Daily Analysis

8 July 2021                           Morning Session Analysis

Dollar surged amid hawkish stance from Fed.

The Dollar Index which traded against a basket of six major currency pairs surged following the Federal Reserve unleashed their hawkish statement in the meeting minutes. According to Minutes of Federal Open Market Committee, the US Central Bank officials discussed about tapering their aggressive monetary policy plan and reducing asset purchases to combat the inflation risk. Some members indicated that the economic recovery in United States was proceeding faster than expectation while the inflation risk will be continued to be higher in future. Nonetheless, most of the members agreed that the economy in United States had yet to meet the “substantial further progress” benchmark set by Fed for any significant shift in policy. The overall statement from the Federal Reserve remained vague, hence the market movement remained subdued following the FOMC meeting minutes was released. As for now, investors would continue to scrutinize the latest updates with regards of crucial economic data as well as Covid-19 development to receive further trading signal. As of writing, the Dollar Index appreciated by 0.07% to 92.70.

In the commodities market, the crude oil price appreciated by 0.05% to $72.25 per barrel as of writing. The oil market rebounded from its lower boundary amid upbeat inventory data had spurred bullish momentum on the oil market. According to American Petroleum Institute, U.S. API Weekly Crude Oil Stock came in at -7.983M, better than the market forecast at -3.925M. On the other hand, the gold price slumped 0.03% to $1803.60 per troy ounces as of writing amid strengthening US Dollar.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

19:30                     EUR                                        ECB Monetary Policy Statement

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H1: Dollar index was traded higher while currently testing the resistance level at 92.65. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 92.65, 93.25

Support level: 92.10, 91.15

GBPUSD, H4: GBPUSD was traded lower while currently testing the support level at 1.3790. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.3960, 1.4100

Support level: 1.3790, 1.3685

EURUSD, H4: EURUSD was traded lower following prior breakout below the previous support level at 1.1845. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.1725.

Resistance level: 1.1845, 1.1955

Support level: 1.1725, 1.1635

USDJPY, H4: USDJPY was traded lower while currently testing the support level at 110.45. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 110.95, 111.55

Support level: 110.45, 109.75

AUDUSD, H4: AUDUSD was traded lower while currently testing the support level at 0.7465. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.7590, 0.7700

Support level: 0.7465, 0.7365

NZDUSD, Daily: NZDUSD was traded lower following prior retracement from the resistance level at 0.7120. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 0.6940.

Resistance level: 0.7120, 0.7305

Support level: 0.6940, 0.6770

USDCAD, H4: USDCAD was traded higher while currently testing the resistance level at 1.2495. MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 1.2495, 1.2605

Support level: 1.2360, 1.2275

USDCHF, Daily: USDCHF was traded higher following prior breakout above the previous resistance level at 0.9230. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 0.9305, 0.9375

Support level: 0.9230, 0.9165

CrudeOIL, H1: Crude oil price was traded higher while currently near the resistance level at 72.15. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.

Resistance level: 72.15, 73.15

Support level: 71.05, 70.10

GOLD_, H4: Gold price was traded higher following prior rebound from the support level at 1788.95. However, MACD which illustrated increasing bearish momentum suggest the commodity to be traded lower in short-term as technical correction.

Resistance level: 1813.05, 1832.25

Support level: 1788.95, 1773.45

7 July 2021                           Afternoon Session Analysis

Euro slumped on downbeat economic reading.

The Euro extends its losses over the backdrop of bearish economic data from European region yesterday, which spurring negative prospect on the economic momentum in Europe countries and diminishing market demand on the Euro. According to ZEW, Germany ZEW Economic sentiment notched down significantly from the previous reading of 79.8 to 63.3, missing the market forecast at 75.2. Besides, resurgence of Covid-19 in Asia-Pacific region and the outbreak of various variants, which do resist vaccines, had also stoked a shift in sentiment toward safe-haven currencies, which dragging down the appeal of the Euro. Recent chatters highlight Epsilon and Lambda virus as the key challenges to the economic outlook in the global economy. Nonetheless, investors would continue to scrutinize the key weekly events of FOMC meeting minutes as well as meeting of the European Central Bank (ECB) to gauge the likelihood movement for the currencies. As of writing, EUR/USD depreciated by 0.01% to 1.1825.

In the commodities market, the crude oil price extends its losses 0.51% to $73.60 per barrel as of writing. The crude oil price slumped over the concerns of the spiking numbers of the Covid-19 cases in Asia-Pacific countries and the variation of the virus, which dialed down the market optimism toward the future oil demand. On the other hand, the gold price depreciated by 0.09% to $1798.55 per troy ounces amid investors speculated that the Federal Reserve would unleash its dovish tone in the FOMC meeting minutes report tomorrow.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

02:00                     USD                                        FOMC Meeting Minutes (8^th)

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher following a rebound from the lower levels. MACD which illustrated bullish momentum suggest the index to extend its gains in short-term.

Resistance level: 92.55, 92.85

Support level: 92.20, 91.90

GBPUSD, H4: GBPUSD was traded lower following prior retracement from higher level. MACD which illustrated bearish momentum suggest the pair to be traded lower in short-term.

Resistance level: 1.3805, 1.3860

Support level: 1.3750, 1.3690

EURUSD, H4: EURUSD was traded lower following prior retrace from 1.1870. MACD which illustrated bearish momentum suggest the pair to be traded lower in short-term.

Resistance level: 1.1840, 1.1870

Support level: 1.1810, 1.1770

USDJPY, H4: USDJPY was traded lower following prior retracement from higher levels. MACD which illustrated bearish momentum suggests the pair to be traded lower after closing below 110.45.

Resistance level: 110.70, 110.95

Support level: 110.45, 110.15

AUDUSD, H4: AUDUSD was traded lower following a retracement from higher levels. MACD which shows diminished bullish momentum suggests the pair to extend its losses in short-term.

Resistance level: 0.7510, 0.7560

Support level: 0.7475, 0.7450

NZDUSD, H4: NZDUSD was traded lower while currently testing the support level at 0.7015. MACD which illustrate bearish momentum suggests the pair to extend its losses after closing below 0.7015.

