170621 Morning Session Analysis
17 June 2021 Morning Session Analysis
US Dollar surged on hawkish tone.
The Dollar Index which traded against a basket of six major currency pairs extend its gains following the Federal Reserve unleashed their hawkish tone toward the economic outlook. The 10-year Treasury yield surged significantly amid the Monetary Policy Committee (MPC) signaled two quarter-point rate hikes by the end of 2023. Besides, the projections showed the U.S. economic outlook for inflation would increase this year, while the overall economic growth is expected to hit 7%. According to Reuters, the Federal Reserve also made technical adjustments aimed at keeping tis key overnight benchmark interest rate from falling too low. The Fed raised the reverse repo rates during the U.S. central bank at the end of a two-day policy meeting. Nonetheless, as for now the Federal Reserve kept its interest rates and monthly bond buying steady until the labor market conditions have reached levels consistent with the Committee’s assessments of maximum employment and inflation has risen to 2%. As of writing, the Dollar Index surged 0.95% to 91.40.
In the commodities market, the crude oil price slumped 0.20% to $71.50 per barrel as of writing due to technical correction following its reached at multi-year highs. Nonetheless, the overall sentiment toward the crude oil commodity remained bullish amid positive inventory data yesterday. According to Energy Information Administration (EIA), U.S. Crude Oil Inventories notched down significantly from the previous reading of -5.241M to -7.355M, better than the market forecast at -3.290M. On the other hand, the gold price slumped 0.15% to $1818.15 per troy ounces amid strengthening US Dollar.
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, Daily: Dollar index was traded higher while currently testing the resistance level at 91.50. MACD which illustrated increasing bullish momentum suggest the index to extend its gains after it successfully breakout above the resistance level.
Resistance level: 91.50. 92.45
Support level: 90.35, 89.50
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 toward support level at 1.3915.
Resistance level: 1.4020, 1.4100
Support level: 1.3915, 1.3810
EURUSD, H4: EURUSD was traded lower while currently testing the support level at 1.1985. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 1.2060, 1.2110
Support level: 1.1985, 1.1915
USDJPY, H4: USDJPY was traded higher while currently testing the resistance level at 110.90. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 110.90, 111.55
Support level: 110.30, 109.75
AUDUSD, Daily: AUDUSD was traded lower while currently testing the support level at 0.7585. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 0.7700, 0.7805
Support level: 0.7585, 0.7465
NZDUSD, Daily: NZDUSD was traded lower while currently testing the support level at 0.7060. 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, 0.7225
Support level: 0.7060, 0.6955
USDCAD, Daily: USDCAD was traded higher following prior rebound from the support level at 1.2035. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.2380.
Resistance level: 1.2380, 1.2605
Support level: 1.2040, 1.1785
USDCHF, Daily: USDCHF was traded higher while currently testing the resistance level at 0.9095. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 0.9095, 0.9175
Support level: 0.8930, 0.8850
CrudeOIL, Weekly: 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_, H4: Gold price was traded lower while currently testing the support level at 1814.35. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses after it successfully breakout below the support level.
Resistance level: 1852.75, 1871.45
Support level: 1814.35, 1794.70
160621 Afternoon Session Analysis
16 June 2021 Afternoon Session Analysis
Pound slumped amid resurgence of Covid-19.
Pound Sterling slumped following UK Prime Minister Boris Johnson extends its current lockdown rule in England yesterday due to concerns over the Covid-19 variant. According to CNBC, the Public Health England indicate that more than 42,000 cases related to delta variant of Covid-19 have now been confirmed across the region, an increase of 240% from last week. Prime Minister Boris Johnson announced a delay of four weeks to the next phase of England’s lockdown reopening. Rules on the use of face masks, reducing the number of gathering and shutting the nightclubs were pushed back to 19th July 2021. On the positive front, more than 70 million people have been received Covid-19 vaccine across the U.K., with around 80% of country having now received at least one dose. Nonetheless, the losses experienced by the Pound Sterling was limited over the backdrop of upbeat economic data. According to Office for National Statistics, U.K. Average Earning Index + Bonus came in at 5.6%, exceeding the market forecast at 4.9%. As of writing, GBP/USD surged 0.01% to 1.4080.
In the commodities market, the crude oil price surged 0.36% to $72.75 per barrel as of writing. The oil market extends its gains amid market participants remained positive toward the economic outlook as well as the oil demand in future. On the other hand, the gold price slumped 0.05% to $1857.90 per troy ounces as of writing ahead of FOMC meeting tonight due to hawkish expectation from the Federal Reserve.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
02:00 USD FOMC Meeting Minutes
(17th)
02:00 USD FOMC Statement
(17th)
02:30 USD FOMC Economic Projections
(17th)
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 14:00 | GBP – CPI (YoY) (May) | 1.50% | 1.80% | – |
| 15:00 | CNY – Industrial Production (YoY) (May) | 9.80% | 8.90% | – |
| 20:30 | USD – Building Permits (May) | 1.733M | 1.740M | – |
| 20:30 | CAD – Core CPI (MoM) (May) | 0.50% | – | – |
| 22:30 | CrudeOIL – Crude Oil Inventories | -5.241M | -2.036M | – |
| 02:00
(17th) |
USD – Fed Interest Rate Decision | 0.25% | 0.25% | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from the resistance level 90.50. MACD which illustrate bearish bias signal with the formation of death cross suggest the dollar to extend its retracement towards the support level 90.15.
Resistance level: 90.50, 90.75
Support level: 90.15, 89.70
GBPUSD, H4: GBPUSD was traded higher following prior rebound from its low level. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its rebound in short term towards the resistance level 1.4100.
Resistance level: 1.4100, 1.4195
Support level: 1.4020, 1.3925
EURUSD, H4: EURUSD was traded flat following recent retracement from its high level. However, MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to be traded higher in short term towards the resistance level 1.2160.
Resistance level: 1.2160, 1.2240
Support level: 1.2070, 1.1985
USDJPY, H4: USDJPY was traded flat after recent breakout above the previous resistance level 109.75. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to be traded lower in short term 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 0.7395. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its gains after it breaks above the resistance level.
Resistance level: 0.7695, 0.7765
Support level: 0.7650, 0.7595
NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level 0.7135. MACD which illustrate bullish bias signal with the formation of golden cross suggest the pair to extend its gains after it breaks above the resistance level.
Resistance level: 0.7135, 0.7225
Support level: 0.7065, 0.7000
USDCAD, H4: USDCAD was traded lower following prior retracement from the resistance level 1.2185. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its retracement towards the support level 1.2125.
Resistance level: 1.2185, 1.2265
Support level: 1.2125, 1.2035
USDCHF, H4: USDCHF was traded flat while currently testing the resistance level 0.8990. However, MACD which illustrate diminishing bullish momentum signal with the formation of death cross suggest the pair to be traded lower towards the support level 0.8935.
Resistance level: 0.8990, 0.9040
Support level: 0.8935, 0.8890
CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level 72.40. MACD which illustrate bullish momentum signal suggest the commodity to extend its gains after it breaks above the resistance level.
