16 June 2021 Afternoon Session Analysis
Pound slumped amid resurgence of Covid-19.
Pound Sterling slumped following UK Prime Minister Boris Johnson extends its current lockdown rule in England yesterday due to concerns over the Covid-19 variant. According to CNBC, the Public Health England indicate that more than 42,000 cases related to delta variant of Covid-19 have now been confirmed across the region, an increase of 240% from last week. Prime Minister Boris Johnson announced a delay of four weeks to the next phase of England’s lockdown reopening. Rules on the use of face masks, reducing the number of gathering and shutting the nightclubs were pushed back to 19th July 2021. On the positive front, more than 70 million people have been received Covid-19 vaccine across the U.K., with around 80% of country having now received at least one dose. Nonetheless, the losses experienced by the Pound Sterling was limited over the backdrop of upbeat economic data. According to Office for National Statistics, U.K. Average Earning Index + Bonus came in at 5.6%, exceeding the market forecast at 4.9%. As of writing, GBP/USD surged 0.01% to 1.4080.
In the commodities market, the crude oil price surged 0.36% to $72.75 per barrel as of writing. The oil market extends its gains amid market participants remained positive toward the economic outlook as well as the oil demand in future. On the other hand, the gold price slumped 0.05% to $1857.90 per troy ounces as of writing ahead of FOMC meeting tonight due to hawkish expectation from the Federal Reserve.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
02:00 USD FOMC Meeting Minutes
(17th)
02:00 USD FOMC Statement
(17th)
02:30 USD FOMC Economic Projections
(17th)
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 14:00 | GBP – CPI (YoY) (May) | 1.50% | 1.80% | – |
| 15:00 | CNY – Industrial Production (YoY) (May) | 9.80% | 8.90% | – |
| 20:30 | USD – Building Permits (May) | 1.733M | 1.740M | – |
| 20:30 | CAD – Core CPI (MoM) (May) | 0.50% | – | – |
| 22:30 | CrudeOIL – Crude Oil Inventories | -5.241M | -2.036M | – |
| 02:00
(17th) |
USD – Fed Interest Rate Decision | 0.25% | 0.25% | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from the resistance level 90.50. MACD which illustrate bearish bias signal with the formation of death cross suggest the dollar to extend its retracement towards the support level 90.15.
Resistance level: 90.50, 90.75
Support level: 90.15, 89.70
GBPUSD, H4: GBPUSD was traded higher following prior rebound from its low level. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its rebound in short term towards the resistance level 1.4100.
Resistance level: 1.4100, 1.4195
Support level: 1.4020, 1.3925
EURUSD, H4: EURUSD was traded flat following recent retracement from its high level. However, MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to be traded higher in short term towards the resistance level 1.2160.
Resistance level: 1.2160, 1.2240
Support level: 1.2070, 1.1985
USDJPY, H4: USDJPY was traded flat after recent breakout above the previous resistance level 109.75. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to be traded lower in short term towards the support level 109.75.
Resistance level: 110.30, 110.85
Support level: 109.75, 109.30
AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level 0.7395. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its gains after it breaks above the resistance level.
Resistance level: 0.7695, 0.7765
Support level: 0.7650, 0.7595
NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level 0.7135. MACD which illustrate bullish bias signal with the formation of golden cross suggest the pair to extend its gains after it breaks above the resistance level.
Resistance level: 0.7135, 0.7225
Support level: 0.7065, 0.7000
USDCAD, H4: USDCAD was traded lower following prior retracement from the resistance level 1.2185. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its retracement towards the support level 1.2125.
Resistance level: 1.2185, 1.2265
Support level: 1.2125, 1.2035
USDCHF, H4: USDCHF was traded flat while currently testing the resistance level 0.8990. However, MACD which illustrate diminishing bullish momentum signal with the formation of death cross suggest the pair to be traded lower towards the support level 0.8935.
Resistance level: 0.8990, 0.9040
Support level: 0.8935, 0.8890
CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level 72.40. MACD which illustrate bullish momentum signal suggest the commodity to extend its gains after it breaks above the resistance level.
Resistance level: 72.40, 74.20
Support level: 70.50, 68.30
GOLD_, H4: Gold price was traded lower while currently testing the support level 1856.00. However, MACD which illustrate diminishing bearish momentum signal suggest the commodity to experience a technical correction towards the resistance level 1885.35.
Resistance level: 1885.35, 1913.30
Support level: 1856.00, 1812.10