Daily Analysis

01 September 2021                           Afternoon Session Analysis

Canadian Loonie slips following downbeat data.

The Canadian dollar which traded against the US dollar and other currency pair have fell over the backdrop of downbeat economic data. According to the Statistics Canada, Canada’s Gross Domestic Product (GDP) Annualized have eased in second quarter from the previous reading of 5.5% to -1.1%, lower than the forecasted reading of 2.5%. The data suggested that the Canada economy have contracted largely due to the Covid-19 woes. According to latest development, Canada reported 2909 new coronavirus cases yesterday. Nevertheless, the losses experienced by the Loonie may be limited following recent hurricane-led halt in crude oil production and the depleting oil inventories. The strike of hurricane Ida in Gulf of Mexico had forced numerous oil producers to cut their production followed by the better-than-expected API Weekly Crude Oil Stock figures. These have acted as a catalyst to keep the crude oil price stable hence supporting the commodity-linked Canadian dollar. As of writing, the USD/CAD rose 0.11% to 1.2623.

In the commodities market, the crude oil price rose 0.68% to $68.97 per barrel as of writing while traders counting down to OPEC meeting and its decision. OPEC are expected to meet on Wednesday to decide whether to stick to a plan to add 400,000 barrels per day (bpd) each month through December. According to OPEC sources, the market to be in deficit at last until the end of 2021. On the other hand, gold price fell 0.03% to $1815.15 a troy ounce at the time of writing following dollar rebound.

Today’s Holiday Market Close

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Today’s Highlight Events

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Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher while currently testing the resistance level 92.70. MACD which illustrate bullish bias signal with the formation of golden cross suggest the dollar to extend its rebound after it breaks above the resistance level 92.70.

Resistance level: 92.70, 92.10

Support level: 92.15, 91.60

GBPUSD, H4: GBPUSD was traded lower following prior retracement from the resistance level 1.3760. MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to extend its losses towards the support level 1.3600.

Resistance level: 1.3760, 1.3885

Support level: 1.3600, 1.3460

EURUSD, H4: EURUSD was traded lower following prior retracement from the resistance level 1.1830. MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to extend its retracement towards the support level 1.1765.

Resistance level: 1.1830, 1.1880

Support level: 1.1765, 1.1705

USDJPY, H4: USDJPY remain traded in a sideway channel while currently testing the support level 110.15. However, MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to extend its gains after it breaks above the resistance level.

Resistance level: 110.15, 110.75

Support level: 109.60, 109.15

AUDUSD, H4: AUDUSD was traded lower following prior retracement from the resistance level 0.7330. MACD which illustrate bearish bias signal with the formation of death cross suggest the pair to extend its retracement towards the support level 0.7250.

Resistance level: 0.7330, 0.7415

Support level: 0.7250, 0.7150

NZDUSD, H4: NZDUSD was traded lower following prior retracement from its high level. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its retracement towards the support level 0.6990.

Resistance level: 0.7075, 0.7135

Support level: 0.6990, 0.6920

USDCAD, H4: USDCAD remain traded in a sideway channel following recent rebound form the support level 1.2585. However, MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to extend its rebound towards the resistance level 1.2675.

Resistance level: 1.2675, 1.2770

Support level: 1.2585, 1.2440

USDCHF, H4: USDCHF remain traded in sideway channel following recent rebound from its low level. However, MACD which illustrate bullish momentum signal suggest the pair to extend its rebound towards the resistance level 0.9200.

Resistance level: 0.9200, 0.9245

Support level: 0.9100, 0.9025

CrudeOIL, H4: Crude oil price was traded higher following prior rebound from the support level 68.35. However, MACD which illustrate diminishing bearish momentum signal suggest the commodity to extend its rebound towards the resistance level 71.00.

Resistance level: 71.00, 74.60

Support level: 68.35, 65.35

GOLD, H4: Gold price was traded flat following recent retracement from its high level. However, MACD which illustrate bearish momentum signal suggest the commodity to be traded lower in short term towards the support level 1792.35.

Resistance level: 1831.85, 1866.85

Support level: 1792.35, 1760.35

01 September 2021                           Morning Session Analysis

Dollar slumped amid bearish economic data.

The Dollar Index which traded against a basket of six major currency slumped over the backdrop of bearish economic data. According to National Association of Realtor, U.S. Pending Home Sales for last month came in at -1.8%, worse than the market forecast at 0.4%. In addition, Conference Board also reported that the U.S. CB Consumer Confidence notched down significantly from the previous reading of 125.1 to 113.8, which also fared worse than the market expectation at 124.0. As both data were fared worse than expectation, which dialed down the market optimism toward the economic progression in the United States. Nonetheless, the overall movement for the US Dollar remained subdued as investors still wait for a crucial U.S. jobs data on Friday to speculate how soon the Federal Reserve might begin to taper its monetary policy. As of writing, the Dollar Index slumped 0.04% to 92.65.

In the commodities market, the crude oil price surged 0.15% to $68.75 as of writing following upbeat inventory data was released. According to American Petroleum Institute, U.S. API Weekly Crude Oil Stock came in at -4.045M, better than the market forecast at -2.833M. On the other hand, the gold price surged 0.05% to $1814.65 per troy ounces as of writing amid weakening US Dollar.

Today’s Holiday Market Close

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Today’s Highlight Events

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Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower while currently testing the support level at 92.45. However, MACD which illustrated increasing bullish momentum suggest the index to be traded higher in short-term as technical correction.