Resistance level: 72.40, 74.20
Support level: 70.50, 68.30
GOLD_, H4: Gold price was traded lower while currently testing the support level 1856.00. However, MACD which illustrate diminishing bearish momentum signal suggest the commodity to experience a technical correction towards the resistance level 1885.35.
Resistance level: 1885.35, 1913.30
Support level: 1856.00, 1812.10
160621 Morning Session Analysis
16 June 2021 Morning Session Analysis
US Dollar surged on hawkish expectation from Fed.
The Dollar Index which traded against a basket of six major currency pairs surged over the backdrop of high reading of inflation data yesterday, which raising concerns that the spiking price pressure following the post-Covid-19 economic reopening could prompt Federal Reserve to contract its monetary policy in order to combat the high inflation risk. According to U.S. Bureau of Labor Statistics, U.S. Producer Price Index (PPI) for last month had notched up significantly from the previous reading of 0.6% to 0.8%, exceeding the market forecast at 0.6%. As for now, market participants would continue to scrutinize the latest updates with regards of FOMC meeting to receive further trading signal. Nonetheless, the gains experienced by the US Dollar was limited following bleak retail sales data was released. According to Census Bureau, U.S. Core Retail Sales came in at -0.7%, weaker than the market forecast at 0.2%. As of writing, the Dollar Index appreciated by 0.02% to 90.51.
In the commodities market, the crude oil price surged 0.02% to 72.45 per barrel as of writing amid bullish inventory data. According to American Petroleum Institute, U.S. API Weekly Crude Oil Stock had declined significantly from the previous reading of -2.108M to -8.537M, better than the market forecast at -3.000M, which spurring the expectation on oil demand recovery following the rapid process of Covid-19 vaccine rollout. On the other hand, the gold price slumped 0.04% to $1858.05 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
02:00 USD FOMC Meeting Minutes
(17th)
02:00 USD FOMC Statement
(17th)
02:30 USD FOMC Economic Projections
(17th)
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 14:00 | GBP – CPI (YoY) (May) | 1.50% | 1.80% | – |
| 15:00 | CNY – Industrial Production (YoY) (May) | 9.80% | 8.90% | – |
| 20:30 | USD – Building Permits (May) | 1.733M | 1.740M | – |
| 20:30 | CAD – Core CPI (MoM) (May) | 0.50% | – | – |
| 22:30 | CrudeOIL – Crude Oil Inventories | -5.241M | -2.036M | – |
| 02:00
(17th) |
USD – Fed Interest Rate Decision | 0.25% | 0.25% | – |
Technical Analysis
DOLLAR_INDX, H1: Dollar index was traded lower following prior retracement from the resistance level at 90.50. MACD which illustrated increasing bearish momentum suggest the index to extend its losses toward support level at 90.25
Resistance level: 90.50. 90.75
Support level: 90.25, 89.85
GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level at 1.4100. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1.4100, 1.4235
Support level: 1.4005, 1.3915
EURUSD, H4: EURUSD was traded lower while currently testing the support level at 1.2110. However, MACD which illustrated increasing bullish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 1.2170, 1.2255
Support level: 1.2110, 1.2060
USDJPY, H4: USDJPY was traded higher following prior breakout above the previous resistance level at 109.75. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 110.30, 110.90
Support level: 109.75, 109.05
AUDUSD, H4: AUDUSD was traded lower following prior breakout below the previous support level at 0.7700. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 0.7700, 0.7805
Support level: 0.7645, 0.7585
NZDUSD, H4: NZDUSD was traded lower while currently testing the support level at 0.7120. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 0.7225, 0.7300
Support level: 0.7125, 0.7060
USDCAD, Daily: USDCAD was traded higher following prior rebound from the support level at 1.2035. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.2380.
Resistance level: 1.2380, 1.2605
Support level: 1.2040, 1.1785
USDCHF, Daily: USDCHF was traded lower while currently testing the support level at 0.8930. However, MACD which illustrated increasing bullish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 0.9095, 0.9175
Support level: 0.8930, 0.8850
CrudeOIL, H1: Crude oil price was traded higher following prior breakout above the previous resistance level at 71.65. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.
Resistance level: 73.00, 74.15
Support level: 71.65, 70.45
GOLD_, H4: Gold price was traded lower while currently testing the support level at 1857.10. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.
Resistance level: 1908.40, 1957.95
Support level: 1857.10, 1814.35
150621 Afternoon Session Analysis
15 June 2021 Afternoon Session Analysis
Aussie fell amid dovish RBA.
The Australian dollar which traded against the greenback and other currency pairs have plunged after recent dovish statement from the RBA. According to the meeting minutes from RBA, the board members have agreed that it would be “premature to consider easing” the bond buying program. RBA insisted that the policy would need to remain highly accommodative in order to reach full employment. On top of that, the minutes also conveyed that inflation is unlikely to be sustainably within its target range until 2024 at the earliest, hinting that the prospect of rate hike is unlikely until then. At the time of writing, AUD/USD fell 0.12% to 0.7702.
In the commodities market, crude oil price remains firm and edge higher 0.03% to $70.68 per barrel as of writing following faded prospect of extra supply from Iran. According to sources, indirect discussions between the United States and Iran, along with other parties to the 2015 deal on Tehran’s nuclear programme will be resumed on Saturday in Vienna and the recent meeting were described as “intense” by the European Union. On the other hand, gold price fell 0.24% to $1841.49 a troy ounce at the time of writing amid dollar strength.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
20:15 GBP BoE Gov Bailey Speaks
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 14:00 | GBP – Average Earnings Index +Bonus (Apr) | 4.00% | 4.90% | – |
| 14:00 | GBP – Claimant Count Change (May) | -15.1K | – | – |
| 20:30 | USD – Core Retail Sales (MoM) (May) | -0.8% | 0.2% | – |
| 20:30 | USD – PPI (MoM) (May) | 0.6% | 0.6% | – |
| 20:30 | USD – Retail Sales (MoM) (May) | 0.0% | -0.7% | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from the resistance level 90.50. MACD which illustrate diminishing bullish momentum signal suggest the dollar to experience a short-term technical correction towards the support level 90.15.
Resistance level: 90.50, 90.75
Support level: 90.15, 89.70
GBPUSD, H4: GBPUSD remain traded in a sideway channel while currently testing the support level 1.4100. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to be traded higher towards the resistance level 1.4195.
Resistance level: 1.4195, 1.4275
Support level: 1.4100, 1.4020
EURUSD, H4: EURUSD was traded higher following recent rebound from its low level. MACD which illustrate bullish bias signal with the starting formation of golden cross suggest the pair to extend its rebound towards the resistance level 1.2160.
Resistance level: 1.2160, 1.2240
Support level: 1.2070, 1.1985
USDJPY, H4: USDJPY was traded higher following recent breakout above the previous resistance level 109.75. MACD which illustrate bullish momentum signal suggest the pair to extend its gains towards the resistance level 110.30.
