Daily Analysis

09 August 2021                  Afternoon Session Analysis

Aussie rebound following upbeat China data.

The Australian dollar which traded against the dollar and other currency pairs manage to limit its losses and rebound after recent release of upbeat China inflation data. According to National Bureau of Statistics of China, China’s headline CPI have improved from previous reading of -0.4% to 0.3%, which also surpassed market expectation of 0.2%. At the same time, China PPI also rose to 9%, better than market expectation of 8.8%. In addition, positive news in Australia’s covid situation also help providing some support. Australian State Victoria’s Premier Daniel Andrews recently announced that the region will exit the virus-led lockdown from midnight but activity restrictions will remain the same in Melbourne for now as Australia’s covid figures have eased from last Friday of 363 to recently around 290. At the time of writing, AUD/USD rose 0.04% to 0.7355.

In the commodities market, crude oil price extends losses and plunged 1.66% to $66.89 amid new pandemic curbs in Asia especially China sparking concerns towards fuel demand. Monday have reported new 125 new COVID-19 cases on Monday, up from 96 a day before. As a result of surging cases, China has reimposed restrictions which include flight cancellations, warnings by 46 cities against travel and also limits public transports as well as taxi services in 144 of the worst hit areas. On the other hand, gold price fell 1.20% to $1741.83 a troy ounce at the time of writing following rising dollar strength.

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 92.65. MACD which illustrate persistent bullish momentum signal suggest the dollar to extend its gains towards the resistance level 93.10.

Resistance level: 93.10, 93.45

Support level: 92.65, 92.15

GBPUSD, H4: GBPUSD was traded lower following prior breakout below the previous support level 1.3885. MACD which illustrate bearish bias 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 1.1755. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to experience a technical correction towards the resistance level 1.1830.

Resistance level: 1.1830, 1.1880

Support level: 1.1755, 1.1705

USDJPY, H4: USDJPY was traded higher currently testing near the resistance level 110.45. MACD which illustrate diminishing bullish momentum signal suggest the pair to be traded lower as technical correction towards the support level 109.70.

Resistance level: 110.45, 111.00

Support level: 109.70, 109.20

AUDUSD, H4: AUDUSD was traded higher following prior rebound from the support level 0.7330. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its rebound 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 from the support level 0.7000. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its rebound towards the resistance level 0.7075.

Resistance level: 0.7075, 0.7135

Support level: 0.7000, 0.6925

USDCAD, H4: USDCAD was traded higher following recent breakout above the previous resistance level 1.2535. MACD which illustrate bullish bias signal suggest the pair to extend its gains towards the resistance level 1.2600.

Resistance level: 1.2600, 1.2675

Support level: 1.2535, 1.2440

USDCHF, H4: USDCHF was traded higher following prior breakout above the previous resistance level 0.9135. MACD which illustrate ongoing bullish momentum signal 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 following prior breakout below the previous support level 68.00. MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to extend its losses towards the support level 65.65.

Resistance level: 68.00, 70.90

Support level: 65.65, 63.45

GOLD_, H4: Gold price was traded lower while currently testing near the support level 1725.50. MACD which illustrate persistent bearish momentum signal suggest the commodity to extend its losses after it breaks below the support level.

Resistance level: 1762.40, 1792.10

Support level: 1725.50, 1679.60

09 August 2021                  Morning Session Analysis

Dollar surged amid positive economic data.

The Dollar Index which traded against a basket of six major currency pairs surged significantly over the backdrop of a string of the upbeat economic data from United States on last Friday, which prompting investors to speculate that the Federal Reserve will begin to taper its monetary policy sooner rather than later. Contractional monetary policy would decrease the money circulation in the financial market, which increasing the appeal of the US Dollar. According to Bureau of Labor Statistics, U.S Unemployment rate notched down significantly from the previous reading of 5.9% to 5.4%, better than the market forecast at 5.7%. Meanwhile, U.S. Nonfarm Payroll came in at 943K, which also fared better than market expectation at 870K. As of writing, the Dollar Index appreciated by 0.10% to 92.90.

In the commodities market, the crude oil price slumped 1.34% to $67.10 per barrel as of writing. The oil market edged lower amid spiking numbers of the Delta variant around the world had spurred negative prospect for the oil demand. Nonetheless, investors would continue to scrutinize the latest updates with regards of Covid-19 development in order to gauge the likelihood movement for this black-commodity. On the other hand, the gold market depreciated by 2.20% to 1724.05 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 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 following prior retracement form the resistance level at 1.1885. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.1725.

Resistance level: 1.1885, 1.1955

Support level: 1.1725, 1.635

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 resistance level at 110.55.

