11 August 2020 Morning Session Analysis
Dollar advanced following positive data.
During early Asian session, dollar index which traded against a basket of six major currency pairs have continue to advance following upbeat job data. According to the US Bureau of Labor Statistics, JOLTS jobs opening which help measure the job vacancies in the U.S have improved to 5.889M, surpassing market expectation with the reading of only 4.91M. Following the positive data coupled with another a better-than-expected Nonfarm Payroll last week, market continues to cheer for the dollar, thus boosting the demand for the greenback. Meanwhile, White House officials and congressional Democrats recently expressed a willingness to compromise on another stimulus package to bolster the stalled economy, but said no talks were planned. At the time of writing, dollar index rose 0.19% to 93.61.
In the commodities market, crude oil price edge higher 0.30% to $42.05 per barrel as of writing amid expectations of U.S stimulus. The U.S congress have previously passed three versions of stimulus aid that worth more than $3 trillion to support U.S businesses and individuals while a fourth version of stimulus which would add another $2 trillion is expected to passed which could help support the economy. On the other hand, gold price slips 0.08% to $2028.90 a troy ounce at the time of writing amid heightening risk appetite.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
20.00 CrudeOIL EIA Short-Term Energy Outlook
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 16.30 | GBP – Average Earnings Index +Bonus (Jun) | -0.3% | -1.1% | – |
| 16.30 | GBP – Claimant Count Change (Jul) | -28.1K | 10.0K | – |
| 17.00 | EUR – German ZEW Economic Sentiment (Aug) | 59.3 | 58.0 | – |
| 20.30 | USD – PPI (MoM) (Jul) | -0.2% | 0.3% | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher following recent rebound from the support level 92.45. However, MACD which illustrate diminishing bullish momentum signal suggest the dollar to experience a short term technical correction towards back the support level 92.45.
Resistance level: 94.00, 95.70
Support level: 92.45, 90.70
GBPUSD, H4: GBPUSD was traded flat near the support level 1.3005. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to be traded higher in short term towards the resistance level 1.3200.
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 1.1795. MACD which illustrate ongoing bearish momentum signal suggest the pair to extend its losses in short term towards the support level 1.1690.
Resistance level: 1.1795, 1.1895
Support level: 1.1690, 1.1575
USDJPY, H4: USDJPY remain traded in a sideway channel while currently testing near the resistance level 106.20. However, MACD which display bullish bias signal suggest the pair to be traded higher after it breaks above the resistance level 106.20.
Resistance level: 106.20, 106.75
Support level: 105.25, 104.35
AUDUSD, H4: AUDUSD was traded flat near the resistance level 0.7185. However, MACD which illustrate bearish momentum signal suggest the pair to traded lower towards the support level 0.7040.
Resistance level: 0.7185, 0.7290
Support level: 0.7040, 0.6935
NZDUSD, H4: NZDUSD was traded flat while currently testing the support level 0.6580. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to be traded higher towards the resistance level 0.6685.
Resistance level: 0.6685, 0.6750
Support level: 0.6580, 0.6510
USDCAD, H4: USDCAD was traded lower while currently testing near the support level 1.3330. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses after it breaks below the support level.
Resistance level: 1.3484, 1.3635
Support level: 1.3330, 1.3195
USDCHF, H4: USDCHF was traded higher following recent rebound from the support level 0.9065. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to be traded lower as a short term technical correction towards the support level 0.9065.
Resistance level: 0.9230, 0.9365
Support level: 0.9065, 0.8985
CrudeOIL, H4: Crude oil price was traded higher while currently testing near the resistance level 42.45. MACD which illustrate bullish bias signal with the formation of golden cross suggest the commodity to extend its gains after it breaks above the resistance level 42.45.
Resistance level: 42.45, 43.85
Support level: 41.00, 39.05
GOLD_, H4: Gold price was traded flat near the support level 2011.00. However, MACD which illustrate diminishing bearish momentum signal suggest the commodity to be traded higher towards the resistance level 2075.40.
Resistance level: 2075.40, 2179.40
Support level: 2011.00, 1970.60