17 August 2021 Morning Session Analysis
Japanese Yen surged amid risk-off sentiment.
The Japanese Yen surged amid the diminishing risk appetite in the global market following the Afghanistan government collapsed, which prompting investors to shift their portfolio from the risky asset into the safe-haven asset such as Japanese Yen and Swiss Franc. According to the New York Times, the Taliban had effectively sealed their control of Afghanistan on Sunday, increasing the chaos and fear in the city with tens of thousands of people trying to escape. Afghan president had fled into other country while the United States military raced to evacuate diplomats and civilians from an increasingly panicked city. Besides, the safe-haven Japanese Yen extend its gains amid disappointing economic data from China and rapid spreading Delta variant of the Covid-19 had continue to spur the risk-off sentiment in the FX market. As of writing, USD/JPY depreciated by 0.30% to 109.25.
In the commodities market, the crude oil price slumped 0.94% to $67.45 per barrel as of writing. The oil market edged lower amid dampening demand outlook when global economic growth appears to be slowing following spiking numbers number of Covid-19 infections. On the other hand, the gold price surged 0.41% to 1787.20 per troy ounces as of writing amid risk-off sentiment in the global financial market had insinuated demand on this safe-haven commodity.
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 – 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, Daily: Dollar index was traded lower following prior retracement from the resistance level at 93.25. MACD which illustrated increasing bearish momentum suggest the index to extend its losses toward support level at 91.80.
Resistance level: 92.25, 92.65
Support level: 91.80, 90.75
GBPUSD, H4: GBPUSD was traded lower following prior retracement from the resistance level at 1.3880. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 1.3805.
Resistance level: 1.3880, 1.3980
Support level: 1.3805, 1.3740
EURUSD, Daily: EURUSD was traded higher following prior rebound from the support level at 1.1705. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.1850.
Resistance level: 1.1850, 1.1955
Support level: 1.1705, 1.1635
USDJPY, H4: USDJPY was traded lower following prior breakout below the previous support level at 109.75. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 109.20.
Resistance level: 109.75, 110.55
Support level: 109.20, 108.45
AUDUSD, H4: AUDUSD was traded lower while currently near the support level at 0.7320. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
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 diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 0.7120, 0.7305
Support level: 0.6915, 0.6770
USDCAD, H4: USDCAD was traded higher while currently testing the resistance level at 1.2585. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1.2585, 1.2670
Support level: 1.2440, 1.2315
USDCHF, H4: USDCHF was traded lower following prior breakout below the previous support level at 0.9145. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 0.9145, 0.9230
Support level: 0.9035, 0.8940
CrudeOIL, H4: Crude oil price was traded lower following prior breakout below the previous support level at 68.00. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.
Resistance level: 68.00, 69.85
Support level: 66.25, 65.05
GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1788.50. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1788.50, 1812.50
Support level: 1773.35, 1756.10