Resistance level: 0.7070, 0.7115

Support level: 0.7015, 0.6975

USDCAD, H4: USDCAD was traded higher following prior rebound from the support level at 1.2320. MACD which illustrated bullish momentum suggest the pair to extend its gains after closing above 1.2470.

Resistance level: 1.2470, 1.2510

Support level: 1.2400, 1.2320

USDCHF, H4: USDCHF was traded higher following a rebound near 0.9200. MACD which illustrate diminished bullish momentum suggests the pair to be traded higher in short-term.

Resistance level: 0.9270, 0,9205

Support level: 0.9230, 0.9200

CrudeOIL, H4: Crude oil price was traded lower following prior retracement from the higher level. MACD which shows increasing bearish momentum suggests its price to extend losses after breaking the support level of 73.25.

Resistance level: 74.00, 74.70

Support level: 73.25, 72.55

GOLD_, H4: Gold price was traded lower following prior retracement from the higher level. MACD which illustrate diminished bullish momentum suggests its price to extend its losses after closing below 1795.00.

Resistance level: 1813.00, 1830.00

Support level: 1795.00, 1783.00

7 July 2021                           Morning Session Analysis

Greenback rose over bullish speculation.

US dollar rebounds from its lower level on yesterday following bullish speculation among investors. Currently, investors are waiting for the release of Federal Reserve meeting minutes to gauge their perception and timeline of interest rate hike. Previously, several members of Fed have urged to tighten their monetary policy as soon as next year due to rising inflation in the US. According to latest report, US inflation is currently hovering near 5% for the comparison of year-over-year, significantly above Fed’s target of 2%. However, gains on the US dollar remains limited after recent economic data from the US shows a significant scale down in economic momentum. For the month of Jun, ISM Non-Manufacturing PMI notched down to 60.1, significantly lower than forecast of 63.5. The depreciation in services sector activities were largely due to shortage of staff that limits its output for last month. As of writing, the dollar index was up 0.01% to 92.48.

For the commodities, crude oil price slumped 0.36% to $73.03 per barrel. Oil price plunged sharply after investors began to take profits from the recent appreciation of price. For the time being, investors will place attention upon OPEC for possible signals with regards to production hike. On the other hand, gold price was down 0.08% to $1,796.13 a troy ounce while market await for more signals.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

02:00                     USD                                        FOMC Meeting Minutes (8^th)

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher following a rebound from the lower levels. MACD which illustrated bullish momentum suggest the index to extend its gains in short-term.

Resistance level: 92.55, 92.85

Support level: 92.20, 91.90

GBPUSD, H4: GBPUSD was traded lower following prior retracement from higher level. MACD which illustrated bearish momentum suggest the pair to be traded lower in short-term.

Resistance level: 1.3805, 1.3860

Support level: 1.3750, 1.3690

EURUSD, H4: EURUSD was traded lower following prior retrace from 1.1870. MACD which illustrated bearish momentum suggest the pair to be traded lower in short-term.

Resistance level: 1.1840, 1.1870

Support level: 1.1810, 1.1770

USDJPY, H4: USDJPY was traded lower following prior retracement from higher levels. MACD which illustrated bearish momentum suggests the pair to be traded lower after closing below 110.45.

Resistance level: 110.70, 110.95

Support level: 110.45, 110.15

AUDUSD, H4: AUDUSD was traded lower following a retracement from higher levels. MACD which shows diminished bullish momentum suggests the pair to extend its losses in short-term.

Resistance level: 0.7510, 0.7560

Support level: 0.7475, 0.7450

NZDUSD, H4: NZDUSD was traded lower while currently testing the support level at 0.7015. MACD which illustrate bearish momentum suggests the pair to extend its losses after closing below 0.7015.

Resistance level: 0.7070, 0.7115

Support level: 0.7015, 0.6975

USDCAD, H4: USDCAD was traded higher following prior rebound from the support level at 1.2320. MACD which illustrated bullish momentum suggest the pair to extend its gains after closing above 1.2470.

Resistance level: 1.2470, 1.2510

Support level: 1.2400, 1.2320

USDCHF, H4: USDCHF was traded higher following a rebound near 0.9200. MACD which illustrate diminished bullish momentum suggests the pair to be traded higher in short-term.

Resistance level: 0.9270, 0,9205

Support level: 0.9230, 0.9200

CrudeOIL, H1: Crude oil price was traded lower following prior retracement from the higher level. MACD which shows increasing bearish momentum suggests its price to extend losses in short-term.

Resistance level: 74.00, 74.70

Support level: 73.25, 72.55

GOLD_, H4: Gold price was traded lower following prior retracement from the higher level. MACD which illustrate diminished bullish momentum suggests its price to extend its losses after closing below 1795.00.

Resistance level: 1813.00, 1830.00

Support level: 1795.00, 1783.00

6 July 2021                           Afternoon Session Analysis

New Zealand Kiwi soars on rate expectation.

The New Zealand Kiwi which traded against the dollar and other currency pairs have rose following positive upbeat data which lifted rate hike expectation. According to the latest Quarterly Survey of Business Opinion (QSBO) from the New Zealand Institute of Economic Research (NZIER), 60% of the financial service sector firms for the first quarter have expected interest rates to rise over the coming year. Meanwhile, as per the latest New Zealand Q2, Actual Business Confidence came at 7.0% compared to -13% in the previous quarter. The expectation was given based on positive sentiment towards the recovery of the domestic and global economy. On top of that, swaps pricing also shifted to a point of a 3/4 chance November rate hike. At the time of writing, NZD/USD surge 0.77% to 0.7076.

In the commodities market, crude oil price extends gains and rose 0.37% to $76.84 per barrel at the time of writing as market will now not expect an output increase in August after OPEC+ talks collapsed on Monday. On the other hand, gold price rose 0.36% to $1798.20 a troy ounce at the time of writing following dollar retreat.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

12:30                      AUD                      RBA Rate Statement

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following prior breakout below the previous support level 92.25. MACD which illustrate ongoing bearish momentum signal suggest the dollar to extend its losses towards the support level 91.65.

