18 June 2021 Afternoon Session Analysis
Pound rose following progress in Brexit talk.
The pound sterling which traded against the dollar and other currency pairs have rebound from its lows amid positive progress in Brexit from the UK. According to the latest report, the UK has sent a formal proposal to the EU to grant leeway on sausage imports for 3 months while the two countries resolve trade issues through negotiations. On the other hand, the British government is considering giving EU citizens working in the UK the right to vote as one of the key aspects of reaching a trade agreement with the EU, according to a report from The Guardian. The move would help improve relationship between the UK and the EU and could help smoothen the trade talks between both countries. At the time of writing, GBP/USD rose 0.10% to 1.3933.
In the commodities market, crude oil price slips 0.94% to $70.38 per barrel at the time of writing following surging COVID-19 cases in U.K. Oil demand worries resurfaced after new coronavirus cases jumped in Britain. Britain reported its biggest daily rise in new cases of COVID-19 since Feb. 19 on Thursday, according to government figures which showed 11,007 new infections, up from 9,055 the day before. On the other hand, gold price rose 0.67% to $1785.31 a troy ounce at the time of writing following dollar retreat.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
Tentative JPY BoJ Monetary Policy Statement
Tentative JPY BoJ Press Conference
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 14:00 | GBP – Retail Sales (MoM) (May) | 1.80% | 9.20% | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from the resistance level 91.80. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its retracement towards the support level 91.30.
Resistance level: 91.80, 92.30
Support level: 91.30, 90.90
GBPUSD, H4: GBPUSD was traded lower while currently testing the support level 1.3925. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to experience a technical correction towards the resistance level 1.4020.
Resistance level: 1.4020, 1.4105
Support level: 1.3925, 1.3830
EURUSD, H4: EURUSD was traded lower while currently near testing the support level 1.1870. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to be traded higher as a technical correction towards the resistance level 1.1985.
Resistance level: 1.1985, 1.2070
Support level: 1.1870, 1.1805
USDJPY, H4: USDJPY was traded lower following prior breakout below the previous support level 110.30. MACD which illustrate bearish bias signal with the formation of death cross suggest the pair to extend its losses towards the support level 109.75.
Resistance level: 110.30, 110.85
Support level: 109.75, 109.30
AUDUSD, H4: AUDUSD was traded lower while currently testing the support level 0.7550.However, MACD which illustrate diminishing bearish momentum signal suggest the pair to be experience a technical correction towards the resistance level 0.7595.
Resistance level: 0.7595, 0.7650
Support level: 0.7550, 0.7505
NZDUSD, H4: NZDUSD was traded lower while currently testing the support level 0.7000. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to experience a technical correction towards the resistance level 0.7065.
Resistance level: 0.7065, 0.7135
Support level: 0.7000, 0.6945
USDCAD, H4: USDCAD was traded higher while currently testing the resistance level 1.2350. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to be traded lower as a technical correction towards the support level 1.2275.
Resistance level: 1.2350, 1.2420
Support level: 1.2275, 1.2185
USDCHF, H4: USDCHF was traded higher while currently testing near the resistance level 0.9180. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to experience a technical correction towards the support level 0.9135.
Resistance level: 0.9180, 0.9245
Support level: 0.9135, 0.9090
CrudeOIL, H4: Crude oil price was traded lower following prior breakout below the support level 70.50. MACD which illustrate bearish bias signal suggest the commodity to extend its losses towards the support level 68.35.
Resistance level: 70.50, 72.40
Support level: 68.35, 66.55
GOLD_, H4: Gold price was traded higher following prior rebound from the support level 1767.85. MACD which illustrate bullish momentum signal suggest the commodity to extend its rebound towards the resistance level 1812.10.
Resistance level: 1812.10, 1856.00
Support level: 1767.85, 1725.50.