29 June 2021 Morning Session Analysis
US Dollar was traded flat ahead of NFP.
The overall trading momentum for the US Dollar remained subdued ahead of Friday’s Nonfarm Payrolls report from the U.S. region, which could affect the Federal Reserve’s monetary policy. According to Reuters poll of economist, the U.S. Labor Department is expected to report an increase of 690,000 jobs in June, compared with 559,000 in May while unemployment rate would decrease from the previous reading of 5.8% to 5.7%. In earlier, weaker-than-expected inflation data last week had eased concerns about the Fed to tamper its monetary stimulus plan, which spurring some bearish momentum on the US Dollar. Besides, the Federal Reserve Jerome Powell reaffirmed that the current surge in consumer price will be only transitory, and not to raise interest rates too soon based only on the fear of coming inflations. Nonetheless, the Monetary Policy Committee (MPC) have expressed different perspective on their monetary policy, the overall statement from Fed remained vague. Hence, it is crucial for the investors continue to monitor further economic data from US region while gauging the likelihood movement for the US Dollar. As of writing, the Dollar Index appreciated by 0.03% to 91.90.
In the commodities market, the crude oil price slumped 0.05% to $73.05 per barrel as of writing. The oil price was traded lower amid the spiking number of Covid-19 cases in Asia had diminished the appeal of this black-commodity. Indonesia was battling record-high cases, Malaysia had extended its national lockdown while Thailand announced new restrictions in the capital Bangkok. On the other hand, the gold price was traded flat at $1778.30 per troy ounces as of writing amid investors still wait for further catalyst before entering the market.
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 – CB Consumer Confidence (Jun) | 117.2 | 119.0 | – |
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, 1.3790
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. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 111.00, 111.55
Support level: 110.35, 109.75
AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level at 0.7590. However, MACD which illustrated increasing bearish momentum suggest the pair to be traded lower in short-term as technical correction.
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 higher while currently testing the resistance level at 1.2360. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1.2360, 1.2480
Support level: 1.2275, 1.2165
USDCHF, H4: USDCHF was traded higher following prior rebound from the support level at 0.9165. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.9235.
Resistance level: 0.9235, 0.9305
Support level: 0.9165, 0.9095
CrudeOIL, H1: Crude oil price was traded lower while currently testing the support level at 72.50. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded higher in short-term as technical correction.
Resistance level: 73.75,75.10
Support level: 72.50, 71.25
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