280621 Afternoon Session Analysis
28 June 2021 Afternoon Session Analysis
Aussie slips amid Covid resurgence.
The Australian dollar which traded against the greenback and other currency pairs have snap its five-day uptrend and fell following latest Covid-19 cases resurgence in Australia. According to latest reports from BBC, Australia’s New South Wales have reported 30 fresh infections which have case the government to announced extra measures to curb the virus resurgence. The measures also cover 5 million people in Greater Sydney, Blue Mountains, Central Coast and Wollongong. New South Wales Premier Gladys Berjiklian forecasted that the virus cases will continue to rise considerably. On top of that, comments from Aussie Treasurer Josh Frydenberg also weigh on the Australian dollar where he stated that the country will only open its international borders after the country declared that it is safe to do so. At the time of writing, AUD/USD slips 0.02% to 0.7583.
In the commodities market, crude oil price remains steady and rose 0.04% to $73.95 per barrel as of writing amid ongoing demand recovery. Oil price continue to rose as fuel demand rebounded on strong economic growth and increased travel during summer in the northern hemisphere. On top of that, OPEC+ and its allies have maintained their productions which also help support the crude oil price. On the other hand, gold price slips 0.11% to $1779.55 a troy ounce at the time of writing following dollar strength.
Today’s Holiday Market Close
Time Market Event
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Today’s Highlight Events
Time Market Event
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Today’s Highlight Economic Data
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Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded flat while currently testing the support level 91.75. However, MACD which illustrate diminishing bearish momentum signal suggest the dollar to be traded higher towards the resistance level 92.25.
Resistance level: 92.25, 92.70
Support level: 91.75, 91.30
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 lower while currently testing the support level 1.1920. MACD which illustrate diminishing bullish momentum signal 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 following prior retracement from the resistance level 110.80. MACD which illustrate bearish momentum signal suggest the pair to extend its losses towards the support level 110.30.
Resistance level: 110.80, 111.60
Support level: 110.30, 109.75
AUDUSD, H4: AUDUSD was traded lower following prior retracement from the resistance level 0.7595. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses towards the support level 0.7545.
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 diminishing bullish momentum signal 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 following recent rebound from the support level 1.2275. However, MACD illustrate diminishing bearish momentum signal with the starting formation of golden cross suggest the pair to be traded higher towards the resistance level 1.2350.
Resistance level: 1.2350, 1.2420
Support level: 1.2275, 1.2185
USDCHF, H4: USDCHF was traded higher while currently testing near the resistance level 0.9195. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its gains after it breaks above the resistance level.
Resistance level: 0.9195, 0.9245
Support level: 0.9135, 0.9090
CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level 74.20. However, MACD which illustrate diminishing bullish momentum signal suggest the commodity to be traded lower as a technical correction towards the support level 72.40.
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
280621 Morning Session Analysis
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.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
N/A
Today’s Highlight Economic Data
N/A
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
250621 Afternoon Session Analysis
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
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
N/A
Today’s Highlight Economic Data
N/A
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
250621 Morning Session Analysis
25 June 2021 Morning Session Analysis
Pound slumped following BoE maintained dovish tone.
Pound Sterling slumped following yesterday the Bank of England maintained their interest rate at 0.1%. Besides the Monetary Policy Committee (MPC) also sets the expansionary monetary policy to achieve 2% inflation target, and also boost up economic growth and employment rate. Besides, the Committee also voted unanimously for the Bank of England to maintain the stock of sterling non-financial investment-grade corporate bond purchases and continue with its existing program of UK government bond purchases, maintaining the target for the government bond purchases at £875 billion and total target stock of asset purchases at £895 billion. On top of that, the MPC forecasted that the UK GDP was expected to recover significantly over 2021, to pre-Covid levels. Nonetheless, the Bank of England will continue to scrutinize the situation closely and will take whatever action is necessary to stabilize the economic growth. As of writing, GBP/USD depreciated by 0.04% to 1.3915.
In the commodities market, the crude oil price was traded flat at $73.62 per barrel as market participants still waited for further catalyst while focusing on the Covid-19 pandemic updates in order to gauge the likelihood movement for the commodity. On the other hand, the gold price depreciated by 0.01% to $1774.85 per troy ounces as of writing. The gold price was traded lower yesterday over the backdrop of bearish economic job data from United States.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
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Today’s Highlight Economic Data
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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, H1: GBPUSD was traded lower following prior retracement from the resistance level at 1.3940. 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 higher while currently testing the resistance level at 111.00. However, MACD which illustrated increasing bearish momentum suggest the pair to be traded lower in short-term as technical correction.
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 0.7585. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 0.7585, 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 diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 0.7120.
Resistance level: 0.7120, 0.7300
Support level: 0.6940, 0.6770
USDCAD, H4: USDCAD was traded higher following prior rebound from the support level at 1.2275. 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 lower while currently testing the support level at 0.9180. 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: 0.9180, 0.9135
CrudeOIL, Weekly: Crude oil price was traded higher while currently testing the resistance level at 73.95. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.
Resistance level: 73.95, 81.00
Support level: 64.15, 52.95
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
240621 Afternoon Session Analysis
24 June 2021 Afternoon Session Analysis
Pound remains resilient ahead of BoE.