Resistance level: 93.25, 94.10

Support level: 92.45, 91.80

GBPUSD, H1: GBPUSD was traded lower following prior breakout below the previous support level at 1.3765. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.3765, 1.3805

Support level: 1.3695, 1.3605

EURUSD, H4: EURUSD was traded lower while currently testing the support level at 1.1805. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.1850, 1.1955

Support level: 1.1805, 1.1775

USDJPY, H4: USDJPY was traded within a range while currently testing the support level at 109.75. MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower after it successfully breakout below the support level.

Resistance level: 110.55, 111.10

Support level: 109.75, 109.20

AUDUSD, H4: AUDUSD was traded higher following prior breakout above the previous resistance level at 0.7280. However, MACD which illustrated increasing bearish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 0.7375, 0.7480

Support level: 0.7280, 0.7220

NZDUSD, H4: NZDUSD was traded higher following prior breakout above the previous the resistance level at 0.7015. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 0.7015, 0.7100

Support level: 0.6940, 0.6815

USDCAD, H4: USDCAD was traded lower while currently near the support level at 1.2580. However, MACD which illustrated increasing bullish 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 0.9105. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.9230, 0.9305

Support level: 0.9105, 0.9035

CrudeOIL, H4: Crude oil price was traded lower while currently testing the support level at 68.00. MACD which illustrated bearish momentum suggest the commodity to extend its losses after it successfully breakout below the support level.

Resistance level: 69.85, 73.65

Support level: 68.00, 66.10

GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1818.80. MACD which illustrated increasing momentum suggest the commodity to extend its gains after it successfully breakout the resistance level.

Resistance level: 1818.805, 1830.65

Support level: 1796.55, 1778.55

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

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Today’s Highlight Events

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Today’s Highlight Economic Data

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

30 August 2021                  Morning Session Analysis

Dollar slumped amid increasing risk appetite.

The Dollar Index which traded against a basket of six major currency slumped following the Federal Reserve Chairman Jerome Powell unleashed its future monetary policy plan at Fed’s annual Jackson Hole, Wyoming. Market participants reacted positively to such statement, which increasing the risk appetite in the global financial market while prompting investors to shift their portfolio toward other risky asset. According to CNBC, Federal Reserve Chairman Jerome Powell indicated that the US Central Bank is likely to begin reducing some of its easy-money policies before the end of the year, though he still sees interest rate hikes off in the distance. He also added that the economy has reached a point where it no longer needs as much policy support. That means that the Fed is likely to begin cutting bond buying program each month before the end of the year, so long as economic progress continues. Despite that, he also reiterated that the Federal Reserve will still be likely to maintain its low interest rate until the economic had reached substantial further progress. As of writing, the Dollar Index depreciated by 0.01% to 92.65.

In the commodities market, the crude oil price appreciated by 0.97% to 69.55 per barrel as of writing. The oil market edged higher over the fears upon the supply destruction at critical U.S. oil port. According to Reuters, Hurricane Ida made landfall on Sunday as a Category 4 storm near the area of the major oil production, Port Fourchon, Louisiana. On the other hand, the gold price surged 0.10% to $1818.70 per troy ounces amid weakening US Dollar.

Today’s Holiday Market Close

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Today’s Highlight Events

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Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded lower while currently testing the support level at 92.45. MACD which illustrated increasing bearish momentum suggest the index to extend its losses after it successfully breakout below the support level.

Resistance level: 93.25, 94.10

Support level: 92.45, 91.80

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 following prior breakout above the previous resistance level at 1.1775. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.1850.

Resistance level: 1.1850, 1.1955

Support level: 1.1775, 1.1705

USDJPY, H4: USDJPY was traded lower while currently testing the support level at 109.75. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 110.55, 111.10

Support level: 109.75, 109.20

AUDUSD, H4: AUDUSD was traded higher following prior breakout above the previous resistance level at 0.7280. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.7375.

Resistance level: 0.7375, 0.7480

Support level: 0.7280, 0.7220

NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level at 0.7015. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.7015, 0.7100

Support level: 0.6940, 0.6815

USDCAD, H4: USDCAD was traded lower while currently near the support level at 1.2580. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

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 0.9105. 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: 0.9105, 0.9035

CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level at 69.85. However, MACD which illustrated bearish momentum suggest the commodity to be traded lower in short-term as technical correction.

Resistance level: 69.85, 73.65

Support level: 68.00, 66.10

GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1822.05. MACD which illustrated increasing momentum suggest the commodity to extend its gains after it successfully breakout the resistance level.

Resistance level: 1822.05, 1833.70

Support level: 1794.30, 1773.35

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.

27 August 2021                  Afternoon Session Analysis

Euro slips following dovish ECB.

The Euro which traded against the dollar and other currency pairs have fell following dovish note from the ECB’s latest meeting minutes. According to the minutes, several members of the European Central Bank had expressed disapproval of the new monetary policy guidelines that were introduced last month. They noted that it does not take into account the risk of rising inflation in the EU which could affect the momentum of economic recovery in the long run. The new guidelines will allow the level of inflation to hover above the 2% level before any changes are implemented in monetary policy. It also suggests that the current inflation rate will be used as an indicator in determining monetary policy settings and is likely to disregard developments in the job market. Recent data from the EU also shows that current inflation levels are still below the expectations set out in the new guidelines. ECB also noted that it is still too early to conclude that coronavirus is nearing its end and suggest that December is a more suitable time to decide on its bond purchase program. At the time of writing, EUR/USD fell 0.03% to 1.1752.

In the commodities market, crude oil price remains steady and rose 0.07% to $67.85 per barrel as of writing following news of potential storm heading for Gulf of Mexico. Following latest development, energy companies began shutting in production in the Gulf of Mexico and affect 17% of crude production as a storm was brewing in the Caribbean Sea, forecast to barrel through the Gulf on the weekend. On the other hand, gold price edge higher 0.03% to 1797.40 a troy ounce at the time of writing following dollar retreat.

