19 July 2021                        Morning Session Analysis

Dollar jumped amid positive retail data.

The Dollar Index which traded against a basket of six major currency pairs surged over the backdrop of positive retail sales data, which spurring expectation that the economic momentum in United States had started to recover in the second quarter. According to Census Bureau, U.S. Retail Sales had notched up significantly from the previous reading of -1.7% to 0.6%, exceeding the market forecast at -0.4%. Recently, most of the crucial economic data from United States had shown huge improvement, which increasing hopes that the Federal Reserve might start to taper its aggressive monetary policy. Contractional monetary policy would decrease the money circulation in the financial market, which increasing the appeal of the US Dollar. Nonetheless, investors would continue to remain their focus toward further economic data as well as Covid-19 development to gauge the likelihood movement for the currency. As of writing, the Dollar Index appreciated by 0.01% to 92.70.

 

In the commodities market, the crude oil price slumped 0.57% to $71.10 per barrel as of writing amid spiking numbers of Delta variant around the world had diminished the appeal for the demand of this black commodity. On the other hand, the gold price depreciated by 0.01% to $1812.20 per troy ounces amid strengthening US Dollar.

 

 

Today’s Holiday Market Close

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Today’s Highlight Events

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Today’s Highlight Economic Data

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Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher while currently testing the resistance level at 92.70. However, MACD which illustrated diminishing bullish momentum suggest the index to be traded lower in short-term as technical correction.

 

Resistance level: 92.70, 93.25

Support level: 92.00, 91.35

 

GBPUSD, H4: GBPUSD was traded lower while currently testing the support level at 1.3750. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

 

Resistance level: 1.3900, 1.3980

Support level: 1.3750, 1.3565

 

EURUSD, Daily: EURUSD was traded lower following prior breakout below the previous support level at 1.1850. However, MACD which illustrated increasing bullish momentum suggest the pair to be traded higher in short-term as technical correction.

 

Resistance level: 1.1850, 1.1955

Support level: 1.1725, 1.1635

 

USDJPY, H4: USDJPY was traded lower while currently testing the support level at 109.75. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

 

Resistance level: 110.45, 110.95

Support level: 109.75, 109.05

 

AUDUSD, H4: AUDUSD was traded lower following prior breakout below the previous support level at 0.7410. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.7335

 

Resistance level: 0.7410, 0.7495

Support level: 0.7335, 0.7285

 

NZDUSD, Daily: NZDUSD was traded lower while currently testing the support level at 0.6940. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

 

Resistance level: 0.7120, 0.7305

Support level: 0.6940, 0.6770

 

USDCAD, Daily: USDCAD was traded higher while currently testing the resistance level at 1.2630. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

 

Resistance level: 1.2630, 1.2770

Support level: 1.2440, 1.2275

 

USDCHF, H4: USDCHF was traded higher following prior rebound from the support level at 0.9135. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

 

Resistance level: 0.9230, 0.9305

Support level: 0.9135, 0.9035

 

CrudeOIL, H1: Crude oil price was traded lower following prior breakout below the previous support level at 71.25. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses toward support level at 70.05.

 

Resistance level: 71.25, 72.75

Support level: 70.05, 68.70

 

GOLD_, H4: Gold price was traded lower while currently testing the support level at 1813.05. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.

 

Resistance level: 1832.25, 1842.45

Support level: 1813.05, 1788.95