The pound sterling which traded against the dollar and other currency pairs continue to hold its ground while investors await key monetary policy meeting from Bank of England (BoE). The U.K. economy continues to gather pace with inflation – at 2.1% on an annualized basis. The result is running ahead of the central bank’s target, but BoE is likely to point to temporary factors boosting inflation and ongoing uncertainty in its outlook for the economy as reasons to keep monetary policy on autopilot. On the other hand, U.K Prime Minister Boris Johnson stated that the U.K will ease social restriction on July 19 as planned due to high vaccination levels from U.K citizens and the number of deaths remain at low level. At the time of writing, GBP/USD rose 0.03% to 1.3958.
In the commodities market, crude oil price rose 0.11% to $73.12 per barrel at the time of writing following prospect of solid oil demand. Following latest development, demand recovery has accelerated as vaccination are rolled out worldwide, boosting fuel consumption and helping to drain stockpiles that were built up during the height of the pandemic. On the other hand, gold price slips 0.20% to 1775.15 a troy ounce at the of writing following dollar strength.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
19:00 GBP BoE MPC Meeting Minutes
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 16:00 | EUR – German Ifo Business Climate Index (Jun) | 99.2 | 100.1 | – |
| 19:00 | GBP – BoE Interest Rate Decision (Jun) | 0.10% | 0.10% | – |
| 20:30 | USD – Core Durable Goods Orders (MoM) (May) | 1.00% | 0.70% | – |
| 20:30 | USD – GDP (QoQ) (Q1) | 6.40% | 6.40% | – |
| 20:30 | USD – Initial Jobless Claims | 412K | 380K | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher while currently testing the resistance level 91.75. MACD which display diminishing bearish momentum signal suggest the dollar to extend its gains after it breaks above the resistance level.
Resistance level: 91.75, 92.25
Support level: 91.30, 90.90
GBPUSD, H4: GBPUSD was traded lower following prior retracement from its high level. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its retracement towards the support level 1.3930.
Resistance level: 1.4020, 1.4105
Support level: 1.3930, 1.3830
EURUSD, H4: EURUSD was traded lower while currently testing the support level 1.1920. MACD which illustrate diminishing bullish momentum signal 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 higher following prior breakout above the previous resistance level 110.85. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to experience a short-term technical correction back towards the level 110.85.
Resistance level: 111.60, 112.20
Support level: 110.85, 110.30
AUDUSD, H4: AUDUSD was traded lower following prior retracement from the resistance level 0.7595. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its retracement 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 near 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 was traded higher following prior rebound from the support level 1.2275. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its rebound towards the resistance level 1.2350.
Resistance level: 1.2350, 1.2420
Support level: 1.2275, 1.2185
USDCHF, H4: USDCHF was traded higher following prior rebound from the support level 0.9180. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its rebound towards the resistance level 0.9245.
Resistance level: 0.9245, 0.9280
Support level: 0.9180, 0.9135
CrudeOIL, H4: Crude oil price was traded lower following prior retracement from the resistance level 74.20. MACD which illustrate diminishing bullish momentum signal suggest the commodity to extend its retracement towards the support level 72.40.
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
240621 Morning Session Analysis
24 June 2021 Morning Session Analysis
Euro surged on positive economic data.
The Euro surged over the backdrop of bullish economic data on yesterday, which dialed up the market optimism toward the economic progression in European region. According to Markit Economics, Germany Manufacturing Purchasing Managers Index (PMI) notched up significantly from the previous reading of 64.4 to 64.9, exceeding the market forecast at 63.0. Besides, the Eurozone private sector growth in June rose to its highest level since mid-2006 following the lockdown restrictions was eased and public confidence in vaccine program grows, according to HIS Markit. Besides, the Covid-19 infections have been eased to the lowest since last September and are set to be reduced further in July to the lowest since the pandemic began. Nonetheless, investors would continue to scrutinize the updates with regards of the monetary policy statement from European Central Bank as well as further crucial economic data to gauge the likelihood movement for the currency. As of writing, EURUSD surged 0.04% to 1.1930.
In the commodities market, the crude oil price appreciated by 0.10% to $73.55 per barrel as of writing following the Energy Information Administration (EIA) reported that the U.S. Crude Oil Inventories declined significantly from the previous reading of -7.355M to -7.614M, exceeding the market forecast at -3.942M. On the other hand, the gold price slumped 0.10% to $1777.45 per troy ounces as of writing amid positive Covid-19 vaccine development had spurred risk-on sentiment in the FX market, which diminishing demand on the safe-haven commodity.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
19:00 GBP BoE MPC Meeting Minutes
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 16:00 | EUR – German Ifo Business Climate Index (Jun) | 99.2 | 100.1 | – |
| 19:00 | GBP – BoE Interest Rate Decision (Jun) | 0.10% | 0.10% | – |
| 20:30 | USD – Core Durable Goods Orders (MoM) (May) | 1.00% | 0.70% | – |
| 20:30 | USD – GDP (QoQ) (Q1) | 6.40% | 6.40% | – |
| 20:30 | USD – Initial Jobless Claims | 412K | 380K | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from the resistance level at 92.45. 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 higher while currently near the resistance level at 1.3990. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 1.3990, 1.4100
Support level: 1.3925, 1.3810
EURUSD, H4: EURUSD was traded higher while currently testing the resistance level at 1.1955. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1.1955, 1.2065
Support level: 1.1855, 1.1725
USDJPY, H4: USDJPY was traded higher following prior breakout above the previous resistance level at 110.80. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 111.55.
Resistance level: 111.55, 112.15
Support level: 110.80, 110.35
AUDUSD, Daily: AUDUSD was traded higher while currently testing the resistance level at 0.7585. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 0.7585, 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 diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 0.7120.
