Daily Analysis

20 August 2021                  Morning Session Analysis

Dollar surged amid upbeat job data.

The Dollar Index which traded against a basket of six major currency pairs extend its gains over the backdrop of upbeat job data from the U.S. region yesterday. According to Department of Labor, U.S. Initial Jobless Claims notched down from the previous reading of 377K to 348K, better than the market forecast at 363K, which spurring hopes that the Federal Reserve might be tightening its monetary policy earlier than expected. In earlier, the minutes of the Fed’s July meeting minutes had indicated that the Fed’s members are largely expected to reduce their monthly bond purchasing program later this year, which increasing the U.S. government bond yields and making it more attractive for the investors to hold dollar-denominated assets. Nonetheless, the gains experienced by the US Dollar was limited amid negative manufacturing index on yesterday. According to Federal Reserve Bank of Philadelphia, U.S. Philadelphia Fed Manufacturing Index came in at 19.4, missing the market forecast at 23.0. As of writing, the Dollar Index appreciated by 0.46% to 93.55.

In the commodities market, the crude oil price extends its losses 0.03% to 63.85 per barrel as of writing. The oil market was traded lower amid the recent wave of Covid-19 infections worldwide had continue to diminish the demand for global travel and threaten economic activity, which spurring negative prospect for the crude oil price. On the other hand, the gold price depreciated by 0.03% to $1780.35 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

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. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.3730, 1.3805

Support level: 1.3605, 1.3415

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

Resistance level: 1.1705, 1.1775

Support level: 1.1635, 1.1550

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 lower following prior breakout below the previous support level at 0.7240. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 0.7240, 0.7320

Support level: 0.7135, 0.7045

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 higher following prior breakout above the previous resistance level at 1.2770. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.2935.

Resistance level: 1.2935, 1.3105

Support level: 1.2770, 1.2585

USDCHF, Daily: USDCHF was traded higher following prior rebound from the support level at 0.9135. 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: 0.9135, 0.9035

CrudeOIL, Daily: Crude oil price was traded lower while currently testing the support level at 62.65. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses after it successfully breakout below the support level.

Resistance level: 67.15, 73.75

Support level: 62.65, 57.30

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

19 August 2021                  Afternoon Session Analysis

Aussie remains pressured despite upbeat jobs data.

The Australian dollar which traded against the dollar and other currency pairs have fell despite with a positive surprise in the Australian jobs data. According to the Australian Bureau of Statistics, Australia Employment Change came in at 2.2K, higher than market expectation of -46.2K whereas Unemployment Rate dropped to 4.6%, far better than market expectation and previous of 5% and 4.9% respectively. Despite with the upbeat data, concerns over coronavirus in Australia capping gains for the Aussie and favor the sellers. According to reports from Bloomberg, Australia has suffered its worst day since the start of the Covid-19 pandemic, with total daily cases surpassing the previous record posted more than a year ago as a delta variant outbreak spreads as far as New Zealand. Besides that, recent meeting minutes from Fed also weigh on the risk appetite where FOMC minutes support asset tapering while conveying dissatisfaction of employment recovery. At the time of writing, AUD/USD fell 0.34% to 0.7204.

In the commodities market, crude oil price plunged 0.17% to $64.10 per barrel as of writing following a drop in U.S fuel demand. According to data from EIA, domestic gasoline stockpile inventories have climbed to 696,000 barrels, the first increase in more than a month. As traders assessed the fundamentals with respect to demand risk, the sentiment remains negative despite with larger than expected decline in crude oil inventories. On top of that, surging global coronavirus cases also continue to weigh on the commodity. On the other hand, gold price fell 0.45% to $1780.05 a troy ounce at the time of writing amid stronger 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 while currently testing the resistance level 93.45. MACD which illustrate ongoing bullish momentum signal suggest the dollar to extend its gains after it breaks above the resistance level.

Resistance level: 93.45, 93.85

Support level: 93.10, 92.65

GBPUSD, H4: GBPUSD was traded lower following prior breakout below the previous support level 1.3745. MACD which illustrate ongoing bearish momentum signal suggest the pair to extend its losses towards the support level 1.3600.

Resistance level: 1.3745, 1.3885

Support level: 1.3600, 1.3470

EURUSD, H4: EURUSD was traded lower following prior breakout below the previous support level 1.1705. MACD which illustrate persistent bearish momentum signal suggest the pair to extend its losses towards the support level 1.1625.

Resistance level: 1.1705, 1.1765

Support level: 1.1625, 1.1545

USDJPY, H4: USDJPY was traded higher following prior breakout above the previous resistance level 109.70. MACD which illustrate ongoing 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 lower following prior breakout below the previous support level 0.7245. MACD which illustrate bearish momentum signal suggest the pair to extend its losses 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 the support level 0.6825. MACD which illustrate ongoing bearish momentum signal suggest the pair to extend its losses after it breaks below the support level.

Resistance level: 0.6925, 0.7000

Support level: 0.6825, 0.6725

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

Resistance level: 1.2770, 1.2870

Support level: 1.2675, 1.2600

USDCHF, H4: USDCHF was traded higher while currently testing the resistance level 0.9200. MACD which illustrate ongoing bullish momentum signal suggest the pair to extend its gains after it breaks above the resistance level.

Resistance level: 0.9200, 0.9245

Support level: 0.9135, 0.9090

CrudeOIL, H4: Crude oil price was traded lower while currently testing near the support level 63.45. MACD which illustrate bearish bias signal suggest the commodity to extend its losses after it breaks below the support level.

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 with the formation of death cross 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

19 August 2021                  Morning Session Analysis

Dollar surged following Fed unleashed hawkish tone.

