H4: Gold price was traded higher following prior rebound from the support level at 1857.10. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains toward resistance level at 1908.40.
Resistance level: 1908.40, 1957.95
Support level: 1857.10, 1814.35