Forex Daily Analysis: 09 June 2021 - Copper Prices Weaken Aussie

Today's forex daily analysis for June 09, 2021, will discuss the movement of AUDUSD. The Australian Dollar currency weakened against the US Dollar, the weakening of the Aussie was due to the decline in the price of Australian commodity products, namely copper. Apart from the decline in copper prices, which caused the Aussie to weaken also due to the strengthening of the US Dollar. AUDUSD's movement today is expected to weaken in the Asian session, this is influenced by the release of mixed Chinese inflation data. The Chinese inflation data that has just been released are CPI and PPI, where for CPI only released 1.3% below the forecast of 1.6% but above the previous period of 0.9%. Meanwhile, China's PPI data was released at 9.0%, higher than the prediction and the previous period which was only 8.5% and 6.8%. Assistant chairman of the Reserve Bank of Australia Kent said yesterday that "the outlook for Australian economic growth is heading in a good direction, accompanied by rising wages and inflation rates. On the other hand, he also estimates that inflation can move slowly until 2024. Australian Finance Minister Josh Frydenberg also agreed on Australia's economic recovery, and he also offered measures to make Australia's development and monetary policy solid. The US Dollar strengthened against several other major currencies. The strengthening of the US dollar was supported by the good release of American economic data. The data is the US JOLTS Job Openings which was released above the prediction and the previous period. Where it was released at 9.29M while the prediction and the previous period were only 8.18M and 8.29M. It is estimated that the US dollar will still strengthen in today's market trading. 

Forex Daily Analysis Predictions

Today's FOREX prediction on the AUDUSD pair is expected to weaken/fall and the recommended OP (Open Position) is SELL at the level of 0.77300. With a Target Profit (TP) of 10 - 20 points and a Stop loss (SL) of 5 - 10 points. This the daily forex analysis on June 09, 2021 which discussed the effect of the decline in Australian copper prices and the strengthening of the US Dollar has weakened the Aussie. Keep Money Management and Risk Management first in your trading. Visit GIC Indonesia to get information about the world of trading. You can also join us in the GIC Trade Telegram Community and GIC Trade Telegram Channel. Don't forget to check out the GIC Indonesia Youtube account which is full of a lot of information, and follow our Instagram account to get information about various interesting webinars that you can participate in.