The Dollar Index which traded against a basket of six major currency pairs surged over the backdrop of the hawkish statement from the Federal Reserve yesterday. According to Reuters, most Federal Reserve policymakers believe it could be appropriate for the Fed to start reducing bond buying program this year following the economic recovery significantly. Earlier, the Fed has set a threshold of “substantial further progress” to start scaling back bond purchases. Since the July meeting, the labor market from the United States has improved significantly as the economy generated 943,000 jobs last month. While the pace of inflation, which the chair of Federal Reserve Jerome Powell has repeatedly said is likely to be transitory, appears to be reaching a peak according to earlier inflation data. Nonetheless, the resurgence of Covid-19 cases around the world has cast doubt on the pace of recovery, reducing the hopes of tapering monetary policy. As of writing, the Dollar Index appreciated by 0.21% to 93.35.

In the commodities market, the crude oil price slumped 0.05% to $64.50 per barrel as of writing amid spiking numbers of the Delta variant around the world had continue to spur negative prospect for the crude oil demand. On the other hand, the gold price slumped 0.14% to $1785.60 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

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 1.3740. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.3805, 1.3880

Support level: 1.3740, 1.3605

EURUSD, H4: EURUSD was traded lower following prior breakout below the previous support level at 1.1705. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.1635.

Resistance level: 1.1705, 1775

Support level: 1.1635, 1.1550

USDJPY, H4: USDJPY was traded higher following prior breakout above the previous resistance level at 109.75. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward the resistance level at 110.55.

Resistance level: 110.55, 111.10

Support level: 109.75, 109.20

AUDUSD, H4: AUDUSD was traded lower following prior breakout below the previous support level at 0.7240. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 0.7240, 0.7320

Support level: 0.7160, 0.7045

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 0.6770.

Resistance level: 0.6915, 0.7120

Support level: 0.6765, 0.6675

USDCAD, H4: USDCAD was traded higher while currently testing the resistance level at 1.2670. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.2670, 1.2770

Support level: 1.2585, 1.2440

USDCHF, Daily: USDCHF was traded higher following prior rebound from the support level at 0.9135. 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: 0.9135, 0.9035

CrudeOIL, H4: Crude oil price was traded lower following prior breakout below the previous support level at 65.05. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses toward support level at 63.45.

Resistance level: 65.0, 66.25

Support level: 63.45, 61.45

GOLD_, H1: Gold price was traded lower following prior retracement from the resistance level at 1794.30. MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.

Resistance level: 1794.30, 1812.50

Support level: 1773.35, 1754.40

18 August 2021                  Afternoon Session Analysis

Pound slips following mixed job data.

The pound sterling has depreciated against US dollar and other currency pairs over the backdrop of mixed economic data. According to National Statistics, UK’s Unemployment Rate data in June eased from 4.8% to 4.7%, whereas the Employment Change data in June has ticked up from 25K to 95K. Both crucial employment data provided signal that the UK’s economic was improving as more job opportunities were created to labor force in UK hence potentially boosting the economic momentum. Nevertheless, the disappointment from the UK Claimant Count Change in July which depreciate only -7.8K versus previous of 114.8K has overshadowed the upbeat employment data. Moreover, Pound Sterling extended its losses due to Brexit woes. Brexit woes continued as both UK and EU impasse over the Northern Ireland Protocol. According to Central Statistics Office (CSO) figures, the net export of UK to Ireland met its deficit after UK exports were disrupted by strictly customs requirement. Furthermore, rising geopolitical risk in Afghanistan had diminish the risk appetite in the FX market, which prompted investors to shift their portfolio into safe-haven US dollar. As of writing, the GBP/USD slumped 0.08% to 1.3752.

In the commodities market, the crude oil price slumped 0.16% to $66.38 per barrel as of writing. The crude oil price was pressured amid weaker demand outlook in China and firmer greenback. On the other hand, the gold price surged 0.2% to $1791.61 per troy ounces as of writing amid rising risk-off sentiment implying the appeal of gold as safe haven asset.

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 93.10. MACD which illustrate ongoing bullish momentum signal suggest the dollar to extend its gains after it breaks above the resistance level.

Resistance level: 93.10, 93.45

Support level: 92.65, 92.15

GBPUSD, H4: GBPUSD was traded lower while currently testing the support level 1.3745. MACD which illustrate bearish momentum signal suggest the pair to extend its losses after it breaks below the support level.

Resistance level: 1.3885, 1.3990

Support level: 1.3745, 1.3600

EURUSD, H4: EURUSD was traded lower while currently testing the support level 1.1705. MACD which illustrate bearish momentum signal suggest the pair to extend its losses after it breaks below the support level.

Resistance level: 1.1765, 1.1830

Support level: 1.1705, 1.1625

USDJPY, H4: USDJPY was traded higher while currently testing near the resistance level 109.70. MACD which illustrate bullish bias signal with the formation of golden cross suggest the pair to extend its gains after it breaks above the resistance level.

Resistance level: 109.70, 110.50

Support level: 109.20, 108.65

AUDUSD, H4: AUDUSD was traded lower while currently testing near the support level 0.7245. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to experience a technical correction towards the resistance level 0.7330.

Resistance level: 0.7330, 0.7415

Support level: 0.7245, 0.7150

NZDUSD, H4: NZDUSD was traded higher following prior rebound from the support level 0.6925. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its rebound towards the resistance level 0.7000.

Resistance level: 0.7000, 0.7075

Support level: 0.6925, 0.6825

USDCAD, H4: USDCAD was traded lower while currently testing near the support level 1.2600. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its retracement after it breaks below the support level.

Resistance level: 1.2675, 1.2770

Support level: 1.2600, 1.2535

USDCHF, H4: USDCHF was traded higher following recent breakout above the previous resistance level 0.9135. MACD which illustrate bullish bias signal with the formation of golden cross suggest the pair to extend its gains towards the resistance level 0.9200.

Resistance level: 0.9200, 0.9245

Support level: 0.9135, 0.9090

CrudeOIL, H4: Crude oil price was traded lower while currently testing near the support level 65.65. However, MACD which illustrate diminishing bearish momentum signal suggest the commodity to experience a technical correction towards the resistance level 68.35.

Resistance level: 68.35, 71.00

Support level: 65.65, 63.45

GOLD, H4: Gold price was traded higher while currently testing the resistance level 1792.35. However, MACD which illustrate diminishing bullish momentum signal with the formation of death cross suggest the commodity to experience a technical correction towards the support level 1760.35.