Resistance level: 92.25, 92.70

Support level: 91.65, 91.30

GBPUSD, H4: GBPUSD was traded higher following prior breakout above the previous resistance level 1.3830. MACD which illustrate bullish momentum signal suggest the pair to extend its gains towards the resistance level 1.3935.

Resistance level: 1.3935, 1.4020

Support level: 1.3830, 1.3755

EURUSD, H4: EURUSD was traded flat near the support level 1.1850. However, MACD which illustrate bullish momentum signal suggest the pair to be traded higher towards the resistance level 1.1920.

Resistance level: 1.1920, 1.1985

Support level: 1.1850, 1.1785

USDJPY, H4: USDJPY was traded lower following prior breakout below the previous support level 111.00. MACD which Illustrate bearish bias signal suggest the pair to extend its losses towards the support level 110.30.

Resistance level: 111.00, 111.60

Support level: 110.30, 109.75

AUDUSD, H4: AUDUSD was traded higher following prior breakout above the previous resistance level 0.7545. MACD which illustrate persistent bullish momentum signal suggest the pair to extend its gains towards the resistance level 0.7595.

Resistance level: 0.7595, 0.7650

Support level: 0.7545, 0.7475

NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level 0.7075. MACD which illustrate bullish momentum signal suggest the pair to extend its gains after it breaks above the resistance level.

Resistance level: 0.7075, 0.7135

Support level: 0.7010, 0.6925

USDCAD, H4: USDCAD was traded lower following prior retracement from the resistance level 1.2350. MACD which illustrate bearish bias signal suggest the pair to extend its losses towards the support level 1.2275.

Resistance level: 1.2350, 1.2420

Support level: 1.2275, 1.2185

USDCHF, H4: USDCHF was traded flat while currently testing near the support level 0.9195. However, MACD which illustrate bearish bias signal suggest the pair to extend its losses after it breaks below the support level.

Resistance level: 0.9245, 0.9310

Support level: 0.9195, 0.9135

CrudeOIL, H4: Crude oil price was traded higher following prior breakout above the previous resistance level 76.30. MACD which illustrate bullish bias signal suggest the commodity to extend its gains towards the resistance level 78.75.

Resistance level: 78.75, 80.45

Support level: 76.30, 74.20

GOLD_, H4: Gold price remain traded in a sideway channel while currently testing near the resistance level 1812.10. However, MACD which illustrate bullish momentum signal suggest the commodity to be traded higher after it breaks above the resistance level.

Resistance level: 1812.10, 1856.00

Support level: 1767.55, 1725.50

6 July 2021                           Morning Session Analysis

Pound surged amid positive data.

Pound Sterling surged amid the upbeat economic data from the UK region yesterday, which dialed up the market optimism toward the economic progression in United Kingdom. According to Markit Economics, U.K. Composite Purchasing Managers’ Index (PMI) came in at 62.2, exceeding the market forecast at 61.7. Meanwhile, U.K. Service Purchasing Managers Index (PMI) came in at 62.4, which also better than market expectation at 61.7. Nonetheless, the gains experienced by the Pound Sterling was limited as spiking numbers of the Covid-19 had diminished hopes toward the easing lockdown restrictions. According to latest data, U.K. reported another 27,334 new daily cases of Covid-19, its second highest daily total since the end of January. Despite that, the hospitalizations and deaths remaining relatively low, some investors are confident that the easing of lockdown restrictions later this month will go ahead. Investors would continue to scrutinize the latest updates with regards of latest lock-down restrictions as well as further economic data to gauge the likelihood movement for the Pound Sterling. As of writing, GBP/USD appreciated by 0.07% to 1.3855.

In the commodities market, the crude oil price surged 0.05% to 76.55 per barrel as of writing. The oil price jumped to its highest level in nearly three years on Monday following the meeting between OPEC and its oil-producing allies were postponed indefinitely, with the group failing to reach an agreement on production policy. On the other hand, the gold price was traded flat at $1792.65 per troy ounces amid investors are still waiting for further catalyst before entering the gold market.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

12:30                     AUD                                       RBA Rate Statement

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded lower while currently testing the support level at 92.10. MACD which illustrated diminishing bullish momentum suggest the index to extend its losses after it successfully breakout below the support level.

Resistance level: 93.25, 94.10

Support level: 92.10, 91.30

GBPUSD, H4: GBPUSD was traded higher following prior rebound from the support level at 1.3790. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 1.3960, 1.4100

Support level: 1.3790, 1.3685

EURUSD, H4: EURUSD was traded lower while currently near the support level at 1.1845. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.1955, 1.2065

Support level: 1.1845, 1.1725

USDJPY, H4: USDJPY was traded lower following prior breakout below the previous support level at 110.95. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 110.95, 111.55

Support level: 110.45, 109.75

AUDUSD, H4: AUDUSD was traded higher following prior rebound from the support level at 0.7465. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.7590.

Resistance level: 0.7590, 0.7700

Support level: 0.7465, 0.7365

NZDUSD, Daily: NZDUSD was traded higher following prior rebound from the support level at 0.6940. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.7120.

Resistance level: 0.7120, 0.7305

Support level: 0.6940, 0.6770

USDCAD, H4: USDCAD was traded higher while currently testing the resistance level at 1.2360. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 1.2360.

Resistance level: 1.2360, 1.2480

Support level: 1.2275, 1.2165

USDCHF, H4: USDCHF was traded within a range while currently testing the resistance level at 0.9235. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.9235, 0.9305

Support level: 0.9165, 0.9095

CrudeOIL, H4: Crude oil price was traded higher while currently near the resistance level at 77.00. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.

Resistance level: 77.00, 78.60

Support level: 74.35, 72.50

GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1794.65. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.

Resistance level: 1794.65, 1812.65

Support level: 1773.75, 1751.20

Aussie surged on upbeat economic data.

