21 June 2021 Morning Session Analysis
Pound dipped on bearish data.
GBP/USD slumped significantly amid strengthening US Dollar following the Federal Reserve unleashed their hawkish tone last week. Besides, the Pound Sterling extend its losses over the backdrop of bearish economic data from UK region. According to Office for National Statistics, U.K. Retail Sales declined significantly from the previous reading of 9.2% to -1.4%, missing the market forecast at 1.6%, which dialed down the market optimism toward the economic progression in UK region. In addition, spiking number of Delta variant of Covid-19 in UK and Brexit deadlock had also spurred further bearish momentum on the Pound Sterling. According to Public Health England, the number of confirmed cases of the delta variant has risen from 33,630 last week to 75,953 this week. On top of that, there were more than 11,000 daily new Covid-19 cases reported in the UK on 17th June, the largest daily increase since mid-February. As of writing, GBP/USD depreciated by 0.08% to 1.3818.
In the commodities market, the crude oil price surged 0.69% to $71.90 per barrel as of writing. The oil price surged following OPEC sources claimed that the producer group expected to limit U.S. oil output growth this year despite rising prices, according to Reuters. On the other hand, the gold price slumped 0.10% to $1769.00 per troy ounces as of writing amid earlier hawkish statement from the Federal Reserve continue to diminish the appeal of safe-haven gold.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
22:15 EUR ECB President Lagarde Speaks
Today’s Highlight Economic Data
N/A
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher while currently testing the resistance level at 92.45. However, MACD which illustrated diminishing bullish momentum suggest the index to be traded lower in short-term as technical correction.
Resistance level: 92.45. 93.25
Support level: 91.50, 90.35
GBPUSD, H4: GBPUSD was traded lower following prior breakout below the previous support level at 1.4020. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 1.3915, 1.3990
Support level: 1.3810, 1.3695
EURUSD, Daily: EURUSD was traded lower while currently testing the support level at 1.1855. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 1.1955, 1.2065
Support level: 1.1855, 1.1725
USDJPY, H4: USDJPY was traded higher while currently testing the resistance level at 110.30. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 110.30, 110.90
Support level: 109.75, 109.05
AUDUSD, Daily: AUDUSD was traded lower while currently testing the support level at 0.7465. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 0.7585, 0.7700
Support level: 0.7465, 0.7365
NZDUSD, Daily: NZDUSD was traded lower while currently testing the support level at 0.6940. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 0.7120, 0.7300
Support level: 0.6940, 0.6770
USDCAD, Daily: USDCAD was traded higher following prior breakout above the previous resistance level at 1.2380. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.2605.
Resistance level: 1.2605, 1.2855
Support level: 1.2380, 1.2040
USDCHF, Daily: USDCHF was traded higher following prior breakout above the previous resistance level at 0.9180. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.9305.
Resistance level: 0.9305, 0.9445
Support level: 0.9180, 0.9095
CrudeOIL, H4: Crude oil price was traded higher following prior rebound from the support level at 70.50. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains toward resistance level at 72.55.
Resistance level: 72.55, 73.70
Support level: 70.50, 68.60
GOLD_, Daily: Gold price was traded lower while currently testing the support level at 1766.85. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses after it successfully breakout below the support level.
Resistance level: 1814.35, 1871.45
Support level: 1766.85, 1729.60