2 September 2021 Afternoon Session Analysis
Aussie rose following upbeat trade data.
The Australian dollar which traded against the greenback and other currency pairs have rose amid recent release of upbeat Australia trade numbers. According to the Australian Bureau of Statistics, Australia’s trade balance has surge to 12117M, surpassed market expectation and previous reading of 10200M and 10496M respectively. Further details suggest Imports and Export and rose with Imports rose to 3.3% from previous reading of 1% while export rose to 4.8% against previous reading of 4%. Other than that, softer greenback which dragged by recent downbeat ADP data also help to boost the appeal of the Aussie. Despite that, concerns over rebound in covid cases may challenge the buyers in the long run. According to latest data from ABC news, the virus infections in Australia jump the most, by 1,466 cases for Wednesday. Australia’s two most populous state, New South Wales and Victoria are mostly responsible for the spike in cases. At the time of writing, AUD/USD edge higher 0.09% to $0.7359.
In the commodities market, crude oil price fell 0.03% to $68.19 per barrel as of writing following OPEC maintains plan of increase supply. According to reports, OPEC and its allies have agreed on Wednesday to add 400,000 barrels per day each month in order to phase out record production reductions. On the other hand, gold price remains steady and rose 0.02% to $1812.92 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
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Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 20:30 | USD – Initial Jobless Claims | 353K | 345K | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from the resistance level 92.70. MACD which illustrate bearish momentum signal with the formation of death cross suggest the dollar to extend its losses towards the support level 92.15.
Resistance level: 92.70, 93.10
Support level: 92.15, 91.60
GBPUSD, H4: GBPUSD was traded higher while currently testing near the resistance level 1.3795. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its gains after it breaks above the resistance level.
Resistance level: 1.3795, 1.3885
Support level: 1.3700, 1.3600
EURUSD, H4: EURUSD was traded higher following prior breakout above the previous resistance level 1.1830. MACD which illustrate bullish momentum signal suggest the pair to extend its gains towards the resistance level 1.1890.
Resistance level: 1.1890, 1.1950
Support level: 1.1830, 1.1765
USDJPY, H4: USDJPY remain traded in a sideway channel following recent retracement from the resistance level 110.15. However, MACD which illustrate diminishing bullish momentum signal with the formation of death cross suggest the pair to extend its retracement towards the support level 109.60.
Resistance level: 110.15, 110.75
Support level: 109.60, 109.15
AUDUSD, H4: AUDUSD was traded higher following recent breakout above the previous resistance level 0.7330. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to experience technical correction back towards the level 0.7330.
Resistance level: 0.7415, 0.7485
Support level: 0.7330, 0.7250
NZDUSD, H4: NZDUSD was traded higher while currently testing near the resistance level 0.7075. MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to be traded lower as a technical correction towards the support level 0.6990.
Resistance level: 0.7075, 0.7135
Support level: 0.6990, 0.6920
USDCAD, H4: USDCAD remain traded in a sideway channel following recent rebound form the support level 1.2585. However, MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to extend its rebound towards the resistance level 1.2675.
Resistance level: 1.2675, 1.2770
Support level: 1.2585, 1.2515
USDCHF, H4: USDCHF remain traded in sideway channel. However, MACD which illustrate diminishing bullish momentum signal with the formation of death cross suggest the pair to be traded lower towards the support level 0.9100.
Resistance level: 0.9200, 0.9245
Support level: 0.9100, 0.9025
CrudeOIL, H4: Crude oil price was traded lower following prior retracement from the resistance level 69.80. MACD which illustrate bearish momentum signal suggest the commodity to extend its retracement towards the support level 65.50.
Resistance level: 69.80, 73.90
Support level: 65.50, 61.90
GOLD, H4: Gold price was traded flat in a sideway channel. However, MACD which illustrate bearish momentum signal suggest the commodity to be traded lower in short term towards the support level 1792.35.
Resistance level: 1831.85, 1866.85
Support level: 1792.35, 1760.35