18 August 2021 Afternoon Session Analysis
Pound slips following mixed job data.
The pound sterling has depreciated against US dollar and other currency pairs over the backdrop of mixed economic data. According to National Statistics, UK’s Unemployment Rate data in June eased from 4.8% to 4.7%, whereas the Employment Change data in June has ticked up from 25K to 95K. Both crucial employment data provided signal that the UK’s economic was improving as more job opportunities were created to labor force in UK hence potentially boosting the economic momentum. Nevertheless, the disappointment from the UK Claimant Count Change in July which depreciate only -7.8K versus previous of 114.8K has overshadowed the upbeat employment data. Moreover, Pound Sterling extended its losses due to Brexit woes. Brexit woes continued as both UK and EU impasse over the Northern Ireland Protocol. According to Central Statistics Office (CSO) figures, the net export of UK to Ireland met its deficit after UK exports were disrupted by strictly customs requirement. Furthermore, rising geopolitical risk in Afghanistan had diminish the risk appetite in the FX market, which prompted investors to shift their portfolio into safe-haven US dollar. As of writing, the GBP/USD slumped 0.08% to 1.3752.
In the commodities market, the crude oil price slumped 0.16% to $66.38 per barrel as of writing. The crude oil price was pressured amid weaker demand outlook in China and firmer greenback. On the other hand, the gold price surged 0.2% to $1791.61 per troy ounces as of writing amid rising risk-off sentiment implying the appeal of gold as safe haven asset.
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 |
| 14:00 | GBP – CPI (YoY) (Jul) | 2.50% | 2.30% | – |
| 17:00 | EUR – CPI (YoY) (Jul) | 2.20% | 2.20% | – |
| 20:30 | USD – Building Permits (Jul) | 1.594M | 1.610M | – |
| 20:30 | CAD – Core CPI (MoM) (Jul) | 0.30% | – | – |
| 22:30 | CrudeOIL – Crude Oil Inventories | -0.447M | – | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher while currently testing the resistance level 93.10. MACD which illustrate ongoing bullish momentum signal suggest the dollar to extend its gains after it breaks above the resistance level.
Resistance level: 93.10, 93.45
Support level: 92.65, 92.15
GBPUSD, H4: GBPUSD was traded lower while currently testing the support level 1.3745. MACD which illustrate bearish momentum signal suggest the pair to extend its losses after it breaks below the support level.
Resistance level: 1.3885, 1.3990
Support level: 1.3745, 1.3600
EURUSD, H4: EURUSD was traded lower while currently testing the support level 1.1705. MACD which illustrate bearish momentum signal suggest the pair to extend its losses after it breaks below the support level.
Resistance level: 1.1765, 1.1830
Support level: 1.1705, 1.1625
USDJPY, H4: USDJPY was traded higher while currently testing near the resistance level 109.70. MACD which illustrate bullish bias signal with the formation of golden cross suggest the pair to extend its gains after it breaks above the resistance level.
Resistance level: 109.70, 110.50
Support level: 109.20, 108.65
AUDUSD, H4: AUDUSD was traded lower while currently testing near the support level 0.7245. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to experience a technical correction towards the resistance level 0.7330.
Resistance level: 0.7330, 0.7415
Support level: 0.7245, 0.7150
NZDUSD, H4: NZDUSD was traded higher following prior rebound from the support level 0.6925. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its rebound towards the resistance level 0.7000.
Resistance level: 0.7000, 0.7075
Support level: 0.6925, 0.6825
USDCAD, H4: USDCAD was traded lower while currently testing near the support level 1.2600. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its retracement after it breaks below the support level.
Resistance level: 1.2675, 1.2770
Support level: 1.2600, 1.2535
USDCHF, H4: USDCHF was traded higher following recent breakout above the previous resistance level 0.9135. MACD which illustrate bullish bias signal with the formation of golden cross 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 while currently testing near the support level 65.65. However, MACD which illustrate diminishing bearish momentum signal suggest the commodity to experience a technical correction towards the resistance level 68.35.
Resistance level: 68.35, 71.00
Support level: 65.65, 63.45
GOLD, H4: Gold price was traded higher while currently testing the resistance level 1792.35. However, MACD which illustrate diminishing bullish momentum signal with the formation of death cross suggest the commodity to experience a technical correction towards the support level 1760.35.
Resistance level: 1792.35, 1831.85
Support level: 1760.35, 1725.50