The Australian Dollar surged over the backdrop of string of upbeat economic data from Australia region. According to Australian Bureau of Statistics, Australia Retail Sales for last month notched up significantly from the previous reading of 0.1% to 0.4%, exceeding the market forecast at 0.1%, while dialed up the market optimism toward the economic recovery in Australia. Nonetheless, the gains experienced by the Aussie was limited following China reported negative economic data in early morning. China Caixin Services Purchasing Managers index (PMI) had declined significantly from the previous reading of 55.1 to 50.3, since Australia is China’s sixth largest trading partners, negative data in China would be spurring some negative prospect for the economic momentum in Australia. As for now, market participants will scrutinize the latest updates with regards of RBA interest rates decision as well as FOMC meeting minutes in order to gauge the likelihood movement for the Australia Dollar. As of writing, AUD/USD appreciated by 0.11% to 0.7515.

In the commodities market, the crude oil price depreciated by 0.02% to $75.30 per barrel as of writing. The crude oil price was traded lower amid investors are now anxiously waiting for the OPEC+’s decision following the disagreement during the early meeting. On the other hand, the gold price was traded flat at $1787.05 per troy ounces as of writing following United States released mixed economic data last week.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower while currently testing the support level at 92.30. MACD which illustrated increasing bearish momentum suggest the index to extend its losses after it successfully breakout below the support level.  

Resistance level: 93.25, 94.10

Support level: 92.30, 91.30

GBPUSD, H4: GBPUSD was traded higher following prior rebound from the support level at 1.3790. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.3960.

Resistance level: 1.3960, 1.4100

Support level: 1.3790, 1.3685

EURUSD, Daily: EURUSD was traded lower while currently near the support level at 1.1845. However, MACD which illustrated bearish momentum suggest the pair to be traded higher in short-term as technical correction.   

Resistance level: 1.1955, 1.2065

Support level: 1.1845, 1.1725

USDJPY, H4: USDJPY was traded lower while currently testing the support level at 110.95. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.  

Resistance level: 111.55, 112.15

Support level: 110.95, 110.45

AUDUSD, H4: AUDUSD was traded higher following prior rebound from the support level at 0.7465. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.7590.

Resistance level: 0.7590, 0.7700

Support level: 0.7465, 0.7365

NZDUSD, H4: NZDUSD was traded higher following prior rebound from the support level at 0.6940. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.     

Resistance level: 0.7120, 0.7300                                                                  

Support level: 0.6940, 0.6770

USDCAD, H4: USDCAD was traded lower following prior breakout below the previous support level at 1.2360. However, 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, H4: USDCHF was traded lower following prior breakout below the previous support level at 0.9235. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.    

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 74.90. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses after it successfully breakout below the support level.

Resistance level: 75.85,76.70

Support level: 74.90, 73.75

GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1794.65. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.     

Resistance level: 1794.65, 1812.65

Support level: 1773.75, 1751.20

5 July 2021                           Morning Session Analysis

US dollar slumps after Nonfarm Payrolls.

Greenback depreciates slightly during early Asian trading session as latest employment data portrays mixed signals to investors. For the month of May, Nonfarm Payrolls came in at 850,000 jobs, beating forecast of 700,000 jobs. The increase is significant when compared to previous month which came in at only 583,000 jobs. However, unemployment rate rose from 5.8% to 5.9%, missing forecast of 5.7%. Investors were concerned that the uptick in unemployment rate may be contributed by expanded unemployment benefits that may hinder individuals from seeking jobs for the time being. However, analysts believed that the overall report shows strong rebound and uptrend in terms of hiring while any uptick in unemployment rate may be transitional factors. Likewise, the data has cemented the case for Federal Reserve to start tapering its asset purchases sooner than expected as employment market is expected to extend its recovery into the second half of 2021. As of writing, the dollar index was down 0.01% to 92.19.

In the commodities market, crude oil price depreciates by 0.02% to $74.70 per barrel. Oil prices extended its losses after OPEC+ failed to reach an agreement last Friday with regards to oil production increase quota. They are expected to resume the meeting later today which may provide more market signals to investors. On the other hand, gold price ticked up 0.01% to $1,786.26 a troy ounce over the backdrop of a weaker greenback.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher following a rebound from the lower levels. MACD which illustrated decreasing bearish momentum suggest the index to extend its gains in short-term.

Resistance level: 92.55, 92.85

Support level: 92.20, 91.90

GBPUSD, H4: GBPUSD was traded lower following prior retracement from higher level. MACD which illustrated diminished bullish momentum suggest the pair to be traded lower in short-term.

Resistance level: 1.3860, 1.3900

Support level: 1.3805, 1.3750

EURUSD, H4: EURUSD was traded lower following prior retrace from 1.1870. MACD which illustrated diminished bullish momentum suggest the pair to be traded lower in short-term.   

Resistance level: 1.1879, 1.1915

Support level: 1.1840, 1.1810

USDJPY, H4: USDJPY was traded higher following prior rebound from 110.95. MACD which illustrated diminished bearish momentum suggests the pair to be traded higher in short-term.

Resistance level: 111.30, 111.60

Support level: 110.95, 110.70

AUDUSD, H4: AUDUSD was traded lower while currently testing the support level at 0.7510. MACD which shows diminished bullish momentum suggests the pair to extend its losses after closing below 0.7510.

Resistance level: 0.7650, 0.7600

Support level: 0.7510, 0.7475

NZDUSD, H4: NZDUSD was traded lower while currently testing the support level at 0.7015. MACD which illustrate diminished bullish momentum suggests the pair to extend its losses after closing below 0.7015.

Resistance level: 0.7070, 0.7115                                                                  

Support level: 0.7015, 0.6975

USDCAD, H1: USDCAD was traded higher following prior rebound from the support level at 1.2315. MACD which illustrated bullish momentum suggest the pair to extend its gains after closing above 1.2340.

Resistance level: 1.2340, 1.2370

Support level: 1.2315, 1.2285

USDCHF, H4: USDCHF was traded higher following a rebound near 0.9200. MACD which illustrate diminished bearish momentum suggests the pair to be traded higher in short-term.   

Resistance level: 0.9230, 0.9270

Support level: 0.9200, 0.9135

CrudeOIL, H1: Crude oil price continues to trade within a tight range. Due to the lack of signal from both MACD and price action, it is suggested to wait for a breakout before entering the market.  