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 increasing bearish 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 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, Daily: USDCHF was traded lower while currently testing the support level at 0.9165. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.9165, 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. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses toward support level at 65.05.

Resistance level: 68.00, 71.10

Support level: 65.05, 61.45

GOLD_, Daily: Gold price was traded lower following prior breakout below the previous support level at 1749.30. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses toward support level at 1685.75.

Resistance level: 1749.30, 1794.70

Support level: 1685.75, 1614.35

06 August 2021                  Afternoon Session Analysis

Aussie slumps despite optimism from RBA.

The Australian dollar which traded against the dollar and other currency pairs remains weak and fell even as RBA Governor Lower sounds optimistic on his latest testimony. According to Reuters, the policymaker stated that the economy has rebound quicker than the forecast while the central scenario is seeing GDP increased by a little over 4 percent in 2022 and expected to be followed by growth of around 2.25 percent in 2023. Despite that, market pays a little heed to the testimony as concerns over Delta variant and NFP also challenge the market sentiment. Australia continues to witness surging record cases in certain areas such as NSW, Queensland and also Sydney which have prompt officials to widen COVID-19 restrictions. On the other hand, pre-NFP cautions also weigh on the risk sentiment which limit huge bet on the Aussie. At the time of writing, AUD/USD fell 0.24% to 0.7385.

In the commodities market, crude oil price rebounds 0.07% to $69.31 per barrel as of writing amid increasing Middle East tensions. According to reports, Israeli jets struck rocket launch sites in Lebanon early on Thursday in response to two rockets fired towards Israel from Lebanese territory, in an escalation of cross-border hostilities amid heightened tensions with Iran. With tensions growing amongst Iran and world powers over last week’s drone attack, nuclear deal talks expected will be lengthy and unlikely to provide imminent sanction relief for Iran. On the other hand, gold price plunged 0.25% to $1800.03 a troy ounce at the time of writing following dollar strength.

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 rebound from the support level 92.15. MACD which illustrate bullish bias signal suggest the dollar to extend it gains towards the resistance level 92.65.

Resistance level: 92.65, 93.10

Support level: 92.15, 91.60

GBPUSD, H4: GBPUSD was traded flat while currently testing near the support level 1.3890. However, MACD which illustrate bearish bias signal suggest the pair to be traded lower after it breaks below the support level.

Resistance level: 1.3990, 1.4105

Support level: 1.3890, 1.3735

EURUSD, H4: EURUSD was traded lower while currently testing near the support level 1.1810. MACD which illustrate persistent bearish momentum signal suggest the pair to extend its losses after it breaks below the support level.

Resistance level: 1.1880, 1.1950

Support level: 1.1810, 1.1755

USDJPY, H4: USDJPY was traded higher following prior breakout above the previous resistance level 109.70. MACD which illustrate bullish momentum signal suggest the pair to extend its gains towards the resistance level 110.40.

Resistance level: 110.40, 111.00

Support level: 109.70, 109.20

AUDUSD, H4: AUDUSD was traded lower following prior retracement from the resistance level 0.7415. MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to extend its retracement towards the support level 0.7330.

Resistance level: 0.7415, 0.7485

Support level: 0.7330, 0.7245

NZDUSD, H4: NZDUSD was traded lower following prior retracement from the resistance level 0.7075. MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to extend its retracement towards the support level 0.7000.

Resistance level: 0.7075, 0.7135

Support level: 0.7000, 0.6925

USDCAD, H4: USDCAD was traded lower following recent retracement from the resistance level 1.2535. MACD which illustrate bearish bias signal with the recent formation of death cross 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 0.9090. MACD which illustrate bullish momentum signal suggest the pair to extend its gains after it breaks above the resistance level.

Resistance level: 0.9090, 0.9135

Support level: 0.9040, 0.8990

CrudeOIL, H4: Crude oil price was traded higher following prior rebound from the support level 68.00. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the commodity to extend its rebound towards the resistance level 70.90.

Resistance level: 70.90, 74.60

Support level: 68.00, 65.65

GOLD_, H4: Gold price was traded lower while currently testing near the support level 1792.10. MACD which illustrate bearish momentum signal suggest the commodity to extend its losses after it breaks below the support level.

Resistance level: 1814.80, 1831.85

Support level: 1792.10, 1762.20

06 August 2021                  Morning Session Analysis

Dollar was traded flat ahead of NFP data.

The Dollar Index which traded against a basket of six major currency pairs was traded flat amid market participants are waiting for the U.S. employment data in July before entering the market. The Nonfarm payroll data tonight is critical for Fed policymakers to decide when to implement of contractual monetary policy. Economist forecasted that the Nonfarm Payrolls likely to increase by 880,000 jobs in July, up from 850,000 in June. Nonetheless, some analysts warned that the spread of the Delta variant of the Covic-19 and mixed readings from labor market indicators had spurred negative prospect for the Nonfarm Payrolls data. On the economic data front, the Department of Labor reported that the U.S. Initial Jobless Claims notched down significantly from the previous reading of 399K to 385K, though still missing the market forecast at 384K. As of writing, the Dollar Index appreciated by 0.01% to 92.30.

