21 July 2021 Morning Session Analysis
Delta fears had insinuated demand on safe-haven Dollar.
The Dollar Index which traded against a basket of six major currency pairs extend its gains amid spiking numbers of Delta variant continue to diminish the risk appetite in the FX market, which prompting investors to selloff risky asset such as Pound Sterling and Australian Dollar into safe-haven Dollar. Nonetheless, the gains experienced by the US Dollar was limited over the backdrop of bearish economic data from the US region. According to Census Bureau, U.S. Building Permits had notched down significantly from the previous reading of 1.683M to 1.598M, missing the market forecast at 1.700M while spurring negative prospect for the economic momentum in the United States. As for now, investors would continue to scrutinize the latest updates with regards of Covid-19 development as well as further crucial economic data from United States to receive further trading signal. As of writing, the Dollar Index appreciated by 0.08% to 92.95.
In the commodities market, the crude oil price slumped 0.01% to $66.75 per barrel as of writing following bearish inventory data was released. According to American Petroleum Institute, U.S. API Weekly Crude Oil Stock came in at 0.806M, exceeding the market forecast at -4.167M. On the other hand, the gold price slumped 0.03% to $1810.30 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 |
| 22:30 | CrudeOIL – Crude Oil Inventories | -7.897M | -4.466M | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher following prior breakout above the previous 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: 93.25, 94.10
Support level: 92.70, 92.00
GBPUSD, Daily: GBPUSD was traded lower while currently testing the support level at 1.3565. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
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 toward support level at 1.1725.
Resistance level: 1.1850, 1.1955
Support level: 1.1725, 1.1635
USDJPY, H4: USDJPY was traded higher following prior breakout above the previous resistance level at 109.75. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 110.45.
Resistance level: 110.45, 110.95
Support level: 109.75, 109.05
AUDUSD, H4: AUDUSD was traded lower while currently testing the support level at 0.7320. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
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 lower following prior retracement from the resistance level at 1.2770. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 1.2595.
Resistance level: 1.2770, 1.2935
Support level: 1.2595, 1.2440
USDCHF, Daily: USDCHF was traded higher while currently testing the resistance level at 0.9230. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
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 lower following prior breakout below the previous 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: 1813.05, 1820.85
Support level: 1800.25, 1788.95