Today’s Holiday Market Close

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Today’s Highlight Events

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Today’s Highlight Economic Data

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Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher while currently testing near the resistance level 93.10. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the dollar to extend its gains after it breaks above the resistance level 93.10.

Resistance level: 93.10, 93.70

Support level: 92.65, 92.15

GBPUSD, H4: GBPUSD was traded lower following prior retracement from the resistance level 1.3760. MACD which illustrate bearish bias signal with the formation of death cross suggest the pair to extend its losses towards the support level 1.3600.

Resistance level: 1.3760, 1.3885

Support level: 1.3600, 1.3460

EURUSD, H4: EURUSD was traded lower following prior retracement from the resistance level 1.1765. MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to extend its retracement towards the support level 1.1705.

Resistance level: 1.1765, 1.1830

Support level: 1.1705, 1.1625

USDJPY, H4: USDJPY remain traded in a sideway channel following prior retracement from the resistance level 110.15. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its retracement towards the support level 109.60.

Resistance level: 110.15, 110.75

Support level: 109.60, 109.15

AUDUSD, H4: AUDUSD was traded lower following prior breakout below the previous support level 0.7250. MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to extend its losses towards the support level 0.7150.

Resistance level: 0.7330, 0.7415

Support level: 0.7150, 0.7075

NZDUSD, H4: NZDUSD was traded lower while currently testing near the support level 0.6925. MACD which illustrate bearish bias signal with the formation of death cross suggest the pair to extend its losses after it breaks below the support level 0.6925.

Resistance level: 0.7000, 0.7075

Support level: 0.6925, 0.6815

USDCAD, H4: USDCAD was traded higher following prior breakout above the previous resistance level 1.2675. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to extend its gains towards the resistance level 1.2770.

Resistance level: 1.2770, 1.2870

Support level: 1.2675, 1.2585

USDCHF, H4: USDCHF remain traded in a sideway channel following recent retracement from its high level. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to be traded lower in short term towards the support level 0.9100.

Resistance level: 0.9200, 0.9245

Support level: 0.9100, 0.9025

CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level 68.35. However, MACD which illustrate diminishing bullish momentum signal with the formation of death cross suggest commodity to extend its retracement towards the support level 65.35.

Resistance level: 68.35, 71.00

Support level: 65.35, 61.60

GOLD, H4: Gold price was traded lower following prior rebound from the support level 1792.35. MACD which illustrate diminishing bearish momentum signal suggest the commodity to extend its gains towards the resistance level 1831.85.

Resistance level: 1831.85, 1866.85

Support level: 1792.35, 1760.35

27 August 2021                  Morning Session Analysis

Dollar surged amid Fed’s hawkish tone.

The Dollar Index which traded against a basket of six major currency surged following the Federal Reserve member unleashed their hawkish tone ahead of Fed’s Jackson Hole meeting. According to CNBC, St. Louis Federal Reserve President James Bullard claimed on yesterday that the central bank should begin to curb its monthly stimulus efforts soon and have the process wrapped up by the end of March to prevent the U.S. economy from overheating. Besides, many Fed leaders also believe that the central bank should reduce the pace of its monthly purchases in Treasury bond and mortgage-backed securities to prevent high inflation risk in future. Nonetheless, the gain experienced by the US Dollar was limited amid bearish economic data yesterday. According of Department of Labor, U.S. Initial Jobless Claims came in at only 353K, missing the market forecast at 350K. Meanwhile, Bureau of Economic Analysis reported that the U.S. Gross Domestic Product (GDP) for last quarter notched down from the previous reading of 6.5% to 6.6%, which also missing the market forecast at 6.7%. As of writing, the Dollar Index appreciated by 0.04% to 93.10.

In the commodities market, the crude oil price slumped 0.31% to $67.75 as of writing. The oil market depreciated amid Mexico restored some output after a fire disrupted supplies on Sunday. By Tuesday, the state oil firm Petroleos Mexicanos (Pemex) claimed that they had recovered 71,000 bpd of production and expected to add an additional 110,000 bpd this week. On the other hand, the gold price slumped 0.05% to $1793.90 per troy ounces as of writing amid strengthening US Dollar.

Today’s Holiday Market Close

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Today’s Highlight Events

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Today’s Highlight Economic Data

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Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded higher while currently testing the resistance level at 93.25. MACD which illustrated increasing bullish momentum suggest the index to extend its gains after it successfully breakout above the resistance level.

Resistance level: 93.25, 94.10

Support level: 92.45, 91.80

GBPUSD, H4: GBPUSD was traded lower following prior retracement from the resistance level at 1.3730. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.3605.

Resistance level: 1.3730, 1.3805

Support level: 1.3605, 1.3515

EURUSD, H4: EURUSD was traded lower following prior retracement from the resistance level at 1.1775. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.1705.

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. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 110.55, 111.10

Support level: 109.75, 109.20

AUDUSD, H4: AUDUSD was traded lower following prior retracement from the resistance level at 0.7280. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.7115.

Resistance level: 0.7280, 0.7375

Support level: 0.7115, 0.7000

NZDUSD, H4: NZDUSD was traded lower while currently testing the support level at 0.6940. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.7015, 0.7120

Support level: 0.6940, 0.6815

USDCAD, H4: USDCAD was traded higher while currently testing the resistance level at 1.2705. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.2705, 1.2780

Support level: 1.2650, 1.2580

USDCHF, H4: USDCHF was traded higher following prior rebound from the support level at 0.9125. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.9230.

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 bearish 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 higher while currently testing the resistance level at 1794.30. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains after it successfully breakout the resistance level.

Resistance level: 1794.30, 1812.50

Support level: 1773.35, 1754.40

26 August 2021                  Afternoon Session Analysis

Aussie rose following upbeat Capex data.

