06 August 2021 Morning Session Analysis
Dollar was traded flat ahead of NFP data.
The Dollar Index which traded against a basket of six major currency pairs was traded flat amid market participants are waiting for the U.S. employment data in July before entering the market. The Nonfarm payroll data tonight is critical for Fed policymakers to decide when to implement of contractual monetary policy. Economist forecasted that the Nonfarm Payrolls likely to increase by 880,000 jobs in July, up from 850,000 in June. Nonetheless, some analysts warned that the spread of the Delta variant of the Covic-19 and mixed readings from labor market indicators had spurred negative prospect for the Nonfarm Payrolls data. On the economic data front, the Department of Labor reported that the U.S. Initial Jobless Claims notched down significantly from the previous reading of 399K to 385K, though still missing the market forecast at 384K. As of writing, the Dollar Index appreciated by 0.01% to 92.30.
In the commodities market, the crude oil price appreciated by 0.17% to 69.15 per barrel as of writing. The oil market edged higher amid technical correction following the big drop in the early week. On the other hand, the gold price slumped 0.15% to $1801.85 per troy ounces as of writing amid investors remained optimisms toward the economic momentum in the United States. Though, as for now investors would continue to scrutinize the latest updates with regards of crucial jobs data tonight to receive further trading signal for the gold commodity.
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 – Nonfarm Payrolls (Jul) | 850K | 900K | – |
| 20:30 | USD – Unemployment Rate (Jul) | 5.90% | 5.70% | – |
| 20:30 | CAD – Employment Change (Jul) | 230.7K | 150.0K | – |
| 22:00 | CAD – Ivey PMI (Jul) | 71.9 | – | – |
Technical Analysis
DOLLAR_INDX, Daily: Dollar index was traded higher following prior rebound from the support level at 91.80. MACD which illustrated diminishing bearish momentum suggest the index to extend its gains toward resistance level at 92.25.
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, H4: EURUSD was traded lower following prior retracement form the resistance level at 1.1885. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.1775.
Resistance level: 1.1885, 1.1955
Support level: 1.1775, 1.1725
USDJPY, H4: USDJPY was traded higher following prior breakout above the previous resistance level at 109.75. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 110.55.
Resistance level: 110.55, 110.95
Support level: 109.20, 109.20
AUDUSD, H4: AUDUSD was traded lower following prior retracement from the resistance level at 0.7410. MACD which illustrated increasing bearish momentum suggest the pair to extend it losses toward support level at 0.7320.
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. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.7120.
Resistance level: 0.7120, 0.7305
Support level: 0.6915, 0.6770
USDCAD, H4: USDCAD was traded lower following prior retracement from the resistance level at 1.2550. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 1.2550, 1.2670
Support level: 1.2440, 1.2275
USDCHF, Daily: USDCHF was traded lower while currently testing the support level at 0.9035. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 0.9135, 0.9230
Support level: 0.9035, 0.8940
CrudeOIL, H4: Crude oil price was traded higher following prior rebound from the support level at 68.00. MACD which illustrated increasing bullish momentum suggest the commodity to extend it gains toward resistance level at 71.10.
Resistance level: 71.10, 74.80
Support level: 68.00, 65.05
GOLD_, H4: Gold price was traded lower following prior breakout below the previous support level at 1813.05. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses toward support level at 1795.70.
Resistance level: 1814.05, 1823.35
Support level: 1795.70, 1773.45