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30 June 2022                       Afternoon Session Analysis

BoE released its dovish speech, GBPUSD eased.

GBPUSD, which traded by major investors slumped over the dovish tone from the Bank of England (BoE). According to Reuters, BoE Governor Andrew Bailey claimed that BoE would not necessarily have to take aggressive rate hike in order to cooling down the spiking inflation. He also reiterated that there were signs of an economic slowdown taking hold in Britain. In the early month, BoE said it was ready to act forcefully if needed to tackle inflation that it expects to exceed 11% in October. The reducing odds of rate hike from BoE had dialed down the market optimism in Pound Sterling market as investors are preferring the higher risk-free return’s assets such as US Dollar. As of now, investors would continue to scrutinize the latest update with regards of the upcoming UK GDP data in order to receive further trading signals. As of writing, the pair of GBPUSD edged up by 0.09% to 1.2136.

 

In the commodities market, crude oil price appreciated by 0.40% to $110.22 per barrel as of writing amid the rising concern on oil supply tightness. On the other hand, gold price appreciated by 0.08% to $1819.30 per troy ounce as of writing. Nonetheless, the overall trend of gold price remained bearish over the hawkish tone from Federal Reserve.

 

 

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
14:00 GBP – GDP (QoQ) (Q1) 8.7% 8.7%
15:55 EUR – German Unemployment Change (Jun) -4K -6K
20:30 USD – Initial Jobless Claims 229K 227K
20:30 CAD – GDP (MoM) (Apr) 0.7% 0.3%

 

 

 

Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded higher while currently testing the resistance level. MACD which illustrated increasing bullish momentum suggest the index to extend its gains if successfully breakout the resistance level.

 

Resistance level: 104.80, 105.90

Support level: 103.65, 102.50

 

GBPUSD, H4: GBPUSD was traded lower while currently testing the support level. However, MACD which illustrated decreasing bearish momentum suggest the pair to be traded higher as technical correction.

 

Resistance level: 1.2190, 1.2270

Support level: 1.2115, 1.2010

 

EURUSD, H4: EURUSD was traded higher following prior breakout above the previous resistance level. MACD which illustrated decreasing bearish momentum suggest the pair to extend its gains.

 

Resistance level: 1.0530, 1.0605

Support level: 1.0450, 1.0385

 

USDJPY, H4: USDJPY was traded higher while currently testing the resistance level. However, MACD which illustrated decreasing bullish momentum suggest the pair to be traded lower as technical correction.

 

Resistance level: 136.65, 137.35

Support level: 135.55, 134.25

 

AUDUSD, H4: AUDUSD was traded higher following prior rebound from the support level. MACD which illustrated decreasing bearish momentum suggest the pair to extend its gains.

 

Resistance level: 0.6930, 0.7005

Support level: 0.6850, 0.6770

 

NZDUSD, H4: NZDUSD was traded lower following prior breakout below the previous support level. However, MACD which illustrated decreasing bearish momentum suggest the pair to be traded higher as technical correction.

 

Resistance level: 0.6235, 0.6295

Support level: 0.6145, 0.6060

 

USDCAD, H4: USDCAD was traded higher following prior breakout above the previous resistance level. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains.

 

Resistance level: 1.2940, 1.3030

Support level: 1.2875, 1.2800

 

USDCHF, H4: USDCHF was traded higher following prior breakout above the previous resistance level. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains.

 

Resistance level: 0.9595, 0.9675

Support level: 0.9520, 0.9455

 

CrudeOIL, H4: Crude oil price was traded lower following prior breakout below the previous support level. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses.

 

Resistance level: 111.35, 115.95

Support level: 107.60, 103.30

 

GOLD_, H4: Gold price was traded lower following prior breakout below the previous support level. However, MACD which illustrated decreasing bearish momentum suggest the commodity to be traded higher as technical correction.

 

Resistance level: 1819.70, 1829.90

Support level: 1807.95, 1798.50