Daily Analysis

07 June 2021                       Afternoon Session Analysis

Pound slips following virus concerns.

The pound sterling which traded against the greenback and other currency pairs have fell following increasing concerns of new coronavirus cases in the U.K. According to Public Health England, the number of coronavirus cases across the United Kingdom is beginning to increase again as the Indian variant of the virus continues to spread across the country and becomes its most dominant strain. According to Anadolu Agency, the country recorded 6,238 new cases on Friday and between May 29 and June 4, 29,028 people had a confirmed positive test result of the virus. This represents an increase of 39.8 per cent compared to the previous week. The increase has worried investors as it could undermine the momentum of economic recovery and force the UK government to re-impose restrictions, thus diminishing the appeal of the pound sterling. At the time of writing, GBP/USD fell 0.07% to 1.4142.

In the commodities market, crude oil price rose 0.03% to $69.38 per barrel at the time of writing following signs of improved oil demand. Various economic data released by countries such as the US, EU, UK and China showed that the manufacturing and industrial sectors in their respective countries have recovered significantly. Increased activity in the sector will help to increase demand for crude oil used as one of the raw materials for the processing division. On the other hand, gold price rose 0.09% to $1886.81 a troy ounce at the time of writing following dollar weakness.

Today’s Holiday Market Close

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Today’s Highlight Events

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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 breakout below the previous support level 90.20. MACD which illustrate bearish momentum signal with the formation of death cross suggest the dollar to extend its losses towards the support level 89.70.

Resistance level: 90.20, 90.55

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 higher following prior breakout above the previous resistance level 1.2155. MACD which illustrate bullish bias signal with the formation of golden cross suggest the pair to extend its gains towards the resistance level 1.2240.

Resistance level: 1.2240, 1.2335

Support level: 1.2155, 1.2070

USDJPY, H4: USDJPY was traded lower following recent breakout below the previous support level 109.75. MACD which illustrate bearish momentum signal suggest the pair to extend its losses towards the support level 109.35.

Resistance level: 109.75, 110.30

Support level: 109.35, 109.00

AUDUSD, H4: AUDUSD was traded higher following recent breakout above the previous resistance level 0.7695. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to experience a technical correction back towards the level 0.7695.

Resistance level: 0.7765, 0.7805

Support level: 0.7695, 0.7650

NZDUSD, H4: NZDUSD was traded higher while currently testing near the resistance level 0.7220. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to extend its gains after it breaks above the resistance level.

Resistance level: 0.7220, 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 be traded lower 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 0.8985. MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to extend its losses after it breaks below the support level.

Resistance level: 0.9040, 0.9090

Support level: 0.8985, 0.8935

CrudeOIL, H4: Crude oil was traded higher while currently testing near the resistance level 70.10. However, MACD which illustrate bearish bias signal with the formation of death cross suggest the commodity to be traded lower towards 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 prior breakout above the previous resistance level 1885.35. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the commodity to extend its gains towards the resistance level 1913.75.

Resistance level: 1913.75, 1937.35

Support level: 1885.35, 1856.05

7 June 2021                         Morning Session Analysis

NFP fails to deliver, US dollar extend its losses.

US dollar was traded lower against a basket of six major currencies following lower than expected reading from its Nonfarm Payrolls report. As of writing, the dollar index was down 0.03% to 90.07 during Asian trading session. Last Friday, Nonfarm Payrolls report came in at 559K, significantly lower than forecast of 650K. However, Unemployment Rate for the month of May notched down to 5.8%, lower than expected reading of 5.9%. Although unemployment rate has depreciated, the number of jobs created in the US market continues to be well below market expectation. The slack in the employment market may be due to government aids that created an imbalance in between the sum of money received from unemployment benefits and the salary that will be received from finding a new job. Nonetheless, investors remain pessimistic with regards to current job market as its performance was subpar while other economic aspect from the country such as inflation and GDP picks up significantly. For the time being, investors will place their attention upon Federal Reserves’ monetary policy meeting later this week to obtain more market signals.

In the commodities market, crude oil price rose 0.37% to $69.50 per barrels. Oil prices continues to rise over the backdrop of rising demand in the global market due to loosened social distancing measures after new coronavirus cases remain well under control. On the other hand, gold price ticks up 0.02% to $1,890.01 a troy ounce due to weaker US dollar.

Today’s Holiday Market Close

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Today’s Highlight Events

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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 90.50. MACD which illustrated formation of bearish momentum suggest the index to extend its losses after breaking the support level at 90.00.

Resistance level: 90.25, 90.50

Support level: 90.00, 89.65

GBPUSD, H4: GBPUSD was traded higher while currently testing the support level at 1.4150. MACD which illustrated the formation of bullish momentum suggest the pair to extend its gains after a successful rebound from the support level.

Resistance level: 1.4200, 1.4255

Support level: 1.4150, 1,4105

EURUSD, H1: EURUSD was traded higher following prior retracement from the support level at 1.2100. MACD which illustrated the formation of bullish momentum suggest the pair to extend its gains in short-term.

Resistance level: 1.2170, 1.2200

Support level: 1.2130, 1,2100

USDJPY, H1: USDJPY was traded lower while currently testing the support level at 109.40. MACD which illustrated bearish momentum suggest the pair to be traded lower in short-term after breaking the support level.

Resistance level: 109.90, 110.35

Support level: 109.40, 109.00

AUDUSD, H4: AUDUSD was traded higher following prior rebound from its previous lower level. MACD which illustrated upward momentum suggest the pair to be traded higher in short-term.

Resistance level: 0.7755, 0.7805

Support level: 0.7725, 0.7700

NZDUSD, H4: NZDUSD was traded higher following prior rebound from the support level at 0.7190. MACD which illustrated bullish momentum suggest the pair to be traded higher in short-term.

Resistance level: 0.7240, 0.7280

Support level: 0.7190, 0.7145

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

Resistance level: 1.2080, 1.2120

Support level: 1.2045, 1.2000

USDCHF, H4: USDCHF was traded lower following a retracement from the higher level. MACD which shows the formation of bearish momentum suggest the pair to be traded lower in short-term.

Resistance level: 0.9005, 0.9040

Support level: 0.8970, 0.8935

CrudeOIL, H4: Crude oil price was traded higher following prior rebound from the support level at 68.30. MACD which illustrated bullish momentum suggest the commodity to extend its gains after breaking the resistance level at 70.00.