Resistance level: 1792.35, 1831.85

Support level: 1760.35, 1725.50

18 August 2021                  Morning Session Analysis

New Zealand Dollar slumped amid the lock-down restriction.

The New Zealand Dollar slumped to its lowest in three weeks following the country identified its first local Covid-19 case since February, which prompting the government to announce a new short-term lockdown measure. According to NST, the initial plan is for New Zealand to remain its lockdown for three days from Tuesday night, with Auckland and the nearby Coromandel area facing the restrictions for a week. Officials also claimed that a major factor behind the strong response is the fact that the new detected cases had no obvious connection to the border or managed isolation. Besides that, the rising geopolitical risk as well as spiking numbers of the global Delta variant had continued to diminish the risk appetite in the global financial market, which stoked a shift in sentiment into safe-haven currency while dragging down the appeal of the New Zealand Dollar. As of writing, NZD/USD depreciated by 0.05% to 0.6920.

In the commodities market, the crude oil price slumped 0.03% to $66.60 per barrel as of writing. The crude oil price was traded lower over the backdrop of the bearish inventory data yesterday. According to American Petroleum Institute, U.S. API Weekly Crude Oil stock came in at -1.163M, missing the market forecast at -1.259M. On the other hand, the gold price surged 0.01% to $1786.50 per troy ounces as of writing amid the risk-off sentiment in the market.

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 1.3740. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.3805, 1.3880

Support level: 1.3740, 1.3605

EURUSD, Daily: EURUSD was traded lower while currently testing the support level at 1.1705. 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: 1.1705, 1.1635

USDJPY, H4: USDJPY was traded higher while currently testing the resistance level at 109.75. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 109.75, 110.55

Support level: 109.20, 108.45

AUDUSD, H4: AUDUSD was traded lower while currently near the support level at 0.7240. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.7320, 0.7410

Support level: 0.7240, 0.7160

NZDUSD, Daily: NZDUSD was traded lower while currently testing the support level at 0.6915. MACD which illustrated increasing bearish 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 breakout above the previous resistance level. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 1.2670, 1.2770

Support level: 1.2585, 1.2440

USDCHF, Daily: USDCHF was traded lower while currently testing the support level at 0.9135. 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: 0.9135, 0.9035

CrudeOIL, H4: Crude oil price was traded lower while currently testing the support level at 66.25. MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.

Resistance level: 68.00, 69.85

Support level: 66.25, 65.05

GOLD_, H4: Gold price was traded lower following prior retracement from the resistance level at 1794.30. MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.

Resistance level: 1794.30, 1812.50

Support level: 1773.35, 1754.40

17 August 2021                  Afternoon Session Analysis

Aussie fell following dovish RBA minutes.

The Australian dollar which traded against the dollar and other currency pairs have fell after RBA have expressed dovish statement on its latest meeting minutes recently. According to the RBA, the recent outbreaks of the Delta variant have interrupted the recovery and the near-term outlook was highly uncertain and dependent on health outcomes. The central bank also stated that it will not increase rate until the actual inflation is sustainably within the 2 – 3 percent target range. With the virus resurgence, Aussie confidence in the policymakers have declined, thus weighing on the pair. Following latest data, Aussie figures remain elevated near August 2020 levels surrounding 500 daily cases and faith towards the ability of government to handle the outbreak also deteriorated sharply. At the time of writing, AUD/USD fell 0.40% to 0.7307.

In the commodities market, crude oil price remains weak and fell 0.11% to $67.17 per barrel as of writing amid spreading of Delta variant continue to threaten demand outlook. Surging cases in Asia weighing on the second biggest oil importer country, China with retail sales and industrial output have slowed according to recent data. On top of that, China’s oil refining also slumped to the lowest level in 14 months. On the other hand, gold price rose 0.09% to $1786.99 a troy ounce at the time of writing amid declining risk appetite.

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 92.65. MACD which illustrate diminishing bearish momentum signal suggest the dollar to extend its gains after it breaks above the resistance level 92.65.

Resistance level: 92.65, 93.10

Support level: 92.15, 91.60

GBPUSD, H4: GBPUSD was traded lower following prior retracement from the resistance level 1.3885. MACD which illustrate bearish bias signal with the formation of death cross suggest the pair to extend its retracement towards the support level 1.3745.

Resistance level: 1.3885, 1.3990

Support level: 1.3745, 1.3600

EURUSD, H4: EURUSD was traded lower while currently testing the support level 1.1765. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses after it breaks below the support level.

Resistance level: 1.1830, 1.1880

Support level: 1.1765, 1.1705

USDJPY, H4: USDJPY was traded lower while currently testing near the support level 109.20. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to be traded higher as a technical correction towards the resistance level 109.70.

Resistance level: 109.70, 110.50

Support level: 109.20, 108.65

AUDUSD, H4: AUDUSD was traded lower following prior breakout below the previous support level 0.7330. MACD which illustrate bearish momentum signal suggest the pair to extend its losses towards the support level 0.7245.

Resistance level: 0.7330, 0.7415

Support level: 0.7245, 0.7150

NZDUSD, H4: NZDUSD was traded lower following prior breakout below the previous support level 0.7000. MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to extend its losses towards the support level 0.6925.

Resistance level: 0.7000, 0.7075

Support level: 0.6925, 0.6825

USDCAD, H4: USDCAD was traded higher while currently testing the resistance level 1.2600. MACD which illustrate bullish momentum signal suggest the pair to extend its gains after it breaks above the resistance level.

Resistance level: 1.2600, 1.2675

Support level: 1.2535, 1.2440

USDCHF, H4: USDCHF was traded higher while currently testing the resistance level 0.9135. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its rebound after it breaks above the resistance level.

Resistance level: 0.9135, 0.9200

Support level: 0.9090, 0.9040

CrudeOIL, H4: Crude oil price was traded lower following recent breakout below the previous support level 68.35. MACD which illustrate ongoing bearish momentum signal suggest the commodity to extend its losses towards the support level 65.65.

