20 July 2021 Afternoon Session Analysis
Dollar jumped amid risk-off sentiment.
The Dollar Index which traded against a basket of six major currency pairs surged following the threat of the Delta Coronavirus variant hit global equity markets, which stoked a shift in sentiment toward safe-haven asset such as US Dollar. The, significant drop in commodity price had also further diminished risk appetite in the global market while prompting investors to headed for the risk-free government bonds, which spurring further bullish momentum on the US Dollar. Nonetheless, the gains experienced by the US Dollar was limited by the earlier dovish statement from Federal Reserve. According to Reuters, Federal Reserve Chair Jerome Powell claimed that the U.S. economy was still a way offs from levels of the central bank’s goal before tapering its monetary support. Though, the overall statement from Fed remained vague, hence investors would continue to scrutinize the latest updates with regards of the Fed’s monetary policy plan as well as Covid-19 development to gauge the likelihood movement for the US Dollar. As of writing, the Dollar Index appreciated by 0.05% to 92.85.
In the commodities market, the crude oil price slumped 0.01% to 66.85 per barrel as of writing. The oil market extends its losses amid the concerns over the spiking numbers of the Delta variant as well as the increase production from OPEC+ had continue to weigh down the appeal of this black commodity. On the other hand, the gold price depreciated by 0.10% to $1816.90 per troy ounces as of writing amid strengthening US Dollar.
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 – Building Permits | 1.683M | 1.700M | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower while currently testing the support level at 92.70. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 93.25, 94.10
Support level: 92.70, 92.00
GBPUSD, H4: GBPUSD was traded lower following prior breakout below the previous support level at 1.3740. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 1.3740, 1.3900
Support level: 1.3565, 1.3415
EURUSD, Daily: EURUSD was traded lower following prior breakout below the previous support level at 1.1850. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 1.1850, 1.1955
Support level: 1.1725, 1.1635
USDJPY, H4: USDJPY was traded higher following prior rebound from the support level at 109.05. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 109.75.
Resistance level: 109.75, 110.45
Support level: 109.05, 108.55
AUDUSD, Daily: AUDUSD was traded lower while currently testing 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 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, Daily: USDCAD was traded higher while currently testing the resistance level at 1.2770. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1.2770, 1.2935
Support level: 1.2595, 1.2440
USDCHF, H4: USDCHF was traded lower following prior retracement from the resistance level at 0.9230. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.9135.
Resistance level: 0.9230, 0.9305
Support level: 0.9135, 0.9035
CrudeOIL, Daily: Crude oil price was traded lower while currently testing the support level at 65.90. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses after it successfully breakout below the support level.
Resistance level: 70.60, 76.20
Support level: 65.90, 61.45
GOLD_, H4: Gold price was traded higher following prior breakout above the previous resistance level at 1813.05. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains toward resistance level at 1832.25.
Resistance level: 1832.25, 1851.85
Support level: 1813.05, 1789.00