13 August 2021 Afternoon Session Analysis
Aussie remains weak amid covid fears.
The Australian dollar which traded against the dollar and other currency pairs have fell following vaccine optimism fails to overcome covid fears. Following latest development, the covid concerns remain as a major challenge for the pair as infections in Queensland and Victoria stay closer to recent highs. Sydney also tightens its restriction after daily cases continue to linger near record highs while Australia’s capital city Canberra also goes into a 7-day lock down. With Delta variant continue to spread, vaccination roll out have not been sufficient to cope with Delta variant as epidemiologists say the Delta variant has proven to be the most infectious and transmissible of all the strains so far. As of now, only 24% of people above 16 years are fully vaccinated. At the time of writing, AUD/USD slips 0.03% to 0.7342.
In the commodities market, crude oil fell 0.42% to $68.62 per barrel at the time of writing following virus and demand concerns. The latest Covid-19 wave is leading to renewed restriction across the globe. The biggest concern is in China, where authorities have taken an aggressive approach to containing the outbreak despite having one of the world’s highest vaccination rates. On the other hand, gold price rose 0.17% to $1755.86 a troy ounce at the time of writing following dollar retreat.
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Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower following recent retracement from the resistance level 93.10. MACD which illustrate persistent bearish momentum signal suggest the dollar to extend its losses towards the support level 92.65.
Resistance level: 93.10, 93.45
Support level: 92.65, 92.15
GBPUSD, H4: GBPUSD was traded lower following recent retracement from the resistance level 1.3885. MACD which illustrate bearish bias signal with the formation of death cross 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 remain traded in a sideway channel. However, MACD which illustrate bullish momentum signal suggest the pair to extend its gains towards the resistance level 1.1765.
Resistance level: 1.1765, 1.1830
Support level: 1.1705, 1.1625
USDJPY, H4: USDJPY was traded flat near the resistance level 110.50. However, MACD which illustrate bearish momentum signal suggest the pair to be traded lower towards the support level 109.70.
Resistance level: 110.50, 111.00
Support level: 109.70, 109.20
AUDUSD, H4: AUDUSD remain traded in a sideway channel while currently testing the support level 0.7330. MACD which illustrate bearish momentum signal with the starting formation of death cross suggest the pair to be traded lower after it breaks below the support level.
Resistance level: 0.7415, 0.7485
Support level: 0.7330, 0.7245
NZDUSD, H4: NZDUSD was traded lower while currently testing the support level 0.7000. MACD which illustrate bearish bias signal with the formation of death cross suggest the pair to extend its losses after it breaks below the support level.
Resistance level: 0.7075, 0.7135
Support level: 0.7000, 0.6925
USDCAD, H4: USDCAD was traded flat while currently testing the resistance level 1.2535. However, MACD which illustrate diminishing bearish momentum signal with the formation of golden cross suggest the pair to be traded higher after it breaks above the resistance level.
Resistance level: 1.2535, 1.2600
Support level: 1.2440, 1.2350
USDCHF, H4: USDCHF remain traded in a sideway channel while currently testing near the resistance level 0.9245. However, MACD which illustrate ongoing bearish momentum signal suggest the pair to be traded lower towards the support level 0.9200.
Resistance level: 0.9245, 0.9310
Support level: 0.9200, 0.9135
CrudeOIL, H4: Crude oil price was traded lower while currently testing the support level 68.35. MACD which illustrate diminishing bullish momentum signal suggest the commodity to extend its losses after it breaks below the support level.
Resistance level: 71.00, 74.60
Support level: 68.35, 65.65
GOLD, H4: Gold price was traded higher while currently testing near the resistance level 1760.35. However, MACD which illustrate diminishing bullish momentum signal suggest the commodity to be traded lower towards the support level 1725.50.
Resistance level: 1760.35, 1792.10
Support level: 1725.50, 1679.60