Resistance level: 110.30, 110.85
Support level: 109.75, 109.30
AUDUSD, H4: AUDUSD remain traded in a sideway channel while currently testing the support level 0.7695. However, MACD which illustrate ongoing bearish momentum signal suggest the pair to extend its losses after it breaks below the support level.
Resistance level: 0.7765, 0.7805
Support level: 0.7695, 0.7650
NZDUSD, H4: NZDUSD was traded flat while currently testing the support level 0.7135. However, MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to be traded higher towards the resistance level 0.7225.
Resistance level: 0.7225, 0.7310
Support level: 0.7135, 0.7065
USDCAD, H4: USDCAD was traded lower while currently testing near the support level 1.2125. 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: 1.2185, 1.2265
Support level: 1.2125, 1.2035
USDCHF, H4: USDCHF was traded higher following prior breakout above the previous resistance level 0.8990. MACD which illustrate bullish momentum signal suggest the pair to extend its gains towards the resistance level 0.9040.
Resistance level: 0.9040, 0.9090
Support level: 0.8990, 0.8935
CrudeOIL, H4: Crude oil price was traded lower while currently testing the support level 70.50. MACD which illustrate bearish momentum signal suggest the commodity to extend its losses after it breaks below the support level 70.50.
Resistance level: 72.30, 74.20
Support level: 70.50, 68.30
GOLD_, H4: Gold price was traded lower while currently testing near the support level 1856.00. MACD which illustrate ongoing bearish momentum signal suggest the commodity to extend its losses after it breaks below the support level.
Resistance level: 1885.35, 1913.30
Support level: 1856.05, 1812.10
150621 Morning Session Analysis
15 June 2021 Morning Session Analysis
Dollar was traded flat ahead of FOMC meeting.
The Dollar Index which traded against a basket of six major currency pairs was traded flat amid market participants still anxiously wait for a key event of FOMC meeting this week for guidance on future monetary policy. Recent data pointing a surge in inflation rate has spurred concerns that the price pressure following the post-Covid-19 economic reopening could force the policymakers to be tightening its monetary policy in order to combat the high inflation risk. Nearly 60% of economists in a Reuters poll claimed that a much-anticipated taper announcement will come in next quarter, despite a weak recovery in the job market. Nonetheless, the overall statement from the Federal Reserve remained vague while investors would continue to scrutinize the latest updates with regards of FOMC meeting to gauge the likelihood movement for the US Dollar. As of writing, the Dollar Index depreciated by 0.06% to 90.50.
In the commodities market, the crude oil price depreciated by 0.21% to $70.05 per barrel as of writing amid technical correction following hitting 2-year highs. The overall momentum for this black-commodity remains bullish amid market participants speculated that the positive development of rapid Covid-19 vaccination rollout would able to enhance the economic growth as well as the oil demand in future. On the other hand, the gold price surged 0.06% to $1867.30 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
20:15 GBP BoE Gov Bailey Speaks
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 14:00 | GBP – Average Earnings Index +Bonus (Apr) | 4.00% | 4.90% | – |
| 14:00 | GBP – Claimant Count Change (May) | -15.1K | – | – |
| 20:30 | USD – Core Retail Sales (MoM) (May) | -0.8% | 0.2% | – |
| 20:30 | USD – PPI (MoM) (May) | 0.6% | 0.6% | – |
| 20:30 | USD – Retail Sales (MoM) (May) | 0.0% | -0.7% | – |
Technical Analysis
DOLLAR_INDX, H1: Dollar index was traded lower following prior retracement from the resistance level at 90.50. However, MACD which illustrated diminishing bearish momentum suggest the index to be traded higher in short-term as technical correction.
Resistance level: 90.50. 90.75
Support level: 90.25, 89.85
GBPUSD, H4: GBPUSD was traded lower while currently testing the support level at 1.4100. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 1.4235, 1.4365
Support level: 1.4100, 1.4005
EURUSD, H4: EURUSD was traded higher following prior rebound from the support level at 1.2110. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 1.2170.
Resistance level: 1.2170, 1.2255
Support level: 1.2110, 1.2060
USDJPY, H4: USDJPY was traded higher following prior breakout above the previous resistance level at 109.75. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 110.30.
Resistance level: 110.30, 110.90
Support level: 109.75, 109.05
AUDUSD, H4: AUDUSD was traded lower while currently testing the support level at 0.7700. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 0.7805, 0.7880
Support level: 0.7710, 0.7645
NZDUSD, H4: NZDUSD was traded lower while currently testing the support level at 0.7125. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 0.7225, 0.7300
Support level: 0.7125, 0.7060
USDCAD, Daily: USDCAD was traded higher following prior rebound from the support level at 1.2035. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.2380.
Resistance level: 1.2380, 1.2605
Support level: 1.2040, 1.1785
USDCHF, Daily: USDCHF was traded lower while currently testing the support level at 0.8930. However, MACD which illustrated increasing bullish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 0.9095, 0.9175
Support level: 0.8930, 0.8850
CrudeOIL, H4: Crude oil price was traded lower while currently testing the support level at 70.45. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses after it successfully breakout below the support level.
Resistance level: 71.65, 73.00
Support level: 70.45, 68.55
GOLD_, H4: Gold price was traded higher following prior rebound from the support level at 1857.10. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains toward resistance level at 1908.40.
Resistance level: 1908.40, 1957.95
Support level: 1857.10, 1814.35
140621 Afternoon Session Analysis
14 June 2021 Afternoon Session Analysis
Dollar remains firm ahead of Fed meeting this week.
The dollar index which traded against a basket of six major currency pairs have held steady after posting its biggest weekly gain in more than a month as traders remain cautious ahead of a Fed meeting this week. In recent weeks, market continue to digest inflationary pressure that could force the Fed to tighten their policy earlier than expected. The latest data show that the US CPI has risen to 5.0%, the highest level in 13 years. While recent comments from policy makers insist that the inflation would be temporary, markets now expect the Fed may giving clues on changing its asset purchase program. On top of that, investors also continue to bet on U.S economic rebound where coronavirus cases continue to drop in the country. At the time of writing, dollar index rose 0.03% to 90.48.
In the commodities market, crude oil price jump 0.58% to $71.18 per barrel as of writing following improved outlook for demand. According to data, vehicle traffic is returning to pre-pandemic levels in North America and much of Europe and more planes are in the air as lockdowns and other restrictions are being eased. On top of that, IEA also mention that OPEC need to increase output to meet recovery demand. On the other hand, gold price slips 0.64% to $1856.16 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
21:00 GBP BoE Gov Bailey Speaks
Today’s Highlight Economic Data
N/A
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher while currently testing the resistance level 90.50. MACD which illustrate bullish momentum signal suggest the dollar to extend its gains after it breaks above the resistance level.
Resistance level: 90.50, 90.75
Support level: 90.15, 89.70
GBPUSD, H4: GBPUSD remain traded in a sideway channel while currently testing the support level 1.4100. However, MACD which illustrate bearish momentum signal suggest the pair to extend its losses after it breaks below the support level
Resistance level: 1.4195, 1.4275
Support level: 1.4100, 1.4020
EURUSD, H4: EURUSD was traded lower while currently testing near the support level 1.2070. MACD which illustrate bearish momentum signal suggest the pair to extend its losses after it breaks below the support level.