The Australian dollar which traded against US dollar and other currency pairs have rose following the positive release of Aussie data. According to Australian Bureau of Statistics, Australia’s Private Capital Expenditure (Capex) which measure business investment have rose to two years high of 4.4%, surpassed market expectation of 2.5%. The data confirmed the economy had a good head of steam in the second quarter before the lockdowns likely threw it into reverse. The positive data also prompt investors to expect that the gross domestic product report due next week will show reasonable growth for the quarter, and a huge improvement from last year when lockdowns tipped the economy into recession. At the time of writing, AUD/USD rose 0.05% to 0.7261.

In the commodities market, crude oil price retreat 0.12% to $67.94 per barrel as of writing amid renewed concerns over virus. While recent inventory data from EIA have help support the commodity, fresh outbreaks fueled by the Delta variant are raising concerns about the strength of the economic recovery globally as Covid-19 restrictions are hitting demand for oil and other commodities. On the other hand, gold price fell 0.14% to $1788.41 a troy ounce at the time of writing following dollar rebound.

Today’s Holiday Market Close

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Today’s Highlight Events

Time                       Market                  Event

19:30                      EUR                       ECB Publishes Account of Monetary Policy Meeting

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher following recent rebound from its low level. MACD which illustrate diminishing bearish momentum signal suggest the dollar to extend its rebound towards the resistance level 93.10.

Resistance level: 93.10, 93.70

Support level: 92.65, 92.15

GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level 1.3760. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to experience a technical correction towards the support level 1.3600.

Resistance level: 1.3760, 1.3885

Support level: 1.3600, 1.3460

EURUSD, H4: EURUSD was traded higher while currently testing the resistance level 1.1765. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its retracement towards the support level 1.1705.

Resistance level: 1.1765, 1.1830

Support level: 1.1705, 1.1625

USDJPY, H4: USDJPY remain traded in a sideway channel. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to be traded lower in short term towards the support level 109.60.

Resistance level: 110.15, 110.75

Support level: 109.60, 109.15

AUDUSD, H4: AUDUSD was traded lower while currently testing near the support level 0.7250. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses after it breaks below the support level 0.7250.

Resistance level: 0.7330, 0.7415

Support level: 0.7250, 0.7150

NZDUSD, H4: NZDUSD was traded lower following prior retracement from its high level. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its retracement from the resistance level 0.7000.

Resistance level: 0.7000, 0.7075

Support level: 0.6925, 0.6815

USDCAD, H4: USDCAD was traded higher following prior rebound from the support level 1.2585. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its rebound towards the resistance level 1.2675.

Resistance level: 1.2675, 1.2770

Support level: 1.2585, 1.2440

USDCHF, H4: USDCHF remain traded in a sideway channel following recent rebound from its low level. However, MACD which illustrate bullish bias signal with the formation of golden cross suggest the pair to extend its rebound in short term towards the resistance level 0.9200.

Resistance level: 0.9200, 0.9245

Support level: 0.9100, 0.9025

CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level 68.35. However, MACD which illustrate diminishing bullish momentum signal suggest the commodity to experience a technical correction towards the support level 65.35.

Resistance level: 68.35, 71.00

Support level: 65.35, 61.60

GOLD, H4: Gold price was traded lower following prior breakout below the previous support level 1792.35. MACD which illustrate bearish momentum signal suggest the commodity to extend its losses towards the support level 1760.35.

Resistance level: 1792.35, 1831.85

Support level: 1760.35, 1725.50

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

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.

25 August 2021                  Afternoon Session Analysis

New Zealand Dollar slumped following downbeat trade data.

The New Zealand Dollar which traded against US dollar and other currency pairs have fell over the backdrop of downbeat economic data. According to the Statistics New Zealand, the New Zealand Trade Balance in July have eased from the previous reading of 245M to -402M. Further details suggest that the Imports grew from $5.71B to $6.16B while Exports eased from $5.96B to $5.75B. The bearish data suggested that the slowdown of economic momentum in New Zealand due to recent outbreak of coronavirus. On top of that, Reserve Bank of New Zealand’s (RBNZ) has decided to maintain its official cash rate at 0.25% to continue providing support to the economy recovery from the Covid-19 pandemic as coronavirus risks persists. On coronavirus front, New Zealand reported 148 new coronavirus cases yesterday, the highest daily jump in the current cycle. As of writing, the NZD/USD was down 0.14% to 0.6940.

In the commodities market, the crude oil price fell 0.05% to $67.05 per barrel at the time of writing. following supply concerns. According to the American Petroleum Institute, the US API Weekly Crude Oil Stock came in at the reading of -1.622M, lower than the forecasted reading of -2.367M. On the other hand, the gold price fell 0.50% to $1794.01 a troy ounce as of writing following dollar rebound.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher while currently testing near the resistance level 93.10. MACD which illustrate diminishing bearish momentum signal suggest the dollar to extend its gains after it breaks above the resistance level.

Resistance level: 93.10, 93.70

Support level: 92.65, 92.15

GBPUSD, H4: GBPUSD was traded higher while currently testing near the resistance level 1.3745. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to experience a technical correction towards the support level 1.3600.

Resistance level: 1.3745, 1.3885

Support level: 1.3600, 1.3460

EURUSD, H4: EURUSD was traded lower following prior retracement from the resistance level 1.1765. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses towards the support level 1.1705.

Resistance level: 1.1765, 1.1830

Support level: 1.1705, 1.1625

USDJPY, H4: USDJPY remain traded in a sideway channel following recent rebound from the support level 109.60. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its rebound in short term towards the resistance level 110.15.

