27 July 2021 Afternoon Session Analysis
Aussie fell following coronavirus concerns.
The Australian dollar which traded against the dollar and other currency pairs remain weak and fell as Covid infection in Australia continue to diminishing investors’ appetite. According to reports from Reuters, New South Wales which had more than 5 million people have reported 145 new cases of the virus, higher than the previous day of 141. Despite with a week of lockdown order, the state continue to struggle to contain the outbreak of Delta variant. Australian police have vowed to crack down on any repeat of anti-lockdown protest which turned violent at the weekend. An article from Sunday Morning Herald warned that economists are expecting the Greater Sydney lockdown, along with shorter closures in Victoria and South Australia, will result in the national economy contracting through the September quarter. At the time of writing, AUD/USD fell 0.03% to 0.7378.
In the commodities market, crude oil price rose 0.04% to $72.21 per barrel at the time of writing as investors bet that the global demand will remain intact despite with Covid-19. While the fast-spreading delta variant have raised come concerns, the rebound in key energy consumers such as China and U.S has helped to support fuel consumption and keeping the commodity price afloat. On the other hand, gold price rose 0.10% to $1799.41 a troy ounce as of writing following dollar weakness.
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) (Jun) | 0.30% | 0.80% | – |
| 22:00 | USD – CB Consumer Confidence (Jul) | 127.3 | 124.1 | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower following prior breakout below the previous support level 92.65. MACD which illustrate bearish momentum signal suggest the dollar to extend its losses towards the support level 92.05.
Resistance level: 92.65, 93.10
Support level: 92.05, 91.60
GBPUSD, H4: GBPUSD was traded higher following prior rebound from the support level 1.3735. MACD which illustrate bullish momentum signal suggest the pair to extend its gains towards the resistance level 1.3890.
Resistance level: 1.3890, 1.3990
Support level: 1.3735, 1.3575
EURUSD, H4: EURUSD was traded higher while currently testing near the resistance level 1.1810. MACD which illustrate bullish momentum signal suggest the pair to extend its gains after it breaks above the resistance level.
Resistance level: 1.1810, 1.1880
Support level: 1.1755, 1.1705
USDJPY, H4: USDJPY was traded lower following prior retracement from the resistance level 110.40. MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to extend its losses towards the support level 109.70.
Resistance level: 110.40, 111.00
Support level: 109.70, 109.20
AUDUSD, H4: AUDUSD was traded higher following recent rebound from the support level 0.7340. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to be traded lower back towards the support level 0.7340.
Resistance level: 0.7415, 0.7485
Support level: 0.7340, 0.7245
NZDUSD, H4: NZDUSD was traded lower following prior retracement from the resistance level 0.7000. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its retracement towards the support level 0.6925.
Resistance level: 0.7000, 0.7075
Support level: 0.6925, 0.6825
USDCAD, H4: USDCAD was traded lower following prior breakout below the previous support level 1.2565. MACD which illustrate bearish bias signal suggest the pair to extend its losses towards the support level 1.2470.
Resistance level: 1.2565, 1.2675
Support level: 1.2470, 1.2350
USDCHF, H4: USDCHF was traded lower while currently testing near the support level 0.9135. MACD which illustrate bearish momentum signal suggest the pair to extend its losses after it breaks below the support level.
Resistance level: 0.9200, 0.9245
Support level: 0.9135, 0.9090
CrudeOIL, H4: Crude oil price was traded higher following prior rebound from the support level 70.85. MACD which illustrate bullish momentum signal suggest the commodity to extend its gains towards the resistance level 74.60.
Resistance level: 74.60, 76.90
Support level: 70.85, 68.40
GOLD_, H4: Gold price was traded lower while currently testing near the support level 1792.10. MACD which illustrate bearish momentum signal with the formation of death cross suggest the commodity to extend its losses after it breaks below the support level.
Resistance level: 1814.80, 1831.85
Support level: 1792.10, 1762.20