Resistance level: 70.00, 71.00

Support level: 69.10, 68.30

GOLD_, H1: Gold price was traded lower following a retracement from higher level. MACD which illustrate diminished bullish momentum suggest the commodity to extend its losses in short-term as technical correction

Resistance level: 1895.00, 1910.00

Support level: 1880.00, 1863.25

04 June 2021                       Afternoon Session Analysis

GBP/USD weakens on strengthening Dollar.

The pair of GBP/USD slumped on yesterday amid the strengthening US Dollar. Nonetheless, the overall prospect economic for the United Kingdom remained resilient over the backdrop of the string of upbeat economic data as well as positive development of Covid-19 vaccination program. According to Markit Economics, U.K. Composite Purchasing Managers’ Index (PMI) notched up significantly from the previous reading of 62.0 to 62.9, exceeding the market forecast at 62.0. Meanwhile, U.K. Services Purchasing Managers Index (PMI) came in at 62.9, which also exceeding the market forecast at 61.8. Nonetheless, as for now investors would continue to scrutinize the G7 finance meeting in order to gauge the likelihood movement for the currency. According to Reuters, Ministers from U.S., Japan, France, Canada, Germany and Italy will attend the two-day meeting at Lancaster House in London to discuss measures to tackle climate change as well as efforts to secure an international agreement on how digital companies are taxed. As of writing, GBPUSD surged 0.03% to 1.4101.

In the commodities market, the crude oil price slumped 0.33% to $68.75 as of writing. The oil market edged lower amid the slow roll-out of vaccinations and high infections in countries like Brazil and India had spurred negative prospect for the crude oil demand. On the other hand, the gold price slumped 0.13% to $1868.30 per troy ounces as of writing amid appreciation of US Dollar.

Today’s Holiday Market Close

Time                       Market                  Event

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Today’s Highlight Events

Time                       Market                  Event

15:00                     NZD                       RBNZ Gov Orr Speaks

19:00                     USD                       Fed Chair Powell Speaks

19:00                     EUR                       ECB President Lagarde Speaks

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher following prior breakout above the previous resistance level at 90.25. MACD which illustrated increasing bullish momentum suggest the dollar to extend its gains towards the resistance level 90.75.

Resistance level: 90.75. 91.40

Support level: 90.25, 89.50

GBPUSD, H4: GBPUSD was traded lower following prior breakout below the previous support level 1.4100. MACD which illustrate persistent bearish momentum signal suggest the pair to extend its losses towards the support level 1.4015.

Resistance level: 1.4100, 1.4210

Support level: 1.4015, 1.3920

EURUSD, H4: EURUSD was traded lower following prior breakout below the previous support level at 1.2150. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.2050.

Resistance level: 1.2150, 1.2255

Support level: 1.20565 1.1995

USDJPY, H4: USDJPY was traded higher following prior breakout above the previous resistance level at 110.10. However, MACD which illustrated diminsihing bullish momentum suggest the pair to experience a technical correction in short term back towards the level 110.10.

Resistance level: 110.50, 110.90

Support level: 110.10, 109.70

AUDUSD, H4: AUDUSD was traded lower following prior breakout below the previous support level 0.7865. MACD which illustrate increasing bearish momentum signal suggest the pair to extend its losses towards the support level 0.7590.

Resistance level: 0.7865, 0.7805

Support level: 0.7590, 0.7515

NZDUSD, H4: NZDUSD was traded flat while currently testing the resistance level 0.7150. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to be traded higher after it breaks above the level.

Resistance level: 0.7150, 0.7300

Support level: 0.7065, 0.6965

USDCAD, H4: USDCAD remain traded in a sideway channel while currently testing near the resistance level 1.2140. However, MACD which illustrate ongoing bullish momentum signal suggest the pair to be traded higher after it breaks above the resistance level.

Resistance level: 1.2140, 1.2265

Support level: 1.2030, 1.1925

USDCHF, H4: USDCHF was traded higher following prior breakout above the previous resistance level 0.9020. MACD which illustrate ongoing bullish momentum signal suggest the pair to extend its gains towards the resistance level 0.9095.

Resistance level: 0.9095, 0.9165

Support level: 0.9020, 0.8940

CrudeOIL, H4: Crude oil price was traded flat near the resistance level 69.40. However, MACD which illustrate bearish momentum signal suggest the commodity to be traded lower towards the support level 66.45.

Resistance level: 69.40, 72.35

Support level: 66.45, 64.25

GOLD_, H4: Gold price was traded lower following recent breakout below the previous support level of 1886.35. MACD which illustrate bearish bias signal suggest the commodity to extend its losses towards the support level 1853.85

Resistance level: 1886.35, 1911.05

Support level: 1853.85, 1820.75

04 June 2021                       Morning Session Analysis

US Dollar surged amid upbeat economic data.

The Dollar Index which traded against a basket of six major currency pairs surged significantly on yesterday over the backdrop of string of the upbeat crucial economic data, which dialed up the market optimism toward the economic progression in United States. According to Automatic Data Processing (ADP), the ADP Nonfarm Employment Change notched up significantly from the previous reading of 654K to 978K, exceeding the market forecast at 650K. Besides, U.S. ISM Non-Manufacturing Purchasing Managers Index (PMI) and U.S. Initial Jobless Claims came in at 64.0 and 385K, which both fared better than market expectation at 63.0 and 390K respectively. Such bullish economic data had increased the expectation that the U.S. central Bank would start to unwind some of its asset purchases while tapering its quantitative easing program. Nonetheless, investors would continue to scrutinize the latest updates with regards of crucial Nonfarm Payroll data tonight to gauge the likelihood movement for the US Dollar. As of writing, the Dollar Index surged 0.65% to 90.50.

In the commodities market, the crude oil price surged 0.12% to $69.00 per barrel as of writing following the Energy Information Administration (EIA) reported that the U.S. Crude Oil Inventories had notched down significantly from the preliminary reading of -1.662M to -5.080M, better than the market forecast at -2.443M. On the other hand, the gold price slumped 0.05% to $1872.00 per troy ounces as of writing amid strengthening US Dollar.

