09 August 2021 Morning Session Analysis
Dollar surged amid positive economic data.
The Dollar Index which traded against a basket of six major currency pairs surged significantly over the backdrop of a string of the upbeat economic data from United States on last Friday, which prompting investors to speculate that the Federal Reserve will begin to taper its monetary policy sooner rather than later. Contractional monetary policy would decrease the money circulation in the financial market, which increasing the appeal of the US Dollar. According to Bureau of Labor Statistics, U.S Unemployment rate notched down significantly from the previous reading of 5.9% to 5.4%, better than the market forecast at 5.7%. Meanwhile, U.S. Nonfarm Payroll came in at 943K, which also fared better than market expectation at 870K. As of writing, the Dollar Index appreciated by 0.10% to 92.90.
In the commodities market, the crude oil price slumped 1.34% to $67.10 per barrel as of writing. The oil market edged lower amid spiking numbers of the Delta variant around the world had spurred negative prospect for the oil demand. Nonetheless, investors would continue to scrutinize the latest updates with regards of Covid-19 development in order to gauge the likelihood movement for this black-commodity. On the other hand, the gold market depreciated by 2.20% to 1724.05 per troy ounces as of writing amid strengthening 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) | 9.209M | 9.270M | – |
Technical Analysis
DOLLAR_INDX, Daily: Dollar index was traded higher following prior rebound from the support level at 91.80. MACD which illustrated increasing bullish 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 following prior breakout below the previous support level at 1.3880. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.3805.
Resistance level: 1.3880, 1.3980
Support level: 1.3805, 1.3740
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 1.1725.
Resistance level: 1.1885, 1.1955
Support level: 1.1725, 1.635
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: 109.70, 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. 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 while currently testing the resistance level at 1.2585. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1.2585, 1.2670
Support level: 1.2440, 1.2315
USDCHF, Daily: USDCHF was traded lower while currently testing the support level at 0.9165. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 0.9165, 0.9230
Support level: 0.9035, 0.8940
CrudeOIL, H4: Crude oil price was traded lower following prior breakout below the previous support level at 68.00. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses toward support level at 65.05.
Resistance level: 68.00, 71.10
Support level: 65.05, 61.45
GOLD_, Daily: Gold price was traded lower following prior breakout below the previous support level at 1749.30. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses toward support level at 1685.75.
Resistance level: 1749.30, 1794.70
Support level: 1685.75, 1614.35