24 June 2022 Afternoon Session Analysis
Euro slumped amid bearish economic data.
The Euro slumped significantly over the backdrop of bearish economic data from German and French region, spurring negative prospect toward the economic progression in the European region. According to Markit Economics, Germany Manufacturing Purchasing Managers Index (PMI) notched down significantly from the previous reading of 54.8 to 52.0, missing the market forecast at 54.0. Meanwhile, France Manufacturing Purchasing Managers Index (PMI) came in at 51.0, which also fared worse-than-expectation at 54.0. Following the release of bearish economic data, money market is currently pricing bout 30 basis point of rate hike in July compared to 34 bps on Monday. Nonetheless, investors would continue to scrutinize the latest updates with regards of the future monetary policy to receive further trading signal. As of writing, EUR/USD depreciated by 0.05% to 1.0530.
In the commodities market, the crude oil price slumped 0.04% to $104.30 per barrel as of writing. The oil market retreated following market participants speculated that the OPEC and allied producing countries including Russia will likely to stick to a plan for accelerated output increases in August. On the other hand, the gold price depreciated by 0.01% to $1824.95 per troy ounces amid hawkish expectation from Federal Reserve.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
18:00 EUR EU Leaders Summit
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 14:00 | GBP – Retail Sales (MoM) (May) | 1.4% | -0.9% | – |
| 16:00 | EUR – German Ifo Business Climate Index (Jun) | 93.0 | 92.9 | – |
| 22:00 | USD – New Home Sales (May) | 591K | 585K | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from the resistance level. MACD which illustrated diminishing bullish momentum suggest the index to extend its losses toward support level.
Resistance level: 104.40, 105.25
Support level: 103.55, 102.45
GBPUSD, H1: GBPUSD was traded higher while currently testing the resistance level. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level.
Resistance level: 1.2295, 1.2400
Support level: 1.2195, 1.2085
EURUSD, H4: EURUSD was traded higher while currently testing the resistance level. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after breakout.
Resistance level: 1.0560, 1.0640
Support level: 1.0470, 1.0385
USDJPY, Daily: USDJPY was traded higher while currently testing the resistance level. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower as technical correction.
Resistance level: 137.70, 140.95
Support level: 131.40, 126.45
AUDUSD, H4: AUDUSD was traded lower while currently near the support level. Namun, MACD which illustrated increasing bullish momentum suggest the pair to be traded higher as technical correction.
Resistance level: 0.7050, 0.7165
Support level: 0.6865, 0.6720
NZDUSD, Daily: NZDUSD was traded lower while currently testing the support level. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher as technical correction.
Resistance level: 0.6535, 0.6720
Support level: 0.6225, 0.6070
USDCAD, H1: USDCAD was traded lower following prior retracement from the resistance level. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level.
Resistance level: 1.3005, 1.3070
Support level: 1.2915, 1.2865
USDCHF, H4: USDCHF was traded lower following prior breakout below the previous support level. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level.
Resistance level: 0.9655, 0.9745
Support level: 0.9560, 0.9460
CrudeOIL, H4: Crude oil price was traded lower following prior breakout below the previous support level. However, MACD which illustrated increasing bullish momentum suggest the commodity to be traded higher as technical correction.
Resistance level: 106.10, 111.45
Support level: 100.70, 95.90
GOLD_, H1: Gold price was traded lower while currently testing the support level. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher as technical correction.
Resistance level: 1835.15, 1844.00
Support level: 1818.80, 1807.95