Today’s Holiday Market Close

Time                       Market                  Event

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Today’s Highlight Events

Time                       Market                  Event

15:00                     NZD                                        RBNZ Gov Orr Speaks

19:00                     USD                                        Fed Chair Powell Speaks

19:00                     EUR                                        ECB President Lagarde Speaks

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher following prior breakout above the previous resistance level at 90.25. MACD which illustrated increasing bullish momentum suggest the index to extend its gains toward resistance level at 90.75.

Resistance level: 90.75. 91.40

Support level: 90.25, 89.50

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 1.2170. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.2070.

Resistance level: 1.2170, 1.2255

Support level: 1.2070, 1.1990

USDJPY, H4: USDJPY was traded higher following prior breakout above the previous resistance level at 109.80. MACD which illustrated increasing bullish momentum suggest the pair to extend its gain toward resistance level at 110.90.

Resistance level: 110.90, 112.00

Support level: 109.80, 108.55

AUDUSD, H4: AUDUSD was traded lower while currently testing the support level at 0.7620. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.7710, 0.7805

Support level: 0.7620, 0.7535

NZDUSD, Daily: NZDUSD was traded lower while currently testing the support level at 0.7140. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support 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. 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 higher following prior rebound from the support level at 0.8955. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.9095.

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 68.70. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.

Resistance level: 69.80, 70.75

Support level: 68.70, 67.90

GOLD_, H4: Gold price was traded lower while currently testing the support level at 1868.00. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses after it successfully breakout below the support level.

Resistance level: 1909.70, 1957.05

Support level: 1868.00, 1844.25

03 June 2021                       Afternoon Session Analysis

Pound remains resilient following plans of lockdown easing.

The pound sterling which traded against the greenback and other currency pairs have rose as improving situation on COVID-19 in the U.K have heightening expectation of Prime Minister Boris Johnson to ease restriction. According to the latest statistics, the U.K. recorded no new Covid-19 deaths for the first time since the global pandemic began. The milestone will reinforce business calls for the government to push ahead with plans for its fourth and final stage of unlocking the economy on June 21 including an end to all social distancing guidelines. Boris Johnson also remain upbeat and stated that he did not see anything in data that would delay the step four which is reopening on June 21. At the time of writing, GBP/USD rose 0.03% to 1.4166.

In the commodities market, crude oil price rose 0.87% to $69.31 per barrel at the time of writing following expectation of increase fuel demand. According to report, market forecasters including OPEC+ expected that the oil demand will exceed supply in the second half of 2021. OPEC+ data shows that by the end of the year oil demand will be 99.8 million barrels per day versus supply of 97.5 million bpd. On the other hand, gold price retreats 0.16% to $1905.17 a troy ounce as 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

Technical Analysis

DOLLAR_INDX, H4: Dollar remain traded in a sideway channel. Due to lack of clear direction and momentum from MACD, it is suggested to wait until further signal appear before entering the market.

Resistance level: 90.25, 90.75

Support level: 89.55, 89.10

GBPUSD, H4: GBPUSD remain traded in a sideway channel. However, MACD which illustrate bearish momentum signal suggest the pair to be traded lower towards the support level 1.4100.

Resistance level: 1.4210, 1.4280

Support level: 1.4100, 1.3990

EURUSD, H4: EURUSD remain traded in a sideway channel. However, MACD which illustrate bearish momentum signal suggest the pair to be traded lower in short term towards the support level 1.2175.

Resistance level: 1.2250, 1.2335

Support level: 1.2175, 1.2065

USDJPY, H4: USDJPY was traded higher while currently testing near the resistance level 109.70., MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its gains after it breaks above the resistance level.

Resistance level: 109.70, 110.15

Support level: 109.25, 108.70

AUDUSD, H4: AUDUSD remain traded in a sideway channel. However, MACD which illustrate bearish momentum signal suggest the pair to extend its losses in short term towards the support level 0.7685.

Resistance level: 0.7805, 0.7885

Support level: 0.7685, 0.7590

NZDUSD, H4: NZDUSD remain traded in a sideway channel following prior retracement from its high level. However, MACD which illustrate bearish momentum signal suggest the pair to extend its retracement towards the support level 0.7150.

Resistance level: 0.7300, 0.7445

Support level: 0.7150, 0.7065

USDCAD, H4: USDCAD remain traded in a sideway channel while currently testing the support level 1.2030. However, MACD which illustrate bearish momentum signal suggest the pair to extend its losses after it breaks below the support level.

Resistance level: 1.2140, 1.2265

Support level: 1.2030, 1.1925

USDCHF, H4: USDCHF 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 market.

Resistance level: 0.9020, 0.9095

Support level: 0.8940, 0.8875

CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level 69.40. MACD which illustrate persistent bullish momentum signal suggest the commodity to extend its gains after it breaks above the resistance level.

Resistance level: 69.40, 72.35

Support level: 66.45, 64.25

GOLD_, H4: Gold price remain traded flat in a sideway channel while currently testing near the resistance level 1911.05. However, MACD which illustrate bearish momentum signal suggest the pair to be traded lower in short term towards the support level 1886.35.

Resistance level: 1911.05, 1928.15

Support level: 1886.35, 1853.85

03 June 2021                       Morning Session Analysis

US Dollar traded flat amid investors wait for data.

The Dollar Index which traded against a basket of six major currency pairs hovers near two-year low on yesterday amid market participants currently waited for employment data later in the week to speculate the economic outlook for the United States. Last month, the previous jobs report came in at much weaker than market expectation, spurring significant selloff for the US Dollar. On the trade war front, the U.S. and China’s top negotiators have held talks on yesterday, their first since President Joe Biden become the U.S. President. Nonetheless, despite the opening of trade discussion with China, analysts suggest that the Biden administration is unlikely to ease the pressure on the trade relationship this year. Market participants would have to continue to scrutinize the progress of the US-China trade talks in order to gauge the likelihood movement for the US Dollar. As of writing, the Dollar Index appreciated by 0.08% to 89.90.

In the commodities market, the crude oil price appreciated by 0.06% to $68.70 per barrel as of writing. The oil market edged higher over the backdrop of bullish inventory data. According to American Petroleum Institute, U.S. API Weekly Crude Oil Stock notched down significantly from the previous reading of -0.439m to -5.360M, better than the market forecast at -2.114M. On the other hand, the gold price surged 0.01% to $1908.10 per troy ounces as of writing amid weakening US Dollar.

