25 June 2021 Afternoon Session Analysis
Dollar slips following recent weak data.
The dollar index which traded against a basket of six major currency pairs have fell following recent release of weak data. According to the U.S Bureau of Economic Analysis (BEA), US GDP have increased in line with expectation of 6.4% for the first quarter. Despite that, the data showed that the momentum of economy recovery in the U.S may have likely to reach maximum capacity and it will decline slightly in the foreseeable future. Besides that, U.S Core Durable Goods Orders also depreciated to 0.3% against market expectation of 0.8%. U.S Initial Jobless Claims also came in weaker than expectation with 411K against 380K. At the time of writing, dollar index fell 0.06% to 91.73.
In the commodities market, crude oil price rose 0.03% to $73.67 per barrel as of writing following positive sentiment over U.S infrastructure deal. President Joe Biden stated that his Democratic Party managed to strike a contentious infrastructure deal with rival Republicans, without any tax hikes involved. On the other hand, gold price gains 0.16% to $1777.91 a troy ounce at the time of writing amid weakness in dollar.
Today’s Holiday Market Close
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Today’s Highlight Events
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Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded flat near the resistance level 91.75. However, MACD which illustrate bearish momentum signal suggest the dollar to extend its losses towards the support level 91.30.
Resistance level: 91.75, 92.25
Support level: 91.30, 90.90
GBPUSD, H4: GBPUSD was traded lower following recent breakout below the previous support level 1.3935. MACD which illustrate bearish bias signal with the formation of death cross suggest the pair to extend its losses towards the support level 1.3830.
Resistance level: 1.3935, 1.4020
Support level: 1.3830, 1.3755
EURUSD, H4: EURUSD was traded higher following prior rebound from the support level 1.1920. MACD which illustrate ongoing bullish momentum signal suggest the pair to extend its gains towards the resistance level 1.1985.
Resistance level: 1.1985, 1.2070
Support level: 1.1920, 1.1845
USDJPY, H4: USDJPY was traded flat near the support level 110.80. However, 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: 111.60, 112.20
Support level: 110.80, 110.30
AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level 0.7595. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to be traded lower as a short-term technical correction towards the support level 0.7545.
Resistance level: 0.7595, 0.7650
Support level: 0.7545, 0.7475
NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level 0.7065. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to experience a technical correction towards the support level 0.7000.
Resistance level: 0.7065, 0.7135
Support level: 0.7000, 0.6925
USDCAD, H4: USDCAD remain traded in a sideway channel. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to be traded higher in short term towards the resistance level 1.2350.
Resistance level: 1.2350, 1.2420
Support level: 1.2275, 1.2185
USDCHF, H4: USDCHF was traded lower following prior retracement from the resistance level 0.9195. MACD which illustrate ongoing bearish momentum signal suggest the pair to extend its losses towards the support level 0.9135.
Resistance level: 0.9195, 0.9245
Support level: 0.9135, 0.9090
CrudeOIL, H4: Crude oil price was traded higher following prior rebound from the support level 72.40. MACD which illustrate diminishing bearish momentum signal suggest the commodity to extend its gains towards the resistance level 74.20.
Resistance level: 74.20, 76.30
Support level: 72.40, 70.25
GOLD_, H4: Gold price remain traded flat in a sideway channel while currently testing near the support level 1767.55. However, MACD which illustrate diminishing bullish momentum signal suggest the commodity to be traded lower after it breaks below the support level.
Resistance level: 1812.10, 1856.00
Support level: 1767.55, 1725.50