22 June 2021 Afternoon Session Analysis
Euro surged on upbeat economic outlook.
The Euro surged yesterday amid the ECB’s Christine Lagarde positive tone toward the economic outlook in European region. According to Reuters, European Central Bank President Christine Lagarde claimed that as for now the Covid-19 pandemic still weighs on the euro zone economy but growth could rebound faster than expected amid robust consumers spending following the lock-down restrictions was eased. On top of that, brighter prospects for global demand and fast-pace of Covid-19 vaccination rollout had continue to dial up market optimism toward the future economic outlook. Nonetheless, the spread of virus mutations continues to be a source of risk for the European Central Bank. Besides, ECB President Christine Lagarde reiterated that it was not yet time to allow interest rates to rise while the central bank would continue to maintain its favorable financing conditions. As for now, investors would continue to eye on the crucial economic data in order to receive further trading signal. As of writing, EUR/USD appreciated by 0.05% to 1.1905.
In the commodities market, the crude oil price surged 0.26% to $73.60 per barrel as of writing. The oil market had rebounded more than 50% this year as a robust economic recovery from pandemic in U.S., China and Europe drives increasing fuel consumption. On the other hand, the gold price appreciated by 0.23% to $1787.20 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
N/A
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 22:00 | USD – Existing Home Sales (May) | 5.85M | 5.72M | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower while currently testing near the support level 91.80. MACD which illustrate bearish momentum signal suggest the dollar to extend its losses after it breaks below the support level.
Resistance level: 92.25, 92.70
Support level: 91.80, 91.30
GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level 1.3925. MACD which illustrate bullish momentum signal suggest the pair to extend its gains after it breaks above the resistance level.
Resistance level: 1.3925,1.4020
Support level: 1.3830, 1.3755
EURUSD, H4: EURUSD was traded higher while currently testing near the resistance level 1.1920. MACD which illustrate bullish momentum signal with the recent formation of golden cross suggest the pair to extend its gains after it breaks above the resistance level.
Resistance level: 1.1920, 1.1985
Support level: 1.1845, 1.1785
USDJPY, H4: USDJPY was traded higher following prior breakout above the previous resistance level 110.30. MACD which illustrate bullish bias signal with the formation of golden cross suggest the pair to extend its gains towards the resistance level 110.85.
Resistance level: 110.85, 111.45
Support level: 110.30, 109.75
AUDUSD, H4: AUDUSD was traded lower following prior retracement from the resistance level 0.7545. However, MACD which illustrate bullish momentum signal suggest the pair to be traded higher in short term back towards the resistance level 0.7545.
Resistance level: 0.7545, 0.7595
Support level: 0.7475, 0.7395
NZDUSD, H4: NZDUSD was traded higher while currently testing near the resistance level 0.7000. MACD which illustrate bullish momentum signal suggest the pair to extend its gains after it breaks above the resistance level.
Resistance level: 0.7000, 0.7065
Support level: 0.6925, 0.6825
USDCAD, H4: USDCAD was traded lower while currently testing near the support level 1.2350. MACD which illustrate bearish momentum signal suggest the pair to extend its losses after it breaks below the support level.
Resistance level: 1.2420, 1.2505
Support level: 1.2350, 1.2275
USDCHF, H4: USDCHF was traded lower while currently testing the support level 0.9180. MACD which illustrate bearish bias signal with the formation of death cross suggest the pair to extend its losses after it breaks below the support level.
Resistance level: 0.9245, 0.9280
Support level: 0.9180, 0.9135
CrudeOIL, H4: Crude oil price was traded higher following prior breakout above the previous resistance level 72.40. MACD which display ongoing bullish momentum signal suggest the commodity to extend its gains after it breaks above the resistance level 74.20.
Resistance level: 74.20, 76.30
Support level: 72.40, 70.25
GOLD_, H4: Gold price was traded higher following prior rebound from the support level 1767.55. 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: 1767.55, 1725.50.