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. 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, H1: USDCHF was traded lower while currently testing the support level at 0.9180. However, MACD which illustrated increasing bullish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 0.9235, 0.9305
Support level: 0.9180, 0.9135
CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level at 73.70. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.
Resistance level: 73.70, 75.10
Support level: 71.30, 70.05
GOLD_, H1: Gold price was traded lower following prior retracement from the resistance level at 1793.60. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses toward support level at 1766.85.
Resistance level: 1793.60, 1814.35
Support level: 1766.85, 1749.15
230621 Afternoon Session Analysis
23 June 2021 Afternoon Session Analysis
Pound rose amid comments from U.K Health Secretary.
The pound sterling which traded against the dollar and other currency pairs have rose following a positive comment from U.K Department of Health. According to reports, U.K Health Secretary Matt Hancock stated that the Covid-19 data are looking positive for lifting lockdown restriction on 19 July. This comes after Prime Minister Boris Johnson stated that it was looking good for the final lifting of lockdown next month. As a result, market remains optimistic about the U.K economy despite with the delay in easing restrictions. On top of that, the pound also was also further boosted by the latest U.K factory data from CBI that show output have rose at its fastest pace since July 1975. CBI also predict that the economy will return to pre-Covid levels by the end of the year. At the time of writing, GBP/USD rose 0.02% to 1.3928.
In the commodities market, crude oil price rose 0.12% to $73.55 per barrel at the time of writing following expectation of fuel consumption recovery. According to data, key energy markets including the U.S. and China have seen a strong rebound from Covid-19, boosting fuel consumption and helping to drain bloated inventories built up during the pandemic. On the other hand, gold price edge fell 0.06% to $1781.21 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
| Time | Nation & Data | Previous | Forecast | Actual |
| 15:30 | EUR – German Manufacturing PMI (Jun) | 63.0 | 64.4 | – |
| 16:30 | GBP – Manufacturing PMI | 65.6 | – | – |
| 16:30 | GBP – Services PMI | 62.9 | – | – |
| 20:30 | CAD – Core Retail Sales (MoM) (Apr) | -5.0% | 4.3% | – |
| 22:00 | USD – New Home Sales (May) | 870K | 863K | – |
| 22:30 | CrudeOIL – Crude Oil Inventories | -7.355M | -3.942M | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher following prior rebound from the support level 91.75. MACD which illustrate diminishing bearish momentum signals suggest the dollar to extend its rebound towards the resistance level 92.25.
Resistance level: 92.25, 92.70
Support level: 91.75, 91.30
GBPUSD, H4: GBPUSD was traded lower following prior retracement from the resistance level 1.3935. MACD which illustrate diminishing bullish 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 diminishing bullish momentum signal 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 higher while currently testing the resistance level 110.85. MACD which illustrate bullish momentum signal suggest the pair to extend its gains after it breaks above the resistance level.
Resistance level: 110.85, 111.45
Support level: 110.30, 109.75
AUDUSD, H4: AUDUSD was traded lower following prior retracement from the resistance level 0.7545. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its retracement towards the support level 0.7475.
Resistance level: 0.7545, 0.7595
Support level: 0.7475, 0.7395
NZDUSD, H4: NZDUSD was traded lower while currently testing the support level 0.7000. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses after it breaks below the support level.
Resistance level: 0.7065, 0.7135
Support level: 0.7000, 0.6925
USDCAD, H4: USDCAD was traded lower following recent breakout below the previous support level 1.2350. MACD which illustrate persistent 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 higher following prior rebound from the support level 0.9180. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its rebound towards the resistance level 0.9245.
Resistance level: 0.9245, 0.9280
Support level: 0.9180, 0.9135
CrudeOIL, H4: Crude oil price was traded higher following prior rebound from the support level 72.40. MACD which illustrate ongoing bullish momentum signals 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 was traded higher following prior rebound from the support level 1767.55. MACD which illustrate ongoing bullish momentum signal suggest the commodity to extend its rebound towards the resistance level 1812.10.
Resistance level: 1812.10, 1856.00
Support level: 1767.55, 1725.50.
230621 Morning Session Analysis
23 June 2021 Morning Session Analysis
Dollar slumped following Jerome Powell unleashed dovish tone.
The Dollar Index which traded against a basket of six major currency pairs slumped over the backdrop of dovish tone from the Federal Reserve Chairman Jerome Powell. According to Reuters, Federal Reserve Jerome Powell reaffirmed that the U.S. central bank would continue to implement its aggressive expansionary monetary policy to boost up the job market in United States, and not to raise interest rates too soon based only on the fear of coming inflation. Nonetheless, the Monetary Policy Committee (MPC) from the Fed have expressed different views on its monetary policy, the overall sentiment from Fed remained vague. The Fed officials will continue to scrutinize the economic data to determine when it will be appropriate to adjust and taper its monetary policy. Aggressive expansionary monetary policy would increase the money circulation in the market, which spurring higher inflation risk and diminishing the appeal of the US Dollar. As of writing, the Dollar Index slumped 0.21% to 91.70.
