26 August 2021 Morning Session Analysis
Dollar slumped amid increasing risk appetite.
The Dollar index which traded against a basket of six major currency extend its losses over the backdrop of risk-on sentiment in the global financial market, which prompting investors to shift their portfolio from the safe-haven asset such as US Dollar into others risky asset. Investors remained optimistic toward the global economic growth following the US House of Representatives passed the $3.5 trillion budge framework and a top health official expressed confidence in fighting Covid-19 pandemic. According to Reuters, DR. Anthony Fauci, top US infections disease expert claimed that the Covid-19 pandemic could be under control by early next year with the assistance of the rapid vaccination progress in the world. Nonetheless, investors would continue to scrutinize the monetary statement from Federal Reserve during the Fed’s central conference in Jackson Hole later this week to receive further trading signal. As of writing, the Dollar Index depreciated by 0.01% to 92.80.
In the commodities market, the crude oil price surged 0.10% to 68.20 per barrel as of writing. The oil market edged higher following the bullish inventory data was released on yesterday. According to Energy Information Administration (EIA), U.S. Crude Oil Inventories came in at -2.979M, better than the market forecast at -2.683M. On the other hand, the gold market depreciated by 0.03% to $1791.35 per troy ounces as of writing amid risk-on sentiment in the global financial market had diminished the appeal of the safe-haven gold.
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, 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 extend its losses toward support level at 91.80.
Resistance level: 92.25, 92.65
Support level: 91.80, 90.75
GBPUSD, H4: GBPUSD was traded higher following prior breakout above the previous resistance level at 1.3730. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.3805.
Resistance level: 1.3805, 1.3880
Support level: 1.3730, 1.3605
EURUSD, H4: EURUSD was traded higher while currently testing the resistance level at 1.1775. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1.1775, 1.1850
Support level: 1.1705, 1.1635
USDJPY, H4: USDJPY was traded higher following prior rebound from the support level at 109.75. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 110.55.
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. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 0.7280, 0.7375
Support level: 0.7115, 0.7000
NZDUSD, H4: NZDUSD was traded higher following prior breakout above the previous resistance level at 0.6940. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 0.7015, 0.7120
Support level: 0.6940, 0.6815
USDCAD, H4: USDCAD was traded lower while currently testing the support level at 1.2580. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 1.2650, 1.2705
Support level: 1.2580, 1.2500
USDCHF, H4: USDCHF was traded lower while currently testing the support level at 0.9125. However, MACD which illustrated increasing bullish momentum suggest the pair to be traded higher in short-term as technical correction.
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 68.00. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.
Resistance level: 68.00, 69.85
Support level: 66.10, 63.55
GOLD_, H4: Gold price was traded lower following prior breakout below the previous support level at 1794.30. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses toward support level at 1773.35.
Resistance level: 1794.30, 1812.50
Support level: 1773.35, 1754.40
Risk Statement:
Forex, Gold, Crude Oil, Commodities, CFD and all other margin trading investment products involve high level of risk and may not be suitable for all investors. Your previous investment success in stock, futures or any other investment achieved does not mean that all your future investment will obtain the same results. You should carefully consider your investment objectives; risk associated and seek professional advice before deciding to trade or if you have any doubts.