In the commodities market, the crude oil price appreciated by 0.17% to 69.15 per barrel as of writing. The oil market edged higher amid technical correction following the big drop in the early week. On the other hand, the gold price slumped 0.15% to $1801.85 per troy ounces as of writing amid investors remained optimisms toward the economic momentum in the United States. Though, as for now investors would continue to scrutinize the latest updates with regards of crucial jobs data tonight to receive further trading signal for the gold 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 higher following prior rebound from the support level at 91.80. MACD which illustrated diminishing bearish 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 1.3880. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.3980, 1.4100

Support level: 1.3880, 1.3805

EURUSD, H4: EURUSD was traded lower following prior retracement form the resistance level at 1.1885. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.1775.

Resistance level: 1.1885, 1.1955

Support level: 1.1775, 1.1725

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 resistance level at 110.55.

Resistance level: 110.55, 110.95

Support level: 109.20, 109.20

AUDUSD, H4: AUDUSD was traded lower following prior retracement from the resistance level at 0.7410. MACD which illustrated increasing bearish 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. 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 1.2550. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.2550, 1.2670

Support level: 1.2440, 1.2275

USDCHF, Daily: USDCHF was traded lower while currently testing the support level at 0.9035. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 0.9135, 0.9230

Support level: 0.9035, 0.8940

CrudeOIL, H4: Crude oil price was traded higher following prior rebound from the support level at 68.00. MACD which illustrated increasing bullish momentum suggest the commodity to extend it gains toward resistance level at 71.10.

Resistance level: 71.10, 74.80

Support level: 68.00, 65.05

GOLD_, H4: Gold price was traded lower following prior breakout below the previous support level at 1813.05. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses toward support level at 1795.70.

Resistance level: 1814.05, 1823.35

Support level: 1795.70, 1773.45

05 August 2021                  Afternoon Session Analysis

Aussie slumps on mixed data, covid woes.

The Australian dollar which traded against the dollar and other currency pairs have fell amid mixed Australian trade data also ongoing coronavirus woes in Australia. According to Australian Bureau of Statistics, Australia trade balance for June surpassed market expectation with the reading of 10496M against 10450M. However, the positive data unable to lift the sentiment for the pair as softer import and export data challenge the bulls. Australia’s import came in at 1% against previous reading of 3% while exports also fell 4%, lesser than previous reading of 6%. On top of that, worsening coronavirus situation in Australia also continue to pressure the pair. Following latest development, New South Wales recorded another 262 new cases while Victoria and Queensland also recorded 7 and 16 cases respectively. Due to surging cases, more regions are expected to go into lockdown. At the time of writing, AUD/USD fell 0.05% to 0.7384.

In the commodities market, crude oil price fell 0.16% to $68.35 per barrel as of writing following concerns over Delta variant weigh on global energy demand. With U.S and China still grappling with the highly contagious Delta variant outbreak, market worries that the surging cases will greatly reduce fuel demand in near term. On the other hand, gold price fell 0.06% to $1811.01 a troy ounce at the time of writing following dollar rebound.

Today’s Holiday Market Close

Time                       Market                  Event

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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 92.15. MACD which illustrate bullish momentum signal suggest the dollar to extend its gains towards the resistance level 92.65.

Resistance level: 92.65, 93.10

Support level: 92.15, 91.60

GBPUSD, H4: GBPUSD was traded lower while currently testing the support level 1.3890. MACD which illustrate bearish momentum signal suggest the pair to extend its losses after it breaks below the support level.

Resistance level: 1.3990, 1.4105

Support level: 1.3890, 1.3735

EURUSD, H4: EURUSD was traded lower following prior retracement from the resistance level 1.1880. MACD which illustrate persistent bearish momentum signal suggest the pair to extend its losses towards the support level 1.1810.

Resistance level: 1.1880, 1.1950

Support level: 1.1810, 1.1755

USDJPY, H4: USDJPY was traded higher while currently testing the resistance level 109.70. 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: 109.70, 110.40

Support level: 109.20, 108.65

AUDUSD, H4: AUDUSD was traded lower following prior retracement from the resistance level 0.7415. MACD which illustrate diminishing bullish momentum signal with the starting formation of death cross suggest the pair to extend its retracement towards the support level 0.7330.