Resistance level: 110.15, 110.75

Support level: 109.60, 109.15

AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level 0.7250. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to be traded lower as a technical correction towards the support level 0.7150.

Resistance level: 0.7245, 0.7330

Support level: 0.7150, 0.7075

NZDUSD, H4: NZDUSD was traded lower while currently testing near the support level 0.6925. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses after it breaks below the support level 0.6925.

Resistance level: 0.7000, 0.7075

Support level: 0.6925, 0.6815

USDCAD, H4: USDCAD was traded lower while currently testing near the support level 1.2585. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to experience a technical correction towards the resistance level 1.2675.

Resistance level: 1.2675, 1.2770

Support level: 1.2585, 1.2440

USDCHF, H4: USDCHF was traded higher following prior rebound from its low level. MACD which illustrate diminishing bearish momentum signal with the formation of golden cross suggest the pair to extend its rebound towards the resistance level 0.9200.

Resistance level: 0.9200, 0.9245

Support level: 0.9100, 0.9025

CrudeOIL, H4: Crude oil price was traded higher while currently testing near the resistance level 68.35. However, MACD which illustrate diminishing bullish momentum signal suggest the commodity to experience a technical correction towards the support level 65.35.

Resistance level: 68.35, 71.00

Support level: 65.35, 61.60

GOLD, H4: Gold price was traded lower while currently testing the support level 1792.35. MACD which illustrate diminishing bullish momentum signal suggest the commodity to extend its losses after it breaks below the support level 1792.35.

Resistance level: 1831.85, 1866.85

Support level: 1792.35, 1760.35

25 August 2021                  Morning Session Analysis

Euro surged amid positive data.

The pair of EUR/USD surged on yesterday over the backdrop of upbeat economic data from the Germany region. According to Statistisches Bundesamt Deutschland, Germany Gross Domestic Product (GDP) for last quarter had notched up significantly from the previous reading of -1.8% to 1.6%, exceeding the market forecast at 1.5%. As such crucial data had fared better than market expectation, which dialed up the market optimism toward the economic progression in the European region while spurring hopes for European Central Bank to taper its monetary policy earlier-than-expected. On the Covid-19 front, Chancellor Angela Merkel said on Monday that Germany has decided to stop using the Covid-19 infections rate as its yardstick for deciding if restrictions should be in force to combat the spread of the virus. Since the number of people who are fully vaccinated continue to rise in Germany, the government will instead monitor hospitalization as a key indicator for the determination of the “lock-down” policy. Investors remained positive that high vaccination level in the European region would limit the probability for the authorities to implement lock-down measures. As of writing, EUR/USD slumped 0.08% to 1.1745.

In the commodities market, the crude oil price slumped 0.37% to 67.55 per barrel as of writing. The oil market received some bearish momentum in early trading session following bearish inventory data was released. According to American Petroleum Institute, U.S. API Weekly Crude Oil Stock came in at -1.622M, missing the market forecast at -2.367M. On the other hand, the gold price depreciated by 0.40% to $1795.95 per troy ounces as of writing amid market participants speculated the Fed might provide hawkish tone during the Jackson Hole meeting in this Friday.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

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 while currently testing the resistance level at 1.3730. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 1.3730, 1.3805

Support level: 1.3605, 1.3415

EURUSD, H4: EURUSD was traded higher following prior breakout above the previous resistance level at 1.1705. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 1.1775, 1.1850

Support level: 1.1705, 1.1635

USDJPY, H4: USDJPY was traded lower while currently testing the support level at 109.75. MACD which illustrated increasing bearish suggest the pair to extend its losses after it successfully breakout below the support level.

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: 0.7255, 0.7375

Support level: 0.7115, 0.7000

NZDUSD, H4: NZDUSD was traded higher following prior rebound from the support level at 0.6815. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 0.6940, 0.7120

Support level: 0.6765, 0.6675

USDCAD, H4: USDCAD was traded lower while currently testing the support level at 1.2650. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.2780, 1.2935

Support level: 1.2650, 1.2580

USDCHF, H4: USDCHF was traded lower while currently testing the support level at 0.9125. However, MACD which illustrated diminishing bearish 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. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.

Resistance level: 68.00, 69.85

Support level: 66.10, 63.55

GOLD_, H4: Gold price was traded lower while currently testing the support level at 1794.30. MACD which illustrated diminishing bullish momentum suggest the commodity to extend its losses after it successfully breakout below the support level.

Resistance level: 1812.50, 1833.70

Support level: 1794.30, 1773.35

24 August 2021                  Afternoon Session Analysis

New Zealand Kiwi rose following upbeat Retail Sales data.

The New Zealand dollar which traded against the greenback and other currency pairs have rose as the pair benefitted from the recent release of strong New Zealand Retail Sales data. According to Statistics New Zealand, New Zealand Retail Sales rose to 3.3%, surpassed market expectation of 2.0% and also previous reading of 2.5%. Statistics New Zealand stated that most retail industries have witness an increase in spending with rises across all region. As the data continue to impress, New Zealand Finance Minister Grant Robertson recently stated that New Zealand is in a strong fiscal position to handle the recent lockdown. At the same time, the pair also currently supported by dollar weakness which dragged by surging Delta variant cases in the U.S. At the time of writing, NZD/USD rose 0.12% to 0.6895.

In the commodities market, crude oil price soars 0.55% to $65.85 per barrel as of writing following U.S clearance for Covid-19 vaccine increased hopes of fuel demand. According to the latest development, The U.S. Food and Drug Administration (FDA), which last December authorized the Pfizer/BioNtech two-dose vaccine for emergency use, has now issued full approval for use in people age 16 and older. Health officials expected that the move will convince unvaccinated Americans that the shot is safe and effective and boost vaccination numbers. On the other hand, gold price rose 0.11% to $1802.75 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

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following prior breakout below the previous support level 93.10. MACD which illustrate ongoing bearish momentum signal suggest the dollar to extend its losses towards the support level 92.65.