In the commodities market, the crude oil price surged 0.10% to $73.30 per barrel as of writing. The crude oil price extends its gains amid upbeat inventory data. According to American Petroleum Institute, U.S. API Weekly Crude Oil Stock came in at – 7.199M, better than the market forecast at -3.625M. On the other hand, the gold price surged 0.02% to $1779.05 per troy ounces as of writing amid weakening 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
| Time | Nation & Data | Previous | Forecast | Actual |
| 15:30 | EUR – German Manufacturing PMI (Jun) | 63.0 | 64.4 | – |
| 16:30 | GBP – Manufacturing PMI | 65.6 | – | – |
| 16:30 | GBP – Services PMI | 62.9 | – | – |
| 20:30 | CAD – Core Retail Sales (MoM) (Apr) | -5.0% | 4.3% | – |
| 22:00 | USD – New Home Sales (May) | 870K | 863K | – |
| 22:30 | CrudeOIL – Crude Oil Inventories | -7.355M | -3.942M | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from the resistance level at 92.45. MACD which illustrated increasing bearish momentum suggest the index to extend its losses toward support level at 91.50.
Resistance level: 92.45. 93.25
Support level: 91.50, 90.35
GBPUSD, H4: GBPUSD was traded higher following prior breakout above the previous resistance level at 1.3925. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 1.3990, 1.4100
Support level: 1.3925, 1.3810
EURUSD, H4: EURUSD was traded higher while currently testing the resistance level at 1.1955. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1.1955, 1.2065
Support level: 1.1855, 1.1725
USDJPY, H4: USDJPY was traded higher while currently testing the resistance level at 110.90. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 110.90, 111.55
Support level: 110.35, 109.75
AUDUSD, Daily: AUDUSD was traded higher while currently testing the resistance level at 0.7585. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 0.7585, 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 diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 0.7120.
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. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.2275.
Resistance level: 1.2360, 1.2480
Support level: 1.2275, 1.2165
USDCHF, H1: USDCHF was traded lower while currently testing the support level at 0.9180. 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: 0.9180, 0.9135
CrudeOIL, H1: Crude oil price was traded lower while currently testing the support level at 72.55. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.
Resistance level: 73.70, 75.10
Support level: 72.55, 71.30
GOLD_, H1: Gold price was traded higher following prior rebound from the support level at 1766.85. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains toward resistance level at 1793.60.
Resistance level: 1793.60, 1814.35
Support level: 1766.85, 1749.15
220621 Afternoon Session Analysis
22 June 2021 Afternoon Session Analysis
Euro surged on upbeat economic outlook.
The Euro surged yesterday amid the ECB’s Christine Lagarde positive tone toward the economic outlook in European region. According to Reuters, European Central Bank President Christine Lagarde claimed that as for now the Covid-19 pandemic still weighs on the euro zone economy but growth could rebound faster than expected amid robust consumers spending following the lock-down restrictions was eased. On top of that, brighter prospects for global demand and fast-pace of Covid-19 vaccination rollout had continue to dial up market optimism toward the future economic outlook. Nonetheless, the spread of virus mutations continues to be a source of risk for the European Central Bank. Besides, ECB President Christine Lagarde reiterated that it was not yet time to allow interest rates to rise while the central bank would continue to maintain its favorable financing conditions. As for now, investors would continue to eye on the crucial economic data in order to receive further trading signal. As of writing, EUR/USD appreciated by 0.05% to 1.1905.
In the commodities market, the crude oil price surged 0.26% to $73.60 per barrel as of writing. The oil market had rebounded more than 50% this year as a robust economic recovery from pandemic in U.S., China and Europe drives increasing fuel consumption. On the other hand, the gold price appreciated by 0.23% to $1787.20 per troy ounces as of writing amid weakening 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
| Time | Nation & Data | Previous | Forecast | Actual |
| 22:00 | USD – Existing Home Sales (May) | 5.85M | 5.72M | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower while currently testing near the support level 91.80. MACD which illustrate bearish momentum signal suggest the dollar to extend its losses after it breaks below the support level.
Resistance level: 92.25, 92.70
Support level: 91.80, 91.30
GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level 1.3925. MACD which illustrate bullish momentum signal suggest the pair to extend its gains after it breaks above the resistance level.
Resistance level: 1.3925,1.4020
Support level: 1.3830, 1.3755
EURUSD, H4: EURUSD was traded higher while currently testing near the resistance level 1.1920. MACD which illustrate bullish momentum signal with the recent formation of golden cross suggest the pair to extend its gains after it breaks above the resistance level.
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 110.30. MACD which illustrate bullish bias signal with the formation of golden cross suggest the pair to extend its gains towards the resistance level 110.85.
Resistance level: 110.85, 111.45
Support level: 110.30, 109.75
AUDUSD, H4: AUDUSD was traded lower following prior retracement from the resistance level 0.7545. However, MACD which illustrate bullish momentum signal suggest the pair to be traded higher in short term back towards the resistance level 0.7545.
Resistance level: 0.7545, 0.7595
Support level: 0.7475, 0.7395
NZDUSD, H4: NZDUSD was traded higher while currently testing near the resistance level 0.7000. MACD which illustrate bullish momentum signal suggest the pair to extend its gains after it breaks above the resistance level.
Resistance level: 0.7000, 0.7065
Support level: 0.6925, 0.6825
USDCAD, H4: USDCAD was traded lower while currently testing near the support level 1.2350. MACD which illustrate bearish momentum signal suggest the pair to extend its losses after it breaks below the support level.
Resistance level: 1.2420, 1.2505
Support level: 1.2350, 1.2275
USDCHF, H4: USDCHF was traded lower while currently testing the support level 0.9180. 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: 0.9245, 0.9280
Support level: 0.9180, 0.9135
CrudeOIL, H4: Crude oil price was traded higher following prior breakout above the previous resistance level 72.40. MACD which display ongoing bullish momentum signal suggest the commodity to extend its gains after it breaks above the resistance level 74.20.
