09 August 2021 Afternoon Session Analysis
Aussie rebound following upbeat China data.
The Australian dollar which traded against the dollar and other currency pairs manage to limit its losses and rebound after recent release of upbeat China inflation data. According to National Bureau of Statistics of China, China’s headline CPI have improved from previous reading of -0.4% to 0.3%, which also surpassed market expectation of 0.2%. At the same time, China PPI also rose to 9%, better than market expectation of 8.8%. In addition, positive news in Australia’s covid situation also help providing some support. Australian State Victoria’s Premier Daniel Andrews recently announced that the region will exit the virus-led lockdown from midnight but activity restrictions will remain the same in Melbourne for now as Australia’s covid figures have eased from last Friday of 363 to recently around 290. At the time of writing, AUD/USD rose 0.04% to 0.7355.
In the commodities market, crude oil price extends losses and plunged 1.66% to $66.89 amid new pandemic curbs in Asia especially China sparking concerns towards fuel demand. Monday have reported new 125 new COVID-19 cases on Monday, up from 96 a day before. As a result of surging cases, China has reimposed restrictions which include flight cancellations, warnings by 46 cities against travel and also limits public transports as well as taxi services in 144 of the worst hit areas. On the other hand, gold price fell 1.20% to $1741.83 a troy ounce at the time of writing following rising 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
| Time | Nation & Data | Previous | Forecast | Actual |
| 22:00 | USD – JOLTs Job Openings (Jun) | 9.209M | 9.270M | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher following prior breakout above the previous resistance level 92.65. MACD which illustrate persistent bullish momentum signal suggest the dollar to extend its gains towards the resistance level 93.10.
Resistance level: 93.10, 93.45
Support level: 92.65, 92.15
GBPUSD, H4: GBPUSD was traded lower following prior breakout below the previous support level 1.3885. MACD which illustrate bearish bias signal suggest the pair to extend its losses towards the support level 1.3745.
Resistance level: 1.3885, 1.3990
Support level: 1.3745, 1.3600
EURUSD, H4: EURUSD was traded lower while currently testing the support level 1.1755. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to experience a technical correction towards the resistance level 1.1830.
Resistance level: 1.1830, 1.1880
Support level: 1.1755, 1.1705
USDJPY, H4: USDJPY was traded higher currently testing near the resistance level 110.45. MACD which illustrate diminishing bullish momentum signal suggest the pair to be traded lower as technical correction towards the support level 109.70.
Resistance level: 110.45, 111.00
Support level: 109.70, 109.20
AUDUSD, H4: AUDUSD was traded higher following prior rebound from the support level 0.7330. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its rebound towards the resistance level 0.7415.
Resistance level: 0.7415, 0.7485
Support level: 0.7330, 0.7245
NZDUSD, H4: NZDUSD was traded higher following prior rebound from the support level 0.7000. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its rebound towards the resistance level 0.7075.
Resistance level: 0.7075, 0.7135
Support level: 0.7000, 0.6925
USDCAD, H4: USDCAD was traded higher following recent breakout above the previous resistance level 1.2535. MACD which illustrate bullish bias signal suggest the pair to extend its gains towards the resistance level 1.2600.
Resistance level: 1.2600, 1.2675
Support level: 1.2535, 1.2440
USDCHF, H4: USDCHF was traded higher following prior breakout above the previous resistance level 0.9135. MACD which illustrate ongoing bullish momentum signal suggest the pair to extend its gains towards the resistance level 0.9200.
Resistance level: 0.9200, 0.9245
Support level: 0.9135, 0.9090
CrudeOIL, H4: Crude oil price was traded lower following prior breakout below the previous support level 68.00. MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to extend its losses towards the support level 65.65.
Resistance level: 68.00, 70.90
Support level: 65.65, 63.45
GOLD_, H4: Gold price was traded lower while currently testing near the support level 1725.50. MACD which illustrate persistent bearish momentum signal suggest the commodity to extend its losses after it breaks below the support level.
Resistance level: 1762.40, 1792.10
Support level: 1725.50, 1679.60