24 August 2021 Afternoon Session Analysis
New Zealand Kiwi rose following upbeat Retail Sales data.
The New Zealand dollar which traded against the greenback and other currency pairs have rose as the pair benefitted from the recent release of strong New Zealand Retail Sales data. According to Statistics New Zealand, New Zealand Retail Sales rose to 3.3%, surpassed market expectation of 2.0% and also previous reading of 2.5%. Statistics New Zealand stated that most retail industries have witness an increase in spending with rises across all region. As the data continue to impress, New Zealand Finance Minister Grant Robertson recently stated that New Zealand is in a strong fiscal position to handle the recent lockdown. At the same time, the pair also currently supported by dollar weakness which dragged by surging Delta variant cases in the U.S. At the time of writing, NZD/USD rose 0.12% to 0.6895.
In the commodities market, crude oil price soars 0.55% to $65.85 per barrel as of writing following U.S clearance for Covid-19 vaccine increased hopes of fuel demand. According to the latest development, The U.S. Food and Drug Administration (FDA), which last December authorized the Pfizer/BioNtech two-dose vaccine for emergency use, has now issued full approval for use in people age 16 and older. Health officials expected that the move will convince unvaccinated Americans that the shot is safe and effective and boost vaccination numbers. On the other hand, gold price rose 0.11% to $1802.75 a troy ounce at the time of writing following dollar weakness.
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 |
| 14:00 | EUR – German GDP (QoQ) (Q2) | 1.50% | 1.50% | – |
| 22:00 | USD – New Home Sales (Jul) | 676K | 690K | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower following prior breakout below the previous support level 93.10. MACD which illustrate ongoing bearish momentum signal suggest the dollar to extend its losses towards the support level 92.65.
Resistance level: 93.10, 93.70
Support level: 92.65, 92.15
GBPUSD, H4: GBPUSD was traded higher while currently testing near the resistance level 1.3745. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its retracement from the resistance level 1.3745.
Resistance level: 1.3745, 1.3885
Support level: 1.3600, 1.3460
EURUSD, H4: EURUSD was traded higher while currently testing near the resistance level 1.1765. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to be traded lower in short term towards the support level 1.1705.
Resistance level: 1.1765, 1.1830
Support level: 1.1705, 1.1625
USDJPY, H4: USDJPY was traded lower while currently testing near the support level 109.60. 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: 110.15, 110.75
Support level: 109.60, 109.15
AUDUSD, H4: AUDUSD was traded higher while currently testing near the resistance level 0.7245. MACD which illustrate persistent bullish momentum signal suggest the pair to extend its gains after it breaks above the previous resistance level 0.7245.
Resistance level: 0.7245, 0.7330
Support level: 0.7150, 0.7075
NZDUSD, H4: NZDUSD was traded higher while currently testing near the resistance level 0.6925. MACD which illustrate ongoing bullish momentum signal suggest the pair to extend its gains after it breaks above the resistance level.
Resistance level: 0.6925, 0.7000
Support level: 0.6820, 0.6725
USDCAD, H4: USDCAD was traded lower following prior breakout below the previous support level 1.2675. MACD which illustrate persistent bearish momentum signal suggest the pair to extend its losses towards the support level 1.2585.
Resistance level: 1.2675, 1.2770
Support level: 1.2585, 1.2440
USDCHF, H4: USDCHF was traded lower while currently testing near the support level 0.9100. MACD which illustrate bearish momentum signal suggest the pair to extend its losses after it breaks below the support level 0.9100.
Resistance level: 0.9200, 0.9245
Support level: 0.9100, 0.9025
CrudeOIL, H4: Crude oil price was traded higher following prior breakout above the previous resistance level 65.35. MACD which illustrate ongoing bullish momentum signal suggest the commodity to extend its gains towards the resistance level 68.35.
Resistance level: 65.35, 68.35
Support level: 61.60, 57.30
GOLD, H4: Gold price was traded higher following prior breakout above previous resistance level 1792.35. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the gold to extend its gains towards the resistance level 1831.85.
Resistance level: 1831.85, 1866.85
Support level: 1792.35, 1760.35