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 suggest the commodity to extend its rebound towards the resistance level 1812.10.
Resistance level: 1812.10, 1856.00
Support level: 1767.55, 1725.50.
220621 Morning Session Analysis
22 June 2021 Morning Session Analysis
Dollar slumped on dovish tone.
The Dollar Index which traded against a basket of six major currency pairs slumped following a senior Federal Reserve official claimed that the US economy was still not yet ready for the central bank to tamper its heft monetary support, even though the outlook become rosier. Member of Federal Reserve John William insisted the Fed should stick to the terms of its expansionary monetary policy framework despite the economy was getting better all the time. The comments came ahead of Jerome Powell’s scheduled testimony in Congress on Tuesday. Besides, he also reiterated that the inflation is expected to drop back toward longer-run goal, claiming that the current surge in consumer prices will be transitory. Nonetheless, the overall statement from the Federal Reserve remained vague while investors would continue to scrutinize the latest updates with regards of economic data as well as further policy statement to gauge the likelihood movement for the US Dollar. As of writing, the Dollar Index depreciated by 0.41% to 91.85.
In the commodities market, the crude oil price surged 0.14% to $73.33 per barrel as of writing. The oil market extends its gains over the backdrop of positive development in Covid-19 vaccination rollout had continue to spur significant demand for this black-commodity. On the other hand, the gold price appreciated by 0.10% to $1784.05 per troy ounces as of writing amid weakening 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
| Time | Nation & Data | Previous | Forecast | Actual |
| 22:00 | Existing Home Sales (May) | 5.85M | 5.72M | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from the resistance level at 92.45. MACD which illustrated increasing bearish momentum suggest the index to extend its losses toward support level at 91.50.
Resistance level: 92.45. 93.25
Support level: 91.50, 90.35
GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level at 1.3925. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1.3925, 1.3990
Support level: 1.3810, 1.3695
EURUSD, Daily: EURUSD was traded higher following prior rebound from the support level at 1.1855. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 1.1955.
Resistance level: 1.1955, 1.2065
Support level: 1.1855, 1.1725
USDJPY, H4: USDJPY was traded higher while currently testing the resistance level at 110.30. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 110.30, 110.90
Support level: 109.75, 109.05
AUDUSD, Daily: AUDUSD was traded higher following prior rebound from the support level at 0.7465. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 0.7585.
Resistance level: 0.7585, 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 diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 0.7120.
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 1.2360. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 1.2480, 1.2605
Support level: 1.2360, 1.2275
USDCHF, H4: USDCHF was traded lower while currently testing the support level at 0.9180. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 0.9235, 0.9305
Support level: 0.9180, 0.9135
CrudeOIL, Daily: Crude oil price was traded higher while currently testing the resistance level at 73.70. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.
Resistance level: 73.70, 78.50
Support level: 66.30, 59.35
GOLD_, H1: Gold price was traded higher following prior rebound from the support level at 1766.85. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.
Resistance level: 1795.85, 1814.35
Support level: 1766.85, 1729.60
210621 Afternoon Session Analysis
21 June 2021 Afternoon Session Analysis
Dollar stay strong amid hawkish Fed.
The dollar index has continued to held multi-months high against the against a basket of six major currency pairs after market continue to react towards rate hike signal surprise from U.S Federal Reserve last week. The jolt to foreign exchanges was triggered on Wednesday by Fed forecasts showing 13 of the 18-person policy board saw rates rising in 2023, versus only six previously, with the median board member tipping two hikes in 2023. On top of that, the dollar was further boosted by comments from St Louis Fed Governor after St. Louis Federal Reserve Governor James Bullard stated recently that the U.S. central bank’s shift toward a faster tightening of monetary policy was a “natural” response to economic growth and particularly inflation moving quicker than expected as the country reopens from the coronavirus pandemic. At the time of writing, dollar index rose 0.04% to 92.26.
In the commodities market, crude oil price soars 1.29% to $72.31 per barrel at the time of writing following a pause in Iran nuclear deal talks. Negotiations to revive the Iran nuclear deal have been halted temporary after hardline judge Ebrahim Raisi won Iran’s presidential election amid a low turnout on Saturday. Two diplomats said they expected a break of around 10 days. On the other hand, gold price edge lower 0.11% to $1775.50 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
22:15 EUR ECB President Lagarde Speaks
Today’s Highlight Economic Data
N/A
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher while currently testing the resistance level 92.25. However, MACD which illustrate diminishing bullish momentum signal suggest the dollar to experience a technical correction in short term towards the support level 91.80.
Resistance level: 92.25, 92.70
Support level: 91.80, 91.30
GBPUSD, H4: GBPUSD was traded flat while currently testing near the resistance level 1.3830. 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: 1.3830, 1.3925
Support level: 1.3755, 1.3675
EURUSD, H4: EURUSD was traded flat awhile currently testing the resistance level 1.1870. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to be traded higher after it breaks back above the level.
Resistance level: 1.1870, 1.1985
Support level: 1.1805, 1.1740
USDJPY, H4: USDJPY was traded lower following prior retracement from the resistance level 110.30. MACD which illustrate bearish momentum signal suggest the pair to extend its losses towards the support level 109.75.
Resistance level: 110.30, 110.85
Support level: 109.75, 109.30
AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level 0.7505. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its rebound after it breaks above the resistance level.
