26 August 2020 Afternoon Session Analysis
Dollar sluggish amid weak data.
During late Asian session, the dollar index which traded against a basket of six major currency pairs remain sluggish and fell following disappointing results on recent data release. According to Conference Board, U.S consumer confidence have fell to 84.8, lower than market forecast and also previous July reading of 93 and 91.7 respectively. It is also the lowest level since May 2014 due to Covid-19. As of now, traders are now expecting that U.S durable goods orders that will be released later today will also slowed down. On top of that, traders will also focus to Powell’s speech at the annual Jackson Hole on Thursday to determine the direction of FED on protecting the U.S fragile economy. At the time of writing, dollar index slips 0.09% to 93.04.
In the commodities market, crude oil price soars 0.18% to $43.32 per barrel at the time of writing as producers braced for storm threat. As of now, the U.S energy industry is preparing to face the major hurricane strike which have led to 310 offshore facilities have been evacuated and around 84% of offshore production has been shut down. On the other hand, gold price remains stable and edge higher 0.05% to $1926.38 a troy ounce as of writing amid sluggish dollar.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
N/A
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 20:30 | USD – Core Durable Goods Orders (MoM) (Jul) | 3.6% | 2.1% | – |
| 22:30 | CrudeOIL – Crude Oil Inventories | -1.632M | – | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower following prior breakout below the channel bottom level. MACD which illustrate bearish momentum and the formation of death cross signal suggest the dollar to extend its losses toward the support level at 92.60.
Resistance level: 93.25, 94.10
Support level: 92.60, 92.10
GBPUSD, H4: GBPUSD was traded higher while currently testing near the resistance level at 1.3140. MACD which illustrate bullish bias momentum signal suggest the pair to extend its gains after it successfully breakout above the resistance level at 1.3140.
Resistance level: 1.3140, 1.3255
Support level: 1.3045, 1.2985
EURUSD, H4: EURUSD was traded lower following prior retracement from the resistance level at 1.1840. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its retracement toward the support level at 1.1775.
Resistance level: 1.1840, 1.1900
Support level: 1.1775, 1.1705
USDJPY, H4: USDJPY was traded higher following prior breakout above the previous resistance level at 106.15. MACD which display bullish bias momentum suggest the pair to extend its gains toward the resistance level at 106.95.
Resistance level: 106.95, 107.90
Support level: 106.15, 105.20
AUDUSD, H4: AUDUSD was traded lower following prior retracement from the resistance level at 0.7205. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses toward the support level at 0.7180.
Resistance level: 0.7205, 0.7235
Support level: 0.7180, 0.7145
NZDUSD, Daily: NZDUSD was traded lower while currently testing the support level at 0.6535. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to undergo technical correction toward higher level.
Resistance level: 0.6615, 0.6755
Support level: 0.6535, 0.6480
USDCAD, Daily: USDCAD was traded lower while currently testing the support level at 1.3150. However, MACD which illustrates diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 1.3315.
Resistance level: 1.3315, 1.3500
Support level: 1.3150, 1.3025
USDCHF, H4: USDCHF was traded higher following prior rebound from the lower level. MACD which illustrates diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 0.9120.
Resistance level: 0.9120, 0.9200
Support level: 0.9050, 0.8975
CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level at 43.40. MACD which illustrate bullish bias momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level at 43.40.
Resistance level: 43.40, 44.35
Support level: 42.75, 42.05
GOLD_, Daily: Gold price was traded lower while currently testing the support level at 1905.85. However, MACD which illustrate diminishing bearish momentum signal suggest the commodity to undergo technical correction toward the resistance level at 2069.75.
Resistance level: 2069.75, 2147.50
Support level: 1905.85, 1761.65