Resistance level: 68.35, 71.00

Support level: 65.65, 63.45

GOLD, H4: Gold price was traded higher while currently testing near the resistance level 1792.35. However, MACD which illustrate diminishing bullish momentum signal suggest the commodity to experience a technical correction towards the support level 1760.35.

Resistance level: 1792.35, 1831.85

Support level: 1760.35, 1725.50

17 August 2021                  Morning Session Analysis

Japanese Yen surged amid risk-off sentiment.

The Japanese Yen surged amid the diminishing risk appetite in the global market following the Afghanistan government collapsed, which prompting investors to shift their portfolio from the risky asset into the safe-haven asset such as Japanese Yen and Swiss Franc. According to the New York Times, the Taliban had effectively sealed their control of Afghanistan on Sunday, increasing the chaos and fear in the city with tens of thousands of people trying to escape. Afghan president had fled into other country while the United States military raced to evacuate diplomats and civilians from an increasingly panicked city. Besides, the safe-haven Japanese Yen extend its gains amid disappointing economic data from China and rapid spreading Delta variant of the Covid-19 had continue to spur the risk-off sentiment in the FX market. As of writing, USD/JPY depreciated by 0.30% to 109.25.

In the commodities market, the crude oil price slumped 0.94% to $67.45 per barrel as of writing. The oil market edged lower amid dampening demand outlook when global economic growth appears to be slowing following spiking numbers number of Covid-19 infections. On the other hand, the gold price surged 0.41% to 1787.20 per troy ounces as of writing amid risk-off sentiment in the global financial market had insinuated demand on this safe-haven commodity.

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 following prior retracement from the resistance level at 93.25. MACD which illustrated increasing bearish 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 lower following prior retracement from the resistance level at 1.3880. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 1.3805.

Resistance level: 1.3880, 1.3980

Support level: 1.3805, 1.3740

EURUSD, Daily: EURUSD was traded higher following prior rebound from the support level at 1.1705. 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: 1.1705, 1.1635

USDJPY, H4: USDJPY was traded lower following prior breakout below the previous support level at 109.75. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 109.20.

Resistance level: 109.75, 110.55

Support level: 109.20, 108.45

AUDUSD, H4: AUDUSD was traded lower while currently near the support level at 0.7320. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.7410, 0.7495

Support level: 0.7320, 0.7240

NZDUSD, Daily: NZDUSD was traded higher following prior rebound from the support level at 0.6915. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 0.7120, 0.7305

Support level: 0.6915, 0.6770

USDCAD, H4: USDCAD was traded higher while currently testing the resistance level at 1.2585. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.2585, 1.2670

Support level: 1.2440, 1.2315

USDCHF, H4: USDCHF was traded lower following prior breakout below the previous support level at 0.9145. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 0.9145, 0.9230

Support level: 0.9035, 0.8940

CrudeOIL, H4: Crude oil price was traded lower following prior breakout below the previous support level at 68.00. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.

Resistance level: 68.00, 69.85

Support level: 66.25, 65.05

GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1788.50. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1788.50, 1812.50

Support level: 1773.35, 1756.10

16 August 2021                  Afternoon Session Analysis

Aussie fell following softer China data.

The Australian dollar which traded against the dollar and other currency pairs remain pressured and fell after recent released of inflation data from China. According to National Bureau of Statistics of China, China’s Retail Sales have deteriorated to 8.5%, weaker than market expectation of 11.5% and previous reading of 12.1%. On top of that, China’s Industrial Production also weakened to 6.4, lower than market expectation and previous reading of 7.8 and 8.3% respectively. In addition, worsening Covid-19 condition in Australia also further pressured the pair. Australia’s state New South Wales have recorded all time high infections which pushing the nation to the fresh top with 500 figures. The leader of New South Wales, Gladys Berejiklian has warned that this is the worst situation that Australia’s has been in since the start of the Covid-19 and mention that the rules will be tightened. At the time of writing, AUD/USD fell 0.32% to 0.7345.

In the commodities market, crude oil price fell 0.60% to $67.69 per barrel as of writing amid worries over fuel demand outlook. Due to rising Delta cases, some government has imposed restriction on mobility have raised concerns about fuel demand recovery. On top of that, data from China showed that recent tightening of coronavirus restrictions prompted declines in activity in the world’s second-biggest economy in July, which also weigh on oil prices. On the other hand, gold price rose 0.15% to $1777.40 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

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Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following prior breakout below the previous support level 92.65. MACD which illustrate persistent bearish momentum signal 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 while currently testing near the resistance level 1.3885. MACD which illustrate bullish momentum signal suggest the pair to extend its gains after it breaks above the resistance level.

Resistance level: 1.3885, 1.3990

Support level: 1.3745, 1.3600

EURUSD, H4: EURUSD was traded higher following recent breakout above the previous resistance level 1.1765. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to experience a technical correction back towards the level 1.1765.

Resistance level: 1.1830, 1.1880

Support level: 1.1765, 1.1705

USDJPY, H4: USDJPY was traded lower following breakout below the previous support level 109.70. MACD which illustrate bearish momentum signal suggest the pair to extend its losses towards the support level 109.20.

Resistance level: 109.70, 110.50

Support level: 109.20, 108.65

AUDUSD, H4: AUDUSD remain traded in a sideway channel while currently testing the support level 0.7330. MACD which illustrate bearish bias signal suggest the pair to be traded lower after it breaks below the support level.

Resistance level: 0.7415, 0.7485

Support level: 0.7330, 0.7245

NZDUSD, H4: NZDUSD was traded lower while currently testing the support level 0.7000. MACD which illustrate bearish bias signal suggest the pair to extend its losses after it breaks below the support level.

Resistance level: 0.7075, 0.7135

Support level: 0.7000, 0.6925

USDCAD, H4: USDCAD was traded higher while currently testing the resistance level 1.2535. 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: 1.2535, 1.2600

Support level: 1.2440, 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 lower following prior breakout below the previous support level 68.35. MACD which illustrate bearish bias signal with the formation of death cross suggest the commodity to extend its losses towards the support level 65.65.

