04 August 2021 Morning Session Analysis
NZD surged amid positive economic outlook.
The New Zealand Dollar surged over the backdrop of upbeat economic data from New Zealand in the early morning. According to Statistics New Zealand, New Zealand Employment Change had notched up significantly from the previous reading of 0.6% to 1.0%, exceeding the market forecast at 0.87%, which dialed up the market optimism toward the economic progression in New Zealand. Besides, easing Covid-19 cases as well as strong economic recovery had led to higher expectation that the Reserve Bank of New Zealand (RBNZ) would start to taper its earlier expansionary monetary policy. New Zealand is largely free of Covid-19 and had no cases in the community since February. As for now, investors would continue to scrutinize the updates with regards of future monetary policy statement to gauge the likelihood movement for the pair. As of writing. NZD/USD appreciated by 0.35% to 0.7038.
In the commodities market, the crude oil price slumped 0.03% to $70.25 per barrel as of writing. The oil market edged lower amid investors worried about rising cases of Delta Covid-19 variant around the world, which spurring negative prospect for the oil demand in future. On the other hand, the gold price was traded flat at $1810.45 per troy ounces as of writing amid investors still awaited for crucial economic data from United States this week before entering the gold market.
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 |
| 16:30 | GBP – Services PMI (Jul) | 57.8 | 57.8 | – |
| 20:15 | USD – ADP Nonfarm Employment Change (Jul) | 692K | 700K | – |
| 22:00 | USD – ISM Non-Manufacturing PMI (Jul) | 60.1 | 60.4 | – |
| 22:30 | CrudeOIL – Crude Oil Inventories | -4.089M | – | – |
Technical Analysis
DOLLAR_INDX, Daily: Dollar index was traded lower while currently testing the support level at 91.80. MACD which illustrated increasing bearish momentum suggest the index to extend its losses after it successfully breakout below the support level.
Resistance level: 92.25, 92.65
Support level: 91.80, 90.75
GBPUSD, H4: GBPUSD was traded lower while currently testing the support level at 1.3880. However, MACD which diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 1.3980, 1.4100
Support level: 1.3880, 1.3805
EURUSD, Daily: 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 109.20. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 108.45.
Resistance level: 109.20, 109.80
Support level: 108.45, 107.50
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 higher while currently testing the resistance level at 1.2550. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1.2550, 1.2670
Support level: 1.2440, 1.2275
USDCHF, Daily: USDCHF was traded lower while currently testing the support level at 0.9035. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 0.9135, 0.9230
Support level: 0.9035, 0.8940
CrudeOIL, H4: Crude oil price was traded lower following prior breakout below the previous support level at 71.10. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.
Resistance level: 71.10, 74.80
Support level: 68.00, 65.05
GOLD_, H4: Gold price was traded lower following prior breakout below the previous support level at 1813.05. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.
Resistance level: 1813.05, 1823.35
Support level: 1795.70, 1773.45