Resistance level: 1.2160, 1.2240
Support level: 1.2070, 1.1985
USDJPY, H4: USDJPY remain traded in a sideway channel while currently testing the resistance level 109.75. However, MACD which display bullish momentum signal suggest the pair to extend its gains after it breaks above the resistance level.
Resistance level: 109.75, 110.30
Support level: 109.30, 108.95
AUDUSD, H4: AUDUSD remain traded in a sideway channel while currently testing the support level 0.7695. However, MACD which illustrate bearish momentum signal suggest the pair to extend its losses after it breaks below the support level.
Resistance level: 0.7765, 0.7805
Support level: 0.7695, 0.7650
NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level 0.7135. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its gains after it breaks above the resistance level 0.7225.
Resistance level: 0.7135, 0.7225
Support level: 0.7065, 0.7000
USDCAD, H4: USDCAD was traded lower following prior retracement from the resistance level 1.2175. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its retracement towards the support level 1.2125.
Resistance level: 1.2175, 1.2270
Support level: 1.2125, 1.2035
USDCHF, H4: USDCHF was traded higher while currently testing the resistance level 0.8990. MACD which illustrate bullish momentum signal suggest the pair to extend its gains after it breaks above the resistance level.
Resistance level: 0.8990, 0.9040
Support level: 0.8935, 0.8890
CrudeOIL, H4: Crude oil price was traded higher following prior rebound from the support level 70.50. MACD which illustrate bullish bias signal suggest the commodity to extend its gains towards the resistance level 72.30.
Resistance level: 72.30, 74.20
Support level: 70.50, 68.30
GOLD_, H4: Gold price was traded lower while currently testing near the support level 1856.05. MACD which illustrate bearish momentum signal suggest the pair to extend its losses after it breaks below the support level.
Resistance level: 1885.35, 1913.30
Support level: 1856.05, 1812.10
140621 Morning Session Analysis
14 June 2021 Morning Session Analysis
Pound dipped amid bearish economic data.
Pound Sterling slumped over the backdrop of bearish economic data last week, which dialed down the market optimism toward the economic progression in United Kingdom while diminishing market demand on the Pound Sterling. According to the Office for National Statistics, U.K. Manufacturing Production for last month had notched down significantly from the previous reading of 2.1% to -0.3%, missing the market forecast at 1.5%. Besides, Pound Sterling extend its losses amid the resurgence of the Covid-19 cases in U.K. ahead of full unlocking decision on 21st June 2021 had heightened the concern of the investors. According to latest data, the UK has reported eight new deaths and a further 7,490 positive cases. Rising Covid-19 case numbers and hospitalizations are a matter of serious concerns, which prompting UK Prime Minister Boris Johnson less optimistic about reopening the country’s economy. Nonetheless, UK Prime Minister Boris Johnson is expected to set out on Monday whether a planned lifting of Covid-19 restriction can go ahead of 21st June. As of writing, GBP/USD surged 0.08% to 1.4115.
In the commodities market, the crude oil price surged 0.23% to 70.95 per barrel as of writing. The oil market edged higher as market participants speculated that rapid Covid-19 vaccination rollouts would boost global economic activity and demand for the commodity. On the other hand, the gold price slumped 0.12% to $1875.40 per troy ounces amid strengthening US Dollar ahead of FOMC meeting.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
21:00 GBP BoE Gov Bailey Speaks
Today’s Highlight Economic Data
N/A
Technical Analysis
DOLLAR_INDX, H1: Dollar index was traded lower following prior retracement from the resistance level at 90.50. MACD which illustrated increasing bearish momentum suggest the index to extend its losses toward support level at 90.25.
Resistance level: 90.50. 90.75
Support level: 90.25, 89.85
GBPUSD, H4: GBPUSD was traded lower while currently testing the support level at 1.4100. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 1.4235, 1.4365
Support level: 1.4100, 1.4005
EURUSD, H4: EURUSD was traded lower following prior breakout below the previous support level at 1.2120. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.2070.
Resistance level: 1.2120, 1.2170
Support level: 1.2070, 1.1990
USDJPY, H4: USDJPY was traded higher while currently testing the resistance level at 109.75. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 109.75, 110.30
Support level: 109.05, 108.55
AUDUSD, H4: AUDUSD was traded lower while currently testing the support level at 0.7700. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 0.7805, 0.7880
Support level: 0.7710, 0.7645
NZDUSD, H4: NZDUSD was traded lower while currently testing the support level at 0.7125. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 0.7225, 0.7300
Support level: 0.7125, 0.7060
USDCAD, Daily: USDCAD was traded higher following prior rebound from the support level at 1.2035. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.2380.
Resistance level: 1.2380, 1.2605
Support level: 1.2040, 1.1785
USDCHF, Daily: USDCHF was traded lower while currently testing the support level at 0.8930. However, MACD which illustrated increasing bullish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 0.9095, 0.9175
Support level: 0.8930, 0.8850
CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level at 70.60. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.
Resistance level: 70.60, 71.65
Support level: 68.55, 66.65
GOLD_, H4: Gold price was traded lower while currently near the support level at 1857.10. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses after it successfully breakout below the support level.
Resistance level: 1908.40, 1957.95
Support level: 1857.10, 1814.35
110621 Afternoon Session Analysis
11 June 2021 Afternoon Session Analysis
Pound gains following receding pessimism in Brexit.
The pound sterling which traded against the dollar and other currency pairs have rose following receding pessimism over the Brexit. According to reports from Reuters, UK Prime Minister (PM) Boris Johnson said that Biden is “a big breath of fresh air”. After a visit from U.S President Joe Biden, Boris Johnson and Biden agreed that both U.K and the EU had a responsibility to work together and to find pragmatic solutions to allow unencumbered trade between Northern Ireland, Britain and Ireland. On top of that, U.K and EU have also signed a new deal and both have agreed on a catch limits for 70 shared fish stocks that work £333million in fishing opportunities to UK vessels. At the time of writing, GBP/USD rose 0.03% to 1.4173.
In the commodities market, crude oil price remains resilient and edge higher 0.03% to $69.89 per barrel following expectations for fuel demand recovery in U.S and EU. According to recent data, the road traffic has returned to pre-COVID-19 levels in North America and Europe. On top of that, jet fuel demand also showed signs of improvement with flights in Europe increase 17% over the past two weeks. On the other hand, gold price rose 0.12% to $1900.31 a troy ounce at the time of writing following dollar weakness.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
N/A
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 14:00 | GBP – Manufacturing Production (MoM) (Apr) | 2.1% | 1.5% | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index remain traded in a sideway channel following recent retracement from the resistance level 90.15. However, MACD which illustrate bearish bias signal with the formation of death cross suggest the dollar to extend its retracement in short term towards the support level 89.70.