Resistance level: 0.7415, 0.7485

Support level: 0.7330, 0.7245

NZDUSD, H4: NZDUSD was traded lower following prior retracement from the resistance level 0.7075. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its retracement towards the support level 0.7000.

Resistance level: 0.7075, 0.7135

Support level: 0.7000, 0.6925

USDCAD, H4: USDCAD was traded flat while currently testing the support level 1.2535. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to be traded lower after it breaks below the support level.

Resistance level: 1.2600, 1.2675

Support level: 1.2535, 1.2440

USDCHF, H4: USDCHF was traded higher following prior rebound from the support level 0.9040. MACD which illustrate persistent bullish momentum signal suggest the pair to extend its gains towards the resistance level 0.9090.

Resistance level: 0.9090, 0.9135

Support level: 0.9040, 0.8990

CrudeOIL, H4: Crude oil price was traded lower while currently testing the support level 68.00. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to experience technical correction towards the resistance level 70.90.

Resistance level: 70.90, 74.60

Support level: 68.00, 65.65

GOLD_, H4: Gold price was traded flat near the resistance level 1814.80. However, MACD which illustrate bearish bias signal suggest the commodity to be traded lower towards the support level 1792.10.

Resistance level: 1814.80, 1831.85

Support level: 1792.10, 1762.20

05 August 2021                  Morning Session Analysis

Dollar surged on hawkish statement.

The Dollar Index which traded against a basket of six major currency pairs surged following a top U.S. Federal Reserve official unleashed its hawkish statement toward the US economic outlook. According to Reuters, the Fed Vice Chair Richard Clarida claimed that the Federal Reserve may start to taper its aggressive monetary policy as the US economy had recovered faster than widely thought. The bullish comments from the Federal Reserve had spurred a rebound in U.S. Treasury yields, which increasing the appeal of the US Dollar. On the economic data front, the crucial economic data from United States yesterday came in at mixed results. According to Automatic Data Processing (ADP), U.S. ADP Nonfarm Employment Change notched down significantly from the previous reading of 680K to 330K, missing the market forecast at 695K. Nonetheless, U.S ISM Non-Manufacturing Purchasing Managers Index (PMI) came in at 64.1, better than the market forecast at 60.5. As of writing, the Dollar Index appreciated by 0.03% to 92.30.

In the commodities market, the crude oil price slumped 0.35% to $68.40 per barrel as of writing over the backdrop of bearish inventory data. According to Energy Information Administration, U.S. Crude Oil Inventories came in at 3.626M, missing the market forecast at -3.102M. On the other hand, the gold price slumped 0.08% to $1810.30 per troy ounces 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

Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded higher following prior rebound from the support level at 91.80. MACD which illustrated diminishing bearish 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 1.3880. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.3980, 1.4100

Support level: 1.3880, 1.3805

EURUSD, H4: EURUSD was traded lower following prior retracement form the resistance level at 1.1885. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.1775.

Resistance level: 1.1885, 1.1955

Support level: 1.1775, 1.1725

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 following prior retracement from the resistance level at 0.7410. MACD which illustrated increasing bearish 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. 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 higher while currently testing the resistance level at 1.2550. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.2550, 1.2670

Support level: 1.2440, 1.2275

USDCHF, Daily: USDCHF was traded lower while currently testing the support level at 0.9035. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 0.9135, 0.9230

Support level: 0.9035, 0.8940

CrudeOIL, H4: Crude oil price was traded lower while currently testing the 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: 71.10, 74.80

Support level: 68.00, 65.05

GOLD_, H4: Gold price was traded lower following prior breakout below the previous support level at 1813.05. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.

Resistance level: 1813.05, 1823.35

Support level: 1795.70, 1773.45

04 August 2021                  Afternoon Session Analysis

Dollar slips as market cautious ahead of job data.

The dollar index which traded against t a basket of six major currency pairs have fell as traders reluctant to take huge positions ahead of key U.S jobs data at the end of the week. Since Fed Chairman Jerome Powell indicated recently that they will not consider increase rate in near term, the dollar has been experiencing selling pressure and trended lower. On data front, recent U.S manufacturing growth slowed for the second straight month which further confirm Powell’s belief that more economic progress was needed before considering any changes in bond-buying program. Weak data and dovish note are expected to keep the dollar under pressure while market will focus towards U.S official jobs reports on Friday to access the recovery rate of U.S. At the time of writing, dollar index fell 0.07% to 91.95.

In the commodities market, crude oil price fell 0.03% to $70.40 per barrel as of writing following concerns of Delta variant will diminish crude demand. Following latest development, the world’s two biggest oil consumer, U.S and China are battling with rapidly spreading Delta variant outbreak which may limit fuel demand. The spread of inland cities has cause China authorities to impose strict measures in order to control the outbreak. On the other hand, gold price rose 0.25% to $1814.13 a troy ounce at the time of writing following weak dollar.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

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Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from the resistance level 92.05. MACD which illustrate diminishing bullish momentum signal suggest the dollar to extend its retracement towards the support level 91.60.