Today’s Holiday Market Close

Time                       Market                  Event

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Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from the resistance level at 90.25. MACD which illustrated diminishing bullish 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 1.4110. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 1.4235.

Resistance level: 1.4235, 1.4365

Support level: 1.4110, 1.4005

EURUSD, H4: EURUSD was traded higher following prior rebound from the support level at 1.2170. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 1.2255.

Resistance level: 1.2255, 1.2340

Support level: 1.2170, 1.2070

USDJPY, H4: USDJPY was traded higher while currently testing the resistance level at 109.80. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 109.80, 110.90

Support level: 108.55, 107.50

AUDUSD, H4: AUDUSD was traded higher following prior rebound from the support 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 lower while currently testing the support level at 0.7230. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 0.7300, 0.7360

Support level: 0.7230, 0.7140

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 0.8955. 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: 0.8955, 0.8850

CrudeOIL, H4: Crude oil price was traded higher following prior breakout above the previous resistance level at 67.90. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.

Resistance level: 69.80, 71.60

Support level: 67.90, 66.30

GOLD_, H1: Gold price was traded higher while currently testing the resistance level at 1909.70. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.

Resistance level: 1909.70, 1921.15

Support level: 1896.15, 1885.55

02 June 2021                       Afternoon Session Analysis

Aussie surged over hawkish tone

Australia Dollar surged over the backdrop of hawkish statement from the Reserve Bank of Australia. According to statement by Philip Lowe, the central Bank have maintained its currency policy settings, which keeping its interest rate at 0.10%. Besides, he also speculated that the global economy in future will continue to recover from the pandemic and the outlook is for strong growth for the year 2021 and 2022. Global trade in goods has picked up strongly and commodity prices are mostly higher than at the start of the year, benefitting the export growth for the Australia. On top of that, Philip Lowe also reiterated that the economic recovery in Australia is stronger than earlier expected and is forecast to continue. This outlook is supported by fiscal measures and very accommodative financial conditions. Though, the uncertainty with regards of significant outbreaks of Covid-19 pandemic remain as the major concerned for all the monetary policy committee. As of writing, AUDUSD appreciated by 0.12% to 0.7763.

In the commodities market, the crude oil price appreciated by 0.26% to $68.15 per barrel as of writing. The oil market extends its gains amid the positive prospect for the Covid-19 vaccination program continue to outweigh the effect of the OPEC+ production increases. On the other hand, the gold price depreciated by 0.02% to $1900.90 per troy ounces amid bearish economic data from U.S. and U.K. region had spurred risk-off sentiment in the market, which insinuating market demand on the safe-haven commodity gold.

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

N/A

Technical Analysis

DOLLAR_INDX, H4: Dollar remain traded in a sideway channel following recent rebound from the support level 89.55. However, MACD which illustrate diminishing bearish momentum signal suggest the dollar to extend its rebound in short term towards the resistance level 90.25.

Resistance level: 90.25, 90.75

Support level: 89.55, 89.10

GBPUSD, H4: GBPUSD remain traded in a sideway channel following recent retracement from the resistance level 1.4210. However, MACD which illustrate bearish bias signal suggest the pair to extend its losses towards the support level 1.4100.

Resistance level: 1.4210, 1.4280

Support level: 1.4100, 1.3990

EURUSD, H4: EURUSD remain traded flat in a sideway channel. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to be traded lower in short term towards the support level 1.2175.

Resistance level: 1.2250, 1.2335

Support level: 1.2175, 1.2065

USDJPY, H4: USDJPY was traded higher while currently testing near the resistance level 109.70. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its gains after it breaks above the resistance level 109.70.

Resistance level: 109.70, 110.05

Support level: 109.25, 108.70

AUDUSD, H4: AUDUSD remain traded in a sideway channel following recent rebound from its low level. However, MACD which illustrate bullish momentum signal suggest the pair to extend its rebound in short term towards the resistance level 0.7805.

Resistance level: 0.7805, 0.7885

Support level: 0.7685, 0.7590

NZDUSD, H4: NZDUSD remain traded flat in a sideway channel. However, MACD which illustrate diminishing bearish bias signal suggest the pair to be traded higher towards the resistance level 0.7300.

Resistance level: 0.7300, 0.7445

Support level: 0.7150, 0.7065

USDCAD, H4: USDCAD remain traded in a sideway channel following recent rebound from the support level 1.2030. However, MACD which illustrate diminishing bearish momentum signal with the formation of golden cross suggest the pair to be extend its rebound in short term towards the resistance level 1.2140.

Resistance level: 1.2140, 1.2265

Support level: 1.2030, 1.1925

USDCHF, H4: USDCHF remain traded in a sideway channel following recent rebound from the support level 0.8940. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to be traded higher in a short term towards the resistance level 0.9020.

Resistance level: 0.9020, 0.9095

Support level: 0.8940, 0.8875

CrudeOIL, H4: Crude oil price was traded higher following prior rebound from the support level 66.45. However, MACD which illustrate diminishing bullish momentum signal suggest the commodity to be traded lower as a technical correction back towards the level 66.45.

Resistance level: 69.40, 72.35

Support level: 66.45, 64.25

GOLD_, H4: Gold price remain traded in a sideway channel following recent retracement from the resistance level 1911.05. MACD which illustrate bearish momentum signal suggest the commodity extend its retracement towards the support level 1886.35.

Resistance level: 1911.05, 1928.15

Support level: 1886.35, 1853.85

02 June 2021                       Morning Session Analysis

Dollar surged as upbeat data.

The Dollar Index which traded against a basket of six major currency pairs rebounded over the backdrop of bullish economic data on yesterday. According to Institute for Supply, U.S. ISM Manufacturing Purchasing Managers Index (PMI) notched up significantly from the previous reading of 60.7 to 61.2, exceeding the market forecast at 60.9 amid the reopening economy had boosted up the market demand on the manufacturing products, which dialed up the market optimism toward the economic progression in the United States. Nonetheless, fears upon the future inflation risk had continued to weigh down the US Dollar. Still, the Federal Reserve appears in no rush to change its current policy measures as unemployment rate remains above the pre-pandemic levels. As for now, investors would continue to remain their focus on the latest economic data as well as Federal Reserve monetary policy in order to gauge the likelihood movement for the currency. As of writing, the Dollar Index appreciated by 0.12% to 90.00.