Resistance level: 0.7505, 0.7550
Support level: 0.7445, 0.7395
NZDUSD, H4: NZDUSD was traded higher following prior rebound from the support level 0.6945. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its rebound towards the resistance level 0.7000.
Resistance level: 0.7000, 0.7065
Support level: 0.6945, 0.6890
USDCAD, H4: USDCAD was traded higher following recent breakout above the previous resistance level 1.2420. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to experience a technical correction in short term back towards the level 1.2420.
Resistance level: 1.2505, 1.2560
Support level: 1.2420, 1.2350
USDCHF, H4: USDCHF was traded flat after recent breakout above the previous resistance level 0.9180. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to be traded lower in short term towards the support level 0.9180.
Resistance level: 0.9245, 0.9280
Support level: 0.9180, 0.9135
CrudeOIL, H4: Crude oil price was traded higher while currently testing near the resistance level 72.40. 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: 72.40, 74.20
Support level: 70.50, 68.55
GOLD_, H4: Gold price was traded higher following prior rebound from the support level 1767.85. MACD which illustrate diminishing bearish momentum signal suggest the commodity to extend its rebound towards the resistance level 1812.10.
Resistance level: 1812.10, 1856.00
Support level: 1767.85, 1725.50.
210621 Morning Session Analysis
21 June 2021 Morning Session Analysis
Pound dipped on bearish data.
GBP/USD slumped significantly amid strengthening US Dollar following the Federal Reserve unleashed their hawkish tone last week. Besides, the Pound Sterling extend its losses over the backdrop of bearish economic data from UK region. According to Office for National Statistics, U.K. Retail Sales declined significantly from the previous reading of 9.2% to -1.4%, missing the market forecast at 1.6%, which dialed down the market optimism toward the economic progression in UK region. In addition, spiking number of Delta variant of Covid-19 in UK and Brexit deadlock had also spurred further bearish momentum on the Pound Sterling. According to Public Health England, the number of confirmed cases of the delta variant has risen from 33,630 last week to 75,953 this week. On top of that, there were more than 11,000 daily new Covid-19 cases reported in the UK on 17th June, the largest daily increase since mid-February. As of writing, GBP/USD depreciated by 0.08% to 1.3818.
In the commodities market, the crude oil price surged 0.69% to $71.90 per barrel as of writing. The oil price surged following OPEC sources claimed that the producer group expected to limit U.S. oil output growth this year despite rising prices, according to Reuters. On the other hand, the gold price slumped 0.10% to $1769.00 per troy ounces as of writing amid earlier hawkish statement from the Federal Reserve continue to diminish the appeal of safe-haven gold.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
22:15 EUR ECB President Lagarde Speaks
Today’s Highlight Economic Data
N/A
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher while currently testing the resistance level at 92.45. However, MACD which illustrated diminishing bullish momentum suggest the index to be traded lower in short-term as technical correction.
Resistance level: 92.45. 93.25
Support level: 91.50, 90.35
GBPUSD, H4: GBPUSD was traded lower following prior breakout below the previous support level at 1.4020. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 1.3915, 1.3990
Support level: 1.3810, 1.3695
EURUSD, Daily: EURUSD was traded lower while currently testing the support level at 1.1855. 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: 1.1855, 1.1725
USDJPY, H4: USDJPY was traded higher while currently testing the resistance level at 110.30. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 110.30, 110.90
Support level: 109.75, 109.05
AUDUSD, Daily: 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: 0.7585, 0.7700
Support level: 0.7465, 0.7365
NZDUSD, Daily: NZDUSD was traded lower while currently testing 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, Daily: USDCAD was traded higher following prior breakout above the previous resistance level at 1.2380. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.2605.
Resistance level: 1.2605, 1.2855
Support level: 1.2380, 1.2040
USDCHF, Daily: USDCHF was traded higher following prior breakout above the previous resistance level at 0.9180. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.9305.
Resistance level: 0.9305, 0.9445
Support level: 0.9180, 0.9095
CrudeOIL, H4: Crude oil price was traded higher following prior rebound from the support level at 70.50. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains toward resistance level at 72.55.
Resistance level: 72.55, 73.70
Support level: 70.50, 68.60
GOLD_, Daily: Gold price was traded lower while currently testing the support level at 1766.85. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses after it successfully breakout below the support level.
Resistance level: 1814.35, 1871.45
Support level: 1766.85, 1729.60
180621 Afternoon Session Analysis
18 June 2021 Afternoon Session Analysis
Pound rose following progress in Brexit talk.
The pound sterling which traded against the dollar and other currency pairs have rebound from its lows amid positive progress in Brexit from the UK. According to the latest report, the UK has sent a formal proposal to the EU to grant leeway on sausage imports for 3 months while the two countries resolve trade issues through negotiations. On the other hand, the British government is considering giving EU citizens working in the UK the right to vote as one of the key aspects of reaching a trade agreement with the EU, according to a report from The Guardian. The move would help improve relationship between the UK and the EU and could help smoothen the trade talks between both countries. At the time of writing, GBP/USD rose 0.10% to 1.3933.
In the commodities market, crude oil price slips 0.94% to $70.38 per barrel at the time of writing following surging COVID-19 cases in U.K. Oil demand worries resurfaced after new coronavirus cases jumped in Britain. Britain reported its biggest daily rise in new cases of COVID-19 since Feb. 19 on Thursday, according to government figures which showed 11,007 new infections, up from 9,055 the day before. On the other hand, gold price rose 0.67% to $1785.31 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
Tentative JPY BoJ Monetary Policy Statement
Tentative JPY BoJ Press Conference
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 14:00 | GBP – Retail Sales (MoM) (May) | 1.80% | 9.20% | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from the resistance level 91.80. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its retracement towards the support level 91.30.