Resistance level: 92.05, 92.65

Support level: 91.60, 91.25

GBPUSD, H4: GBPUSD was traded higher following prior rebound from the support level 1.3890. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its rebound towards the resistance level 1.3990.

Resistance level: 1.3990, 1.4105

Support level: 1.3890, 1.3735

EURUSD, H4: EURUSD was traded lower following prior retracement from the resistance level 1.1880. MACD which illustrate bearish momentum signal suggest the pair to extend its losses towards the support level 1.1810.

Resistance level: 1.1880, 1.1950

Support level: 1.1810, 1.1755

USDJPY, H4: USDJPY was traded lower following prior breakout below the previous support level 109.20. MACD which illustrate bearish bias signal suggest the pair to extend its losses towards the support level 108.65.

Resistance level: 109.20, 109.70

Support level: 108.65, 108.05

AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level 0.7415. MACD which illustrate bullish momentum signal suggest the pair to extend its gains after it breaks above the resistance level.

Resistance level: 0.7415, 0.7485

Support level: 0.7330, 0.7245

NZDUSD, H4: NZDUSD was traded higher while currently testing near the resistance level 0.7075. MACD which illustrate bullish momentum signal suggest the pair to extend its gains after it breaks above the resistance level.

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 1.2530. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its retracement towards the support level 1.2440.

Resistance level: 1.2530, 1.2600

Support level: 1.2440, 1.2350

USDCHF, H4: USDCHF was traded lower while currently testing the support level 0.9040. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses after it breaks below the support level.

Resistance level: 0.9090, 0.9135

Support level: 0.9040, 0.8990

CrudeOIL, H4: Crude oil price was traded lower following prior breakout below the previous support level 71.10. MACD which illustrate bearish momentum signal suggest the commodity to extend its losses towards the support level 68.40.

Resistance level: 71.10, 74.60

Support level: 68.40, 66.25

GOLD_, H4: Gold price was traded flat currently testing the resistance level 1815.80. However, MACD which illustrate diminishing bearish momentum signal suggest the commodity to extend its gains after it breaks above the resistance level.

Resistance level: 1815.80, 1831.85

Support level: 1792.10, 1762.20

04 August 2021                  Morning Session Analysis

NZD surged amid positive economic outlook.

The New Zealand Dollar surged over the backdrop of upbeat economic data from New Zealand in the early morning. According to Statistics New Zealand, New Zealand Employment Change had notched up significantly from the previous reading of 0.6% to 1.0%, exceeding the market forecast at 0.87%, which dialed up the market optimism toward the economic progression in New Zealand. Besides, easing Covid-19 cases as well as strong economic recovery had led to higher expectation that the Reserve Bank of New Zealand (RBNZ) would start to taper its earlier expansionary monetary policy. New Zealand is largely free of Covid-19 and had no cases in the community since February. As for now, investors would continue to scrutinize the updates with regards of future monetary policy statement to gauge the likelihood movement for the pair. As of writing. NZD/USD appreciated by 0.35% to 0.7038.

In the commodities market, the crude oil price slumped 0.03% to $70.25 per barrel as of writing. The oil market edged lower amid investors worried about rising cases of Delta Covid-19 variant around the world, which spurring negative prospect for the oil demand in future. On the other hand, the gold price was traded flat at $1810.45 per troy ounces as of writing amid investors still awaited for crucial economic data from United States this week before entering the gold market.

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 while currently testing the support level at 91.80. MACD which illustrated increasing bearish momentum suggest the index to extend its losses after it successfully breakout below the support 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 1.3880. However, MACD which diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.3980, 1.4100

Support level: 1.3880, 1.3805

EURUSD, Daily: EURUSD was traded higher while currently testing the resistance level at 1.1885. However, MACD which diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 1.1885, 1.1955

Support level: 1.1775, 1.1725

USDJPY, H4: USDJPY was traded lower following prior breakout below the previous support level at 109.20. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 108.45.

Resistance level: 109.20, 109.80

Support level: 108.45, 107.50

AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level at 0.7410. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

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. 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 higher while currently testing the resistance level at 1.2550. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.2550, 1.2670

Support level: 1.2440, 1.2275

USDCHF, Daily: USDCHF was traded lower while currently testing the support level at 0.9035. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.9135, 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 71.10. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.

Resistance level: 71.10, 74.80

Support level: 68.00, 65.05

GOLD_, H4: Gold price was traded lower following prior breakout below the previous support level at 1813.05. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.

