10 August 2020 Morning Session Analysis
Dollar gains following positive jobs data.
The dollar index which traded against a basket of six major currency pairs have managed to regain some support during early Asian session following the recent release of U.S jobs data. According to the U.S Bureau of Labour Statistics, Nonfarm Payrolls have added 1763K jobs in July, stronger than market expectation of 1600K. Despite the result was not as strong as in May and June, but still stronger than expected nonetheless. At the same time, unemployment rate also improved to 10.9% which surpassed market expectation 11%. Average Hourly Earnings also improved with the reading of 0.2% against the expectation of -0.5%. Following the unexpected positive data, dollar have manage to record gains. However, further gains may be capped by the combination of rising U.S coronavirus infections, a steady decline in Treasure yields and the lack of consensus in Washington over additional fiscal stimulus. As of now, investors will look for further signal before entering the market. At the time of writing, dollar index rose 0.05% to 93.33,
In the commodities market, crude oil price fell 0.19% to $41.54 as of writing following demand concerns continue to dominate the sentiment. As of now, the rise in infections remains the dominant issue for the fuel demand outlook. Cases in the United States are still rising in a number of states, while India recently reported a record daily jump in infections. More than 700,000 people have died in the worldwide pandemic. On the other hand, gold price retreats 0.26% to $2029.85 a troy ounce at the time of writing amid as strong U.S jobs diminished the appeal for the safe-haven commodity.
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) | 5.397M | – | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher following prior rebound from the support level 92.45. MACD which illustrate bullish momentum signal suggest the pair to extend its rebound towards the resistance level 94.00.
Resistance level: 94.00, 95.70
Support level: 92.45, 90.70
GBPUSD, H4: GBPUSD was traded lower while currently testing near the support level 1.3005. MACD which illustrate ongoing bearish momentum signal suggest the pair to extend its losses after it breaks below the support level.
Resistance level: 1.3200, 1.3320
Support level: 1.3005, 1.2810
EURUSD, H4: EURUSD was traded lower following prior retracement from the resistance level 1.1895. MACD which illustrate ongoing bearish momentum signal suggest the pair to extend its losses towards the support level 1.1705.
Resistance level: 1.1895, 1.2025
Support level: 1.1705, 1.1575
USDJPY, H4: USDJPY remain traded in a sideway channel while currently testing near the resistance level 106.05. However, MACD which display bullish bias signal suggest the pair to be traded higher after it breaks above the resistance level 106.05.
Resistance level: 106.05, 106.70
Support level: 105.25, 104.35
AUDUSD, H4: AUDUSD was traded lower following prior breakout below the previous support level 0.7185. MACD which illustrate bearish momentum signal suggest the pair to extend its losses towards the support level 0.7040.
Resistance level: 0.7185, 0.7290
Support level: 0.7040, 0.6935
NZDUSD, H4: NZDUSD was traded lower while currently testing near the support level 0.6600. MACD which illustrate bearish bias signal suggest the pair to extend its losses after it breaks below the support level.
Resistance level: 0.6685, 0.6750
Support level: 0.6600, 0.6510
USDCAD, H4: USDCAD was traded higher following recent breakout above the previous resistance level 1.3330. MACD which illustrate ongoing bullish momentum signal suggest the pair to extend its gains towards the resistance level 1.3485.
Resistance level: 1.3485, 1.3635
Support level: 1.3330, 1.3195
USDCHF, H4: USDCHF was traded higher following prior rebound from the support level 0.9065. MACD which illustrate bullish momentum signal suggest the pair to extend its rebound towards the resistance level 0.9230.
Resistance level: 0.9230, 0.9365
Support level: 0.9065, 0.8985
CrudeOIL, H4: Crude oil price was traded higher following prior rebound from the support level 41.00. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its rebound to resistance level 42.45.
Resistance level: 42.45, 43.85
Support level: 41.00, 39.25
GOLD_, H4: Gold price was traded lower while currently testing near the support level 2011.00. MACD which illustrate bearish bias signal suggest the commodity to extend its losses after it breaks below the support level.
Resistance level: 2075.40, 2179.40
Support level: 2011.00, 1970.60