Resistance level: 91.80, 92.30
Support level: 91.30, 90.90
GBPUSD, H4: GBPUSD was traded lower while currently testing the support level 1.3925. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to experience a technical correction towards the resistance level 1.4020.
Resistance level: 1.4020, 1.4105
Support level: 1.3925, 1.3830
EURUSD, H4: EURUSD was traded lower while currently near testing the support level 1.1870. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to be traded higher as a technical correction towards the resistance level 1.1985.
Resistance level: 1.1985, 1.2070
Support level: 1.1870, 1.1805
USDJPY, H4: USDJPY was traded lower following prior breakout below the previous support level 110.30. MACD which illustrate bearish bias signal with the formation of death cross suggest the pair to extend its losses towards the support level 109.75.
Resistance level: 110.30, 110.85
Support level: 109.75, 109.30
AUDUSD, H4: AUDUSD was traded lower while currently testing the support level 0.7550.However, MACD which illustrate diminishing bearish momentum signal suggest the pair to be experience a technical correction towards the resistance level 0.7595.
Resistance level: 0.7595, 0.7650
Support level: 0.7550, 0.7505
NZDUSD, H4: NZDUSD was traded lower while currently testing the support level 0.7000. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to experience a technical correction towards the resistance level 0.7065.
Resistance level: 0.7065, 0.7135
Support level: 0.7000, 0.6945
USDCAD, H4: USDCAD was traded higher while currently testing the resistance level 1.2350. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to be traded lower as a technical correction towards the support level 1.2275.
Resistance level: 1.2350, 1.2420
Support level: 1.2275, 1.2185
USDCHF, H4: USDCHF was traded higher while currently testing near the resistance level 0.9180. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to experience a technical correction towards the support level 0.9135.
Resistance level: 0.9180, 0.9245
Support level: 0.9135, 0.9090
CrudeOIL, H4: Crude oil price was traded lower following prior breakout below the support level 70.50. MACD which illustrate bearish bias signal suggest the commodity to extend its losses towards the support level 68.35.
Resistance level: 70.50, 72.40
Support level: 68.35, 66.55
GOLD_, H4: Gold price was traded higher following prior rebound from the support level 1767.85. MACD which illustrate bullish momentum signal suggest the commodity to extend its rebound towards the resistance level 1812.10.
Resistance level: 1812.10, 1856.00
Support level: 1767.85, 1725.50.
180621 Morning Session Analysis
18 June 2021 Morning Session Analysis
US dollar continue to rise over hawkish Fed.
US dollar extended its gains on yesterday over the backdrop of hawkish signals delivered by US Federal Reserve. Majority of Fed officials anticipated at least 2 rate hikes in the year of 2023, significantly earlier than prior forecast of year 2024. In addition, a small number of Fed officials believes that a rate hike is possible in the year 2022 if US economy recovers substantially and achieve their designated target in mid-term. Both signals suggest that Federal Reserve have discussed the possibility of tapering their monthly bond purchasing program and laying the way for a higher interest rate in the future in current market and economic condition continues to improve. However, gains on the US dollar were limited following the release of bearish economic data from yesterday. Last week, Initial Jobless Claims increased for the first time in 2 months to 412K, significantly higher than forecast of 359K. On the other hand, Philadelphia Fed Manufacturing Index ticked down to 30.7 for the month of June, slightly lower than forecast of 31.0. As of writing, the dollar index fell 0.01% to 91.85 during Asian trading session.
For the commodities market, crude oil price rose 0.02% to $70.65 per barrel following bullish sentiment towards further recovery in the global oil demand as coronavirus cases subsides substantially. On the other hand, gold price ticked up 0.03% to $1,777.90 a troy ounce as US dollar undergoes technical correction.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
Tentative JPY BoJ Monetary Policy Statement
Tentative JPY BoJ Press Conference
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 14:00 | GBP – Retail Sales (MoM) (May) | 1.80% | 9.20% | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher while currently testing the resistance level at 91.90. MACD which illustrated increasing bullish momentum suggest the index to extend its gains after it successfully breakout above the resistance level.
Resistance level: 91.90, 92.20
Support level: 91.45, 91.00
GBPUSD, H4: GBPUSD was traded lower following prior breakout below the previous support level at 1.3965. However, MACD which illustrated diminished bearish momentum suggest the pair to experience technical correction.
Resistance level: 1.3965, 1.4030
Support level: 1.3900, 1.3860
EURUSD, H4: EURUSD was traded lower while currently testing the resistance level at 1.1915. However, MACD which illustrated diminished bearish momentum suggest the pair to experience technical correction.
Resistance level: 1.1915, 1.1955
Support level: 1.1865, 1.1800
USDJPY, H4: USDJPY was traded lower while currently near the 20-MA line (red). MACD which illustrated bearish signal suggest the pair to extend its losses after closing below the MA line.
Resistance level: 110.35, 110.85
Support level: 109.90, 109.40
AUDUSD, H4: AUDUSD was traded lower while currently testing the resistance level at 0.7560. However, MACD which illustrated diminished bearish momentum suggest the pair to experience technical correction.