Resistance level: 1813.05, 1823.35

Support level: 1795.70, 1773.45

03 August 2021                  Afternoon Session Analysis

Pound steady following recent upbeat PMI data.

The pound sterling which traded against the dollar and other currency pairs remains steady and edge higher after recent release of positive data from the U.K. According to Markit Economics, the U.K Markit Manufacturing PMI came in at 60.4, which was in line with expectations of 60.4, thus providing further optimism for the market. The data show that manufacturing sector are benefiting from U.K economic reopening and could help provide a boost in economic growth. Meanwhile, investors will continue to pay close attention to the U.K coronavirus situation to assess potential movement for the pair. Over the past period of time, the number of coronavirus cases in the UK has begun to gradually decline. The decline in COVID-19 cases indicates that the U.K government is unlikely to tighten social restrictions, which will benefit the normal operation of all economic sectors. At the time of writing, GBP/USD rose 0.08% to $13889.

In the commodities market, crude oil price fell 0.32% to $71.42 per barrel as of writing following demand concerns. Investors are still expressing concern over slowed crude oil consumption as coronavirus cases continue to rose on several countries and regions. Besides that, recent downbeat factory data from China and U.S also weigh on the commodity sentiment. On the other hand, gold price edge higher 0.11% to $1810.80 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

12:30                     AUD                                       RBA Rate Statement

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded flat while currently testing near the resistance level 92.05. MACD which illustrate ongoing bullish momentum signal suggest the dollar to be traded higher after it breaks above the resistance level.

Resistance level: 92.05, 92.65

Support level: 91.60, 91.25

GBPUSD, H4: GBPUSD was traded flat while currently testing the support level 1.3890. However, MACD which illustrate bearish momentum signal suggest the pair to be traded lower after it breaks below the support level.

Resistance level: 1.3990, 1.4105

Support level: 1.3890, 1.3735

EURUSD, H4: EURUSD was traded flat near the resistance level 1.1880. However, MACD which illustrate bearish momentum signal suggest the pair to be traded lower towards the support level 1.1810.

Resistance level: 1.1880, 1.1950

Support level: 1.1810, 1.1755

USDJPY, H4: USDJPY was traded lower while currently testing the support level 109.20. MACD which illustrate bearish momentum signal suggest the pair to extend its losses after it breaks below the support level.

Resistance level: 109.70, 110.40

Support level: 109.20, 108.65

AUDUSD, H4: AUDUSD was traded higher following recent rebound from the support level 0.7330. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to extend its rebound towards the resistance level 0.7415.

Resistance level: 0.7415, 0.7485

Support level: 0.7330, 0.7245

NZDUSD, H4: NZDUSD was traded higher while currently testing near the resistance level 0.7000. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its gains after it breaks above the resistance level.

Resistance level: 0.7000, 0.7075

Support level: 0.6925, 0.6825

USDCAD, H4: USDCAD was traded higher while currently testing the resistance level 1.2520. MACD which illustrate bullish momentum signal suggest the pair to extend its gains after it breaks above the resistance level.

Resistance level: 1.2520, 1.2595

Support level: 1.2440, 1.2350

USDCHF, H4: USDCHF was traded flat while currently testing near the support level 0.9040. However, MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to be traded higher in short term towards the resistance level 0.9090.

Resistance level: 0.9090, 0.9135

Support level: 0.9040, 0.8990

CrudeOIL, H4: Crude oil price was traded lower while currently testing the support level 71.10. MACD which illustrate bearish momentum signal suggest the commodity to extend its losses after it breaks below the support level.

Resistance level: 74.60, 77.00.

Support level: 71.10, 68.40.

GOLD_, H4: Gold price was traded lower following prior retracement from the resistance level 1814.80. MACD which illustrate bearish momentum signal suggest the commodity to extend its retracement towards the support level 1792.10.

Resistance level: 1814.80, 1831.85

Support level: 1792.10, 1762.20

03 August 2021                  Morning Session Analysis

Dollar slumped amid bearish data.

The Dollar Index which traded against a basket of six major currency pairs slumped over the backdrop of bearish economic data from United States yesterday. According to Institute for Supply Management, U.S. ISM Manufacturing Purchasing Managers Index (PMI) had notched down significantly from the previous reading of 60.6 to 59.5, missing the market forecast at 60.9. Such negative economic data had shown that the US economy had started to slowdown while spurring further bearish momentum on the US Dollar. Besides, market participants speculated that the Federal Reserve might continue to extend its expansionary monetary policy in long-term basis to support the economic growth. Nonetheless, the overall statement from the Federal Reserve remained vague, hence investors would continue to scrutinize the further economic data as well as Federal Reserve statement to gauge the likelihood movement for the US Dollar. As of writing, the Dollar Index slumped 0.13% to 92.05.

