19 August 2021 Afternoon Session Analysis
Aussie remains pressured despite upbeat jobs data.
The Australian dollar which traded against the dollar and other currency pairs have fell despite with a positive surprise in the Australian jobs data. According to the Australian Bureau of Statistics, Australia Employment Change came in at 2.2K, higher than market expectation of -46.2K whereas Unemployment Rate dropped to 4.6%, far better than market expectation and previous of 5% and 4.9% respectively. Despite with the upbeat data, concerns over coronavirus in Australia capping gains for the Aussie and favor the sellers. According to reports from Bloomberg, Australia has suffered its worst day since the start of the Covid-19 pandemic, with total daily cases surpassing the previous record posted more than a year ago as a delta variant outbreak spreads as far as New Zealand. Besides that, recent meeting minutes from Fed also weigh on the risk appetite where FOMC minutes support asset tapering while conveying dissatisfaction of employment recovery. At the time of writing, AUD/USD fell 0.34% to 0.7204.
In the commodities market, crude oil price plunged 0.17% to $64.10 per barrel as of writing following a drop in U.S fuel demand. According to data from EIA, domestic gasoline stockpile inventories have climbed to 696,000 barrels, the first increase in more than a month. As traders assessed the fundamentals with respect to demand risk, the sentiment remains negative despite with larger than expected decline in crude oil inventories. On top of that, surging global coronavirus cases also continue to weigh on the commodity. On the other hand, gold price fell 0.45% to $1780.05 a troy ounce at the time of writing amid stronger dollar.
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 |
| 20:30 | USD – Initial Jobless Claims | 375K | 360K | – |
| 20:30 | USD – Philadelphia Fed Manufacturing Index (Aug) | 21.9 | 25 | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher while currently testing the resistance level 93.45. MACD which illustrate ongoing bullish momentum signal suggest the dollar to extend its gains after it breaks above the resistance level.
Resistance level: 93.45, 93.85
Support level: 93.10, 92.65
GBPUSD, H4: GBPUSD was traded lower following prior breakout below the previous support level 1.3745. MACD which illustrate ongoing bearish momentum signal suggest the pair to extend its losses towards the support level 1.3600.
Resistance level: 1.3745, 1.3885
Support level: 1.3600, 1.3470
EURUSD, H4: EURUSD was traded lower following prior breakout below the previous support level 1.1705. MACD which illustrate persistent bearish momentum signal suggest the pair to extend its losses towards the support level 1.1625.
Resistance level: 1.1705, 1.1765
Support level: 1.1625, 1.1545
USDJPY, H4: USDJPY was traded higher following prior breakout above the previous resistance level 109.70. MACD which illustrate ongoing bullish momentum signal suggest the pair to extend its gains towards the resistance level 110.50.
Resistance level: 110.50, 111.00
Support level: 109.70, 109.20
AUDUSD, H4: AUDUSD was traded lower following prior breakout below the previous support level 0.7245. MACD which illustrate bearish momentum signal suggest the pair to extend its losses towards the support level 0.7150.
Resistance level: 0.7245, 0.7330
Support level: 0.7150, 0.7075
NZDUSD, H4: NZDUSD was traded lower while currently testing the support level 0.6825. MACD which illustrate ongoing bearish momentum signal suggest the pair to extend its losses after it breaks below the support level.
Resistance level: 0.6925, 0.7000
Support level: 0.6825, 0.6725
USDCAD, H4: USDCAD was traded higher following prior breakout above the previous resistance level 1.2675. MACD which illustrate ongoing bullish momentum signal suggest the pair to extend its gains towards the resistance level 1.2770.
Resistance level: 1.2770, 1.2870
Support level: 1.2675, 1.2600
USDCHF, H4: USDCHF was traded higher while currently testing the resistance level 0.9200. MACD which illustrate ongoing bullish momentum signal suggest the pair to extend its gains after it breaks above the resistance level.
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 63.45. MACD which illustrate bearish bias signal suggest the commodity to extend its losses after it breaks below the support level.
Resistance level: 65.65, 68.35
Support level: 63.45. 61.00
GOLD, H4: Gold price was traded lower following prior retracement from the resistance level 1792.35. MACD which illustrate bearish momentum signal with the formation of death cross suggest the commodity to extend its losses towards the support level 1760.35.
Resistance level: 1792.35, 1831.85
Support level: 1760.35, 1725.50