22 June 2021 Morning Session Analysis
Dollar slumped on dovish tone.
The Dollar Index which traded against a basket of six major currency pairs slumped following a senior Federal Reserve official claimed that the US economy was still not yet ready for the central bank to tamper its heft monetary support, even though the outlook become rosier. Member of Federal Reserve John William insisted the Fed should stick to the terms of its expansionary monetary policy framework despite the economy was getting better all the time. The comments came ahead of Jerome Powell’s scheduled testimony in Congress on Tuesday. Besides, he also reiterated that the inflation is expected to drop back toward longer-run goal, claiming that the current surge in consumer prices will be transitory. Nonetheless, the overall statement from the Federal Reserve remained vague while investors would continue to scrutinize the latest updates with regards of economic data as well as further policy statement to gauge the likelihood movement for the US Dollar. As of writing, the Dollar Index depreciated by 0.41% to 91.85.
In the commodities market, the crude oil price surged 0.14% to $73.33 per barrel as of writing. The oil market extends its gains over the backdrop of positive development in Covid-19 vaccination rollout had continue to spur significant demand for this black-commodity. On the other hand, the gold price appreciated by 0.10% to $1784.05 per troy ounces as of writing amid weakening US Dollar.
Today’s Holiday Market Close
Time Market Event
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Today’s Highlight Events
Time Market Event
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Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 22:00 | Existing Home Sales (May) | 5.85M | 5.72M | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from the resistance level at 92.45. MACD which illustrated increasing bearish momentum suggest the index to extend its losses toward support level at 91.50.
Resistance level: 92.45. 93.25
Support level: 91.50, 90.35
GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level at 1.3925. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1.3925, 1.3990
Support level: 1.3810, 1.3695
EURUSD, Daily: EURUSD was traded higher following prior rebound from the support level at 1.1855. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 1.1955.
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 higher following prior rebound from the support level at 0.7465. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 0.7585.
Resistance level: 0.7585, 0.7700
Support level: 0.7465, 0.7365
NZDUSD, Daily: NZDUSD was traded higher following prior rebound from the support level at 0.6940. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 0.7120.
Resistance level: 0.7120, 0.7300
Support level: 0.6940, 0.6770
USDCAD, H4: USDCAD was traded lower while currently testing the support level at 1.2360. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 1.2480, 1.2605
Support level: 1.2360, 1.2275
USDCHF, H4: USDCHF was traded lower while currently testing the support level at 0.9180. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 0.9235, 0.9305
Support level: 0.9180, 0.9135
CrudeOIL, Daily: Crude oil price was traded higher while currently testing the resistance level at 73.70. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.
Resistance level: 73.70, 78.50
Support level: 66.30, 59.35
GOLD_, H1: Gold price was traded higher following prior rebound from the support level at 1766.85. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.
Resistance level: 1795.85, 1814.35
Support level: 1766.85, 1729.60