Resistance level: 90.15. 90.50
Support level: 89.70, 89.35
GBPUSD, H4: GBPUSD remain traded in a sideway channel while currently testing near the resistance level 1.4195. MACD which illustrate bullish momentum signal suggest the pair to extend its gains after it breaks above the resistance level.
Resistance level: 1.4195, 1.4275
Support level: 1.4100, 1.4020
EURUSD, H4: EURUSD remain traded in a sideway channel following recent rebound from the support level 1.2160. However, MACD which illustrate bullish bias signal suggest the pair to extend its rebound in short term towards the resistance level 1.2240.
Resistance level: 1.2240, 1.2335
Support level: 1.2160, 1.2070
USDJPY, H4: USDJPY remain traded in a sideway channel while currently testing the support level 109.30. However, 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: 109.75, 110.30
Support level: 109.30, 108.95
AUDUSD, H4: AUDUSD remain traded in a sideway channel while currently testing near the resistance level 0.7765. However, MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to be traded higher after it breaks above the resistance level 0.7765.
Resistance level: 0.7765, 0.7805
Support level: 0.7695, 0.7650
NZDUSD, H4: NZDUSD was traded higher following recent rebound from its low level. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to extend its rebound towards the resistance level 0.7225.
Resistance level: 0.7225, 0.7310
Support level: 0.7135, 0.7065
USDCAD, H4: USDCAD remain traded in a sideway channel following recent retracement from the resistance level 1.2125. However, MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to extend its retracement towards the support level 1.2035.
Resistance level: 1.2125, 1.2175
Support level: 1.2035, 1.1970
USDCHF, H4: USDCHF was traded lower while currently testing the support level 0.8935. However, MACD which illustrate bearish bias signal suggest the pair to extend its losses after it breaks below the support level.
Resistance level: 0.8985, 0.9040
Support level: 0.8935, 0.8890
CrudeOIL, H4: Crude oil price was traded lower following prior retracement from the resistance level 70.50. MACD which illustrate bearish momentum signal suggest the commodity to extend its retracement towards the support level 68.30.
Resistance level: 70.50, 72.30
Support level: 68.30, 66.55
GOLD_, H4: Gold price was traded higher following recent breakout above the previous resistance level 1885.35. MACD which illustrate bullish bias signal with the formation of golden cross suggest the commodity to extend its gains towards the resistance level 1913.30.
Resistance level: 1913.30, 1937.35
Support level: 1885.35, 1856.05
110621 Morning Session Analysis
11 June 2021 Morning Session Analysis
US Dollar slumped amid high inflation risk.
The Dollar Index which traded against a basket of six major currency pairs slumped over the backdrop of high inflation data on yesterday. A high reading of the core inflation data would likely lower the value for US Dollar while prompting investors to shift their portfolio toward another region. According to U.S. Bureau of Labor Statistics, U.S. Core Consumer Price Index (CPI) came in at 0.7%, exceeding the market forecast at 0.4%. Despite that, high inflation rate would be potentially challenging the Fed to discuss about tapering its bond purchasing program while scaling back its massive asset purchases to combat the inflation risk. Nonetheless, the overall statement from the Federal Reserve remained vague while investors would be suggested to focus on the Federal Open Market Committee (FOMC) meeting next week in order to gauge the likelihood movement for the US Dollar. Besides, U.S. Initial Jobless Claims came in at 376K, worse than the market forecast at 370K, which spurring further bearish momentum on the US Dollar. As of writing, the Dollar Index slumped 0.01% to 90.05.
In the commodities market, the crude oil price surged 0.11% to $70.20 per barrel as of writing. The crude oil price edged higher amid market participants speculated that the positive development of Covid-19 vaccination would able to enhance the crude oil demand in future. On the other hand, the gold price surged 0.03% to $1898.45 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 |
| 14:00 | GBP – Manufacturing Production (MoM) (Apr) | 2.1% | 1.5% | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from the resistance level at 90.25. MACD which illustrated increasing bearish momentum suggest the index to extend its losses toward support level at 89.85.
Resistance level: 90.25. 90.75
Support level: 89.85, 89.50
GBPUSD, H4: GBPUSD was traded higher following prior rebound from the support level at 1.4100. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.4235.
Resistance level: 1.4235, 1.4365
Support level: 1.4100, 1.4005
EURUSD, H4: EURUSD was traded lower while currently testing the support level at 1.2170. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 1.2255, 1.2340
Support level: 1.2170, 1.2120
USDJPY, H4: USDJPY was traded lower following prior retracement from the resistance level at 109.75. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 109.05.
Resistance level: 109.75, 110.30
Support level: 109.05, 108.55
AUDUSD, H4: AUDUSD was traded higher following prior rebound from the support level at 0.7710. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.7805.
Resistance level: 0.7805, 0.7880
Support level: 0.7710, 0.7645
NZDUSD, H4: NZDUSD was traded higher while currently near the resistance level at 0.7225. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 0.7225, 0.7300
Support level: 0.7140, 0.7060
USDCAD, Daily: USDCAD was traded lower while currently testing the support level at 1.2040. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 1.2380, 1.2605
Support level: 1.2040, 1.1785
USDCHF, Daily: USDCHF was traded lower while currently testing the support level at 0.8930. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 0.9095, 0.9175
Support level: 0.8930, 0.8850
CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level at 70.45. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.
Resistance level: 70.45, 71.65
Support level: 69.55, 68.60
GOLD_, H4: Gold price was traded higher following prior rebound from the support level at 1881.90. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains toward resistance level at 1910.95.
Resistance level: 1910.95, 1927.20
Support level: 1881.90, 1866.30
100621 Afternoon Session Analysis
10 June 2021 Afternoon Session Analysis
USDCAD was traded flat, eyed on inflation data.
The Canada Dollar was traded flat following Bank of Canada hold its current level of policy rate until inflation objective is sustainably achieved, as investors continue to scrutinize the latest updates with regards of crucial economic data in order to gauge the economic progression in Canada. According to Bank of Canada, the Monetary Policy Committee claimed that the Canada Central Bank had held its target for the overnight rate at effective lower bound of 0.25%, with the Bank rate at 0.5% and deposit rate at 0.25%. Besides, the bank also maintained its aggressive quantitative easing (QE) program, which continues at a target pace of $3 billion per week. Nonetheless, the MPC still remained positive toward the future economic growth, with Covid-19 cases falling in many countries and vaccine coverage rising. Commodity prices have also increased further, notably oil, and the Canada Dollar has seen a further appreciation. Besides, the MPC also reiterated that the economic development has been broadly in line with forecast. As of writing, USDCAD depreciated by 0.05% to 1.2115.
In the commodities market, the crude oil depreciated by 0.42% to $69.45 per barrel as of writing amid technical correction following its reaching recent high. Nonetheless, investors would continue to remain their focus on Covid-19 development to receive trading signal for this black-commodity. On the other hand, the gold price was traded flat at $1887.35 per troy ounce as of writing amid investors are still awaiting crucial inflation data from United States.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
20:30 EUR ECB Press Conference
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 19:45 | EUR – ECB Interest Rate Decision (Jun) | 0.00% | 0.00 | – |
| 20:30 | USD – Core CPI (MoM) (May) | 0.9% | 0.4% | – |
| 20:30 | USD – Initial Jobless Claims | 385K | 371K | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index remain traded in a sideway channel while currently testing near the resistance level 90.15. However, MACD which illustrate bullish bias signal with the formation golden cross suggest the dollar to be traded higher after it breaks above the resistance level.
