16 June 2020 Afternoon Session Analysis
Pound sterling gains following Brexit talk intensify.
During late Asian session, the pound sterling which traded against the greenback and other currency pairs have gained following U.K and EU agreed to quicken post-Brexit talk which Prime Minister Boris Johnson hopes that a deal could be reached by the end of next month. According to reports, U.K Prime Minster Boris Johnson stated that he would work with the EU to achieve mutual understanding in order to break the deadlock after previous talks failed to achieve any progress. Besides that, Boris Johnson also added that he sees no reason why the outline of a Brexit deal could not be agreed by the end of July and insisted that U.K would not extend trade talks beyond December after EU has suggested Oct. 31 as the latest date a deal can be reached. At the time of writing, GBP/USD rose 0.33% to 1.2642.
In the commodities market, crude oil price extend rebound and gains 0.15% to $37.06 per barrel as of writing following producer cuts offset demand concerns. According to reports, OPEC and its allies agreed to extend historic output cuts through July. On the other hand, gold price soars 0.31% to $1730.35 a troy ounce at the time of writing amid dollar weakness.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
15:00 JPY BoJ Press Conference
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 17:00 | EUR – German ZEW Economic Sentiment (Jun) | 51.0 | 60.0 | – |
| 20:30 | USD – Core Retail Sales (MoM) (May) | -17.2% | 5.1% | – |
| 20:30 | USD – Retail Sales (MoM) (May) | -16.4% | 8.0% | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower following prior breakout below the previous support level at 96.90. MACD which illustrate bearish momentum signal suggest the pair to extend its losses toward the support level at 95.95.
Resistance level: 96.90, 97.60
Support level: 95.95, 95.00
GBPUSD, H4: GBPUSD was traded higher following prior breakout above the previous resistance level at 1.2585. MACD which illustrate ongoing bullish momentum suggest the pair to extend its gains toward the resistance level at 1.2720.
Resistance level: 1.2720, 1.2870
Support level: 1.2585, 1.2485
EURUSD, H4: EURUSD was traded higher following prior rebound from the support level at 1.1240. MACD which illustrate bullish bias momentum signal suggest the pair to extend its gains toward the resistance level at 1.1400.
Resistance level: 1.1400, 1.1555
Support level: 1.1240, 1.1115
USDJPY, Daily: USDJPY was traded higher following prior breakout above the previous resistance level at 107.15. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its gains toward the resistance level at 108.15.
Resistance level: 108.15, 109.35
Support level: 107.15, 106.20
AUDUSD, Daily: AUDUSD was traded higher following prior breakout above the previous resistance level at 0.6935. MACD which display diminishing bearish momentum signal suggest the pair to extend its gains toward the resistance level at 0.7210.
Resistance level: 0.7210, 0.7610
Support level: 0.6935, 0.6655
NZDUSD, H4: NZDUSD was traded higher following prior rebound from the support level at 0.6405. MACD which illustrate bullish bias momentum signal suggest the pair to extend its gains toward the resistance level at 0.6565.
Resistance level: 0.6565, 0.6735
Support level: 0.6405, 0.6200
USDCAD, Daily: USDCAD was traded lower following prior retracement from the resistance level at 1.3650. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses toward the support level at 1.3360.
Resistance level: 1.3650, 1.3830
Support level: 1.3360, 1.3075
USDCHF, H4: USDCHF was traded lower following prior breakout below the previous support level at 0.9500. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses toward the support level at 0.9395.
Resistance level: 0.9500, 0.9575
Support level: 0.9395, 0.9265
CrudeOIL, H1: Crude oil price was traded higher following prior rebound from the lower level. However, MACD which illustrate diminishing bullish momentum signal suggest the commodity to undergo technical correction toward the support level at 36.10.
Resistance level: 37.90, 39.25
Support level: 36.10, 34.35
GOLD_, H1: Gold price was traded higher following prior rebound from the support level at 1707.55. MACD which illustrate bullish bias momentum signal suggest the pair to extend its gains toward the resistance level at 1743.20.
Resistance level: 1743.20, 1763.85
Support level: 1707.55, 1675.45