Resistance level: 68.35, 71.00

Support level: 65.65, 63.45

GOLD, H4: Gold price was traded higher following recent breakout above the previous resistance level 1760.35. However, MACD which illustrate diminishing bullish momentum signal suggest the commodity to experience a technical correction in short term back towards the level 1760.35.

Resistance level: 1792.10, 1831.85

Support level: 1760.35, 1725.50

16 August 2021                  Morning Session Analysis

Dollar slumped amid negative data.

The Dollar Index which traded against a basket of six major currency pairs slumped significantly over the backdrop of bearish economic data from United States last week. According to University of Michigan, U.S. Michigan Consumer Sentiment declined from the previous reading of 81.2 to 70.2, missing the market forecast at 81.2. Such reading was the lowest level since 2011 and one of the six largest drops in the past 50 years of the survey. As for now, investors would continue to scrutinize the latest updates from the Federal Reserve during the Fed’s central bank conference in Jackson Hole, Wyoming, later this month 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 depreciated by 0.55% to 92.50.

In the commodities market, the crude oil price slumped 1.32% to $68.10 per barrel as of writing. The oil market edged lower amid the spiking numbers of the Delta variants around the world had continue to spur negative prospect for the crude oil price in future. On the other hand, the gold price appreciated by 1.53% to $1779.80 per troy ounces as of writing amid weakening US Dollar.

Today’s Holiday Market Close

Time                       Market                  Event

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Today’s Highlight Events

Time                       Market                  Event

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Today’s Highlight Economic Data

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Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded lower following prior retracement from the resistance level at 93.25. MACD which illustrated increasing bearish 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 1.3880. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.3880, 1.3980

Support level: 1.3805, 1.3740

EURUSD, Daily: EURUSD was traded higher following prior rebound from the support level at 1.1705. 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: 1.1705, 1.1635

USDJPY, H4: USDJPY was traded lower following prior breakout below the previous support level at 109.75. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 109.20.

Resistance level: 109.75, 110.55

Support level: 109.20, 108.45

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 breakout below the support level.

Resistance level: 0.7410, 0.7495

Support level: 0.7320, 0.7240

NZDUSD, Daily: NZDUSD was traded higher following prior rebound from the support level at 0.6915. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 0.7120, 0.7305

Support level: 0.6915, 0.6770

USDCAD, H4: USDCAD was traded lower following prior retracement from the resistance level at 1.2585. However, MACD which illustrated increasing bullish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.2585, 1.2670

Support level: 1.2440, 1.2315

USDCHF, H4: USDCHF was traded lower while currently testing the support level at 0.145. 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: 0.9165, 0.9035

CrudeOIL, H4: Crude oil price was traded lower following prior breakout below the previous support level at 68.00. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses toward support level at 66.25.

Resistance level: 68.00, 69.85

Support level: 66.25, 65.05

GOLD_, H1: Gold price was traded higher following prior breakout above the previous resistance level at 1788.50. MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.

Resistance level: 1788.50, 1812.50

Support level: 1773.35, 1756.10

13 August 2021                  Afternoon Session Analysis

Aussie remains weak amid covid fears.

The Australian dollar which traded against the dollar and other currency pairs have fell following vaccine optimism fails to overcome covid fears. Following latest development, the covid concerns remain as a major challenge for the pair as infections in Queensland and Victoria stay closer to recent highs. Sydney also tightens its restriction after daily cases continue to linger near record highs while Australia’s capital city Canberra also goes into a 7-day lock down. With Delta variant continue to spread, vaccination roll out have not been sufficient to cope with Delta variant as epidemiologists say the Delta variant has proven to be the most infectious and transmissible of all the strains so far. As of now, only 24% of people above 16 years are fully vaccinated. At the time of writing, AUD/USD slips 0.03% to 0.7342.

In the commodities market, crude oil fell 0.42% to $68.62 per barrel at the time of writing following virus and demand concerns. The latest Covid-19 wave is leading to renewed restriction across the globe. The biggest concern is in China, where authorities have taken an aggressive approach to containing the outbreak despite having one of the world’s highest vaccination rates. On the other hand, gold price rose 0.17% to $1755.86 a troy ounce at the time of writing following dollar retreat.

Today’s Holiday Market Close

Time                       Market                  Event

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Today’s Highlight Events

Time                       Market                  Event

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Today’s Highlight Economic Data

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Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following recent retracement from the resistance level 93.10. MACD which illustrate persistent bearish momentum signal suggest the dollar to extend its losses towards the support level 92.65.

Resistance level: 93.10, 93.45

Support level: 92.65, 92.15

GBPUSD, H4: GBPUSD was traded lower following recent retracement from the resistance level 1.3885. MACD which illustrate bearish bias signal with the formation of death cross suggest the pair to extend its losses towards the support level 1.3745.

Resistance level: 1.3885, 1.3990

Support level: 1.3745, 1.3600

EURUSD, H4: EURUSD remain traded in a sideway channel. However, MACD which illustrate bullish momentum signal 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 flat near the resistance level 110.50. However, MACD which illustrate bearish momentum signal suggest the pair to be traded lower towards the support level 109.70.

Resistance level: 110.50, 111.00

Support level: 109.70, 109.20

AUDUSD, H4: AUDUSD remain traded in a sideway channel while currently testing the support level 0.7330. MACD which illustrate bearish momentum signal with the starting formation of death cross suggest the pair to be traded lower after it breaks below the support level.

Resistance level: 0.7415, 0.7485

Support level: 0.7330, 0.7245

NZDUSD, H4: NZDUSD was traded lower while currently testing the support level 0.7000. 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: 0.7075, 0.7135

Support level: 0.7000, 0.6925

USDCAD, H4: USDCAD was traded flat while currently testing the resistance level 1.2535. However, MACD which illustrate diminishing bearish momentum signal with the formation of golden cross suggest the pair to be traded higher after it breaks above the resistance level.