Resistance level: 93.10, 93.70

Support level: 92.65, 92.15

GBPUSD, H4: GBPUSD was traded higher while currently testing near the resistance level 1.3745. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its retracement from the resistance level 1.3745.

Resistance level: 1.3745, 1.3885

Support level: 1.3600, 1.3460

EURUSD, H4: EURUSD was traded higher while currently testing near the resistance level 1.1765. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to be traded lower in short term towards the support level 1.1705.

Resistance level: 1.1765, 1.1830

Support level: 1.1705, 1.1625

USDJPY, H4: USDJPY was traded lower while currently testing near the support level 109.60. MACD which illustrate bearish bias signal with the formation of death cross suggest the pair to extend its losses 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 0.7245. MACD which illustrate persistent bullish momentum signal suggest the pair to extend its gains after it breaks above the previous resistance level 0.7245.

Resistance level: 0.7245, 0.7330

Support level: 0.7150, 0.7075

NZDUSD, H4: NZDUSD was traded higher while currently testing near the resistance level 0.6925. MACD which illustrate ongoing bullish momentum signal suggest the pair to extend its gains after it breaks above the resistance level.

Resistance level: 0.6925, 0.7000

Support level: 0.6820, 0.6725

USDCAD, H4: USDCAD was traded lower following prior breakout below the previous support level 1.2675. MACD which illustrate persistent bearish momentum signal suggest the pair to extend its losses towards the support level 1.2585.

Resistance level: 1.2675, 1.2770

Support level: 1.2585, 1.2440

USDCHF, H4: USDCHF was traded lower while currently testing near the support level 0.9100. MACD which illustrate bearish momentum signal suggest the pair to extend its losses after it breaks below the support level 0.9100.

Resistance level: 0.9200, 0.9245

Support level: 0.9100, 0.9025

CrudeOIL, H4: Crude oil price was traded higher following prior breakout above the previous resistance level 65.35. MACD which illustrate ongoing bullish momentum signal suggest the commodity to extend its gains towards the resistance level 68.35.

Resistance level: 65.35, 68.35

Support level: 61.60, 57.30

GOLD, H4: Gold price was traded higher following prior breakout above previous resistance level 1792.35. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the gold to extend its gains towards the resistance level 1831.85.

Resistance level: 1831.85, 1866.85

Support level: 1792.35, 1760.35

24 August 2021                  Morning Session Analysis

Dollar slumped amid risk-on mood.

The Dollar Index which traded against a basket of six major currency pairs slumped on Monday, after posting its biggest weekly rise in more than two-month last week amid gains in global equity markets boosted risk sentiment, prompting investors to shift their portfolio from safe-haven asset such as US Dollar into another riskier asset. Though, the losses experienced by the US Dollar was limited over the backdrop of bullish economic data. According to National Association of Realtor, U.S. Existing Home Sales for last month had increased from the preliminary reading of 5.87M to 5.99M, better than the market forecast at 5.83M. Meanwhile, the investors would continue to scrutinize the latest updates from the Federal Reserve during the Fed’s central conference in Jackson Hole later this week to receive further trading signal. Market participants expected that Federal Reserve Chair Jerome Powell may provide further clarity on the sequencing of Fed’s monetary policy plan in order to stabilize the economic growth. As of writing, the Dollar Index appreciated by 0.05% to 93.01.

In the commodities market, the crude oil price surged 0.08% to $65.75 per barrel as of writing. The oil market rebounded significantly amid the positive prospect toward the Covid-19 development. According to Reuters, China reported no new locally transmitted cases of Covid-19 on Monday for the first time since July, a sign the current outbreak may be waning amid China’s tough anti-virus measures across the country. On the other hand, the gold market appreciated by 0.05% to $1803.35 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

N/A

Today’s Highlight Economic Data

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 be traded lower in short-term as technical correction.

Resistance level: 92.25, 92.65

Support level: 91.80, 90.75

GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level at 1.3730. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.3730, 1.3805

Support level: 1.3605, 1.3415

EURUSD, H4: EURUSD was traded higher following prior breakout above the previous resistance level at 1.1705. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.1775.

Resistance level: 1.1775, 1.1850

Support level: 1.1705, 1.1635

USDJPY, H4: USDJPY was traded lower while currently testing the support level at 109.75. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

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. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.7240.

Resistance level: 0.7240, 0.7375

Support level: 0.7115, 0.7000

NZDUSD, H4: NZDUSD was traded higher following prior rebound from the support level at 0.6815. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.6930.

Resistance level: 0.6930, 0.7120

Support level: 0.6765, 0.6675

USDCAD, H4: USDCAD was traded lower while currently testing the support level at 1.2650. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.2780, 1.2935

Support level: 1.2650, 1.2580

USDCHF, Daily: USDCHF was traded lower while currently testing the support level at 0.9125. 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: 0.9125, 0.9035

CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level at 65.80. MACD which illustrated increasing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.

Resistance level: 65.80, 68.00

Support level: 63.55, 61.45

GOLD_, H4: Gold price was traded higher following prior breakout above the previous resistance level at 1794.30. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains toward resistance level at 1812.50.

Resistance level: 1812.50, 1833.70

Support level: 1794.30, 1773.35

20 August 2021                  Afternoon Session Analysis

Dollar slips following market cautious ahead of Jackson Hole Symposium.

