21 July 2020 Afternoon Session Analysis
Safe-haven Doller slumped over the risk-on sentiment.
The safe-haven US Dollar retreated over the backdrop of the positive data from trials of three potential coronavirus vaccines, which increasing the risk appetite in the FX market while prompting investors to selloff significantly the safe-haven Dollar. According to Reuters, the early data from trials of three potential coronavirus vaccines released on Monday had increased the confidence that a vaccine can able to stimulate the immune system to recognize and fight the novel coronavirus without any serious side effects. Besides that, the hopes for economics stimulus package in Europe had also spurred the risk-on sentiment in the FX market, which weighing the market demand on the safe-haven asset. According to Reuters, the European Union (EU) leaders had appeared closer to reach agreement during late Monday for a likely €1.8 trillion coronavirus spending package in order to revive the economic growth in the European region. Nonetheless, investors would continue to scrutinize the latest updates with regards of the coronavirus and also vaccine development in order to gauge the likelihood movement for the pair. As of writing, the Dollar index depreciated by 0.15% to 95.60.
In the commodities market, the crude oil price surged 0.41% to $40.90 per barrel as of writing. The oil market edged higher amid the positive prospect of the vaccine development had lifted up the market hopes upon the demand recovery for crude oil in the future. On the other hand, the gold market surged 0.02% to $1817.40 per troy ounces amid weakening 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 | CAD – Core Retail Sales (MoM) (May) | – | 12.0% | -22.0% |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower following prior breakout below the previous support level at 95.65. MACD which illustrate bearish bias momentum signal suggest the pair to extend its losses toward the support level at 94.95.
Resistance level: 95.65, 96.20
Support level: 94.95, 94.60
GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level at 1.2665. MACD which illustrate bullish bias momentum suggest the pair to extend its gains after it successfully breakout above the resistance level at 1.2665.
Resistance level: 1.2665, 1.2730
Support level: 1.2580, 1.2525
EURUSD, H4: EURUSD was traded higher following prior rebound from the support level at 1.1435. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its gains toward the resistance level at 1.1490.
Resistance level: 1.1490, 1.1555
Support level: 1.1435, 1.1360
USDJPY, H4: USDJPY was traded lower following prior retracement from the resistance level at 107.35. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses toward the support level at 106.95.
Resistance level: 107.35, 107.50
Support level: 106.95, 106.35
AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level at 0.7025. MACD which illustrate bullish bias momentum suggest the pair to extend its gains after it successfully breakout above the resistance level at 0.7025.
Resistance level: 0.7025, 0.7070
Support level: 0.6990, 0.6965
NZDUSD, Daily: NZDUSD was traded higher while currently testing the resistance level at 0.6580. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its gains after it successfully breakout above the resistance level at 0.6580.
Resistance level: 0.6580, 0.6755
Support level: 0.6480, 0.6380
USDCAD, Daily: USDCAD was traded lower while currently testing the support level at 1.3500. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses after it successfully breakout below the support level at 1.3500.
Resistance level: 1.3675, 1.3865
Support level: 1.3500, 1.3355
USDCHF, Daily: USDCHF was traded lower while currently testing the support level at 0.9365. MACD which illustrate diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level at 0.9365.
Resistance level: 0.9430, 0.9475
Support level: 0.9365, 0.9265
CrudeOIL, H4: Crude oil price was traded higher following prior rebound from the upward trendline. MACD which illustrate diminishing bearish momentum signal suggest the commodity to extend its gains toward the resistance level at 41.35.
Resistance level: 41.35, 42.50
Support level: 40.10, 39.00
GOLD_, H4: Gold price was traded higher following prior breakout above the previous resistance level at 1813.90. MACD which illustrate bullish bias momentum signal suggest the pair to extend its gains toward the resistance level at 1823.80.
Resistance level: 1823.80, 1836.55
Support level: 1813.90, 1803.85