Resistance level: 0.7650, 0.7600
Support level: 0.7515, 0.7475
NZDUSD, H4: NZDUSD was traded lower while currently testing the support level at 0.7000. However, MACD which illustrated diminished bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 0.7030, 0.7065
Support level: 0.7000, 0.6965
USDCAD, H4: USDCAD was traded higher following prior rebound from the support level at 1.2250. MACD which illustrated bullish momentum suggest the pair to extend its gains after closing above 1.2360.
Resistance level: 1.2360, 1.2415
Support level: 1.2300, 1.2250
USDCHF, H4: USDCHF was traded higher while currently testing the resistance level at 0.9180. MACD which illustrate bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 0.9180, 0.9205
Support level: 0.9145, 0.9120
CrudeOIL, H1: Crude oil price was traded lower following a retrace from the resistance level near 71.00. MACD which illustrate increasing bearish momentum suggests its price to be traded lower in short-term.
Resistance level: 71.00, 71.70
Support level: 70.00, 69.10
GOLD_, H4: Gold price was traded higher following a rebound near 1772.00. MACD which illustrate diminished downward momentum suggests its price to be traded higher in short-term as technical correction.
Resistance level: 1795.00, 1813.00
Support level: 1772.00, 1755.55
170621 Afternoon Session Analysis
17 June 2021 Afternoon Session Analysis
Aussie rebounds following upbeat jobs data.
The Australian dollar which traded against the dollar and other currency pairs have recoup some of the losses and rose following strong Australia jobs report for May. According to the Australian Bureau of Statistics, the number of employed people in Australia as represented by Employment Change data have rose to 115.2K, surpassed market expectation of 30K. On top of that, Unemployment Rate also improved significantly to 5.1%, better than market expectation of 5.5%. The surprising bullish jobs reports have helped the Aussie to reverse some of its losses caused by hawkish Fed. However, market remain cautious following statement from RBA governor Phillip Lowe. Lowe stated that that it is currently still premature to consider for ceasing bond purchasing as the Australian economy still need stimulus. At the time of writing, AUD/USD rose 0.24% to 0.7629.
In the commodities market, crude oil price fell 0.14% to $71.53 per barrel as of writing following Fed’s hawkish note which offsetting signs of tightening crude oil market. Following Fed hawkish note which provide a huge boost for the dollar, it reduces the appeal of commodities priced in the currency. On the other hand, gold price fell 0.09% to 1923.97 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
16.30 CHF SNB Press Conference
22.00 USD Fed Chair Yellen Testifies
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 15.30 | CHF – SNB Interest Rate Decision | -0.75% | – | – |
| 17.00 | EUR – CPI (YoY)(May) | 1.6% | 2.0% | – |
| 20:30 | USD – Initial Jobless Claims | 376K | 359K | – |
| 20.30 | USD – Philadelphia Fed Manufacturing Index (Jun) | 31.5 | 31.0 | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher while currently testing the resistance level 91.30. MACD which illustrate bullish momentum signal suggest the dollar to extend its gains after it breaks above the resistance level 91.30.
Resistance level: 91.30, 91.75
Support level: 90.90, 90.55
GBPUSD, H4: GBPUSD was traded lower following recent breakout below the previous support level 1.4020. MACD which illustrate bearish bias signal suggest the pair to extend its losses towards the support level 1.3925.
Resistance level: 1.4020, 1.4105
Support level: 1.3925, 1.3830
EURUSD, H4: EURUSD was traded lower while currently testing the support level 1.1985. MACD which illustrate bearish momentum signal suggest the pair to extend its losses after it breaks below the support level.
Resistance level: 1.2070, 1.2160
Support level: 1.1985, 1.1920
USDJPY, H4: USDJPY was traded higher while currently testing near the resistance level 110.85. MACD which illustrate ongoing bullish momentum signal suggest the pair to extend its gains after it breaks above the resistance level.
Resistance level: 110.85, 111.45
Support level: 110.30, 109.75
AUDUSD, H4: AUDUSD was traded lower while currently testing near the support level 0.7595. MACD which illustrate bearish momentum signal suggest the pair to extend its losses after it breaks below the support level.
Resistance level: 0.7650, 0.7695
Support level: 0.7595, 0.7550
NZDUSD, H4: NZDUSD was traded lower while currently testing near the support level 0.7065. MACD which illustrate bearish bias signal suggest the pair to extend its losses after it breaks below the support level.
Resistance level: 0.7135, 0.7225
Support level: 0.7065, 0.7000
USDCAD, H4: USDCAD was traded higher while currently testing the resistance level 1.2275. MACD which illustrate bullish momentum signal suggest the pair to extend its gains after it breaks above the resistance level.
Resistance level: 1.2275, 1.2340
Support level: 1.2185, 1.2125
USDCHF, H4: USDCHF was traded higher while currently testing near the resistance level 0.9090. MACD which illustrate bullish momentum signal suggest the pair to extend its gains after it breaks above the resistance level.
Resistance level: 0.9090, 0.9135
Support level: 0.9040, 0.8990
CrudeOIL, H4: Crude oil price was traded lower following prior retracement from the resistance level 72.40. MACD which illustrate bearish momentum signal with the formation of death cross suggest the commodity to extend its retracement towards the support level 70.50.
Resistance level: 72.40, 74.20
Support level: 70.50, 68.30
GOLD_, H4: Gold price was traded lower while currently testing near the support level 1812.10. MACD which illustrate bearish momentum signal suggest the commodity to extend its losses after it breaks below the support level.
Resistance level: 1856.00, 1885.35
Support level: 1812.10, 1769.45