12 August 2021 Morning Session Analysis
Dollar slumped on bearish economic data.
The Dollar Index which traded against a basket of six major currency pairs slumped over the backdrop of bearish economic data yesterday. According to U.S. Bureau of Labor Statistics, U.S. Core Consumer Price Index (CPI) had notched down significantly from the preliminary reading of 0.9% to 0.3%, missing the market forecast at 0.4%. As the crucial economic data fared worse than expectation, which dialed down the market optimism toward the economic progression in the United States while rising hopes that the Federal Reserve might continue to implement its expansionary monetary policy in long-term basis in order to boost up the economic momentum. Nonetheless, investors would continue to scrutinize the crucial updates with regards of further economic data as well as monetary policy statement from Federal Reserve to gauge the likelihood movement for the currency. As of writing, the Dollar Index depreciated by 0.03% to 92.89.
In the commodities market, the crude oil price slumped 0.17% to $69.35 per barrel as of writing. The oil market edged lower amid spiking numbers of Delta variant around the world had diminished the appeal of this black commodity. On the other hand, the gold market appreciated by 0.05% to $1752.50 per troy ounces as of writing amid weakening US Dollar.
Today’s Holiday Market Close
Time Market Event
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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, 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 higher while currently testing the resistance level at 1.3880. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1.3880, 1.3980
Support level: 1.3805, 1.3740
EURUSD, Daily: EURUSD was traded lower while currently testing the support level at 1.1705. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 1.1850, 1.1955
Support level: 1.1705, 1.1635
USDJPY, H4: USDJPY was traded higher while currently testing the resistance level at 110.70. However, MACD which illustrated increasing bearish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 110.55, 110.95
Support level: 109.70, 109.20
AUDUSD, H4: AUDUSD was traded lower higher following prior rebound from the support level at 0.7320. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.7410.
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 increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.7120.
Resistance level: 0.7120, 0.7305
Support level: 0.6915, 0.6770
USDCAD, H4: USDCAD was traded lower following prior retracement from the resistance level at 1.2585. MACD which illustrated increasing bearish momentum suggest the pair to extend tis losses toward support level at 1.2440.
Resistance level: 1.2585, 1.2670
Support level: 1.2440, 1.2315
USDCHF, H4: USDCHF was traded higher while currently testing the resistance level at 0.9230. However, MACD which illustrated increasing bearish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 0.9230, 0.9305
Support level: 0.9165, 0.9035
CrudeOIL, H4: Crude oil price was traded higher following prior breakout above the previous resistance level at 68.00. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains toward the resistance level at 71.10.
Resistance level: 71.10, 74.80
Support level: 68.00, 66.25
GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1751.95. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1751.95, 1788.50
Support level: 1715.65, 1685.75