11 August 2021 Morning Session Analysis
Dollar surged amid hawkish expectation.
The Dollar Index which traded against a basket of six major currency pairs extend its gains amid rising Treasury yield following the upbeat jobs data from the United States had prompted market participants to speculate that the Federal Reserve might start to begin trimming its monthly bond purchases sooner rather than later in order to combat the inflation risk. Besides, the probability of tapering its monetary policy from Federal Reserve were boosted after several members including Atlantic Fed President Raphael Bostic and Boston Fed President Eric Rosengren unleashed their hawkish statement. On the economic data front, according to Bureau of Labor Statistics, U.S. JOLTs Job Opening notched up significantly from the previous reading of 9.483M to 10.073M, exceeding the market forecast at 9.281M, which dialed up the market optimism toward the economic progression in United States. As of writing, the Dollar Index appreciated by 0.05% to 93.10.
In the commodities market, the crude oil price surged 0.05% to $68.45 per barrel as of writing. The oil market edged higher following the U.S. Senate passed a $1 trillion infrastructure package that could on Tuesday. Analysts expected that the bill would boost up the economy and enhance the demand for oil products in future. On the other hand, the gold price slumped 0.14% to $1726.60 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
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Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 20:30 | USD – Core CPI (MoM) (Jul) | 0.9% | 0.4% | – |
| 22:30 | CrudeOIL – Crude Oil Inventories | 3.626M | -3.102M | – |
Technical Analysis
DOLLAR_INDX, Daily: Dollar index was traded higher following prior rebound from the support level at 91.80. MACD which illustrated increasing bullish momentum suggest the index to extend its gains toward resistance level at 92.25.
Resistance level: 92.25, 92.65
Support level: 91.80, 90.75
GBPUSD, H4: GBPUSD was traded lower following prior breakout below the previous support level at 1.3880. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.3805.
Resistance level: 1.3880, 1.3980
Support level: 1.3805, 1.3740
EURUSD, H4: EURUSD was traded lower while currently testing the support level at 1.1705. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 1.1850, 1.1955
Support level: 1.1705, 1.1635
USDJPY, H4: USDJPY was traded higher while currently testing the resistance level at 110.70. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 110.55, 110.95
Support level: 109.70, 109.20
AUDUSD, H4: AUDUSD was traded lower following prior retracement from the resistance level at 0.7410. MACD which illustrated diminishing bullish momentum suggest the pair to extend it losses toward support level at 0.7320.
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. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 0.7120, 0.7305
Support level: 0.6915, 0.6770
USDCAD, H4: USDCAD was traded lower following prior retracement from the resistance level at 1.2585. MACD which illustrated increasing bearish momentum suggest the pair to extend tis losses toward support level at 1.2440.
Resistance level: 1.2585, 1.2670
Support level: 1.2440, 1.2315
USDCHF, Daily: USDCHF was traded higher while currently testing the resistance level at 0.9230. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 0.9230, 0.9305
Support level: 0.9165, 0.9035
CrudeOIL, H4: Crude oil price was traded higher following prior breakout above the previous resistance level at 68.00. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains toward the resistance level at 71.10.
Resistance level: 71.10, 74.80
Support level: 68.00, 66.25
GOLD_, H4: Gold price was traded lower following prior breakout below the previous support level at 1762.20. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.
Resistance level: 1762.20, 1794.70
Support level: 1715.65, 1685.75