27 August 2020 Afternoon Session Analysis
Aussie remain buoyant amid upbeat Capex data.
During late Asian session, the Aussie dollar which traded against the greenback and other currency pairs have rose following a better-than-expected business data from Australia helps the pair to stay afloat. According to the Australian Bureau of Statistics, business spending which represented as private capital expenditure came in at -5.9%, better than market expectation of -8.4%. On top of that, Australia’s biggest trading partner, China also reported soaring profits which helps providing further sentiment for Aussie. Following the data figures from China’s statistic bureau, profits at China’s industrial firms grow 19.6% to 589.5 billion yuan. It was the third straight month of profit growth in this and signalling that the economy’s recovery from the coronavirus is getting stronger. However, due to the straining relationship between China and U.S, potential upside may capped while market awaits for more catalyst to determine further momentum for the pair. At the time of writing, AUD/USD rose 0.05% to 0.7235.
In the commodities market, crude oil price remain steady and edge higher 0.04% to $43.31 per barrel as of writing following concerns towards the impact on supply due to massive storm. Following latest development, Hurricane Laura intensified on Wednesday and is now forecast to bring heavy rains and catastrophic. Nine refineries that convert nearly 2.9 million barrels per day of oil were shut down. On the other hand, gold price regains control and soars 0.15% to $1943.61 a troy ounce at the time of writing as market braced for a dovish speech from Jerome Powell on the annual Jackson Hole symposium.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
21:10 USD Fed Chair Powell Speaks
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 20:30 | USD – GDP (QoQ) (Q2) | -32.9% | -32.6% | – |
| 20:30 | USD – Initial Jobless Claims | 1,106K | 1,000K | – |
| 22:00 | USD – Pending Home Sales (MoM) (Jul) | 16.6% | 4.5% | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower following prior breakout below the channel’s bottom level. MACD which illustrate bearish momentum 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 following prior breakout above the previous resistance level at 1.3140. MACD which illustrate bullish bias momentum signal suggest the pair to extend its gains toward the resistance level at 1.3255.
Resistance level: 1.3255, 1.3320
Support level: 1.3140, 1.3045
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 rebound from the bottom level of upward channel. However, MACD which display bearish bias momentum suggest the pair to undergo technical correction in short term toward lower level.
Resistance level: 106.15, 106.95
Support level: 105.20, 104.30
AUDUSD, H4: AUDUSD was traded higher following prior breakout above the previous resistance level at 0.7205. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to undergo technical correction in short term toward lower level.
Resistance level: 0.7265, 0.7330
Support level: 0.7205, 0.7150
NZDUSD, Daily: NZDUSD was traded higher while currently testing near the resistance level at 0.6615. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its gains after it successfully breakout above the resistance 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 1.3140. However, MACD which illustrates diminishing bearish momentum suggest the pair to undergo technical rebound in short term.
Resistance level: 1.3235, 1.3315
Support level: 1.3140, 1.3030
USDCHF, H4: USDCHF was traded lower following prior retracement from the resistance level at 0.9120. MACD which illustrates bearish bias momentum suggest the pair to extend its losses toward the support level at 0.9050.
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. However, MACD which illustrate diminishing bullish momentum suggest the commodity to extend its losses toward the support level at 42.75.
Resistance level: 43.40, 44.35
Support level: 42.75, 42.05
GOLD_, Daily: Gold price was traded higher following prior rebound from the support level at 1905.85. MACD which illustrate diminishing bearish momentum signal suggest the commodity to extend its gains toward the resistance level at 2069.75.
Resistance level: 2069.75, 2147.50
Support level: 1905.85, 1761.65