In the commodities market, the crude oil price surged 0.04% to $68.00 as of writing. The oil market edged higher on yesterday on expectations for growing oil demand during the summer driving season in the United States. Tracking service GasBuddy claimed on Sunday that the U.S. gasoline demand. coinciding with the Memorial Day weekend, had increased 9.6% above the average of the previous four Sunday. On the other hand, gold price slumped 0.05% to $1900.45 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

N/A

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from the resistance level at 90.25. However, MACD which illustrated diminishing bearish momentum suggest the index to be traded higher in short-term as technical correction.

Resistance level: 90.25, 90.75

Support level: 89.50, 88.80

GBPUSD, H4: GBPUSD was traded lower following prior retracement from the resistance level at 1.4235. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.4110.

Resistance level: 1.4235, 1.4365

Support level: 1.4110, 1.4005

EURUSD, H4: EURUSD was traded lower following prior retracement from the resistance level at 1.2255. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 1.2170.

Resistance level: 1.2255, 1.2340

Support level: 1.2170, 1.2070

USDJPY, Daily: USDJPY was traded lower following prior retracement from the resistance level at 109.80. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 108.55.

Resistance level: 109.80, 110.90

Support level: 108.55, 107.50

AUDUSD, H4: AUDUSD was traded higher following prior rebound from the support 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: 0.7700, 0.7620

NZDUSD, H4: NZDUSD was traded lower while currently testing the support level at 0.7240. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.7300, 0.7360

Support level: 0.7240, 0.7140

USDCAD, Daily: USDCAD was traded lower while currently testing the support level at 1.2055. 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: 1.2055, 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 67.90. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.

Resistance level: 67.90, 69.45

Support level: 66.25, 63.75

GOLD_, H1: Gold price was traded lower while currently testing the support level at 1897.95. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.

Resistance level: 1909.70, 1921.15

Support level: 1897.95, 1885.55

1 June 2021                         Afternoon Session Analysis

Pound soars on optimism towards economy.

The pound sterling which traded against the dollar and other currency pairs have experience a huge bid and rose to a three year high following markets continue to bet on faster economic recovery in the U.K amid strong vaccine rollout. According to data collected by Johns Hopkins University and Bloomberg, three-fourths of the U.K population will be covered with a two-dose vaccine in a month based on the current pace of vaccination. On top of that, the pound sterling also received further support following expectation of U.K authorities to fully reopen the economy on June 21. Despite with the risk of India variant coronavirus in the U.K, U.K Prime Minister Boris Johnson stated that there is no conclusive reason to delay the easing of lockdown. At the time of writing, GBP/USD rose 0.23% to 1.4239.

In the commodities market, crude oil price jumps 1.18% to $67.64 per barrel as of writing following OPEC forecast of tightening market. According to reports, an OPEC+ committee predicted that the oil glut built up during the Covid-19 pandemic has almost gone, and that stockpiles will diminish rapidly in the second half of the year. The alliance is expected to ratify a scheduled output increase in July when it meets later on Tuesday. On the other hand, gold price rose 0.28% to $1912.58 a troy ounce at the time of writing following ongoing dollar weakness.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

12:30                     AUD                       RBA Rate Statement

23:00                     GBP                       BoE Gov Bailey Speaks

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar remain traded in a sideway channel while currently testing near the support level 89.55. However, MACD which illustrate bearish bias signal with the formation of death cross suggest the dollar to extend its losses after it breaks below the support level.

Resistance level: 90.25, 90.75

Support level: 89.55, 89.10

GBPUSD, H4: GBPUSD was traded higher following prior breakout above the previous resistance level 1.4210. MACD which illustrate bullish momentum signal suggest the pair to extend its gains towards the resistance level 1.4280.

Resistance level: 1.4280, 1.4370

Support level: 1.4210, 1.4100

EURUSD, H4: EURUSD remain traded in a sideway channel following recent rebound from the support level 1.2175. However, MACD which illustrate bullish momentum signal with the recent formation of golden cross suggest the pair to be traded higher in short term towards the resistance level 1.2250.

Resistance level: 1.2250, 1.2335

Support level: 1.2175, 1.2065

USDJPY, H4: USDJPY was traded lower following recent retracement from its high level. MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to extend its losses towards the support level 109.25.

Resistance level: 109.70, 110.05

Support level: 109.25, 108.70

AUDUSD, H4: AUDUSD remain traded in a sideway channel following recent rebound from the support level 0.7685. However, MACD which illustrate bullish momentum signal with the recent formation of golden cross suggest the pair to extend its rebound in short term towards the resistance level 0.7805.

Resistance level: 0.7805, 0.7885

Support level: 0.7685, 0.7590

NZDUSD, H4: NZDUSD remain traded in a sideway channel while currently testing near the resistance level 0.7300. However, MACD which illustrate diminishing bearish momentum signal with the formation of golden cross suggest the pair to be traded higher after it breaks above the resistance level 0.7300.

Resistance level: 0.7300, 0.7445

Support level: 0.7150, 0.7065

USDCAD, H4: USDCAD remain traded in a sideway channel while currently testing near the support level 1.2030. However, MACD which illustrate bearish momentum signal suggest the pair to extend its losses after it breaks below the support level.

Resistance level: 1.2140, 1.2265

Support level: 1.2030, 1.1925

USDCHF, H4: USDCHF remain traded in a sideway channel following recent retracement from its high level. However, MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to extend its losses towards the support level 0.8940.

Resistance level: 0.9020, 0.9095

Support level: 0.8940, 0.8875

CrudeOIL, H4: Crude oil price was traded higher following prior rebound from the support level 66.45. MACD which illustrate diminishing bearish momentum signal suggest the commodity to extend its gains towards the resistance level 69.40.

Resistance level: 69.40, 72.35

Support level: 66.45, 64.25

GOLD_, H4: Gold price remain traded in a sideway channel while currently testing the resistance level 1911.05. However, MACD which illustrate bullish bias signal with the recent formation of golden cross suggest the commodity to be traded higher after it breaks above the resistance level.

Resistance level: 1911.05, 1928.15

Support level: 1886.35, 1853.85

01 June 2021                       Morning Session Analysis

Dollar slumped on inflation fears.