Resistance level: 1.2535, 1.2600

Support level: 1.2440, 1.2350

USDCHF, H4: USDCHF remain traded in a sideway channel while currently testing near the resistance level 0.9245. However, MACD which illustrate ongoing bearish momentum signal suggest the pair to be traded lower towards the support level 0.9200.

Resistance level: 0.9245, 0.9310

Support level: 0.9200, 0.9135

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.

Resistance level: 71.00, 74.60

Support level: 68.35, 65.65

GOLD, H4: Gold price was traded higher while currently testing near the resistance level 1760.35. However, MACD which illustrate diminishing bullish momentum signal suggest the commodity to be traded lower towards the support level 1725.50.

Resistance level: 1760.35, 1792.10

Support level: 1725.50, 1679.60

13 August 2021                  Morning Session Analysis

Dollar surged on high inflation data.

The Dollar Index which traded against a basket of six major currency pairs surged following the United States released its bullish data on yesterday. According to US Bureau of Labor Statistics, U.S. Producer Price Index (PPI) came in at 1.0%, confounding the market forecast for a reading up to 0.6%. Such high reading had indicated that the inflation risk in the United States could remain high as strong demand fueled by economic recovery continues to hurt supply chains. Investors would remain cautious for any signs of high inflation reading in future since it could potentially increase the probability for the contractional monetary policy from Fed to combat the inflation risk. Contractional monetary policy would decrease the money circulation in the financial market, which increasing the appeal of the US Dollar. As of writing, the Dollar Index appreciated by 0.01% to 93.00.

In the commodities market, the crude oil price slumped 0.26% to 68.85 per barrel as of writing following the International Energy Agency (IEA) warned that the Delta variant of the Covid-19 would slowdown the recovery for the oil demand. Nonetheless, as of now investors would continue to scrutinize the latest updates with regards of Covid-19 development to gauge the likelihood movement for this black commodity. On the other hand, the gold price depreciated by 0.03% to $1753.20 per troy ounces as of writing amid strengthening US Dollar.

Today’s Holiday Market Close

Time                       Market                  Event

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Today’s Highlight Events

Time                       Market                  Event

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Today’s Highlight Economic Data

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Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded higher following prior rebound from the support level at 91.80. MACD which illustrated increasing bullish momentum suggest the index to extend its gains toward resistance level at 92.25.

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 1.3805. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.3880, 1.3980

Support level: 1.3805, 1.3740

EURUSD, Daily: EURUSD was traded lower while currently testing the support level at 1.1705. 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: 1.1705, 1.1635

USDJPY, H4: USDJPY was traded higher while currently testing the resistance level at 110.55. However, MACD which illustrated increasing bearish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 110.55, 110.95

Support level: 109.70, 109.20

AUDUSD, H4: AUDUSD was traded lower while currently testing the support level at 0.7320. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.7410, 0.7495

Support level: 0.7320, 0.7240

NZDUSD, Daily: NZDUSD was traded higher following prior rebound from the support level at 0.6915. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-temr as technical correction.

Resistance level: 0.7120, 0.7305

Support level: 0.6915, 0.6770

USDCAD, H4: USDCAD was traded lower following prior retracement from the resistance level at 1.2585. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.2585, 1.2670

Support level: 1.2440, 1.2315

USDCHF, H4: USDCHF was traded higher while currently testing the resistance level at 0.9230. However, MACD which illustrated increasing bearish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 0.9230, 0.9305

Support level: 0.9165, 0.9035

CrudeOIL, H4: Crude oil price was traded lower following prior retracement from the resistance level at 69.85. MACD which illustrated diminishing bullish momentum suggest the commodity to extend its losses toward support level at 68.00.

Resistance level: 69.85, 71.10

Support level: 68.00, 66.25

GOLD_, H1: Gold price was traded higher while currently testing the resistance level at 1751.95. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1751.95, 1773.35

Support level: 1737.25, 1717.30

12 August 2021                  Afternoon Session Analysis

Euro steady following German inflation data.

The Euro dollar which traded against the greenback and other currency pairs have held steady and rose following recent publication of Germany inflation data and broad US dollar weakness. According to Statistisches Bundesamt Deutschland, Germany CPI for July reach market consensus of 0.9%. At the same time, Harmonized Index of Consumer Prices for July data also held steady at 3.1%. Therefore, confidence in the German economy which is the largest in the Eurozone remain solid and provide support for the Euro pair. On top of that, Euro sentiment was also further boosted by dollar weakness which caused by downbeat U.S inflation data. At the time of writing, EUR/USD rose 0.03% to 1.1739.

In the commodities market, crude oil price rose 0.09% to $69.21 per barrel as of writing following U.S calls for production boost which reinforced supply concerns. Following latest development, U.S government has urged to OPEC and its allies to boost oil output in order to tackle rising gasoline price that may posed as a threat to the global economic recovery. Despite with OPEC agreed to boost output each month by 400,000 over the previous, there is still concerns that it will not be enough to meet demand. On the other hand, gold price rose 0.11% to $1750.12 a troy ounce at the time of writing following dollar weakness.

Today’s Holiday Market Close

Time                       Market                  Event

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Today’s Highlight Events

Time                       Market                  Event

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Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from the resistance level 93.10. MACD which illustrate bearish momentum signal with the formation of death cross suggest the dollar to extend its losses towards the support level 92.65.

Resistance level: 93.10, 93.45

Support level: 92.65, 92.15

GBPUSD, H4: GBPUSD was traded higher while currently testing near the resistance level 1.3885. MACD which illustrate bullish momentum signal with the recent formation of golden cross suggest the pair to extend its gains after it breaks above the resistance level.

Resistance level: 1.3885, 1.3990

Support level: 1.3745, 1.3600

EURUSD, H4: EURUSD was traded higher following prior rebound from the support level 1.1705. MACD which illustrate bullish momentum signal with the recent formation of golden cross suggest the pair to extend its rebound towards the resistance level 1.1765.

