10 August 2020 Afternoon Session Analysis
Aussie rose amid upbeat China inflation data.
During late Asian session, the Aussie dollar which traded against the greenback and other currency pair have jumped following positive inflation data from China. According to National Bureau of Statistics of China, China’s CPI in July rose to 0.6%, higher than market expectation of 0.4 while the annualized figure also improved to -2.4% against expectation of -2.5%. The upbeat data manage to regain some of the market confidence, thus helping the pair to recover some of its ground. However, the positive mood is expected to not able to hold for long as concerns over U.S-China tension and the coronavirus continue to challenge the sentiment. As of now, U.S policymakers are now accusing Beijing for meddling in the U.S election. On virus front, Australia’s second-most populous state, Victoria markets the biggest single-day jump in deaths from Covid-19. At the time of writing, AUD/USD edge higher 0.12% to 0.7166.
In the commodities market, crude oil price rebounds 1.79% to $41.70 per barrel as of writing following Iraq production cuts and Saudi Aramco results. Iraq, the second largest member for the Organization of the Petroleum Exporting Countries (OPEC) and its allies (OPEC+) announced that it will be stepping up production cuts to compensate for failing to comply with a deal made in April to limit oil production. Saudi Aramco reported a 73% drop in second quarter profits but still plans to distribute $75 billion in dividends this year. On the other hand, gold price extend its retreat and fell 0.16% to $2029.40 a troy ounce at the time of writing following ongoing dollar strength.
Today’s Holiday Market Close
Time Market Event
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Today’s Highlight Events
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Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 22.00 | USD – JOLTs Job Openings (Jun) | 5.397M | – | – |
Technical Analysis
DOLLAR_INDX, Daily: Dollar index was traded higher following prior rebound from the support level at 92.55. MACD which illustrate diminishing bearish momentum signal suggest the dollar to extend its gains toward the resistance level at 94.10.
Resistance level: 94.10, 95.95
Support level: 92.55, 91.45
GBPUSD, H4: GBPUSD was traded higher following prior rebound from the 50 Moving average line (Blue). MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its gains after it successfully breakout above the resistance level at 1.3060.
Resistance level: 1.3060, 1.3150
Support level: 1.2985, 1.2890
EURUSD, H4: EURUSD was traded higher following prior rebound from the support level at 1.1775. MACD which illustrate diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 1.1830.
Resistance level: 1.1830, 1.1900
Support level: 1.1775, 1.1695
USDJPY, H4: USDJPY was traded lower following prior retracement near the resistance level at 106.15. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses toward the support level at 105.05.
Resistance level: 106.15, 106.95
Support level: 105.05, 104.30
AUDUSD, H1: AUDUSD was traded higher following prior rebound from the support level at 0.7145. MACD which illustrate bullish bias momentum signal suggest the pair to extend its gains toward the resistance level at 0.7190.
Resistance level: 0.7190, 0.7235
Support level: 0.7145, 0.7110
NZDUSD, Daily: NZDUSD was traded lower while currently testing the support level at 0.6580. MACD which illustrate bearish bias momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 0.6755, 0.6920
Support level: 0.6580, 0.6480
USDCAD, Daily: USDCAD was traded higher following prior breakout above the previous resistance level at 1.3335. MACD which illustrate bullish momentum suggest the pair to extend its gains toward the resistance level at 1.3505.
Resistance level: 1.3505, 1.3675
Support level: 1.3335, 1.3210
USDCHF, H4: USDCHF was traded higher following prior breakout above the previous resistance level at 0.9125. MACD which illustrate bullish bias momentum signal suggest the pair to extend its gains toward the resistance level at 0.9170.
Resistance level: 0.9170, 0.9220
Support level: 0.9125, 0.9065
CrudeOIL, H1: Crude oil price was traded higher following prior rebound from the support level at 41.15. MACD which illustrate bullish bias momentum signal suggest the commodity to extend its gains toward the resistance level at 42.10.
Resistance level: 42.10, 42.95
Support level: 41.15, 40.45
GOLD_, H1: Gold price was traded lower following prior retracement from the higher level. However, MACD which illustrate diminishing bearish momentum signal suggest the commodity to be traded higher in short term.
Resistance level: 2046.25, 2074.75
Support level: 2021.95, 2000.00