2 August 2022 Afternoon Session Analysis
Euro gains limited over the downbeat manufacturing data.
The EUR/USD which traded by majority of investors edged up on yesterday amid the slump of US Dollar. Nonetheless, the gains of Euro was limited after the Eurozone manufacturing data unleashed. According to Markit Economics, the Germany Manufacturing Purchasing Managers Index (PMI) for July came in at the reading of 49.3, higher than the market expectation of 49.2. The reading which lower than 50 indicated that the contraction in Germany manufacturing sector, which spurred bearish momentum on the Euro. Besides that, although GBP/USD rose significantly following the depreciation of US Dollar, the gains experienced by Pound Sterling was limited over the bearish manufacturing data. The UK Manufacturing Purchasing Managers Index (PMI) for July notched down from the previous reading of 52.8 to 52.1, missing the consensus forecast of 52.2. The pessimistic economy outlook in UK had stoked a shift in sentiment toward safe-haven assets such as gold. As of writing, EUR/USD rallied by 0.10% to 1.0272 as well as GBP/USD appreciated by 0.09% to 1.2258.
In the commodities market, the crude oil price depreciated by 0.98% to $92.94 per barrel as of writing following the weakening manufacturing data had raised the market concerns upon global economy slowdown, which suppress the demand of oil. In addition, the gold price appreciated by 0.21% to $1791.50 per troy ounce as of writing over the slip of 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 – JOLTs Job Openings (Jun) | 11.254M | 11.000M | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower following prior breakout below the previous support level. However, MACD which illustrated decreasing bearish momentum suggest the index to be traded higher as technical correction.
Resistance level: 105.25, 106.30
Support level: 104.45, 103.65
GBPUSD, H4: GBPUSD was traded higher following prior breakout above the previous resistance level. However, MACD which illustrated decreasing bullish momentum suggest the pair to be traded lower as technical correction.
Resistance level: 1.2320, 1.2485
Support level: 1.2170, 1.2030
EURUSD, H4: EURUSD was traded higher following prior breakout the previous resistance level. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains.
Resistance level: 1.0315, 1.0385
Support level: 1.0230, 1.0160
USDJPY, H4: USDJPY was traded lower following prior breakout below the previous support level. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses.
Resistance level: 131.65, 133.10
Support level: 130.40, 129.35
AUDUSD, H4: AUDUSD was traded lower while currently testing the support level. MACD which illustrated decreasing bullish momentum suggest the pair to extend its losses if successfully breakout the support level.
Resistance level: 0.7075, 0.7145
Support level: 0.7005, 0.6930
NZDUSD, H4: NZDUSD was traded lower following prior retracement from the resistance level. MACD which illustrated decreasing bullish momentum suggest the pair to extend its losses.
Resistance level: 0.6350, 0.6405
Support level: 0.6295, 0.6235
USDCAD, Daily: USDCAD was traded higher following prior breakout above the previous resistance level. MACD which illustrated decreasing bearish momentum suggest the pair to extend its gains.
Resistance level: 1.2935, 1.3030
Support level: 1.2825, 1.2700
USDCHF, H4: USDCHF was traded lower following prior breakout below the previous support level. However, MACD which illustrated increasing bullish momentum suggest the pair to be traded higher as technical correction.
Resistance level: 0.9520, 0.9595
Support level: 0.9455, 0.9380
CrudeOIL, H4: Crude oil price was traded lower following prior breakout below the previous support level. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses.
Resistance level: 93.55, 97.70
Support level: 88.40, 84.25
GOLD_, H1: Gold price was traded lower following prior breakout below the previous support level. MACD which illustrated decreasing bullish momentum suggest the commodity to extend its losses.
Resistance level: 1777.70, 1787.50
Support level: 1766.55, 1753.25