Resistance level: 90.15. 90.50
Support level: 89.70, 89.35
GBPUSD, H4: GBPUSD remain traded in a sideway channel while currently testing near the support level 1.4100. However, MACD which illustrate bearish momentum signal suggest the pair to be traded lower after it breaks below the support level.
Resistance level: 1.4195, 1.4275
Support level: 1.4100, 1.4020
EURUSD, H4: EURUSD remain traded in a sideway channel while currently testing near the support level 1.2160. However, MACD which illustrate diminishing bullish momentum signal with the starting formation of death cross suggest the pair to be traded lower after it breaks below the support level.
Resistance level: 1.2240, 1.2335
Support level: 1.2160, 1.2070
USDJPY, H4: USDJPY remain traded in a sideway channel following recent rebound from the support level 109.30. However, MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to be traded higher towards the resistance level 109.75.
Resistance level: 109.75, 110.30
Support level: 109.30, 108.95
AUDUSD, H4: AUDUSD remain traded in a sideway channel following recent retracement from the resistance level 0.7765. However, MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to extend its losses towards the support level 0.7695.
Resistance level: 0.7765, 0.7805
Support level: 0.7695, 0.7650
NZDUSD, H4: NZDUSD was traded lower following prior retracement from the resistance level at 0.7225. MACD which illustrate bearish momentum signal suggest the pair to extend its losses toward support level at 0.7140.
Resistance level: 0.7225, 0.7310
Support level: 0.7140, 0.7065
USDCAD, H4: USDCAD remain traded in a sideway channel while currently testing near the resistance level 1.2125. However, MACD which illustrate bullish momentum signal suggest the pair to extend its gains after it breaks above the resistance level.
Resistance level: 1.2125, 1.2175
Support level: 1.2035, 1.1970
USDCHF, H4: USDCHF was traded lower while currently testing near the support level 0.8935. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to be traded higher as a technical correction towards the resistance level 0.8985.
Resistance level: 0.9095, 0.9175
Support level: 0.8935, 0.8890
CrudeOIL, H4: Crude oil price was traded lower following prior retracement from the resistance level 70.10. MACD which illustrate bearish momentum signal with the formation of death cross suggest the commodity to extend its retracement towards the support level 68.30.
Resistance level: 70.10, 7230
Support level: 68.30, 66.55
GOLD_, H4: Gold price remain traded in a sideway channel while currently testing the support level 1885.35. However, MACD which illustrate bearish bias signal with the formation of death cross suggest the commodity to be traded lower after it breaks below the support level 1885.35.
Resistance level: 1913.75, 1937.35
Support level: 1885.35, 1856.05.
100621 Morning Session Analysis
10 June 2021 Morning Session Analysis
Pound slumped amid Brexit tensions.
Pound Sterling received bearish momentum yesterday amid rising Brexit tensions between United Kingdom and European Union. According to BBC, The EU claimed that its patience is “wearing very thin” with the UK in talks aimed at avoiding a post-Brexit trade war. Although the UK formally left EU in 2020, the two sides are still trading threats over the Brexit deal after London unilaterally delayed the implementation of the Northern Irish clauses of the deal. Mr. Sefcovic claimed that if UK were to take further unilateral action in the coming weeks, the EU will not hesitate to act swiftly, firmly and resolutely to ensure the UK abides by its international obligations. The EU and Britain currently tried to solve the border riddle with the Northern Ireland Protocol of Brexit agreement, which keeping the province in both the UK’s custom territory and the EU’s single market. Rising tensions between EU and UK had dialed down the market optimism toward the economic progression in UK, which spurring bearish momentum on the Pound Sterling. As of writing, GBP/USD depreciated by 0.05% to 1.4112.
In the commodities market, the crude oil price appreciated by 0.01% to $69.75 per barrel as of writing. The overall momentum for the crude oil commodity remained bullish amid positive inventory data. According Energy Information Administration (EIA), U.S. Crude Oil Inventories came in at -5.241M, better than the market forecast at -2.036M. On the other hand, the gold price appreciated by 0.03% to $1889.05 per troy ounces as of writing amid inflation fears remained, which prompting investors to shift their portfolio into safe-haven commodity in order to hedge against high inflation risk.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
20:30 EUR ECB Press Conference
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 19:45 | EUR – ECB Interest Rate Decision (Jun) | 0.00% | 0.00 | – |
| 20:30 | USD – Core CPI (MoM) (May) | 0.9% | 0.4% | – |
| 20:30 | USD – Initial Jobless Claims | 385K | 371K | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher following prior rebound from the support level at 89.85. MACD which illustrated diminishing bearish momentum suggest the index to extend its gains toward resistance level at 90.25.
Resistance level: 90.25. 90.75
Support level: 89.85, 89.50
GBPUSD, H4: GBPUSD was traded lower while currently near the support level at 1.4100. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 1.4235, 1.4365
Support level: 1.4100, 1.4005
EURUSD, H4: EURUSD was traded lower while currently testing the support level at 1.2170. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 1.2255, 1.2340
Support level: 1.2170, 1.2120
USDJPY, H4: USDJPY was traded higher while currently near the resistance level at 109.75. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 109.75, 110.30
Support level: 109.05, 108.55
AUDUSD, H4: AUDUSD was traded lower while currently near the support level at 0.7710. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 0.7805, 0.7880
Support level: 0.7710, 0.7645
NZDUSD, H4: NZDUSD was traded lower following prior retracement from the resistance level at 0.7225. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.7140.
Resistance level: 0.7225, 0.7300
Support level: 0.7140, 0.7060
USDCAD, Daily: USDCAD was traded lower while currently testing the support level at 1.2040. However, MACD which illustrated increasing bullish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 1.2380, 1.2605
Support level: 1.2040, 1.1785
USDCHF, Daily: USDCHF was traded lower while currently testing the support level at 0.8955. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 0.9095, 0.9175
Support level: 0.8955, 0.8850
CrudeOIL, H1: Crude oil price was traded lower while currently testing the support level at 69.55. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.
Resistance level: 70.45, 71.65
Support level: 69.55, 68.60
GOLD_, Daily: Gold price was traded higher following prior rebound from the support level at 1876.40. However, MACD which illustrated increasing bearish momentum suggest the commodity to be traded lower in short-term as technical correction.
Resistance level: 1923.75, 1949.40
Support level: 1876.40, 1830.10
090621 Afternoon Session Analysis
09 June 2021 Afternoon Session Analysis
Aussie slips amid increasing concerns over China.