Resistance level: 75.45, 76.05

Support level: 74.70, 74.00

GOLD_, H1: Gold price was traded lower following prior retracement from the higher level. MACD which illustrate bearish momentum suggests its price to extend its losses after closing below 1783.00.

Resistance level: 1795.00, 1813.00

Support level: 1783.00, 1772.00

2 July 2021                           Afternoon Session Analysis

Aussie plunged following Covid update.

The Australian dollar which traded against the greenback and other currency pairs have continue to extend its decline for the fifth consecutive days following rising concerns on COVID-19 situation in the Australia. According to latest data, Australia’s most populous state, New South Wales have reported 31 new cases on Friday, the biggest daily rise for 2021. The total infections have grown to more than 200 since the first cases was detected more than two weeks ago. The state also warned its residents to brace for further increase in Covid-19 infections over the next few days. At the same time, vaccination in the Australia also slowed due to frequent changes in medical advice for AstraZeneca and the Australis’ national cabinet is set to meet on today to discuss the level of vaccination. At the time of writing, AUD/USD slips 0.05% to 0.7465.

In the commodities market, crude oil price rose 0.33% to $75.45 per barrel at the time of writing following disagreement within the OPEC and its allies. Following latest development, United Arab Emirates have blocked a deal at the last minute which causing the alliance to put off its decision on monthly decision. The decision would end with OPEC not increasing any output and production remain unchanged until April 22. On the other hand, gold price fell 0.06% to $1778.22 a troy ounce at the time of writing following rising dollar.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

20:30                     EUR                                        ECB President Lagarde Speaks

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher following prior breakout above the previous resistance level 92.25. MACD which illustrate ongoing bullish momentum signal suggest the dollar to extend its gains towards the resistance level 92.70.

Resistance level: 92.70, 93.05

Support level: 92.25, 91.65

GBPUSD, H4: GBPUSD was traded lower while currently testing the support level 1.3785. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to experience a short-term technical correction towards the resistance level 1.3830.

Resistance level: 1.3830, 1.3935

Support level: 1.3755, 1.3675

EURUSD, H4: EURUSD was traded lower while currently testing the support level 1.1850. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to be traded higher as a technical correction towards the resistance level 1.1920.

Resistance level: 1.1920, 1.1985

Support level: 1.1850, 1.1785

USDJPY, H4: USDJPY was traded higher while currently testing the resistance level 111.60. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to experience a technical correction towards the support level 111.00.

Resistance level: 111.60, 112.20

Support level: 111.00, 110.30

AUDUSD, H4: AUDUSD was traded flat while currently testing the resistance level 0.7475. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to be traded higher as a technical correction after it breaks above the resistance level.

Resistance level: 0.7475, 0.7545

Support level: 0.7395, 0.7330

NZDUSD, H4: NZDUSD was traded lower following prior retracement from the resistance level 0.7010. MACD which illustrate bearish bias signal suggest the pair to extend its retracement towards the support level 0.6925.

Resistance level: 0.7010, 0.7075

Support level: 0.6925, 0.6825

USDCAD, H4: USDCAD was traded lower while currently testing the support level 1.2420. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses after it breaks below the support level 1.2420.

Resistance level: 1.2505, 1.2560

Support level: 1.2420, 1.2350

USDCHF, H4: USDCHF was traded flat while currently testing near the support level 0.9245. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to be traded lower after it breaks below the support level.

Resistance level: 0.9310, 0.9355

Support level: 0.9245, 0.9195

CrudeOIL, H4: Crude oil price was traded higher following recent breakout above the previous resistance level 74.20. MACD which illustrate diminishing bullish momentum signal suggest the commodity to experience a technical correction towards the support level 74.20.

Resistance level: 76.30, 78.75

Support level: 74.20, 72.40

GOLD_, H4: Gold price was traded higher following prior rebound from the support level 1767.55. MACD which illustrate bullish momentum signal suggest the commodity to extend its gains towards the resistance level 1812.10.

Resistance level: 1812.10, 1856.00

Support level: 1767.55, 1725.50

2 July 2021                           Morning Session Analysis

Dollar surged amid optimism on NFP.

The Dollar Index which traded against a basket of six major currency pairs extend its gains following upbeat job data was released on yesterday, which spurring positive prospect for the economic progression in the United States. According to Department of Labor, U.S. Initial Jobless Claims had notched down significantly from the previous reading of 415K to 364K, better than the market forecast at 390K. Though, the overall momentum for the US Dollar was remained subdued as market participants still waited for the U.S. Nonfarm Payrolls report to determine whether the Federal Reserve will start to tamper its monetary stimulus sooner rather than later. In earlier, Rapid Covid-19 vaccination rollout have led to more robust economic activity while boosting the U.S. economic growth from the pandemic, spurring expectation that Fed might start to reduce its ultra-easy policy. Nonetheless, the gains experienced by the US Dollar was limited over the backdrop of bearish manufacturing data. According to Institute for Supply Management, U.S. ISM Manufacturing Purchasing Managers Index (PMI) came in at 60.6, weaker than market forecast at 61.0. As of writing, the Dollar Index appreciated by 0.10% to 92.55.

In the commodities market, the crude oil price surged 0.12% to $75.30 per barrel as of writing. The oil market edged higher yesterday amid investors speculated that the OPEC+ producers could increase output more slowly than expected in coming months. On the other hand, the gold price depreciated by 0.07% to 1775.85 per troy ounces as of writing amid strengthening US Dollar.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

20:30                     EUR                                        ECB President Lagarde Speaks

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded higher following prior breakout above the previous resistance level at 92.30. However, MACD which illustrated diminishing bullish momentum suggest the index to be traded lower in short-term as technical correction.

Resistance level: 93.25, 94.10

Support level: 92.30, 91.30

GBPUSD, Daily: GBPUSD was traded lower following prior breakout below the previous support level at 1.3790. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.3685.

