28 June 2021 Morning Session Analysis
Pound slumped amid Delta virus fears.
Pound Sterling extend its losses amid resurgence of Covid-19 cases from the UK region had continue to weigh down the market sentiment toward the economic progression in United Kingdom. According to CNBC, the U.K. recorded its most new Covid-19 infections since early February on Saturday. Government data showed that another 18,270 people tested positive for the virus across the U.K., the highest daily number since 5th February. Over the past few weeks, early 100,000 have tested positive, more than 50% increase up on the week before. The spiking numbers of Covid-19 cases had spurred concerns whether lockdown restrictions will end as planned. Daily cases have risen sharply over the past few weeks was mostly due to the delta variant. Nonetheless, as for now investors would continue to scrutinize the latest updates with regards of the Covid-19 development as well as further economic data in order to gauge the likelihood movement for the Pound Sterling. As of writing, GBP/USD depreciated by 0.08% to 1.3889.
In the commodities market, the crude oil price surged 0.40% to $74.65 per barrel as of writing amid market participants remained optimism that the fast pace of vaccination program would able to enhance to crude oil demand in future. On the other hand, the gold price slumped 0.04% to $1781.25 per troy ounces as of writing. The gold price was traded at lower boundary amid market participants are still digesting the earlier hawkish tone from the Federal Reserve.
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Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from the resistance level at 92.35. However, MACD which illustrated diminishing bearish momentum suggest the index to be traded higher in short-term as technical correction.
Resistance level: 92.35. 93.25
Support level: 91.35, 90.35
GBPUSD, H4: GBPUSD was traded lower while currently testing the support level at 1.3870. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 1.3940, 1.3990
Support level: 1.3870, 1.3810
EURUSD, H4: EURUSD was traded higher while currently testing the resistance level at 1.1955. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 1.1955, 1.2065
Support level: 1.1855, 1.1725
USDJPY, H4: USDJPY was traded lower following prior retracement from the resistance level at 111.00. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 110.35.
Resistance level: 111.00, 111.55
Support level: 110.35, 109.75
AUDUSD, Daily: AUDUSD was traded higher while currently testing the resistance level at 0.7590. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 0.7590, 0.7700
Support level: 0.7465, 0.7365
NZDUSD, Daily: NZDUSD was traded higher while currently testing the resistance level at 0.7120. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
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 1.2275. MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 1.2360, 1.2480
Support level: 1.2275, 1.2165
USDCHF, Daily: USDCHF was traded lower while currently testing the support level at 0.9165. MACD which illustrated diminishing bullish momentum suggest the pair to extend it losses after it successfully breakout below the support level.
Resistance level: 0.9235, 0.9305
Support level: 0.9165, 0.9095
CrudeOIL, H1: Crude oil price was traded higher following prior breakout above the previous resistance level at 73.75. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains toward resistance level at 75.10.
Resistance level: 75.10,76.70
Support level: 73.75, 72.50
GOLD_, H4: Gold price was traded lower following prior retracement from the resistance level at 1793.95. MACD which illustrated diminishing bullish momentum suggest the commodity to extend its losses toward support level at 1764.75.
Resistance level: 1793.95, 1814.00
Support level: 1764.75, 1735.85