In the commodities market, the crude oil price slumped 3.35% to 71.45 per barrel as of writing. The oil market received significant bearish momentum amid weak economic data from China and United States, which stoked fears of weakness in oil demand and oversupply issues. On the other hand, the gold price appreciated by 0.07% to $1815.30 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

12:30                     AUD                                       RBA Rate Statement

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded lower while currently testing the support level at 91.80. MACD which illustrated increasing bearish momentum suggest the index to extend its losses after it successfully breakout below the support 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 1.3880. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.3980, 1.4100

Support level: 1.3880, 1.3805

EURUSD, Daily: EURUSD was traded higher while currently testing the resistance level at 1.1885. However, MACD which diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 1.1885, 1.1955

Support level: 1.1775, 1.1725

USDJPY, H4: USDJPY was traded lower following prior retracement from the resistance level at 109.70. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 109.05.

Resistance level: 109.70, 110.55

Support level: 109.05, 108.55

AUDUSD, H4: AUDUSD was traded higher following prior rebound from the support level at 0.7320. MACD which illustrated diminishing bearish 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 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 following prior rebounded from the support level at 1.2440. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.2535.

Resistance level: 1.2535, 1.2670

Support level: 1.2440, 1.2275

USDCHF, Daily: USDCHF was traded lower while currently testing the support level at 0.9035. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.9135, 0.9230

Support level: 0.9035, 0.8940

CrudeOIL, H4: Crude oil price was traded lower while currently testing the support level at 71.10. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses after it successfully breakout below the support level.

Resistance level: 74.80, 76.95

Support level: 71.10, 68.00

GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1813.05. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1813.05, 1823.35

Support level: 1795.70, 1773.45

02 August 2021                  Afternoon Session Analysis

Aussie slips amid poor China data.

The Australian dollar which traded against the dollar and other currency pairs remains pressured and fell after recent release of weaker-than-expected China data. According to Markit Economics, China Caixin Manufacturing PMI have fell to 50.3, weaker than market expectation of 51 and also previous reading of 51.3. According to a business survey, demand contracted for the first time in over a year due to high product prices, thus causing China factory activity growth to slipped sharply in June. With China being Australia’s biggest trading partner, the data also exert pressure for the Aussie. At the same time, coronavirus woes in the Australia also continue to pressure the pair. The third-largest city of Brisbane and other parts of Queensland have entered a snap lockdown Saturday after six new cases were detected. At the time of writing, AUD/USD fell 0.03% to 0.7339.

In the commodities market, crude oil price fell 1.01% to $72.97 per barrel as of writing following concerns over China economy that may affect fuel consumption and also higher output. China’s factory activity expanded in July at the slowest pace in nearly a year and a half, adding to concerns about a slowdown in the world’s second-biggest economy. On top of that, a Reuters survey found that oil output from the Organization of the Petroleum Exporting Countries (OPEC) rose in July to its highest since April 2020. At the time of writing, gold price fell 0.12% to $1811.82 a troy ounce at the time 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 the resistance level 92.05. 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.

Resistance level: 92.05, 92.65

Support level: 91.60, 91.25

GBPUSD, H4: GBPUSD was traded lower while currently testing the support level 1.3890. MACD which illustrate bearish momentum signal with the recent formation of death cross suggest the pair to extend its losses after it breaks below the support level.

Resistance level: 1.3990, 1.4105

Support level: 1.3890, 1.3735

EURUSD, H4: EURUSD was traded lower following prior breakout below the previous support level 1.1885. MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to extend its losses towards the support level 1.1810.

Resistance level: 1.1880, 1.1950

Support level: 1.1810, 1.1755

USDJPY, H4: USDJPY was traded higher while currently testing the resistance level 109.70. 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: 109.70, 110.40

Support level: 109.20, 108.65

AUDUSD, H4: AUDUSD was traded lower while currently testing the support level 0.7330. MACD which illustrate bearish momentum signal with the recent formation of death cross suggest the pair to extend its losses after it breaks below the support level 0.7330.

Resistance level: 0.7415, 0.7485

Support level: 0.7330, 0.745

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

Resistance level: 0.7000, 0.7075

Support level: 0.6925, 0.6825

USDCAD, H4: USDCAD was traded higher following prior rebound from the support level 1.2440. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to extend its rebound towards the resistance level 1.2520.

Resistance level: 1.2520, 1.2595

Support level: 1.2440, 1.2350

USDCHF, H4: USDCHF was traded flat while currently testing near the support level 0.9040. However, MACD which illustrate diminishing bearish momentum signal with the formation of golden cross suggest the pair to be traded higher in short term towards the resistance level 0.9090.