Resistance level: 1.3790, 1.3965

Support level: 1.3685, 1.3565

EURUSD, H4: EURUSD was traded lower while currently near the support level at 1.1845. However, MACD which illustrated bearish bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.1955, 1.2065

Support level: 1.1845, 1.1725

USDJPY, H4: USDJPY was traded higher while currently testing the resistance level at 111.55. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 111.55, 112.15

Support level: 111.15, 110.45

AUDUSD, H4: AUDUSD was traded lower while currently testing the support level at 0.7465. MACD which illustrated diminishing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.7590, 0.7700

Support level: 0.7465, 0.7365

NZDUSD, H4: NZDUSD was traded lower while currently near the support level at 0.6940. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.7120, 0.7300

Support level: 0.6940, 0.6770

USDCAD, H4: USDCAD was traded higher following prior breakout above the previous resistance level at 1.2360. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.2480.

Resistance level: 1.2480, 1.2605

Support level: 1.2360, 1.2275

USDCHF, Daily: USDCHF was traded higher following prior breakout above the previous resistance level at 0.9235. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.9305.

Resistance level: 0.9305, 0.9375

Support level: 0.9235, 0.9165

CrudeOIL, H1: Crude oil price was traded lower while currently testing the support level at 74.90. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses after it successfully breakout below the support level.

Resistance level: 75.85,76.70

Support level: 74.90, 73.75

GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1774.10. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.

Resistance level: 1774.10, 1794.65

Support level: 1754.15, 1735.85

1 July 2021                           Afternoon Session Analysis

Pound slips following UK economic woes.

The pound sterling which traded against the greenback and other currency pairs have weakened after recent weak data confirmed that U.K economy contracted during Q1. According to Office for National Statistics, UK GDP have fell by -1.6% in the first quarter, weaker than market expectation of -1.5%. The contraction was caused by a reduction in consumer spending as a result of the movement control order implemented earlier this year. The data was also in line with signals from the Central Bank of England to maintain loose policy as the UK remains at risk from coronavirus and economic momentum is still fragile. Meanwhile, surging coronavirus cases in the U.K also added further pressure for the pound. Yesterday, the UK recorded a total of 26,068 new coronavirus cases, the highest level since late January. Investors are worried that the increase in coronavirus cases will affect consumer spending and it will have an impact on the momentum of the economic recovery for the foreseeable future. At the time of writing, GBP/USD fell 0.07% to 1.3818.

In the commodities market, crude oil price rose 0.47% to $74.08 per barrel as of writing following optimism towards fuel demand even with planned output hikes. According to an internal OPEC report, the oil market would be in deficit in short term while Goldman Sachs forecast that the demand will rise by a further 2.2 million bpd by the end of 2021. OPEC is meeting its 10 oil producing allies led by Russia on Thursday to consider output hikes after months of sustained crude price hikes. On the other hand, gold price slips 0.09% to $1773.87 a troy ounce at the time of writing following dollar strength.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher following prior breakout above the previous resistance level 92.25. MACD which illustrate ongoing bullish momentum signal suggest the dollar to extend its gains towards the resistance level 92.70.

Resistance level: 92.70, 93.05

Support level: 92.25, 91.65

GBPUSD, H4: GBPUSD was traded lower while currently testing the support level 1.3785. MACD which illustrate ongoing bearish momentum signal suggest the pair to extend its losses after it breaks below the support level.

Resistance level: 1.3925, 1.4020

Support level: 1.3785, 1.3675

EURUSD, H4: EURUSD was traded lower while currently testing the support level 1.1845. MACD which illustrate bearish momentum signal suggest the pair to extend its losses after it breaks below the support level 1.1845.

Resistance level: 1.1920, 1.1985

Support level: 1.1845, 1.1785

USDJPY, H4: USDJPY was traded higher following prior breakout above the previous resistance level 111.00. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to extend its gains towards the resistance level 111.60.

Resistance level: 111.60, 112.20

Support level: 111.00, 110.30

AUDUSD, H4: AUDUSD was traded lower while currently testing the support level 0.7475. MACD which illustrate bearish momentum signal suggest the pair to extend its losses after it breaks below the support level 0.7475.

Resistance level: 0.7545, 0.7595

Support level: 0.7475, 0.7395

NZDUSD, H4: NZDUSD was traded lower following recent breakout below the previous support level 0.7010. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to experience a short-term technical correction back towards the level 0.7010.

Resistance level: 0.7010, 0.7075

Support level: 0.6925, 0.6825

USDCAD, H4: USDCAD was traded higher while currently testing near the resistance level 1.2420. MACD which illustrate diminishing bullish momentum signal suggest the pair to experience a technical correction towards the support level 1.2350.

Resistance level: 1.2420, 1.2505

Support level: 1.2350, 1.2275

USDCHF, H4: USDCHF was traded higher following prior breakout above the previous resistance level 0.9245. MACD illustrate bullish momentum signal suggest the pair to extend its gains towards resistance level 0.9280.

Resistance level: 0.9280, 0.9320

Support level: 0.9245, 0.9195

CrudeOIL, H4: Crude oil price was traded in a sideway channel while currently testing near the resistance level 74.20. However, MACD which illustrate bullish bias signal with the formation of golden cross suggest the commodity to extend its gains after it breaks above the resistance level.

Resistance level: 74.20, 76.30

Support level: 72.40, 70.25

GOLD_, H4: Gold price was traded higher following prior rebound from the support level 1767.55. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the commodity to extend its gains towards the resistance level 1812.10.

Resistance level: 1812.10, 1856.00

Support level: 1767.55, 1725.50

1 July 2021                           Morning Session Analysis

Dollar appreciated amid bullish data.

The Dollar Index which traded against a basket of six major currency pairs received significant bullish momentum over the backdrop of a string of upbeat economic data yesterday. According to Automatic Data Processing (ADP), U.S. ADP Nonfarm Employment Change came in at 692K, exceeding the market forecast at 600K. Meanwhile, National Association of Realtor reported that the U.S. Pending Home Sales for last month notched up significantly from the previous reading of -4.4% to 8.0%, which better than the market forecast at 0.8%. As both crucial economic data had fared better than expectation, which dialed up the market optimism toward the economic progression in the United States while spurring demand on the US Dollar. Nonetheless, as for now investors would continue to remain their focus toward the crucial Nonfarm Payroll data which will be released on Friday to gauge the likelihood movement for the US Dollar. As of writing, the Dollar Index appreciated by 0.05% to 92.40.

