28 July 2021 Morning Session Analysis
Dollar slumped amid bearish economic data.
The Dollar Index which traded against a basket of six major currency pairs extend its losses over the backdrop of bearish economic data from United States. According to Census Bureau, U.S. Core Durable Goods Order MoM had notched down significantly from the previous reading of 0.5% to 0.3%, missing the market forecast at 0.8%, which indicating that the manufacturing activity remained subdued in United States. Besides, US Dollar received amid investors fear that the Federal Reserve would continue to implement its expansionary monetary policy following resurgence of the Covid-19 cases, which dragged down the appeal of the US Dollar. Nonetheless, the overall statement from the Federal Reserve remained vague as for now, investors would continue to focus on the FOMC meeting tonight in order to gauge the likelihood movement for the US Dollar. As of writing, the Dollar Index depreciated by 0.02% to 92.45.
In the commodities market, the crude oil price extends its gains by 0.08% to $72.20 per barrel as of writing. The crude oil price was traded higher amid upbeat inventory data. According to American Petroleum Institute, U.S. API Weekly Crude Oil Stock declined significantly from the previous reading of 0.806M to -4.728M, better than the market forecast at -3.433M. On the other hand, the gold price surged 0.01% to $1798.80 per troy ounces as of writing amid weakening US Dollar.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
02:00 USD FOMC Statement
(29th)
02:00 USD FOMC Press Conference
(29th)
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 20:30 | CAD – Core CPI (MoM) (Jun) | 0.40% | 0.40% | – |
| 22:30 | CrudeOIL – Crude Oil Inventories | 2.108M | – | – |
| 2:00 (29th) | USD – Fed Interest Rate Decision | 0.25% | – | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower following prior breakout below the previous support level at 92.75. However, MACD which illustrated diminishing bearish momentum suggest the index to be traded higher in short-term as technical correction.
Resistance level: 92.75, 93.25
Support level: 92.00, 91.35
GBPUSD, H4: GBPUSD was traded higher following prior breakout above the previous resistance level at 1.3740. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.3900.
Resistance level: 1.3900, 1.3980
Support level: 1.3830, 1.3740
EURUSD, Daily: EURUSD was traded higher while currently testing the resistance level at 1.1850. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1.1850, 1.1955
Support level: 1.1725, 1.1635
USDJPY, H4: USDJPY was traded higher following prior rebound from the support level at 109.75. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 110.55.
Resistance level: 110.55, 110.95
Support level: 109.75, 109.05
AUDUSD, H4: AUDUSD was traded lower while currently near the support level at 0.7320. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully brekaout below the support level .
Resistance level: 0.7410, 0.7495
Support level: 0.7320, 0.7240
NZDUSD, Daily: NZDUSD was traded lower while currently testing the support level at 0.6915. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 0.7120, 0.7305
Support level: 0.6915, 0.6770
USDCAD, H4: USDCAD was traded higher following prior rebound from the support level at 1.2535. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.2670.
Resistance level: 1.2670, 1.2770
Support level: 1.2535, 1.2440
USDCHF, Daily: USDCHF was traded lower while currently testing the support level at 0.9135. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 0.9230, 0.9305
Support level: 0.9135, 0.9035
CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level at 72.25. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.
Resistance level: 72.25, 74.80
Support level: 69.85, 68.00
GOLD_, H4: Gold price was traded lower following prior retracement from the resistance level at 1813.05. However, MACD which illustrated increasing bullish momentum suggest the commodity to be traded higher in short-term as technical correction.
Resistance level: 1813.05, 1832.25
Support level: 1788.95, 1773.45