The dollar index which traded against a basket of six major currency pairs have fell following cautiousness ahead of Jackson Hole Symposium this week. The continuous surge in COVID-19 will see the U.S. Federal Reserve conduct its annual Jackson Hole symposium online beginning Aug. 26. Fed Chairman Jerome Powell has maintained his dovish stance to date. However, Dallas Fed President Robert Kaplan provided a potential clue before the symposium’s start, saying that his view of beginning asset tapering soon could be adjusted should the COVID-19 Delta variant continue to spread and impact the economic recovery. Despite that, U.S currency remained supported overall by concerns that the coronavirus Delta variant could derail global economic recovery. Therefore, market will now look to Jackson Hole Symposium for further clues. At the time of writing, dollar index fell 0.18% to $93.33.

In the commodities market, crude oil price fell 0.11% to $63.15 per barrel as of writing amid ongoing concerns over Delta variant continues. As of now, the spread of COVID-19’s Delta variant continues, with South Korea and Vietnam among the nations tightening restrictive measures. Japan tripled COVID-19 tests, changing its strategy after daily new infections reached record levels on Friday. On China, the world’s top oil importer, China remains ‘zero tolerance’ on COVID-19 policy, meaning tight restrictive measures to curb the country’s latest outbreak. The restriction means disruptions in shipping and global supply chains as ports were ordered closed. On the other hand, gold price held steady and rose 0.34% to $1787.16 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

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following prior breakout below the previous support level 93.45. MACD which illustrate bearish momentum signal with the formation of death cross suggest the dollar to extend its losses towards the support level 93.10.

Resistance level: 93.45, 93.80

Support level: 93.10, 92.65

GBPUSD, H4: GBPUSD was traded higher following prior rebound from the support level 1.3600. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to extend its gains towards the resistance level 1.3745.

Resistance level: 1.3745, 1.3885

Support level: 1.3600, 1.3460

EURUSD, H4: EURUSD was traded higher following prior breakout above the previous resistance level 1.1705. MACD which illustrate bullish bias signal with the formation of golden cross suggest the pair to extend its gains towards the resistance level 1.1765.

Resistance level: 1.1765, 1.1830

Support level: 1.1705, 1.1625

USDJPY, H4: USDJPY was traded higher following prior rebound from the support level 109.70. MACD which illustrate bullish momentum signal suggest the pair to extend its gains towards the resistance level 110.50.

Resistance level: 110.50, 111.00

Support level: 109.70, 109.20

AUDUSD, H4: AUDUSD was traded higher following prior breakout above the previous resistance level 0.7150. MACD which illustrate bullish momentum signal suggest the pair to extend its gains towards the resistance level 0.7245.

Resistance level: 0.7245, 0.7330

Support level: 0.7150, 0.7075

NZDUSD, H4: NZDUSD was traded higher following prior rebound from the support level 0.6820. MACD which illustrate bullish bias signal with the formation of golden cross suggest the pair to extend its rebound towards the resistance level 0.6925.

Resistance level: 0.6925, 0.7000

Support level: 0.6820, 0.6725

USDCAD, H4: USDCAD was traded lower while currently testing the support level 1.2770. 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 1.2770.

Resistance level: 1.2870, 1.2955

Support level: 1.2770, 1.2675

USDCHF, H4: USDCHF was traded lower following recent retracement from the resistance level 0.9200. MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to extend its retracement towards the support level 0.9135.

Resistance level: 0.9200, 0.9245

Support level: 0.9135, 0.9090

CrudeOIL, H4: Crude oil price was traded higher following prior rebound from its low level. MACD which illustrate diminishing bearish momentum signal suggest the commodity to extend its rebound towards the resistance level 65.35.

Resistance level: 65.35, 68.35

Support level: 61.00, 57.30

GOLD, H4: Gold price was traded flat while currently testing near the resistance level 1792.35. However, MACD which illustrate diminishing bearish momentum signal suggest the commodity to be traded higher after it breaks above the resistance level.

Resistance level: 1792.35, 1831.85

Support level: 1760.35, 1725.50

23 August 2021                  Morning Session Analysis

Pound slumped amid bearish data.

The Pound Sterling slumped over the backdrop of bearish economic data from United Kingdom yesterday, which dialed down the market optimism toward the economic progression in U.K. According to Office for National Statistics, U.K. Retail Sales had notched down significantly from the previous reading of 0.2% to -2.5%, missing the market forecast at 0.4%. Such bearish economic data indicated that the consumer spending in U.K. remained subdued amid spiking numbers of Delta variant had limited some economic activity. According to Reuters, U.K. reported another 32,253 new cases of Covid-19 while another 49 people were recorded as having died from the infections. In addition, the risky asset such as Pound Sterling extend its losses amid investors fear that the spiking numbers of the Covid-19 cases could continue to dampen the economic outlook, which diminishing risk appetite in the FX market while prompting investors to shift their portfolio from the risky asset such as Pound Sterling into another safe-haven asset. As of writing, GBP/USD depreciated by 0.03% to 1.3621.

In the commodities market, the crude oil price slumped 0.05% to $62.35 per barrel as of writing amid investors sold the crude oil futures in anticipation of weakened fuel demand worldwide due to a significant surge in Covid-19 cases. On the other hand, the gold price depreciated by 0.08% to 1779.54 per troy ounces as of writing amid market participants speculated that the Federal Reserve might provide hawkish statement in this week during the Fed’s central bank conference in Jackson Hole.

Today’s Holiday Market Close

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Today’s Highlight Events

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Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded higher while currently testing the resistance level at 93.25. MACD which illustrated increasing bullish momentum suggest the index to extend its gains after it successfully breakout above the resistance level.