The Dollar Index which traded against a basket of six major currency pairs extend its losses yesterday amid investors remained their concern over the impact of a surge in U.S. inflation rate, which diminishing the appeal of US Dollar. According to Bureau of Economic Analysis, U.S. Core PCE Price Index vaulted 3.1% on last week, the largest annual increase since July 1992 due to economic recovery from the Covid-19 pandemic and various supply disruptions. A high reading of core inflation data would likely lower the value for US Dollar while prompting investors to shift their portfolio toward other currencies. Nonetheless, investors would continue to scrutinize the crucial U.S. Nonfarm Payroll data which will be released on Friday to gauge the likelihood movement for the currency. As of writing, the Dollar Index depreciated by 0.22% to 89.85.

In the commodities market, the crude oil price surged 0.15% to $66.95 per barrel as of writing. The oil market edged higher on positive hopes upon the crude oil demand will grow significantly in next quarter, while investors would focus on OPEC+’s meeting today to receive further trading signal. On the other hand, the gold price surged 0.05% to $1907.90 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

12:30                     AUD                                       RBA Rate Statement

23:00                     GBP                                        BoE Gov Bailey Speaks

Today’s Highlight Economic Data

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 while currently testing the resistance level at 1.4235. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.4235, 1.4370

Support level: 1.4125, 1.4005

EURUSD, H4: EURUSD was traded higher while currently near the resistance level at 1.2255. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.2255, 1.2340

Support level: 1.2170, 1.2070

USDJPY, H4: USDJPY was traded lower following prior retracement from the resistance level at 109.80. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 108.55.

Resistance level: 109.80, 110.90

Support level: 108.55, 107.50

AUDUSD, H4: AUDUSD was traded higher following prior rebound from the support level at 0.7700. 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: 0.7700, 0.7620

NZDUSD, H4: NZDUSD was traded higher following prior rebound from the support level at 0.7240. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 0.7300.

Resistance level: 0.7300, 0.7360

Support level: 0.7240, 0.7140

USDCAD, Daily: USDCAD was traded lower while currently testing the support level at 1.2045. 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: 1.2045, 1.1785

USDCHF, Daily: USDCHF was traded lower while currently testing the support level at 0.8955. 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: 0.8955, 0.8850

CrudeOIL, H1: Crude oil price was traded lower following prior retracement from the resistance level at 67.25. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses toward support level at 66.30.

Resistance level: 67.25, 67.90

Support level: 66.30, 65.50

GOLD_, H1: Gold price was traded higher while currently testing the resistance level at 1908.10. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1908.10, 1923.95

Support level: 1885.55, 1867.35

31 May 2021                       Afternoon Session Analysis

Aussie rose on mixed China PMI data.

The Australian dollar which traded against the dollar and other currency pairs have rose following the release of China’s official activity numbers. According to China Federation of Logistics and Purchasing (CFLP), China’s Non-Manufacturing PMI for May have improved to 55.2, higher than market expectation of 52.7. Meanwhile, NBS Manufacturing PMI have eased to 51.1, slightly weaker than 51.1. Overall, risk appetite in the market continue to support the pair. US President Joe Biden’s multi-billion-dollar worth of budget and spending plans join receding covid infections in Victoria to keep the buyers hopeful. At the time of writing, AUD/rose 0.16% to 0.7726.

In the commodities market, crude oil price stays firm and rose 0.17% to $66.75 per barrel at the time of writing following bright outlook for fuel demand growth. According to reports, analysts expect that oil demand growth to outstrip supply despite the possible return of Iranian crude and condensate exports. Focus are now turned to OPEC as it is expected to stick with a decision to boost output in July when the group gathers on Tuesday. On the other hand, gold price rose 0.11% to $1909.10 a troy ounce at the time of writing following weaker 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 lower following prior retracement from the resistance level at 90.25. MACD which illustrated diminishing bullish 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, H1: GBPUSD was traded higher while currently testing the resistance level at 1.4200. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.4200, 1.4235

Support level: 1.4125, 1.4075

EURUSD, H4: EURUSD was traded higher following prior rebound from the support level at 1.2170. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 1.2255.

Resistance level: 1.2255, 1.2340

Support level: 1.2170, 1.2070

USDJPY, H4: USDJPY was traded higher while currently testing the resistance level at 109.80. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 109.80, 110.90

Support level: 108.55, 107.50

AUDUSD, H4: AUDUSD was traded lower while currently testing the support level at 0.7710. 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, 0.7620

NZDUSD, H4: NZDUSD was traded lower while currently testing the support level at 0.7240. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 0.7300, 0.7360

Support level: 0.7240, 0.7140

USDCAD, Daily: USDCAD was traded lower while currently testing the support level at 1.2075. 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: 1.2075, 1.1785

USDCHF, Daily: USDCHF was traded lower while currently testing the support level at 0.8955. 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: 0.8955, 0.8850

CrudeOIL, H1: Crude oil price was traded lower while currently testing the support level at 66.50. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.

Resistance level: 67.90, 69.45

Support level: 66.50, 65.50

GOLD_, H1: Gold price was traded higher while currently testing the resistance level at 1908.10. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.

Resistance level: 1908.10, 1923.95

Support level: 1893.65, 1882.55

31 May 2021                       Morning Session Analysis

Yen slumped amid resurgence of Covid-19 cases.

The Japanese Yen slumped significantly last week amid the concerns over the resurgence of Covid-19 cases from Japan region had significantly diminished the appeal of Japanese Yen. Investors remained pessimistic toward the economic progress in Japan over the backdrop of bearish employment data, falling consumer prices and the government’s emergency restriction in Tokyo and other areas due to the Covid-19 pandemic. According to Reuters, hospitals in Japan’s second largest city of Osaka are buckling under a huge wave of new Covid-19 infections, running out of beds and ventilators as exhausted doctors warn of a “system collapse”. The highly infections of British and India variant have led to this explosive growth in the number of patients. On the other hand, Pound Sterling surged last week as market participants speculated the Bank of England could increase its interest rate earlier than expectation following the Covid-19 cases from U.K. region declined significantly, which spurring hopes upon the rapid economic recovery in future. As of writing, USD/JPY appreciated by 0.03% to 109.85 while GBP/USD surged 0.10% to 1.4188.

In the commodities market, the crude oil price slumped 0.09% to $66.55 per barrel as of writing following the U.S. Energy Information Administration (EIA) claimed that the U.S. crude oil output had increased 14.3% to 11.2 million barrels per day (bpd) IN March from 9.8 million bpd in February. On the other hand, the gold price surged 0.05% to $1904.35 per troy ounces as of writing amid spiking numbers of Covid-19 cases in Asian countries had spurred risk-off sentiment in the FX market while insinuating demand on the safe-haven gold.