Resistance level: 1.1765, 1.1830

Support level: 1.1705, 1.1625

USDJPY, H4: USDJPY was traded lower following prior breakout below the previous support level 110.50. 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: 110.50, 111.00

Support level: 109.70, 109.20

AUDUSD, H4: AUDUSD remain traded in a sideway channel following recent rebound from the support level 0.7330. However, MACD which illustrate bullish momentum signal suggest the pair to extend its rebound in short term towards the resistance level 0.7415.

Resistance level: 0.7415, 0.7485

Support level: 0.7330, 0.7245

NZDUSD, H4: NZDUSD was traded higher following prior rebound form the support level 0.7000. MACD which illustrate bullish bias signal suggest the pair to extend its gains towards the resistance level 0.7075.

Resistance level: 0.7075, 0.7135

Support level: 0.7000, 0.6925

USDCAD, H4: USDCAD was traded lower following prior retracement from the resistance level 1.2535. MACD which illustrate bearish momentum signal suggest the pair to extend its losses towards the support level 1.2440.

Resistance level: 1.2535, 1.2600

Support level: 1.2440, 1.2350

USDCHF, H4: USDCHF was traded lower following prior retracement from the resistance level 0.9245. MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to extend its losses towards the support level 0.9200.

Resistance level: 0.9245, 0.9310

Support level: 0.9200, 0.9135

CrudeOIL, H4: Crude oil price was traded higher following prior breakout above the previous resistance level 68.35. MACD which illustrate bullish bias signal suggest the commodity to extend its gains towards the resistance level 71.15.

Resistance level: 71.15, 74.60

Support level: 68.35, 65.65

GOLD, H4: Gold price was traded higher while currently testing near the resistance level 1760.35. MACD which illustrate bullish bias signal suggest the commodity to extend its gains after it breaks above the resistance level.

Resistance level: 1760.35, 1792.10

Support level: 1725.50, 1679.60

12 August 2021                  Morning Session Analysis

Dollar slumped on bearish economic data.

The Dollar Index which traded against a basket of six major currency pairs slumped over the backdrop of bearish economic data yesterday. According to U.S. Bureau of Labor Statistics, U.S. Core Consumer Price Index (CPI) had notched down significantly from the preliminary reading of 0.9% to 0.3%, missing the market forecast at 0.4%. As the crucial economic data fared worse than expectation, which dialed down the market optimism toward the economic progression in the United States while rising hopes that the Federal Reserve might continue to implement its expansionary monetary policy in long-term basis in order to boost up the economic momentum. Nonetheless, investors would continue to scrutinize the crucial updates with regards of further economic data as well as monetary policy statement from Federal Reserve to gauge the likelihood movement for the currency. As of writing, the Dollar Index depreciated by 0.03% to 92.89.

In the commodities market, the crude oil price slumped 0.17% to $69.35 per barrel as of writing. The oil market edged lower amid spiking numbers of Delta variant around the world had diminished the appeal of this black commodity. On the other hand, the gold market appreciated by 0.05% to $1752.50 per troy ounces as of writing amid weakening US Dollar.

Today’s Holiday Market Close

Time                       Market                  Event

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Today’s Highlight Events

Time                       Market                  Event

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Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded higher following prior rebound from the support level at 91.80. MACD which illustrated increasing bullish momentum suggest the index to extend its gains toward resistance level at 92.25.

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 1.3880. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.3880, 1.3980

Support level: 1.3805, 1.3740

EURUSD, Daily: EURUSD was traded lower while currently testing the support level at 1.1705. 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: 1.1705, 1.1635

USDJPY, H4: USDJPY was traded higher while currently testing the resistance level at 110.70. However, MACD which illustrated increasing bearish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 110.55, 110.95

Support level: 109.70, 109.20

AUDUSD, H4: AUDUSD was traded lower higher following prior rebound from the support level at 0.7320. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.7410.

Resistance level: 0.7410, 0.7495

Support level: 0.7320, 0.7240

NZDUSD, Daily: NZDUSD was traded higher following prior rebound from the support level at 0.6915. However, MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.7120.

Resistance level: 0.7120, 0.7305

Support level: 0.6915, 0.6770

USDCAD, H4: USDCAD was traded lower following prior retracement from the resistance level at 1.2585. MACD which illustrated increasing bearish momentum suggest the pair to extend tis losses toward support level at 1.2440.

Resistance level: 1.2585, 1.2670

Support level: 1.2440, 1.2315

USDCHF, H4: USDCHF was traded higher while currently testing the resistance level at 0.9230. However, MACD which illustrated increasing bearish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 0.9230, 0.9305

Support level: 0.9165, 0.9035

CrudeOIL, H4: Crude oil price was traded higher following prior breakout above the previous resistance level at 68.00. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains toward the resistance level at 71.10.

Resistance level: 71.10, 74.80

Support level: 68.00, 66.25

GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1751.95. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1751.95, 1788.50

Support level: 1715.65, 1685.75

11 August 2021                  Afternoon Session Analysis

Aussie slips following coronavirus woes.

The Australian dollar which traded against the dollar and other currency pairs have fell amid worsening COVID-19 infections in Australia coupled with firmer dollar. On coronavirus front, Australia’s Covid-19 outbreak continue to expands where states such as NSW, Melbourne and Victoria record new cases. Record high infections in New South Wales and Melbourne have prompt policymakers to extend lockdowns for another seven days. Despite Australia has handled the pandemic much better than other developed countries, the fast-spreading Delta variant continue to throw Australia’s plans to reopening economies. Economist expected the lockdown in two largest cities may cause the nation into a second potential recession in many years. On the U.S front, US Senators finally passed a $1.2 trillion stimulus that might get fewer hurdles in the House before reaching President Joe Biden for the sign. The move help propelled demand for greenback which further diminished the appeal for the Aussie. At the time of writing, AUD/USD fell 0.12% to 0.7339.

In the commodities market, crude oil price rebounds 0.19% to $68.05 per barrel as of writing following brighter demand outlook. According to reports, economist expects that the global consumption will continue its upward trajectory and tighten the market until the end of 2021. On data front, API data showed that U.S crude supply have fell by 816,00 barrels, although it is much slightly lesser than market expectation of a draw about 1.050 million barrels. On the other hand, gold price remains weak and fell 0.03% to $1734.31 a troy ounce at the time of writing amid strengthening dollar.

