17 August 2021 Afternoon Session Analysis
Aussie fell following dovish RBA minutes.
The Australian dollar which traded against the dollar and other currency pairs have fell after RBA have expressed dovish statement on its latest meeting minutes recently. According to the RBA, the recent outbreaks of the Delta variant have interrupted the recovery and the near-term outlook was highly uncertain and dependent on health outcomes. The central bank also stated that it will not increase rate until the actual inflation is sustainably within the 2 – 3 percent target range. With the virus resurgence, Aussie confidence in the policymakers have declined, thus weighing on the pair. Following latest data, Aussie figures remain elevated near August 2020 levels surrounding 500 daily cases and faith towards the ability of government to handle the outbreak also deteriorated sharply. At the time of writing, AUD/USD fell 0.40% to 0.7307.
In the commodities market, crude oil price remains weak and fell 0.11% to $67.17 per barrel as of writing amid spreading of Delta variant continue to threaten demand outlook. Surging cases in Asia weighing on the second biggest oil importer country, China with retail sales and industrial output have slowed according to recent data. On top of that, China’s oil refining also slumped to the lowest level in 14 months. On the other hand, gold price rose 0.09% to $1786.99 a troy ounce at the time of writing amid declining risk appetite.
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 |
| 14:00 | GBP – Average Earnings Index +Bonus (Jun) | 7.30% | 8.70% | – |
| 14:00 | GBP – Claimant Count Change (Jul) | -114.8K | – | – |
| 20:30 | USD – Core Retail Sales (MoM) (Jul) | 1.30% | 0.20% | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher while currently testing the resistance level 92.65. MACD which illustrate diminishing bearish momentum signal suggest the dollar to extend its gains after it breaks above the resistance level 92.65.
Resistance level: 92.65, 93.10
Support level: 92.15, 91.60
GBPUSD, H4: GBPUSD was traded lower following prior retracement from the resistance level 1.3885. MACD which illustrate bearish bias signal with the formation of death cross suggest the pair to extend its retracement towards the support level 1.3745.
Resistance level: 1.3885, 1.3990
Support level: 1.3745, 1.3600
EURUSD, H4: EURUSD was traded lower while currently testing the support level 1.1765. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses after it breaks below the support level.
Resistance level: 1.1830, 1.1880
Support level: 1.1765, 1.1705
USDJPY, H4: USDJPY was traded lower while currently testing near the support level 109.20. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to be traded higher as a technical correction towards the resistance level 109.70.
Resistance level: 109.70, 110.50
Support level: 109.20, 108.65
AUDUSD, H4: AUDUSD was traded lower following prior breakout below the previous support level 0.7330. MACD which illustrate bearish momentum signal suggest the pair to extend its losses towards the support level 0.7245.
Resistance level: 0.7330, 0.7415
Support level: 0.7245, 0.7150
NZDUSD, H4: NZDUSD was traded lower following prior breakout below the previous support level 0.7000. MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to extend its losses towards the support level 0.6925.
Resistance level: 0.7000, 0.7075
Support level: 0.6925, 0.6825
USDCAD, H4: USDCAD was traded higher while currently testing the resistance level 1.2600. MACD which illustrate bullish momentum signal suggest the pair to extend its gains after it breaks above the resistance level.
Resistance level: 1.2600, 1.2675
Support level: 1.2535, 1.2440
USDCHF, H4: USDCHF was traded higher while currently testing the resistance level 0.9135. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its rebound after it breaks above the resistance level.
Resistance level: 0.9135, 0.9200
Support level: 0.9090, 0.9040
CrudeOIL, H4: Crude oil price was traded lower following recent breakout below the previous support level 68.35. MACD which illustrate ongoing bearish momentum signal suggest the commodity to extend its losses towards the support level 65.65.
Resistance level: 68.35, 71.00
Support level: 65.65, 63.45
GOLD, H4: Gold price was traded higher while currently testing near the resistance level 1792.35. However, MACD which illustrate diminishing bullish momentum signal suggest the commodity to experience a technical correction towards the support level 1760.35.
Resistance level: 1792.35, 1831.85
Support level: 1760.35, 1725.50