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 90.25. MACD which illustrated diminishing bullish 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, H1: GBPUSD was traded higher while currently testing the resistance level at 1.4195. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.4195, 1.4235

Support level: 1.4125, 1.4075

EURUSD, H4: EURUSD was traded higher following prior rebound from the support level at 1.2170. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 1.2255.

Resistance level: 1.2255, 1.2340

Support level: 1.2170, 1.2070

USDJPY, Daily: USDJPY was traded higher while currently testing the resistance level at 109.90. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 109.90, 110.90

Support level: 108.55, 107.50

AUDUSD, H4: AUDUSD was traded lower while currently testing the support level at 0.7710. 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, 0.7620

NZDUSD, H4: NZDUSD was traded lower while currently testing the support level at 0.7240. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 0.7300, 0.7360

Support level: 0.7240, 0.7140

USDCAD, Daily: USDCAD was traded lower while currently testing the support level at 1.2075. 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: 1.2075, 1.1785

USDCHF, Daily: USDCHF was traded lower while currently testing the support level at 0.8955. 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: 0.8955, 0.8850

CrudeOIL, Daily: Crude oil price was traded higher while currently testing the resistance level at 67.80. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.

Resistance level: 67.80, 71.45

Support level: 63.75, 61.60

GOLD_, H1: Gold price was traded higher while currently testing the resistance level at 1908.10. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.

Resistance level: 1908.10, 1923.95

Support level: 1886.85, 1867.35

28 May 2021                       Afternoon Session Analysis

Pound surged amid hawkish tone from BoE

Pound Sterling surged over the backdrop of hawkish statement from Bank of England yesterday, which dragged up the appeal for the Pound Sterling. According to Reuters, The Bank of England claimed that they could increase the interest rates as soon as the first half of next year following the job market bounces back faster than expected, but it is more likely to wait until later in 2022, BoE policymaker Gertjan Vlieghe said on Thursday. The U.K. Government bond yields surged following Vlieghe’s statement, which spurring market demand on the Pound Sterling. Besides, The BoE speculated the consumer price inflation will exceed 2.5% by the end of the year due to range of one-off effects related to the pandemic. Nonetheless, some Monetary Policy Committee still reiterated that the inflation risk will be muted in longer-term, reflecting a return of subdued wage growth before the pandemic. The overall statement from the BoE remained vague, hence investors would continue to scrutinize the latest updates with regards of the monetary policy from BoE to receive further trading signal. As of writing, GBP/USD appreciated by 0.10% to 1.4190.

In the commodities market, the crude oil price surged 0.48% to $67.17 per barrel as of writing. The oil market edged higher amid positive crude oil demand outlook as some countries, such as U.S., Europe and China continue their economic recoveries. On the other hand, the gold price slumped 0.16% to $1893.55 per troy ounces amid strengthening jobs data from the U.S. region had spurred risk-on sentiment in the FX market, which diminishing the demand for this safe-haven commodity.

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 higher while currently testing near the resistance level 90.20. MACD which illustrate ongoing bullish momentum signal suggest the dollar to extend its gains after it breaks above the resistance level 90.20

Resistance level: 90.20, 90.65

Support level: 89.50, 88.95

GBPUSD, H4: GBPUSD remain traded in a sideway channel while currently testing the resistance level 1.4205. However, MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to extend its gains after it breaks above the resistance level.

Resistance level: 1.4205, 1.4285

Support level: 1.4105, 1.4010

EURUSD, H4: EURUSD was traded lower while currently testing near the support level 1.2175. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to experience a technical correction in short term towards the resistance level 1.2225.

Resistance level: 1.2225, 1.2260

Support level: 1.2175, 1.2130

USDJPY, H4: USDJPY was traded higher following prior breakout above the previous resistance level 109.75. MACD which illustrate ongoing bullish momentum signal suggest the pair to extend its gains towards the resistance level 110.45.

Resistance level: 110.45, 110.95

Support level: 109.75, 109.05

AUDUSD, H4: AUDUSD was traded lower while currently testing the support level 0.7735. MACD which illustrate bearish bias signal suggest the pair to extend its losses after it breaks below the support level.

Resistance level: 0.7805, 0.7860

Support level: 0.7735, 0.7680

NZDUSD, H4: NZDUSD was traded lower while currently testing the support level 0.7265. 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: 0.7330, 0.7395

Support level: 0.7265, 0.7210

USDCAD, H4: USDCAD remain traded in a sideway channel following recent retracement from the resistance level 1.2135. However, MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to extend its retracement in short term towards the support level 1.2030.

Resistance level: 1.2135, 1.2270

Support level: 1.2030, 1.1915

USDCHF, H4: USDCHF remain traded in a sideway channel. However, MACD which illustrate bullish bias signal suggest the pair to be traded higher in short term towards the resistance level 0.8990.

Resistance level: 0.8990, 0.9045

Support level: 0.8940, 0.8880

CrudeOIL, H4: Crude oil was traded higher following prior breakout above the previous resistance level 66.60. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the commodity to extend its gains towards the resistance level 68.35.

Resistance level: 68.35, 70.40

Support level: 66.60, 64.25

GOLD_, H4: Gold price was traded lower while currently testing near the support level 1889.30. MACD which illustrate bearish momentum signal suggest the commodity to extend its losses after it breaks below the support level 1889.30.

Resistance level: 1909.20, 1928.25

Support level: 1889.30, 1863.25

28 May 2021                       Morning Session Analysis

Dollar slumped amid bearish GDP data.

The Dollar Index which traded against a basket of six major currency pairs received bearish momentum over the backdrop of downbeat economic data yesterday, which dialled down the market optimism toward the economic progress in the United States. According to Bureau of Economic Analysis, U.S. Gross Domestic Product (GDP) for last quarter came in at 6.4%, missing the market forecast at 6.5%. As for now, market participants would focus on the U.S. inflation data due on Friday. A jump in prices could be prompting the Federal Reserve to reduce its expansionary monetary policy in order to combat the inflation risk in future. Nonetheless, the losses experienced by the US Dollar was limited amid bullish employment data in United States. According to Department of Labor, U.S. Initial Jobless Claims notched down from the preliminary reading of 444K to 406K, better than the market forecast at 425K. As of writing, the Dollar Index depreciated by 0.04% to 90.00.

