18 August 2021 Morning Session Analysis
New Zealand Dollar slumped amid the lock-down restriction.
The New Zealand Dollar slumped to its lowest in three weeks following the country identified its first local Covid-19 case since February, which prompting the government to announce a new short-term lockdown measure. According to NST, the initial plan is for New Zealand to remain its lockdown for three days from Tuesday night, with Auckland and the nearby Coromandel area facing the restrictions for a week. Officials also claimed that a major factor behind the strong response is the fact that the new detected cases had no obvious connection to the border or managed isolation. Besides that, the rising geopolitical risk as well as spiking numbers of the global Delta variant had continued to diminish the risk appetite in the global financial market, which stoked a shift in sentiment into safe-haven currency while dragging down the appeal of the New Zealand Dollar. As of writing, NZD/USD depreciated by 0.05% to 0.6920.
In the commodities market, the crude oil price slumped 0.03% to $66.60 per barrel as of writing. The crude oil price was traded lower over the backdrop of the bearish inventory data yesterday. According to American Petroleum Institute, U.S. API Weekly Crude Oil stock came in at -1.163M, missing the market forecast at -1.259M. On the other hand, the gold price surged 0.01% to $1786.50 per troy ounces as of writing amid the risk-off sentiment in the market.
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 – CPI (YoY) (Jul) | 2.50% | 2.30% | – |
| 17:00 | EUR – CPI (YoY) (Jul) | 2.20% | 2.20% | – |
| 20:30 | USD – Building Permits (Jul) | 1.594M | 1.610M | – |
| 20:30 | CAD – Core CPI (MoM) (Jul) | 0.30% | – | – |
| 22:30 | CrudeOIL – Crude Oil Inventories | -0.447M | – | – |
Technical Analysis
DOLLAR_INDX, Daily: Dollar index was traded higher while currently testing the resistance level at 93.25. MACD which illustrated increasing bullish momentum suggest the index to extend its gains after it successfully breakout above the resistance level.
Resistance level: 92.25, 92.65
Support level: 91.80, 90.75
GBPUSD, H4: GBPUSD was traded lower while currently testing the support level at 1.3740. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 1.3805, 1.3880
Support level: 1.3740, 1.3605
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 109.75. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
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 0.7240. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 0.7320, 0.7410
Support level: 0.7240, 0.7160
NZDUSD, Daily: NZDUSD was traded lower while currently testing the support level at 0.6915. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 0.7120, 0.7305
Support level: 0.6915, 0.6770
USDCAD, H4: USDCAD was traded higher following prior breakout above the previous resistance level. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 1.2670, 1.2770
Support level: 1.2585, 1.2440
USDCHF, Daily: USDCHF was traded lower while currently testing the support level at 0.9135. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 0.9230, 0.9305
Support level: 0.9135, 0.9035
CrudeOIL, H4: Crude oil price was traded lower while currently testing the support level at 66.25. 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 lower following prior retracement from the resistance level at 1794.30. MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.
Resistance level: 1794.30, 1812.50
Support level: 1773.35, 1754.40