24 August 2021 Morning Session Analysis
Dollar slumped amid risk-on mood.
The Dollar Index which traded against a basket of six major currency pairs slumped on Monday, after posting its biggest weekly rise in more than two-month last week amid gains in global equity markets boosted risk sentiment, prompting investors to shift their portfolio from safe-haven asset such as US Dollar into another riskier asset. Though, the losses experienced by the US Dollar was limited over the backdrop of bullish economic data. According to National Association of Realtor, U.S. Existing Home Sales for last month had increased from the preliminary reading of 5.87M to 5.99M, better than the market forecast at 5.83M. Meanwhile, the investors would continue to scrutinize the latest updates from the Federal Reserve during the Fed’s central conference in Jackson Hole later this week to receive further trading signal. Market participants expected that Federal Reserve Chair Jerome Powell may provide further clarity on the sequencing of Fed’s monetary policy plan in order to stabilize the economic growth. As of writing, the Dollar Index appreciated by 0.05% to 93.01.
In the commodities market, the crude oil price surged 0.08% to $65.75 per barrel as of writing. The oil market rebounded significantly amid the positive prospect toward the Covid-19 development. According to Reuters, China reported no new locally transmitted cases of Covid-19 on Monday for the first time since July, a sign the current outbreak may be waning amid China’s tough anti-virus measures across the country. On the other hand, the gold market appreciated by 0.05% to $1803.35 per troy ounces as of writing 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 |
| 14:00 | EUR – German GDP (QoQ) (Q2) | 1.50% | 1.50% | – |
| 22:00 | USD – New Home Sales (Jul) | 676K | 690K | – |
Technical Analysis
DOLLAR_INDX, Daily: Dollar index was traded lower following prior retracement from the resistance level at 93.25. MACD which illustrated diminishing bullish momentum suggest the index to be traded lower in short-term as technical correction.
Resistance level: 92.25, 92.65
Support level: 91.80, 90.75
GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level at 1.3730. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1.3730, 1.3805
Support level: 1.3605, 1.3415
EURUSD, H4: EURUSD was traded higher following prior breakout above the previous resistance level at 1.1705. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.1775.
Resistance level: 1.1775, 1.1850
Support level: 1.1705, 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: 110.55, 111.10
Support level: 109.75, 109.20
AUDUSD, H4: AUDUSD was traded higher following prior rebounded from the support level at 0.7115. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.7240.
Resistance level: 0.7240, 0.7375
Support level: 0.7115, 0.7000
NZDUSD, H4: NZDUSD was traded higher following prior rebound from the support level at 0.6815. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.6930.
Resistance level: 0.6930, 0.7120
Support level: 0.6765, 0.6675
USDCAD, H4: USDCAD was traded lower while currently testing the support level at 1.2650. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 1.2780, 1.2935
Support level: 1.2650, 1.2580
USDCHF, Daily: USDCHF was traded lower while currently testing the support level at 0.9125. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 0.9230, 0.9305
Support level: 0.9125, 0.9035
CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level at 65.80. MACD which illustrated increasing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.
Resistance level: 65.80, 68.00
Support level: 63.55, 61.45
GOLD_, H4: Gold price was traded higher following prior breakout above the previous resistance level at 1794.30. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains toward resistance level at 1812.50.
Resistance level: 1812.50, 1833.70
Support level: 1794.30, 1773.35