In the commodities market, the crude oil price appreciated by 0.57% to $67.23 per barrel as of writing. The oil market edged higher amid investors speculated the near-term fuel demand would be expected to increase significantly from the oncoming U.S. Summer driving season. The American Automobile Association expects as many as 37 million road travellers for the occasion, up 60% from last year’s pandemic-suppressed number of 23 million. On the other hand, the gold price surged 0.04% to $1896.65 per troy ounces as of writing amid weakening US Dollar.

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Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher while currently testing the resistance level at 90.10. However, MACD which illustrated diminishing bullish momentum suggest the index to be traded lower in short-term as technical correction.

Resistance level: 90.10, 90.70

Support level: 89.55, 89.10

GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level at 1.4230. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.4130, 1.4335

Support level: 1.4185, 1.4000

EURUSD, H4: EURUSD was traded lower while currently testing the support level at 1.2165. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.2245, 1.2340

Support level: 1.2165, 1.2065

USDJPY, H4: USDJPY was traded higher following prior breakout above the previous resistance level at 109.65. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 110.35.

Resistance level: 110.35, 110.80

Support level: 109.65, 109.20

AUDUSD, H4: AUDUSD was traded lower while currently testing the support level at 0.7715. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.7780, 0.7815

Support level: 0.7715, 0.7685

NZDUSD, H4: NZDUSD was traded within a range while currently testing the resistance level at 0.7300. MACD which illustrated increasing bearish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 0.7300, 0.7360

Support level: 0.7240, 0.7155

USDCAD, H4: USDCAD was traded lower following prior retracement from the resistance level at 1.2130. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.2040.

Resistance level: 1.2130, 1.2190

Support level: 1.2040, 1.1985

USDCHF, H4: USDCHF was traded lower while currently testing the support level at 0.8950. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.9075, 0.9155

Support level: 0.8950, 0.8875

CrudeOIL, H4: Crude oil price was traded higher following prior breakout above the previous resistance level at 66.25. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains toward resistance level at 67.95.

Resistance level: 67.95, 70.00

Support level: 66.25, 63.60

GOLD_, H1: Gold price was traded higher following prior rebound from the support level at 1890.70. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains toward resistance level at 1908.35.

Resistance level: 1908.35, 1922.90

Support level: 1890.70, 1876.00

27 May 2021                       Afternoon Session Analysis

Dollar surged over the hawkish stance.

The Dollar Index which traded against a basket of six major currency pairs rebounded from its two-years low amid hawkish statement from the Federal Reserve yesterday. Market participants speculated that the Federal Reserve would slowly but surely edging towards a discussion about contracting its monetary policy in order to combat with high inflation risk in future. The latest fears upon the inflation risk were triggered when data in mid-May showed the April U.S. CPI came in at 4.2%, significantly higher than the market forecast at 3.6%. Besides, the rising benchmark 10-year Treasury yield had also insinuated the appeal for the US Dollar. Nonetheless, investors would continue to scrutinize the latest updates with regards of U.S. crucial economic data such as inflation and GDP in order to gauge the likelihood movement for the currency. As of writing, the Dollar Index appreciated by 0.05% to 90.10.

In the commodities market, the crude oil price hovered near recent high on yesterday at $65.85 per barrel as of writing. The oil market edged higher amid market participants speculated the oil consumption in the U.S. region and elsewhere would be increasing significantly following the massive Covid-19 vaccination program. On the other hand, the gold price slumped 0.03% to $1896.65 per troy ounces as of writing amid strengthening US Dollar.

Today’s Holiday Market Close

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Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher following prior rebound from the support level 89.50. MACD which illustrate bullish momentum signal suggest the dollar to extend its rebound towards the resistance level 90.20.

Resistance level: 90.20, 90.65

Support level: 89.50, 88.95

GBPUSD, H4: GBPUSD remain traded in a sideway channel while currently testing the support level 1.4105. However, MACD which illustrate bearish momentum signal suggest the pair to be traded lower after it breaks below the support level.

Resistance level: 1.4205, 1.4285

Support level: 1.4105, 1.4010

EURUSD, H4: EURUSD was traded lower while currently testing near the support level 1.2175. MACD which illustrate bearish momentum signal suggest the pair to extend its losses after it breaks below the support level.

Resistance level: 1.2225, 1.2260

Support level: 1.2175, 1.2130

USDJPY, H4: USDJPY was traded higher following prior breakout above the previous resistance level 109.05. MACD which illustrate bullish momentum signal suggest the pair to extend its gains towards the resistance level 109.75.

Resistance level: 109.75, 110.45

Support level: 109.05, 108.45

AUDUSD, H4: AUDUSD was traded lower following prior breakout below the previous support level 0.7760. MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to extend its losses towards the support level 0.7700.

Resistance level: 0.7760, 0.7805

Support level: 0.7700, 0.7655

NZDUSD, H4: NZDUSD was traded lower while currently testing the support level 0.7280. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses after it breaks below the support level.

Resistance level: 0.7330, 0.7395

Support level: 0.7280, 0.7225

USDCAD, H4: USDCAD was traded higher while currently testing the resistance level 1.2135. MACD which illustrate bullish momentum signal suggest the pair to extend its gains after it breaks above the resistance level 1.2135.

Resistance level: 1.2135, 1.2270

Support level: 1.2030, 1.1915

USDCHF, H4: USDCHF was traded higher while currently testing near the resistance level 0.8990. MACD which illustrate bullish bias signal suggest the pair to extend its gains after it breaks above the resistance level.

Resistance level: 0.8990, 0.9045

Support level: 0.8940, 0.8880

CrudeOIL, H4: Crude oil was traded flat near the resistance level 66.60. However, MACD which illustrate diminishing bullish momentum signal suggest the commodity to be traded lower towards the support level 64.25.

Resistance level: 66.60, 67.85

Support level: 64.25, 62.35

GOLD_, H4: Gold price was traded lower while currently testing near the support level 1887.60. MACD which illustrate bearish momentum signal with formation of death cross suggest the commodity to extend its losses after it breaks below the support level.

Resistance level: 1909.00, 1928.25

Support level: 1887.60, 1863.25