30 July 2021 Afternoon Session Analysis
Euro surged amid upbeat economic data.
Euro appreciated against the US Dollar over the backdrop of upbeat economic data. According to Destatis, Germany Unemployment Change had notched up from the previous reading of -38K to -91K, indicating that the Germany economy had started to slowly recover, dialed up the market optimism toward the economic momentum in Germany. Besides, Federal Statistical office Germany reported that the Germany Consumer Price Index (CPI) MoM increased from the previous reading of 0.4% to 0.9%, exceeding the market forecast at 0.5%. Such high inflation data would be spurring further inflation risk in Europe in future, which could lead to higher probability that the European Central Bank would start to implement contractional monetary policy. As both crucial economic data had fared a better-than-expectation results, which prompting investors to shift their portfolio from other region into European countries. As of writing, EUR/USD appreciated by 0.10% to 1.1879.
In the commodities market, the crude oil price surged 0.05% to $73.18 per barrel as of writing. The oil market edged higher amid investors feared that the rising tensions between United States and Iran could be disrupting the oil supply. According to the Wall Street Journal, the U.S. had planned a sanctions campaign against Iran’s evolving capabilities for precision strikes using drones and guided missiles. On the other hand, the gold price was up 0.10% to $1828.81 per troy ounces following United States released its bearish economic data.
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 |
| 16:00 | EUR – German GDP (QoQ) (Q2) | -1.8% | 2.0% | – |
| 17:00 | EUR – CPI (YoY) (Jul) | 1.9% | 2.0% | – |
| 20:30 | CAD – GDP (MoM) (May) | -0.3% | -0.3% | – |
Technical Analysis
DOLLAR_INDX, Daily: Dollar index was traded lower following prior breakout below the previous support level at 92.00. MACD which illustrated increasing bearish momentum suggest the index to extend its losses toward support level at 91.35.
Resistance level: 92.00, 92.75
Support level: 91.35, 90.35
GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level at 1.3980. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 1.3980, 1.4100
Support level: 1.3900, 1.3830
EURUSD, H4: EURUSD was traded higher while currently testing the resistance level at 1.1885. However, MACD which diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 1.1885, 1.1955
Support level: 1.1775, 1.1725
USDJPY, H4: USDJPY was traded lower following prior breakout below the previous support level at 109.70. MACD which illustrated diminishing bearish momentum suggest the pair to extend its losses toward support level at 109.05.
Resistance level: 109.70, 110.55
Support level: 109.05, 108.55
AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level at 0.7410. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 0.7410, 0.7495
Support level: 0.7320, 0.7240
NZDUSD, Daily: NZDUSD was traded higher following prior rebound from the support level at 0.6915. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.7120.
Resistance level: 0.7120, 0.7305
Support level: 0.6915, 0.6770
USDCAD, H4: USDCAD was traded lower while currently testing the support level at 1.2440. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 1.2535, 1.2670
Support level: 1.2440, 1.2275
USDCHF, Daily: USDCHF was traded lower following prior breakout below the previous support level at 0.9135. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.9035.
Resistance level: 0.9135, 0.9230
Support level: 0.9035, 0.8940
CrudeOIL, H4: Crude oil price was traded higher following prior breakout above the previous resistance level at 72.25. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.
Resistance level: 74.80, 76.20
Support level: 72.25, 69.85
GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1832.25. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.
Resistance level: 1832.25, 1851.85
Support level: 1813.05, 1799.60