Today’s Holiday Market Close

Time                       Market                  Event

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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 the resistance level 93.10. However, MACD which illustrate diminishing bullish momentum signal suggest the dollar to experience a technical correction towards the support level 92.65.

Resistance level: 93.10, 93.45

Support level: 92.65, 92.15

GBPUSD, H4: GBPUSD was traded lower following recent retracement from its high level. MACD which illustrate persistent bearish momentum signal suggest the pair to extend its losses towards the support level 1.3745.

Resistance level: 1.3885, 1.3990

Support level: 1.3745, 1.3600

EURUSD, H4: EURUSD was traded lower while currently testing the support level 1.1705. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to be traded higher as a technical correction in short term towards the resistance level 1.1755.

Resistance level: 1.1755, 1.1830

Support level: 1.1705, 1.1625

USDJPY, H4: USDJPY was traded higher following recent breakout above the previous resistance level 110.45. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to experience a short-term technical correction back towards the level 110.45.

Resistance level: 111.00, 111.65

Support level: 110.45, 109.70

AUDUSD, H4: AUDUSD remain traded in a sideway channel while currently testing near the support level 0.7330. However, MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to be traded higher towards the resistance level 0.7415.

Resistance level: 0.7415, 0.7485

Support level: 0.7330, 0.7245

NZDUSD, H4: NZDUSD was traded higher following recent breakout above the previous resistance level 0.7000. MACD which illustrates bullish bias signal with the formation of golden cross suggest the pair to extend its gains towards the resistance level 0.7075.

Resistance level: 0.7075, 0.7135

Support level: 0.7000, 0.6925

USDCAD, H4: USDCAD was traded lower following prior breakout below the previous support level 1.2535. MACD which illustrate bearish momentum signal suggest the pair to extend its losses towards the support level 1.2440.

Resistance level: 1.2535, 1.2600

Support level: 1.2440, 1.2350

USDCHF, H4: USDCHF was traded higher while currently testing near the resistance level 0.9245. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to experience a technical correction in short term towards the support level 0.9200.

Resistance level: 0.9245, 0.9310

Support level: 0.9200, 0.9135

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 be traded lower as a technical correction towards the support level 65.65.

Resistance level: 68.35, 70.90

Support level: 65.65, 63.45

GOLD, H4: Gold price was traded higher following prior rebound from the support level 1725.50. MACD which illustrate bullish bias signal with the formation of golden cross suggest the commodity to extend its rebound towards the resistance level 1760.35.

Resistance level: 1760.35, 1792.10

Support level: 1725.50, 1679.60

11 August 2021                  Morning Session Analysis

Dollar surged amid hawkish expectation.

The Dollar Index which traded against a basket of six major currency pairs extend its gains amid rising Treasury yield following the upbeat jobs data from the United States had prompted market participants to speculate that the Federal Reserve might start to begin trimming its monthly bond purchases sooner rather than later in order to combat the inflation risk. Besides, the probability of tapering its monetary policy from Federal Reserve were boosted after several members including Atlantic Fed President Raphael Bostic and Boston Fed President Eric Rosengren unleashed their hawkish statement. On the economic data front, according to Bureau of Labor Statistics, U.S. JOLTs Job Opening notched up significantly from the previous reading of 9.483M to 10.073M, exceeding the market forecast at 9.281M, which dialed up the market optimism toward the economic progression in United States. As of writing, the Dollar Index appreciated by 0.05% to 93.10.

In the commodities market, the crude oil price surged 0.05% to $68.45 per barrel as of writing. The oil market edged higher following the U.S. Senate passed a $1 trillion infrastructure package that could on Tuesday. Analysts expected that the bill would boost up the economy and enhance the demand for oil products in future. On the other hand, the gold price slumped 0.14% to $1726.60 per troy ounces as of writing amid strengthening US Dollar.

Today’s Holiday Market Close

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Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded higher following prior rebound from the support level at 91.80. MACD which illustrated increasing bullish momentum suggest the index to extend its gains toward resistance level at 92.25.

Resistance level: 92.25, 92.65

Support level: 91.80, 90.75

GBPUSD, H4: GBPUSD was traded lower following prior breakout below the previous support level at 1.3880. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.3805.

Resistance level: 1.3880, 1.3980

Support level: 1.3805, 1.3740

EURUSD, H4: EURUSD was traded lower while currently testing the support level at 1.1705. 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: 1.1705, 1.1635

USDJPY, H4: USDJPY was traded higher while currently testing the resistance level at 110.70. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 110.55, 110.95

Support level: 109.70, 109.20

AUDUSD, H4: AUDUSD was traded lower following prior retracement from the resistance level at 0.7410. MACD which illustrated diminishing bullish momentum suggest the pair to extend it losses toward support level at 0.7320.

Resistance level: 0.7410, 0.7495

Support level: 0.7320, 0.7240

NZDUSD, Daily: NZDUSD was traded higher following prior rebound from the support level at 0.6915. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 0.7120, 0.7305

Support level: 0.6915, 0.6770

USDCAD, H4: USDCAD was traded lower following prior retracement from the resistance level at 1.2585. MACD which illustrated increasing bearish momentum suggest the pair to extend tis losses toward support level at 1.2440.

Resistance level: 1.2585, 1.2670

Support level: 1.2440, 1.2315

USDCHF, Daily: USDCHF was traded higher while currently testing the resistance level at 0.9230. 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: 0.9165, 0.9035

CrudeOIL, H4: Crude oil price was traded higher following prior breakout above the previous resistance level at 68.00. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains toward the resistance level at 71.10.

Resistance level: 71.10, 74.80

Support level: 68.00, 66.25

GOLD_, H4: Gold price was traded lower following prior breakout below the previous support level at 1762.20. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.

Resistance level: 1762.20, 1794.70

Support level: 1715.65, 1685.75