Resistance level: 92.25, 92.65

Support level: 91.80, 90.75

GBPUSD, H4: GBPUSD was traded lower while currently testing the support level at 1.3605. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.3730, 1.3805

Support level: 1.3605, 1.3415

EURUSD, H4: EURUSD was traded within a range while currently testing the resistance level at 1.1705. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.1705, 1.1775

Support level: 1.1635, 1.1550

USDJPY, H4: USDJPY was traded higher following prior breakout above the previous resistance level at 109.75. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 110.55, 111.10

Support level: 109.75, 109.20

AUDUSD, Daily: AUDUSD was traded lower while currently testing the support level at 0.7115. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.7240, 0.7375

Support level: 0.7115, 0.7000

NZDUSD, Daily: NZDUSD was traded lower following prior breakout below the previous support level at 0.6915. MACD which illustrated increasing bearish momentum suggest the pair to extend it losses toward support level at 0.6765.

Resistance level: 0.6915, 0.7120

Support level: 0.6765, 0.6675

USDCAD, H4: USDCAD was traded lower following prior retracement from the resistance level at 1.2935. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 1.2770.

Resistance level: 1.2935, 1.3040

Support level: 1.2770, 1.2670

USDCHF, H4: USDCHF was traded higher following prior rebound from the support level at 0.9135. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 0.9230, 0.9305

Support level: 0.9135, 0.9035

CrudeOIL, H4: Crude oil price was traded lower while currently testing the support level at 62.45. MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.

Resistance level: 63.55, 65.05

Support level: 61.45, 59.25

GOLD_, H4: Gold price was traded lower while currently testing the support level at 1773.35. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses after it successfully breakout below the support level.

Resistance level: 1794.30, 1812.50

Support level: 1773.35, 1754.40

20 August 2021                  Afternoon Session Analysis

Pound fell amid Brexit concerns.

The pound sterling which traded against the dollar and other currency pairs have plunged amid rising concerns over Brexit immigration in the U.K. According to reports from the Financial Times, businesses were forced to reduce the scale of operations due to the newly revised immigration conditions that have resulted business in staff shortages. For example, a chicken supplier company was forced to reduce its supply following a failure to hire enough employees and it has resulted in disruptions to the operations of restaurants such as KFC and Nando’s. In addition, hundreds of banking staff have returned to the EU following the enforcement of immigration requirements since early last year. Investors fear that the strict Brexit immigration will change the fundamental situation in the UK and affect the U.K economic recovery. At the same time, the strength of the dollar which propelled by recent positive data and hawkish FOMC meeting also continue to weigh on the pair. At the time of writing, GBP/USD fell 0.09% to 1.3625.

In the commodities market, crude oil price fell 0.16% to $63.81 per barrel as of writing amid ongoing fears towards rising Delta variant cases which could jeopardize global economic recovery. According to a report by Medscape, France has recorded an average of 23,000 new cases in the past few days, most of which are from the Delta variant. Statistics also showed that the hospitalization rate has reached 10,000, the highest level since June this year. At the same time, Australia, New Zealand, Japan and other countries have announced movement control orders to curb the spread of the new coronavirus in their respective countries. On the other hand, gold price fell 0.09% to $1783.65 a troy ounce at the time of writing amid strengthening dollar.

Today’s Holiday Market Close

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Today’s Highlight Events

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Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher following prior breakout above the previous resistance level 93.45. MACD which illustrate persistent bullish momentum signal suggest the dollar to extend its gains toward the resistance level 93.80.

Resistance level: 93.80, 94.20

Support level: 93.45, 93.10

GBPUSD, H4: GBPUSD was traded lower while currently testing near the support level 1.3600. MACD which illustrate bearish momentum signal suggest the pair to extend its losses after it breaks below the support level.

Resistance level: 1.3745, 1.3885

Support level: 1.3600, 1.3460

EURUSD, H4: EURUSD was traded lower following recent breakout below the previous support level 1.1705. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to experience a technical correction back towards the level 1.1705.

Resistance level: 1.1705, 1.1765

Support level: 1.1625, 1.1545

USDJPY, H4: USDJPY was traded flat while currently testing the support level 109.70. However, MACD which illustrate bearish bias signal suggest the pair to extend its losses after it breaks below the support level.

Resistance level: 110.50, 111.00

Support level: 109.70, 109.20

AUDUSD, H4: AUDUSD was traded lower following prior breakout below the previous support level 0.7145. MACD which illustrate persistent bearish momentum signal suggest the pair to extend its losses towards the support level 0.7075.

Resistance level: 0.7150, 0.7245

Support level: 0.7075, 0.7000

NZDUSD, H4: NZDUSD was traded lower while currently testing the support level 0.6825. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to be traded higher as a technical correction towards the resistance level 0.6925.

Resistance level: 0.6925, 0.7000

Support level: 0.6825, 0.6725

USDCAD, H4: USDCAD was traded higher while currently testing near the resistance level 1.2870. MACD which illustrate bullish momentum signal suggest the pair to extend its gains after it breaks above the resistance level.

Resistance level: 1.2870, 1.2955

Support level: 1.2770, 1.2675

USDCHF, H4: USDCHF was traded lower following prior retracement from the resistance level 0.9200. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its retracement towards the support level 0.9135.

Resistance level: 0.9200, 0.9245

Support level: 0.9135, 0.9090

CrudeOIL, H4: Crude oil price was traded lower while currently testing the support level 63.45. However, MACD which illustrate diminishing bearish bias signal suggest the commodity to experience a technical correction towards the resistance level 65.65.

Resistance level: 65.65, 68.35

Support level: 63.45. 61.00

GOLD, H4: Gold price was traded lower following prior retracement from the resistance level 1792.35. MACD which illustrate bearish momentum signal suggest the commodity to extend its losses towards the support level 1760.35.

Resistance level: 1792.35, 1831.85

Support level: 1760.35, 1725.50