In the commodities market, the crude oil price appreciated by 0.11% to 73.80 per barrel as of writing following bullish inventory data was released. According to Energy Information Administration (EIA), the U.S. Crude Oil Inventories came in at -6.718M, better than the market forecast at -4.686M. On the other hand, the gold price slumped 0.13% to $1767.95 per troy ounces as of writing amid strengthening US Dollar.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher while currently near the resistance level at 92.35. MACD which illustrated increasing bullish momentum suggest the index to extend its gains after it successfully breakout above the resistance level.

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 1.3790. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.3875, 1.3940

Support level: 1.3790, 1.3700

EURUSD, H4: EURUSD was traded lower while currently near the support level at 1.1845. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.1955, 1.2065

Support level: 1.1845, 1.1725

USDJPY, H4: USDJPY was traded higher while currently testing the resistance level at 111.15. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 111.15, 111.55

Support level: 110.45, 109.75

AUDUSD, H4: AUDUSD was traded lower while currently testing the support level at 0.7465. However, MACD which illustrated diminishing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.7590, 0.7700

Support level: 0.7465, 0.7365

NZDUSD, Daily: NZDUSD was traded lower while currently near the support level at 0.6940. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.7120, 0.7300

Support level: 0.6940, 0.6770

USDCAD, H4: USDCAD was traded higher following prior breakout above the previous resistance level at 1.2360. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 1.2480, 1.2605

Support level: 1.2360, 1.2275

USDCHF, H4: USDCHF was traded higher following prior breakout above the previous resistance level at 0.9235. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.9305.

Resistance level: 0.9305, 0.9375

Support level: 0.9235, 0.9165

CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level at 73.75. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.

Resistance level: 73.75,74.90

Support level: 72.50, 70.30

GOLD_, H1: Gold price was traded lower following prior retracement from the resistance level at 1773.70. MACD which illustrated diminishing bullish momentum suggest the commodity to extend its losses toward support level at 1754.15.

Resistance level: 1773.70, 1794.65

Support level: 1754.15, 1735.85

30 June 2021                       Afternoon Session Analysis

Aussie slips following mixed China PMI.

The Australian dollar which traded against the greenback and other currency pairs have fell following recent release of China’s official PMI. According to China Federation of Logistics and Purchasing, China’s NBS Manufacturing PMI rose past market forecast if 50.8 to 50.9 but lagged behind the 51.00 prior. On the same line, Non-Manufacturing PMI also stayed below 55.2 prior despite exceed market expectation of 52.7 with 53.5 reading for June. On top of that, coronavirus concern and slower vaccination in Australia also dented market confidence. According to data, only 4% of Australians are fully vaccinated. Besides that, the country also continues report new cases of Delta variant coronavirus and prompt certain states such as Sydney, Darwin, Northern Queensland to impose further lockdown in order to curb the spread of the virus. At the time of writing, AUD/USD fell 0.11% to $0.7519.

In the commodities market, crude oil price rose 0.09% to $73.69 per barrel at the time of writing as OPEC delay its meeting on production to resolve differences. According to reports, OPEC+ members such as Russia have considered backing an increase in output, while Saudi Arabia has exercised caution in the face of growing demand and global spread of the delta variant. The alliance has delayed preliminary talks between ministers by one day to allow more time to resolve differences. On the other hand, gold price slips 0.03% to $1762.18 a troy ounce at the time of writing following dollar strength.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher following prior rebound from the support level 94.65. MACD which illustrate ongoing bullish momentum signal suggest the dollar to extend its gains towards the resistance level 92.25.

Resistance level: 92.25, 92.70

Support level: 91.65, 91.30

GBPUSD, H4: GBPUSD was traded lower while currently testing the support level 1.3830. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to experience a technical correction towards the resistance level 1.3935.

Resistance level: 1.3935, 1.4020

Support level: 1.3830, 1.3755

EURUSD, H4: EURUSD was traded lower following prior breakout below the previous support level 1.1920. MACD which illustrate ongoing bearish momentum signal suggest the pair to extend its losses towards the support level 1.1845.

Resistance level: 1.1920, 1.1985

Support level: 1.1845, 1.1785

USDJPY, H4: USDJPY was traded lower while currently testing near the support level 110.30. MACD which illustrate persistent bearish momentum signal suggest the pair to extend its losses after it breaks below the support level.

Resistance level: 111.00, 111.60

Support level: 110.30, 109.75

AUDUSD, H4: AUDUSD was traded lower following prior breakout below the previous support level0.7545. MACD which illustrate bearish bias signal suggest the pair to extend its losses towards the support level 0.7475.

Resistance level: 0.7545, 0.7595

Support level: 0.7475, 0.7395

NZDUSD, H4: NZDUSD was traded lower following recent breakout below the previous support level 0.7010. MACD which illustrate bearish bias signal suggest the pair to extend its losses towards the support level 0.6925.

Resistance level: 0.7010, 0.7075

Support level: 0.6925, 0.6825

USDCAD, H4: USDCAD was traded higher while currently testing near the resistance level 1.2420. MACD which illustrate ongoing bullish momentum signal suggest the pair to extend its gains after it breaks above the resistance level.

Resistance level: 1.2420, 1.2505

Support level: 1.2350, 1.2275

USDCHF, H4: USDCHF was traded higher following prior rebound from the support level 0.9195. MACD which illustrate bullish momentum signal suggest the pair to extend its gains towards the resistance level 0.9245.

Resistance level: 0.9245, 0.9280

Support level: 0.9195, 0.9135

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 rebound towards the resistance level 74.20.

Resistance level: 74.20, 76.30

Support level: 72.40, 70.25

GOLD_, H4: Gold price was traded lower following prior breakout below the previous support level 1767.55. MACD which illustrate bearish bias signal with the formation of death cross suggest the commodity to extend its losses towards the support level 1725.50.

Resistance level: 1767.55, 1812.10

Support level: 1725.50, 1679.60.

30 June 2021                       Morning Session Analysis

Dollar surged amid upbeat data.

