14 August 2020 Afternoon Session Analysis
Pound retreated as Brexit talk stalemate remains.
Pound sterling which act as one of the major currency failed to extend its gains and retraced from recent high level amid ongoing impasses in Post-Brexit negotiation between EU and UK. According to the latest talks, both parties refused to make a ‘step back’ in the trade talk while insisting on their own view with regard to the issue of fisheries and regulatory alignment. As of now, majority of EU countries are largely dependent on UK waters to boost their fishing sector. However, UK warned that they will take back the full control of their waters and expel vessel from other country after UK officially leave EU on 31th December. Despite, UK Chief Brexit Negotiator revealed that the next round of trade talk between UK and EU will kick off on 18th August, expecting UK would iron out measures to resolve the sticking issue such as fisheries and regulatory system. However, market participants are pessimistic toward the trade talk while downplaying the prospect of making deal until the major issue been resolved. As of writing, the pair of GBP/USD dropped by 0.04% to 1.3058.
In the commodities market, crude oil price depreciated by 0.21% to $42.35 per barrel amid growing market confidences toward the recovery of oil demand in near term despite Covid-19 is still haunting the global economy outlook. Besides, gold price depreciated by 0.07% to $1952.25 a troy ounce as latest development in vaccine limits the market risk sentiment.
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 |
| 20:30 | USD – Core Retail Sales (MoM) (Jul) | 7.3% | 1.3% | – |
| 20:30 | USD – Retail Sales (MoM) (Jul) | 7.5% | 1.9% | – |
Technical Analysis
DOLLAR_INDX, Weekly: Dollar index was traded lower while currently testing the support level at 93.25. MACD which illustrated increasing bearish momentum suggest the index to extend its losses after it successfully breakout below the support level.
Resistance level: 95.55, 97.65
Support level: 93.25, 91.30
GBPUSD, H1: GBPUSD was traded lower following prior retracement from the resistance level at 1.3075. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.3010.
Resistance level: 1.3075, 1.3125
Support level: 1.3010, 1.2925
EURUSD, H4: EURUSD was traded lower while currently testing the support level at 1.1790. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 1.1900, 1.1995
Support level: 1.1790, 1.1710
USDJPY, H4: USDJPY was traded higher following prior rebound from the support level at 106.40. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 107.35, 108.40
Support level: 106.40, 105.35
AUDUSD, H4: AUDUSD was traded lower while currently near the support level at 0.7105. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.7105.
Resistance level: 0.7230, 0.7330
Support level: 0.7105, 0.7015
NZDUSD, H4: NZDUSD was traded lower while currently testing the support level at 0.6530. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 0.6565, 0.6625
Support level: 0.6530, 0.6465
USDCAD, H4: USDCAD was traded lower while currently testing the support level at 1.3215. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 1.3315, 1.3405
Support level: 1.3215, 1.3110
USDCHF, H4: USDCHF was traded lower while currently near the support level at 0.9060. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 0.9195, 0.9330
Support level: 0.9060, 0.8860
CrudeOIL, H4: Crude oil price was traded lower while currently testing the support level at 42.00. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses after it successfully breakout below the support level.
Resistance level: 43.05, 44.55
Support level: 42.00, 40.95
GOLD_, H1: Gold price was traded lower following prior retracement from the resistance level at 1965.50. MACD which illustrated diminishing bullish momentum suggest the commodity to extend its losses toward support level at 1937.20.
Resistance level: 1965.50, 1987.35
Support level: 1937.20, 1906.85