25 August 2021 Afternoon Session Analysis
New Zealand Dollar slumped following downbeat trade data.
The New Zealand Dollar which traded against US dollar and other currency pairs have fell over the backdrop of downbeat economic data. According to the Statistics New Zealand, the New Zealand Trade Balance in July have eased from the previous reading of 245M to -402M. Further details suggest that the Imports grew from $5.71B to $6.16B while Exports eased from $5.96B to $5.75B. The bearish data suggested that the slowdown of economic momentum in New Zealand due to recent outbreak of coronavirus. On top of that, Reserve Bank of New Zealand’s (RBNZ) has decided to maintain its official cash rate at 0.25% to continue providing support to the economy recovery from the Covid-19 pandemic as coronavirus risks persists. On coronavirus front, New Zealand reported 148 new coronavirus cases yesterday, the highest daily jump in the current cycle. As of writing, the NZD/USD was down 0.14% to 0.6940.
In the commodities market, the crude oil price fell 0.05% to $67.05 per barrel at the time of writing. following supply concerns. According to the American Petroleum Institute, the US API Weekly Crude Oil Stock came in at the reading of -1.622M, lower than the forecasted reading of -2.367M. On the other hand, the gold price fell 0.50% to $1794.01 a troy ounce as of writing following dollar rebound.
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 |
| 16:00 | German Ifo Business Climate Index (Aug) | 100.8 | 100.4 | – |
| 20:30 | Core Durable Goods Orders (MoM) (Jul) | 0.50% | 0.50% | – |
| 22:30 | Crude Oil Inventories | -3.234M | -1.055M | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher while currently testing near the resistance level 93.10. MACD which illustrate diminishing bearish momentum signal suggest the dollar to extend its gains after it breaks above the resistance level.
Resistance level: 93.10, 93.70
Support level: 92.65, 92.15
GBPUSD, H4: GBPUSD was traded higher while currently testing near the resistance level 1.3745. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to experience a technical correction towards the support level 1.3600.
Resistance level: 1.3745, 1.3885
Support level: 1.3600, 1.3460
EURUSD, H4: EURUSD was traded lower following prior retracement from the resistance level 1.1765. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses towards the support level 1.1705.
Resistance level: 1.1765, 1.1830
Support level: 1.1705, 1.1625
USDJPY, H4: USDJPY remain traded in a sideway channel following recent rebound from the support level 109.60. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its rebound in short term towards the resistance level 110.15.
Resistance level: 110.15, 110.75
Support level: 109.60, 109.15
AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level 0.7250. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to be traded lower as a technical correction towards the support level 0.7150.
Resistance level: 0.7245, 0.7330
Support level: 0.7150, 0.7075
NZDUSD, H4: NZDUSD was traded lower while currently testing near the support level 0.6925. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses after it breaks below the support level 0.6925.
Resistance level: 0.7000, 0.7075
Support level: 0.6925, 0.6815
USDCAD, H4: USDCAD was traded lower while currently testing near the support level 1.2585. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to experience a technical correction towards the resistance level 1.2675.
Resistance level: 1.2675, 1.2770
Support level: 1.2585, 1.2440
USDCHF, H4: USDCHF was traded higher following prior rebound from its low level. MACD which illustrate diminishing bearish momentum signal with the formation of golden cross suggest the pair to extend its rebound towards the resistance level 0.9200.
Resistance level: 0.9200, 0.9245
Support level: 0.9100, 0.9025
CrudeOIL, H4: Crude oil price was traded higher while currently testing near the resistance level 68.35. However, MACD which illustrate diminishing bullish momentum signal suggest the commodity to experience a technical correction towards the support level 65.35.
Resistance level: 68.35, 71.00
Support level: 65.35, 61.60
GOLD, H4: Gold price was traded lower while currently testing the support level 1792.35. MACD which illustrate diminishing bullish momentum signal suggest the commodity to extend its losses after it breaks below the support level 1792.35.
Resistance level: 1831.85, 1866.85
Support level: 1792.35, 1760.35