The Australian dollar which traded against the dollar and other currency pairs have fell from its recent high after reports of China plans to control coal price. According to reports from Reuters, China is considering to impose a cap on the thermal coal as it struggles to contain the high energy cost ahead of peak demand. As Australia is one of the main thermal coal exporters in the world, the move will escalate further tension in between Australia and China. Previously, Australia supported a call for a global inquiry into China’s handling of Covid-19, thus causing relationships between the two countries begin to sour. Beijing has since taken several measures restricting Australian imports, ranging from levying tariffs to imposing other bans and restrictions. At the time of writing, AUD/USD fell 0.05% to 0.7733.
In the commodities market, crude oil price soars 0.66% to $70.48 per barrel as of writing following optimism towards fuel demand outlook. U.S. crude oil supply data from the American Petroleum Institute showed a drop of 2.108 million barrels for the week ending June 4, better than market expectation of a 3.576 million increase. On top of that, various countries such as U.S, France, Canada and Germany have lowered travel warnings for certain countries which making it possible to loosen airline restrictions for trips overseas. On the other hand, gold price edge higher 0.04% to 1893.59 a troy ounce at the time of writing following weakness in dollar.
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
Tentative CAD BoC Press Conference
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 22:00 | CAD – BoC Interest Rate Decision | 0.25% | 0.25% | – |
| 22:30 | CrudeOIL -Crude Oil Inventories | -5.080M | – | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index remain traded in a sideway channel. Due to lack of momentum and clear direction from MACD, it is suggested to wait until further signal appear before entering the market.
Resistance level: 90.15, 90.50
Support level: 89.70, 89.35
GBPUSD, H4: GBPUSD remain traded in a sideway channel. Due to lack of momentum and clear direction from MACD, it is suggested to wait until further signal appear before entering the market.
Resistance level: 1.4195, 1.4275
Support level: 1.4100, 1.4020
EURUSD, H4: EURUSD was traded flat near the support level 1.2160. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to be traded lower after it breaks below the support level.
Resistance level: 1.2240, 1.2335
Support level: 1.2160, 1.2070
USDJPY, H4: USDJPY was traded flat after recent breakout above the previous resistance level 109.40. However, MACD which display bullish bias signal with the formation of golden cross suggest the pair to be traded higher towards the resistance level 109.75.
Resistance level: 109.75, 110.30
Support level: 109.40, 109.00
AUDUSD, H4: AUDUSD remain traded in a sideway channel following recent retracement from the resistance level 0.7765. MACD which illustrate bearish bias signal with the formation of death cross suggest the pair to be traded lower towards the support level 0.7695.
Resistance level: 0.7765, 0.7805
Support level: 0.7695, 0.7650
NZDUSD, H4: NZDUSD was traded lower following prior retracement from the resistance level 0.7225. MACD which illustrate bearish bias signal with the formation of death cross suggest the pair to extend its retracement towards the support level 0.7135.
Resistance level: 0.7225, 0.7310
Support level: 0.7135, 0.7065
USDCAD, H4: USDCAD remain traded in a sideway channel while currently testing near the resistance level 1.2125. However, MACD which illustrate bullish momentum signal suggest the pair to be traded higher after it breaks above the resistance level.
Resistance level: 1.2125, 1.2175
Support level: 1.2035, 1.1970
USDCHF, H4: USDCHF was traded lower following recent retracement from its high level. MACD which illustrate bearish momentum signal suggest the pair to extend its losses towards the support level 0.8935.
Resistance level: 0.8985, 0.9040
Support level: 0.8935, 0.8890
CrudeOIL, H4: Crude oil was traded higher following prior breakout above the previous resistance level 70.10. MACD which illustrate bullish bias signal with the formation of golden cross suggest the commodity to extend its gains towards the resistance level 72.30.
Resistance level: 72.30, 74.20
Support level: 70.10, 68.30
GOLD_, H4: Gold price remain traded flat in a sideway channel while currently testing near the support level 1885.35. However, MACD which illustrate diminishing bullish momentum signal suggest the commodity to be traded lower after it breaks below the support level.
Resistance level: 1913.75, 1937.35
Support level: 1885.35, 1856.05
090621 Morning Session Analysis
09 June 2021 Morning Session Analysis
Dollar appreciated on positive economic data.
The Dollar Index which traded against a basket of six major currency pairs surged over the backdrop of upbeat job data on yesterday. According to Bureau of Labor Statistics, U.S. JOLTs Job Opening notched up significantly from the previous reading of 8.288M to 9.286M, exceeding the market forecast at 8.300M, which dialed up the market optimism toward the economic progression in United States. Nonetheless, the overall market movement for the US Dollar remained subdued as market participants wait for clearer signals on inflation levels as well as Federal Reserve monetary policy plan in future. As for now, the overall statement from Federal Reserve remained vague while investors would suggested to focus on the future inflation data from US region as well as the updates with regards of Federal Reserve policy statement in order to gauge the likelihood movement for the US Dollar. As of writing, the Dollar Index surged 0.21% to 90.15.
In the commodities market, the crude oil price surged 0.05% to $70.05 per barrel as of writing. The oil price extends its gains following the top U.S. diplomat claimed that even if United States were to reach a nuclear deal with Iran, there will still be hundreds of U.S. sanction on Tehran. That could mean additional Iranian oil supply would not be re-introduced into market soon. On the other hand, the gold price depreciated by 0.05% to $1893.50 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
Tentative CAD BoC Press Conference
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 22:00 | BoC Interest Rate Decision | 0.25% | 0.25% | – |
| 22:30 | Crude Oil Inventories | -5.080M | – | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher following prior rebound from the support level at 89.85. MACD which illustrated diminishing bearish momentum suggest the index to extend its gains toward resistance level at 90.25.
Resistance level: 90.25. 90.75
Support level: 89.85, 89.50
GBPUSD, H4: GBPUSD was traded lower while currently near the support level at 1.4100. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 1.4235, 1.4365
Support level: 1.4100, 1.4005
EURUSD, H4: EURUSD was traded lower while currently testing the support level at 1.2170. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 1.2255, 1.2340
Support level: 1.2170, 1.2120
USDJPY, H4: USDJPY was traded higher following prior rebound from the support level at 109.05. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 109.75.
Resistance level: 109.75, 110.30
Support level: 109.05, 108.55
AUDUSD, H4: AUDUSD was traded lower while currently near the support level at 0.7710. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 0.7805, 0.7880
Support level: 0.7710, 0.7620
NZDUSD, H4: NZDUSD was traded lower following prior retracement from the resistance level at 0.7225. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.7140.
Resistance level: 0.7225, 0.7300
Support level: 0.7140, 0.7060
USDCAD, Daily: USDCAD was traded lower while currently testing the support level at 1.2040. However, MACD which illustrated increasing bullish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 1.2380, 1.2605
Support level: 1.2040, 1.1785
USDCHF, Daily: USDCHF was traded lower while currently testing the support level at 0.8955. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 0.9095, 0.9175
Support level: 0.8955, 0.8850
CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level at 70.20. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.
Resistance level: 70.20, 71.65
Support level: 68.60, 66.75
GOLD_, H1: Gold price was traded lower while currently testing the support level at 1892.55. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.
