12 August 2021 Afternoon Session Analysis
Euro steady following German inflation data.
The Euro dollar which traded against the greenback and other currency pairs have held steady and rose following recent publication of Germany inflation data and broad US dollar weakness. According to Statistisches Bundesamt Deutschland, Germany CPI for July reach market consensus of 0.9%. At the same time, Harmonized Index of Consumer Prices for July data also held steady at 3.1%. Therefore, confidence in the German economy which is the largest in the Eurozone remain solid and provide support for the Euro pair. On top of that, Euro sentiment was also further boosted by dollar weakness which caused by downbeat U.S inflation data. At the time of writing, EUR/USD rose 0.03% to 1.1739.
In the commodities market, crude oil price rose 0.09% to $69.21 per barrel as of writing following U.S calls for production boost which reinforced supply concerns. Following latest development, U.S government has urged to OPEC and its allies to boost oil output in order to tackle rising gasoline price that may posed as a threat to the global economic recovery. Despite with OPEC agreed to boost output each month by 400,000 over the previous, there is still concerns that it will not be enough to meet demand. On the other hand, gold price rose 0.11% to $1750.12 a troy ounce at the time of writing following dollar weakness.
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 |
| 14:00 | GBP – GDP (QoQ) (Q2) | -1.6% | 4.8% | – |
| 14:00 | GBP – Manufacturing Production (MoM) (Jun) | -0.1% | 0.4% | – |
| 20:30 | USD – Initial Jobless Claims | 385K | 373K | – |
| 20:30 | USD – PPI (MoM) (Jul) | 1.0% | 0.6% | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from the resistance level 93.10. MACD which illustrate bearish momentum signal with the formation of death cross suggest the dollar to extend its losses towards the support level 92.65.
Resistance level: 93.10, 93.45
Support level: 92.65, 92.15
GBPUSD, H4: GBPUSD was traded higher while currently testing near the resistance level 1.3885. MACD which illustrate bullish momentum signal with the recent formation of golden cross suggest the pair to extend its gains after it breaks above the resistance level.
Resistance level: 1.3885, 1.3990
Support level: 1.3745, 1.3600
EURUSD, H4: EURUSD was traded higher following prior rebound from the support level 1.1705. MACD which illustrate bullish momentum signal with the recent formation of golden cross suggest the pair to extend its rebound towards the resistance level 1.1765.
Resistance level: 1.1765, 1.1830
Support level: 1.1705, 1.1625
USDJPY, H4: USDJPY was traded lower following prior breakout below the previous support level 110.50. MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to extend its losses towards the support level 109.70.
Resistance level: 110.50, 111.00
Support level: 109.70, 109.20
AUDUSD, H4: AUDUSD remain traded in a sideway channel following recent rebound from the support level 0.7330. However, MACD which illustrate bullish momentum signal suggest the pair to extend its rebound in short term towards the resistance level 0.7415.
Resistance level: 0.7415, 0.7485
Support level: 0.7330, 0.7245
NZDUSD, H4: NZDUSD was traded higher following prior rebound form the support level 0.7000. MACD which illustrate bullish bias signal suggest the pair to extend its gains towards the resistance level 0.7075.
Resistance level: 0.7075, 0.7135
Support level: 0.7000, 0.6925
USDCAD, H4: USDCAD was traded lower following prior retracement from the resistance level 1.2535. MACD which illustrate bearish momentum signal suggest the pair to extend its losses towards the support level 1.2440.
Resistance level: 1.2535, 1.2600
Support level: 1.2440, 1.2350
USDCHF, H4: USDCHF was traded lower following prior retracement from the resistance level 0.9245. MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to extend its losses towards the support level 0.9200.
Resistance level: 0.9245, 0.9310
Support level: 0.9200, 0.9135
CrudeOIL, H4: Crude oil price was traded higher following prior breakout above the previous resistance level 68.35. MACD which illustrate bullish bias signal suggest the commodity to extend its gains towards the resistance level 71.15.
Resistance level: 71.15, 74.60
Support level: 68.35, 65.65
GOLD, H4: Gold price was traded higher while currently testing near the resistance level 1760.35. MACD which illustrate bullish bias signal suggest the commodity to extend its gains after it breaks above the resistance level.
Resistance level: 1760.35, 1792.10
Support level: 1725.50, 1679.60