26 August 2021 Afternoon Session Analysis
Aussie rose following upbeat Capex data.
The Australian dollar which traded against US dollar and other currency pairs have rose following the positive release of Aussie data. According to Australian Bureau of Statistics, Australia’s Private Capital Expenditure (Capex) which measure business investment have rose to two years high of 4.4%, surpassed market expectation of 2.5%. The data confirmed the economy had a good head of steam in the second quarter before the lockdowns likely threw it into reverse. The positive data also prompt investors to expect that the gross domestic product report due next week will show reasonable growth for the quarter, and a huge improvement from last year when lockdowns tipped the economy into recession. At the time of writing, AUD/USD rose 0.05% to 0.7261.
In the commodities market, crude oil price retreat 0.12% to $67.94 per barrel as of writing amid renewed concerns over virus. While recent inventory data from EIA have help support the commodity, fresh outbreaks fueled by the Delta variant are raising concerns about the strength of the economic recovery globally as Covid-19 restrictions are hitting demand for oil and other commodities. On the other hand, gold price fell 0.14% to $1788.41 a troy ounce at the time of writing following dollar rebound.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
19:30 EUR ECB Publishes Account of Monetary Policy Meeting
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 20:30 | USD – GDP (QoQ) (Q2) | 6.50% | 6.70% | – |
| 20:30 | USD – Initial Jobless Claims | 348K | 350K | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher following recent rebound from its low level. MACD which illustrate diminishing bearish momentum signal suggest the dollar to extend its rebound towards the resistance level 93.10.
Resistance level: 93.10, 93.70
Support level: 92.65, 92.15
GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level 1.3760. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to experience a technical correction towards the support level 1.3600.
Resistance level: 1.3760, 1.3885
Support level: 1.3600, 1.3460
EURUSD, H4: EURUSD was traded higher while currently testing the resistance level 1.1765. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its retracement 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. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to be traded lower in short term towards the support level 109.60.
Resistance level: 110.15, 110.75
Support level: 109.60, 109.15
AUDUSD, H4: AUDUSD was traded lower while currently testing near the support level 0.7250. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses after it breaks below the support level 0.7250.
Resistance level: 0.7330, 0.7415
Support level: 0.7250, 0.7150
NZDUSD, H4: NZDUSD was traded lower following prior retracement from its high level. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its retracement from the resistance level 0.7000.
Resistance level: 0.7000, 0.7075
Support level: 0.6925, 0.6815
USDCAD, H4: USDCAD was traded higher following prior rebound from the support level 1.2585. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its rebound towards the resistance level 1.2675.
Resistance level: 1.2675, 1.2770
Support level: 1.2585, 1.2440
USDCHF, H4: USDCHF remain traded in a sideway channel following recent rebound from its low level. However, MACD which illustrate bullish bias signal with the formation of golden cross suggest the pair to extend its rebound in short term 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 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 following prior breakout below the previous support level 1792.35. MACD which illustrate bearish momentum signal suggest the commodity to extend its losses towards the support level 1760.35.
Resistance level: 1792.35, 1831.85
Support level: 1760.35, 1725.50