30 August 2021 Morning Session Analysis
Dollar slumped amid increasing risk appetite.
The Dollar Index which traded against a basket of six major currency slumped following the Federal Reserve Chairman Jerome Powell unleashed its future monetary policy plan at Fed’s annual Jackson Hole, Wyoming. Market participants reacted positively to such statement, which increasing the risk appetite in the global financial market while prompting investors to shift their portfolio toward other risky asset. According to CNBC, Federal Reserve Chairman Jerome Powell indicated that the US Central Bank is likely to begin reducing some of its easy-money policies before the end of the year, though he still sees interest rate hikes off in the distance. He also added that the economy has reached a point where it no longer needs as much policy support. That means that the Fed is likely to begin cutting bond buying program each month before the end of the year, so long as economic progress continues. Despite that, he also reiterated that the Federal Reserve will still be likely to maintain its low interest rate until the economic had reached substantial further progress. As of writing, the Dollar Index depreciated by 0.01% to 92.65.
In the commodities market, the crude oil price appreciated by 0.97% to 69.55 per barrel as of writing. The oil market edged higher over the fears upon the supply destruction at critical U.S. oil port. According to Reuters, Hurricane Ida made landfall on Sunday as a Category 4 storm near the area of the major oil production, Port Fourchon, Louisiana. On the other hand, the gold price surged 0.10% to $1818.70 per troy ounces amid weakening 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 |
| 22:00 | USD – Pending Home Sales (MoM) (Jul) | -1.9% | 0.4% | – |
Technical Analysis
DOLLAR_INDX, Daily: Dollar index was traded lower while currently testing the support level at 92.45. MACD which illustrated increasing bearish momentum suggest the index to extend its losses after it successfully breakout below the support level.
Resistance level: 93.25, 94.10
Support level: 92.45, 91.80
GBPUSD, H4: GBPUSD was traded higher following prior breakout above the previous resistance level at 1.3730. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.3805.
Resistance level: 1.3805, 1.3880
Support level: 1.3730, 1.3605
EURUSD, H4: EURUSD was traded higher following prior breakout above the previous resistance level at 1.1775. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.1850.
Resistance level: 1.1850, 1.1955
Support level: 1.1775, 1.1705
USDJPY, H4: USDJPY was traded lower while currently testing the support level at 109.75. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 110.55, 111.10
Support level: 109.75, 109.20
AUDUSD, H4: AUDUSD was traded higher following prior breakout above the previous resistance level at 0.7280. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.7375.
Resistance level: 0.7375, 0.7480
Support level: 0.7280, 0.7220
NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level at 0.7015. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 0.7015, 0.7100
Support level: 0.6940, 0.6815
USDCAD, H4: USDCAD was traded lower while currently near the support level at 1.2580. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 1.2650, 1.2705
Support level: 1.2580, 1.2500
USDCHF, H4: USDCHF was traded lower while currently testing the support level at 0.9105. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 0.9230, 0.9305
Support level: 0.9105, 0.9035
CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level at 69.85. However, MACD which illustrated bearish momentum suggest the commodity to be traded lower in short-term as technical correction.
Resistance level: 69.85, 73.65
Support level: 68.00, 66.10
GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1822.05. MACD which illustrated increasing momentum suggest the commodity to extend its gains after it successfully breakout the resistance level.
Resistance level: 1822.05, 1833.70
Support level: 1794.30, 1773.35
Risk Statement:
Forex, Gold, Crude Oil, Commodities, CFD and all other margin trading investment products involve high level of risk and may not be suitable for all investors. Your previous investment success in stock, futures or any other investment achieved does not mean that all your future investment will obtain the same results. You should carefully consider your investment objectives; risk associated and seek professional advice before deciding to trade or if you have any doubts.