30 August 2021 Afternoon Session Analysis
Aussie rose following upbeat data.
The Australian dollar which traded against the dollar and other currency pairs have rose following upbeat economics data at home and also support from dollar weakness caused by dovish Fed. According to Australian Bureau of Statistics, Australia’s Company Gross Operating Profits jump to 7.1%, surpassed market expectation and previous reading of 3% and -0.6% respectively. On the other hand, dovish statement from Fed on last Friday have buoyed global risk appetite which further boosting the momentum for the Aussie. While Powell provide hints for tapering this year, the central banker has refrained from offering any exact timing of tapering and indicated a gap between the taper and rate hike. Also, comments like “We will be carefully assessing incoming data and the evolving risks,” offered extra confirmation to the markets that the easy money policy is here to stay. AUD/USD rose 0.09% to 0.7303.
In the commodities market, crude oil price edge higher 0.02% to $68.69 per barrel as of writing amid ongoing concerns over Hurricane Ida. According to reports, Hurricane Ida is ploughing through the Gulf of Mexico and forced shutdowns and evacuations of hundreds of offshore oil platforms. Energy companies have halted more than 95% of crude production in the U.S Gulf of Mexico following the storm. On the other hand, gold price rose 0.05% to $1814.67 a troy ounce at the time of writing following dollar weakness.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
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Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 22:00 | USD – Pending Home Sales (MoM) (Jul) | -1.9% | 0.4% | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower following prior breakout below the previous support level 92.65. MACD which illustrate bearish bias signal with the formation of death cross suggest the dollar to extend its losses towards the support level 92.15.
Resistance level: 92.65, 93.10
Support level: 92.15, 91.60
GBPUSD, H4: GBPUSD was traded higher following recent breakout above the previous resistance level 1.3760. MACD which illustrate bullish momentum signal suggest the pair to extend its gains towards the resistance level 1.3885.
Resistance level: 1.3885, 1.3990
Support level: 1.3760, 1.3600
EURUSD, H4: EURUSD was traded higher following recent breakout above the previous resistance level 1.1765. MACD which illustrate ongoing bullish momentum signal suggest the pair to extend its gains towards the resistance level 1.1830.
Resistance level: 1.1830, 1.1880
Support level: 1.1765, 1.1705
USDJPY, H4: USDJPY remain traded in a sideway channel while currently testing near the support level 109.60. However, MACD which illustrate bearish momentum signal suggest the pair to be traded lower after it breaks below the support level.
Resistance level: 110.15, 110.75
Support level: 109.60, 109.15
AUDUSD, H4: AUDUSD was traded higher while currently testing near the resistance level 0.7330. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to experience a technical correction towards the support level 0.7250.
Resistance level: 0.7330, 0.7415
Support level: 0.7250, 0.7150
NZDUSD, H4: NZDUSD was traded lower while currently testing the support level 0.6990. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its retracement after it breaks below the support level.
Resistance level: 0.7075, 0.7135
Support level: 0.6990, 0.6920
USDCAD, H4: USDCAD remain traded in a sideway channel while currently testing near the support level 1.2585. However, MACD which illustrate bearish bias signal suggest the pair to be traded lower following prior breakout below the support level.
Resistance level: 1.2675, 1.2770
Support level: 1.2585, 1.2440
USDCHF, H4: USDCHF remain traded in sideway channel while currently testing the support level 0.9100. MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to extend its losses after it breaks below the support level.
Resistance level: 0.9200, 0.9245
Support level: 0.9100, 0.9025
CrudeOIL, H4: Crude oil price was traded lower while currently testing the support level 68.35. MACD which illustrate diminishing bullish momentum signal suggest the commodity to extend its losses after it breaks below the support level 68.35.
Resistance level: 71.00, 74.60
Support level: 68.35, 65.35
GOLD, H4: Gold price was traded higher while currently testing near the resistance level 1831.85. However, MACD which illustrate diminishing bullish momentum signal suggest the commodity to experience its retracement towards the support level 1792.35.
Resistance level: 1831.85, 1866.85
Support level: 1792.35, 1760.35