24 August 2020 Afternoon Session Analysis
New Zealand Kiwi remain sluggish amid weak data
During late Asian session, the New Zealand Kiwi which traded against the dollar and other currency pairs remains weak following a heavy drop in New Zealand Retail Sales. According to Statistics New Zealand, New Zealand’s retail sales for the second quarter slumped to -14.6%, lower than previous results of -1.2%. On top of that, bearish note from RBNZ also continue to pressure the Kiwi. On Friday, Chief Economist Yuong Ha stated that the negative rate decision will depend on the health of the economy and will not hesitate to implement it if and when the time comes. On coronavirus front, the country is still struggling with the deadly coronavirus which also caused Prime Minister Jacinda Arden to delay its upcoming election by four weeks to October 17. At the time of writing, NZD/USD slips 0.09% to 0.6530.
In the commodities market, crude oil price jumps 1.62% to $42.35 per barrel at the time of writing amid storm threat which is heading for U.S Gulf of Mexico. Following latest update, workers have been evacuated from 114 production platforms out of the 643 manned platforms in the Gulf of Mexico, BSEE said. On the other hand, gold price slips 0.28% to $1935.35 a troy ounce at the time of writing following ongoing dollar recovery.
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Technical Analysis
DOLLAR_INDX, H4: Dollar index remain traded in a sideway channel. However, MACD which illustrate bearish momentum signal suggest the dollar to be traded lower in short term towards the support level 92.45.
Resistance level: 94.00, 95.70
Support level: 92.45, 90.70
GBPUSD, H4: GBPUSD remain traded in a sideway channel. However, MACD which illustrate bearish bias signal suggest the pair to be traded lower towards the support level 1.3005.
Resistance level: 1.3200, 1.3320
Support level: 1.3005, 1.2810
EURUSD, H4: EURUSD remain traded in a sideway channel. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to be traded higher towards the resistance level 1.1895.
Resistance level: 1.1895, 1.2000
Support level: 1.1705, 1.1575
USDJPY, H4: USDJPY was traded flat near the MA lines. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to be traded lower towards the support level 105.25.
Resistance level: 106.25, 106.95
Support level: 105.25, 104.35
AUDUSD, H4: AUDUSD was traded flat near the resistance level 0.7190. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to be traded higher after it breaks above the resistance level.
Resistance level: 0.7190, 0.7290
Support level: 0.7075, 0.6970
NZDUSD, H4: NZDUSD was traded flat near the support level 0.6510. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to be traded higher towards the resistance level 0.6590.
Resistance level: 0.6590, 0.6685
Support level: 0.6510, 0.6395
USDCAD, H4: USDCAD was traded lower following prior retracement from the resistance level 1.3215. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its retracement towards the support level 1.3095.
Resistance level: 1.3215, 1.3330
Support level: 1.3095, 1.3030
USDCHF, H4: USDCHF was traded higher following prior rebound from the support level 0.9065. MACD which illustrate bullish momentum signal suggest the pair to extend its rebound towards the resistance level 0.9225.
Resistance level: 0.9225, 0.9365
Support level: 0.9065, 0.8985
CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level 42.60. MACD which illustrate diminishing bearish bias signal suggest the commodity to extend its gains after it breaks above the resistance level.
Resistance level: 42.60, 43.95
Support level: 41.05, 39.60
GOLD_, H4: Gold price was traded higher following recent rebound from the support level 1908.55. MACD which illustrate diminishing bearish momentum suggest the commodity to extend its rebound towards the resistance level 1966.20.
Resistance level: 1966.20, 2016.10
Support level: 1908.55, 1857.95