18 August 2020 Afternoon Session Analysis
Aussie retreats following RBA minutes.
During late Asian session, the Aussie dollar which traded against the greenback and other currency pairs have fell following dovish note in RBA meeting minutes. On earlier during the day, the pair gains after Australia’s ANZ Roy Morgan Consumer Sentiment Index came in at 88.6, higher than market expectation of 86.5. At the same time, the easing coronavirus also help the pair to remain firm as the latest figures shows 222 new cases and 17 new deaths. The figure were the lowest since July 18. However, dovish note in the RBA minutes have exert some pressure for the Aussie which limit the upside potential for the pair. As expected, RBA maintain its interest rate at the record low of 0.25%. However, the central bank have reaffirmed that there was no need to adjust package measures in Australia and will continue to assess the situation. At the time of writing, AUD/USD slips 0.06% to 0.7208.
In the commodities market, crude oil price retreats 0.20% to $42.89 per barrel as of writing following OPEC eased cuts. According to reports, OPEC + reduce its agreed cuts to 7.7 million bpd from the previous 9.7 million bpd. OPEC’s joint ministerial monitoring committee (JMMC) on August 19 for further production clues. At the time of writing, gold price rose 0.38% to $1992.89 a troy ounce at the time of writing as a renewed drop in Treasury yields pushed investors back toward safe-haven market.
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 – Building Permits (Jul) | 1.258M | 1.320M | – |
| 04:30
(19th) |
CrudeOIL – API Weekly Crude Oil Stock | -4.400M | – | – |
Technical Analysis
DOLLAR_INDX, Weekly: Dollar index was traded lower following prior breakout below the previous support level at 93.25. However, MACD which illustrated diminishing bearish momentum suggest the index to be traded higher in short-term as technical correction.
Resistance level: 93.25, 95.55
Support level: 91.30, 88.85
GBPUSD, H1: GBPUSD was traded higher while currently testing the resistance level at 1.3130. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1.3130, 1.3175
Support level: 1.3075, 1.3010
EURUSD, H4: EURUSD was traded higher while currently testing the resistance level at 1.1900. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 1.1900, 1.1995
Support level: 1.1790, 1.1710
USDJPY, H4: USDJPY was traded lower following prior breakout below the previous support level at 106.40. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 105.35.
Resistance level: 106.40, 107.35
Support level: 105.35, 104.25
AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level 0.7230. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 0.7230, 0.7330
Support level: 0.7105, 0.7015
NZDUSD, H4: NZDUSD was traded lower while currently near the support level at 0.6530. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 0.6575, 0.6625
Support level: 0.6530, 0.6465
USDCAD, H4: USDCAD was traded lower while currently testing the support level at 1.3165. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 1.3330, 1.3470
Support level: 1.3165, 1.3035
USDCHF, Daily: USDCHF was traded lower while currently testing the support level at 0.9035. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 0.9195, 0.9330
Support level: 0.9035, 0.8860
CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level 42.05. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.
Resistance level: 43.05, 44.55
Support level: 42.10, 40.95
GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1993.85. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1993.85, 2022.10
Support level: 1937.40, 1906.85