The Dollar Index which traded against a basket of six major currency pairs surged over the backdrop of upbeat economic data from U.S. region. According to Conference Board, U.S. CB Consumer Confidence had notched up significantly from the previous reading of 120.0 to 127.3, exceeding the market forecast at 119.0, which spurring positive expectations for strong economic growth in the second quarter. Besides, spiking numbers of the Covid-19 cases in the world had also stoked a shift in sentiment toward safe-haven currency, which dragging up the appeal of the US Dollar. According to Reuters, Indonesia had recorded its highest Covid-19 cases, while Malaysia and Thailand had strengthened the lockdown rule. Nonetheless, investors would continue to scrutinize the crucial jobs data from US region on Friday in order to gauge the likelihood movement for the currency. As of writing, Dollar Index appreciated by 0.01% to 92.05.

In the commodities market the crude oil price appreciated by 0.12% to $73.85 per barrel as of writing. The oil market edged higher amid upbeat inventory data, which spurring bullish momentum on this black commodity. According to American Petroleum Institute, U.S. API Weekly Crude Oil Stock had delinked significantly from the previous reading of -7.199M to -8.153M, better than the market forecast at -4.460M. On the other hand, gold price depreciated by 0.03% to $1761.70 per troy ounces as of writing amid strengthening US Dollar.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher while currently near the resistance level at 92.35. MACD which illustrated increasing bullish momentum suggest the index to extend its gains after it successfully breakout above the resistance level.

Resistance level: 92.35. 93.25

Support level: 91.35, 90.35

GBPUSD, H4: GBPUSD was traded lower following prior breakout below the previous support level at 1.3875. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.3875, 1.3940

Support level: 1.3790, 1.3700

EURUSD, H4: EURUSD was traded lower while currently near the support level at 1.1855. MACD However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher 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 lower following prior retracement from the resistance level at 0.7590. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 0.7590, 0.7700

Support level: 0.7465, 0.7365

NZDUSD, Daily: NZDUSD was traded lower while currently near the support level at 0.6940. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.7120, 0.7300

Support level: 0.6940, 0.6770

USDCAD, H4: USDCAD was traded higher following prior breakout above the previous resistance level at 1.2360. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.2480.

Resistance level: 1.2480, 1.2605

Support level: 1.2360, 1.2275

USDCHF, H4: USDCHF was traded higher while currently testing the resistance level at 0.9235. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 0.9235, 0.9305

Support level: 0.9165, 0.9095

CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level at 73.75. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.

Resistance level: 73.75,74.90

Support level: 72.50, 70.30

GOLD_, H4: Gold price was traded lower while currently testing the support level at 1760.40. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses after it successfully breakout below the support level.

Resistance level: 1793.95, 1814.00

Support level: 1760.40, 1735.85

29 June 2021                       Afternoon Session Analysis

Pound slips following virus concerns.

The pound sterling which traded against the dollar and other currency pairs have fell amid rising concerns over new coronavirus cases in the UK. According to the latest official figure on Monday, UK reported the highest daily infection since January 30, adding 22,868 cases to the total of 4,755,078. The latest surge in virus cases which include delta variants have causing several countries such as German and Hong Kong to signal ban over U.K flights and travelers. While U.K health minister Sajid Javid remain confident on July 19 deadline to unlock U.K, the rising new COVID-19 may dent market confidence towards U.K economic recovery. At the time of writing, GBP/USD fell 0.11% to 1.3868.

In the commodities market, crude oil price extends losses and fell 0.27% to $72.88 per barrel as of writing following virus outbreak concerns which affect demand. U.K. reported the highest daily rise in COVID-19 cases on Monday since January 30. Hong Kong, Spain, and Portugal banned all passenger flights from the nation to curb the spread of the Delta variant of COVID-19. Besides that, Australia is seeing a spike in the number of COVID-19 cases, with 110 cases of Delta variant in Sydney. On the other hand, gold price slips 0.16% to $1775.62 a troy ounce at the time of writing following dollar rebound.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher following prior rebound from the support level 91.65. MACD which illustrate bullish bias signal with the formation of golden cross suggest the dollar to extend its rebound towards the resistance level 92.25.

Resistance level: 92.25, 92.70

Support level: 91.65, 91.30

GBPUSD, H4: GBPUSD was traded lower following prior retracement from the resistance level 1.3935. MACD which illustrate bearish momentum signal suggest the pair to extend its retracement towards the support level 1.3830.

Resistance level: 1.3935, 1.4020

Support level: 1.3830, 1.3755

EURUSD, H4: EURUSD was traded lower while currently testing the support level 1.1920. 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: 1.1985, 1.2070

Support level: 1.1920, 1.1845

USDJPY, H4: USDJPY was traded lower while currently testing near the support level 110.30. MACD which illustrate bearish momentum signal suggest the pair to extend its losses after it breaks below the support level.

Resistance level: 111.00, 111.60

Support level: 110.30, 109.75

AUDUSD, H4: AUDUSD was traded lower while currently testing the support level 0.7545. MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to extend its losses after it breaks below the support level.

Resistance level: 0.7595, 0.7650

Support level: 0.7545, 0.7475

NZDUSD, H4: NZDUSD was traded lower following prior retracement from the resistance level 0.7070. MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to extend its losses towards the support level 0.7000.

Resistance level: 0.7070, 0.7135

Support level: 0.7000, 0.6925

USDCAD, H4: USDCAD remain traded in a sideway channel while currently testing the resistance level 1.2350. However, MACD which illustrate bullish momentum signal with the recent formation of golden cross suggest the pair to be traded higher after it breaks above the resistance level.

Resistance level: 1.2350, 1.2420

Support level: 1.2275, 1.2185

USDCHF, H4: USDCHF was traded higher following prior breakout above the previous resistance level 0.9195. MACD which illustrate bullish bias signal with the formation of golden cross suggest the pair to extend its gains towards the resistance level 0.9245.

Resistance level: 0.9245, 0.9280

Support level: 0.9195, 0.9135

CrudeOIL, H4: Crude oil price was traded lower while currently testing the support level 72.40. MACD which illustrate bearish momentum signal suggest the commodity to extend its losses after it breaks blow the support level.

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

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

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Today’s Highlight Economic Data

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