Resistance level: 1909.70, 1928.05
Support level: 1892.55, 1882.60
080621 Afternoon Session Analysis
08 June 2021 Afternoon Session Analysis
Yen surged amid upbeat economic data.
The Japanese Yen surged over the backdrop of bullish economic data in the morning. According to Cabinet Office, Japan Gross Domestic Product (GDP) for last quarter came in at -1.0%, exceeding the market forecast at -1.2%, which spurring positive prospect for the economic progression in Japan region. On the Covid-19 front, the Japanese Yen received further bullish momentum amid decreasing number of Covid-19 infections had spurred hopes on the economic recovery. According to Japan Times, Tokyo confirmed 351 new Covid-19 cases on Sunday while Okinawa Prefecture tallied 183 new infections. Nonetheless, the Tokyo’s average daily tally of Covid-19 cases had declined from the previous average reading of 558.6 to 426.4 cases. In overall, Japan confirmed 2,652 new cases of Covid-19 cases on last Saturday, a decrease of 939 from a week before. As of writing, USDJPY depreciated by 0.05% to 109.40.
In the commodities market, the crude oil price depreciated by 0.81% to $68.65 per barrel as of writing. The crude oil price edged lower amid declined of China’s oil import in May had spurred concerns about global recovery in demand for crude oil. According to latest data, China’s crude imports were down 14.6% in May, from a high level a year earlier. On the other hand, the gold price surged 0.03% to 1896.65 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 |
| 17:00 | EUR – German ZEW Economic Sentiment (Jun) | 84.4 | 85.3 | – |
| 22:00 | USD – JOLTs Job Openings (Apr) | 8.123M | – | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher following prior rebound from its low level. MACD which illustrate diminishing bearish momentum signal suggest the dollar to extend its rebound towards the resistance level 90.15.
Resistance level: 90.15, 90.50
Support level: 89.70, 89.35
GBPUSD, H4: GBPUSD remain traded in a sideway channel following recent retracement from the resistance level 1.4195. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to be extend its retracement in short term towards the support level 1.4100.
Resistance level: 1.4195, 1.4275
Support level: 1.4100, 1.4020
EURUSD, H4: EURUSD was traded lower following prior retracement from its high level. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its retracement in short term towards the support level 1.2160.
Resistance level: 1.2240, 1.2335
Support level: 1.2160, 1.2070
USDJPY, H4: USDJPY was traded higher while currently testing the resistance level 109.40. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its gains after it breaks above the resistance level.
Resistance level: 109.40, 109.75
Support level: 109.00, 108.45
AUDUSD, H4: AUDUSD was traded lower following prior retracement from the resistance level 0.7765. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its retracement towards the support level 0.7695.
Resistance level: 0.7765, 0.7805
Support level: 0.7695, 0.7650
NZDUSD, H4: NZDUSD was traded lower following prior breakout below the previous support level 0.7225. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses towards the support level 0.7135.
Resistance level: 0.7225, 0.7310
Support level: 0.7135, 0.7065
USDCAD, H4: USDCAD remain traded in a sideway channel following recent rebound from its low level. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its rebound in short term towards the resistance level 1.2125.
Resistance level: 1.2125, 1.2175
Support level: 1.2035, 1.1970
USDCHF, H4: USDCHF was traded lower following prior breakout below the previous support level 0.8985. MACD which illustrate bearish bias signal suggest the pair to extend its losses towards the support level 0.8935.
Resistance level: 0.8985, 0.9040
Support level: 0.8935, 0.8890
CrudeOIL, H4: Crude oil was traded lower while currently testing near the support level 68.30. MACD which illustrate bearish momentum signal suggest the commodity to extend its losses after it breaks below the support level 68.30.
Resistance level: 70.10, 72.30
Support level: 68.30, 66.55
GOLD_, H4: Gold price was traded higher following recent rebound from the support level 1885.35. MACD which illustrate bullish bias signal suggest the commodity to extend its gains in short term towards the resistance level 1913.75.
Resistance level: 1913.75, 1937.35
Support level: 1885.35, 1856.05
080621 Morning Session Analysis
08 June 2021 Morning Session Analysis
US Dollar slumped amid dovish expectation.
The Dollar Index which traded against a basket of six major currency pairs extend its losses yesterday amid U.S. Treasury yields were lower while investors continue to scrutinize the U.S. Central Bank meetings. Worse-than-expectation economic data had spurred the expectation that the Federal Reserve will continue to maintain its aggressive expansionary monetary policy in order to support the jobs market in United States, which diminishing the appeal of the US Dollar. Nonetheless, as for now investors would continue to focus on the U.S. inflation data in future to gauge the likelihood movement for the currency. A jump in prices could be prompting the Federal Reserve to be tightening back its monetary policy plan to combat the high inflation risk in future. As of writing, the Dollar Index slumped 0.18% to 90.00.
In the commodities market, the crude oil price slumped 0.33% to $68.75 per troy ounces as of writing. The oil market edged lower on profit taking after reaching 2-year high. Though, the overall trend for the crude oil price remained bullish on expectations of improved demand and OPEC producers keeping supply curbs in place. On the other hand, the gold price surged 0.01% to $1899.15 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 |
| 17:00 | EUR – German ZEW Economic Sentiment (Jun) | 84.4 | 85.3 | – |
| 22:00 | USD – JOLTs Job Openings (Apr) | 8.123M | – | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from the resistance level at 90.25. MACD which illustrated increasing bearish momentum suggest the index to extend its losses toward support level at 89.50.
Resistance level: 90.25. 90.75
Support level: 89.50, 88.80
GBPUSD, H4: GBPUSD was traded higher following prior rebound from the support level at 1.4100. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 1.4235, 1.4365
Support level: 1.4100, 1.4005
EURUSD, H4: EURUSD was traded higher following prior breakout above the previous resistance level at 1.2170. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 1.2255, 1.2340
Support level: 1.2170, 1.2120
USDJPY, H4: USDJPY was traded lower while currently near the support level at 109.05. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 109.75, 110.30
Support level: 109.05, 108.55
AUDUSD, H4: AUDUSD was traded higher following prior breakout above the previous resistance level at 0.7710. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 0.7805, 0.7880
Support level: 0.7710, 0.7620
NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level at 0.7725. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 0.7225, 0.7300
Support level: 0.7140, 0.7060
USDCAD, Daily: USDCAD was traded lower while currently testing the support level at 1.2040. However, MACD which illustrated increasing bullish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 1.2380, 1.2605
Support level: 1.2040, 1.1785
USDCHF, Daily: USDCHF was traded lower while currently testing the support level at 0.8955. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 0.9095, 0.9175
Support level: 0.8955, 0.8850
CrudeOIL, H1: Crude oil price was traded lower following prior breakout below the previous support level at 69.35. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses toward support level at 68.70.
Resistance level: 69.35, 69.80
Support level: 68.70, 67.90
GOLD_, H1: Gold price was traded higher following prior breakout above the previous resistance level at 1892.55. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.
Resistance level: 1909.70, 1928.05
Support level: 1892.55, 1882.60