03 August 2021 Morning Session Analysis
Dollar slumped amid bearish data.
The Dollar Index which traded against a basket of six major currency pairs slumped over the backdrop of bearish economic data from United States yesterday. According to Institute for Supply Management, U.S. ISM Manufacturing Purchasing Managers Index (PMI) had notched down significantly from the previous reading of 60.6 to 59.5, missing the market forecast at 60.9. Such negative economic data had shown that the US economy had started to slowdown while spurring further bearish momentum on the US Dollar. Besides, market participants speculated that the Federal Reserve might continue to extend its expansionary monetary policy in long-term basis to support the economic growth. Nonetheless, the overall statement from the Federal Reserve remained vague, hence investors would continue to scrutinize the further economic data as well as Federal Reserve statement to gauge the likelihood movement for the US Dollar. As of writing, the Dollar Index slumped 0.13% to 92.05.
In the commodities market, the crude oil price slumped 3.35% to 71.45 per barrel as of writing. The oil market received significant bearish momentum amid weak economic data from China and United States, which stoked fears of weakness in oil demand and oversupply issues. On the other hand, the gold price appreciated by 0.07% to $1815.30 per troy ounces as of writing amid weakening US Dollar.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
12:30 AUD RBA Rate Statement
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 12:30 | AUD – RBA Interest Rate Decision (Aug) | 0.10% | 0.10% | – |
Technical Analysis
DOLLAR_INDX, Daily: Dollar index was traded lower while currently testing the support level at 91.80. MACD which illustrated increasing bearish momentum suggest the index to extend its losses after it successfully breakout below the support level.
Resistance level: 92.25, 92.65
Support level: 91.80, 90.75
GBPUSD, H4: GBPUSD was traded lower while currently testing the support level at 1.3880. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 1.3980, 1.4100
Support level: 1.3880, 1.3805
EURUSD, Daily: EURUSD was traded higher while currently testing the resistance level at 1.1885. However, MACD which diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 1.1885, 1.1955
Support level: 1.1775, 1.1725
USDJPY, H4: USDJPY was traded lower following prior retracement from the resistance level at 109.70. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 109.05.
Resistance level: 109.70, 110.55
Support level: 109.05, 108.55
AUDUSD, H4: AUDUSD was traded higher following prior rebound from the support level at 0.7320. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 0.7410.
Resistance level: 0.7410, 0.7495
Support level: 0.7320, 0.7240
NZDUSD, Daily: NZDUSD was traded higher following prior rebound from the support level at 0.6915. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 0.7120, 0.7305
Support level: 0.6915, 0.6770
USDCAD, H4: USDCAD was traded higher following prior rebounded from the support level at 1.2440. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.2535.
Resistance level: 1.2535, 1.2670
Support level: 1.2440, 1.2275
USDCHF, Daily: USDCHF was traded lower while currently testing the support level at 0.9035. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 0.9135, 0.9230
Support level: 0.9035, 0.8940
CrudeOIL, H4: Crude oil price was traded lower while currently testing the support level at 71.10. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses after it successfully breakout below the support level.
Resistance level: 74.80, 76.95
Support level: 71.10, 68.00
GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1813.05. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1813.05, 1823.35
Support level: 1795.70, 1773.45