Resistance level: 0.9090, 0.9135

Support level: 0.9040, 0.8990

CrudeOIL, H4: Crude oil price was traded lower following prior retracement from the resistance level 74.60. MACD which illustrate bearish bias signal with the formation of death cross suggest the commodity to extend its retracement towards the support level 70.85.

Resistance level: 74.60, 76.90

Support level: 70.85, 68.40

GOLD_, H4: Gold price was traded lower following prior breakout below the previous support level 1815.80. MACD which illustrate bearish bias signal with the formation of death cross suggest the commodity to extend its losses towards the support level 1792.10.

Resistance level: 1814.80, 1831.85

Support level: 1792.10, 1762.20

02 August 2021                  Morning Session Analysis

Dollar surged on hawkish tone.

The Dollar Index which traded against a basket of six major currency pairs rebounded on last Friday following the member of Federal Reserve James Bullard unleashed its hawkish tone. According to Reuters, James Bullard claimed that the Federal Reserve should start to reduce its $120 billion in monthly bond purchases and contract its monetary policy in the first months of 2022 and paves the way to increase interest rate that year if needed in order to combat the high inflation risk. Bullard was the first Fed member to speak publicly following the central bank’s meeting this week. Nonetheless, Fed Chair Jerome Powell said that the US job market recovery still “a way off” from Fed’s target while Fed still needed to maintain its aggressive monetary policy to boost the economic momentum. The overall statement from the Fed remained vague, hence investors should continue to scrutinize the latest updates with regards of the future monetary policy plan to gauge the likelihood movement for the US Dollar. As of writing, The Dollar Index surged 0.10% to 92.08.

In the commodities market, the crude oil price extends its gains by 0.10% to $73.80 per barrel as of writing. The oil market edged higher amid market participants speculated that the rapid Covid-19 vaccination program would able to enhance the oil demand in future. On the other hand, the gold price slumped 0.10% to $1816.15 per troy ounces as of writing amid strengthening 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 while currently testing the support level at 91.80. MACD which illustrated increasing bearish momentum suggest the index to extend its losses after it successfully breakout below the support 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 1.3890. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.3980, 1.4100

Support level: 1.3890, 1.3830

EURUSD, H4: EURUSD was traded higher while currently testing the resistance level at 1.1885. However, MACD which diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 1.1885, 1.1955

Support level: 1.1775, 1.1725

USDJPY, H4: USDJPY was traded higher while currently testing the resistance level at 109.70. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 109.70, 110.55

Support level: 109.05, 108.55

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-term as technical correction.

Resistance level: 0.7120, 0.7305

Support level: 0.6915, 0.6770

USDCAD, H4: USDCAD was traded higher following prior rebounded from the support level at 1.2440. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.2535.

Resistance level: 1.2535, 1.2670

Support level: 1.2440, 1.2275

USDCHF, Daily: USDCHF was traded lower while currently testing the support level at 0.9035. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.9135, 0.9230

Support level: 0.9035, 0.8940

CrudeOIL, H4: Crude oil price was traded higher following prior breakout above the previous resistance level at 72.25. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.

Resistance level: 74.80, 76.20

Support level: 72.25, 69.85

GOLD_, H4: Gold price was traded lower while currently testing the support level at 1813.05. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses after it successfully breakout below the support level.

Resistance level: 1832.25, 1851.85

Support level: 1813.05, 1799.60

30 July 2021                        Afternoon Session Analysis

Euro surged amid upbeat economic data.

Euro appreciated against the US Dollar over the backdrop of upbeat economic data. According to Destatis, Germany Unemployment Change had notched up from the previous reading of -38K to -91K, indicating that the Germany economy had started to slowly recover, dialed up the market optimism toward the economic momentum in Germany. Besides, Federal Statistical office Germany reported that the Germany Consumer Price Index (CPI) MoM increased from the previous reading of 0.4% to 0.9%, exceeding the market forecast at 0.5%. Such high inflation data would be spurring further inflation risk in Europe in future, which could lead to higher probability that the European Central Bank would start to implement contractional monetary policy. As both crucial economic data had fared a better-than-expectation results, which prompting investors to shift their portfolio from other region into European countries. As of writing, EUR/USD appreciated by 0.10% to 1.1879.

In the commodities market, the crude oil price surged 0.05% to $73.18 per barrel as of writing. The oil market edged higher amid investors feared that the rising tensions between United States and Iran could be disrupting the oil supply. According to the Wall Street Journal, the U.S. had planned a sanctions campaign against Iran’s evolving capabilities for precision strikes using drones and guided missiles. On the other hand, the gold price was up 0.10% to $1828.81 per troy ounces following United States released its bearish economic data.

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 breakout below the previous support level at 92.00. MACD which illustrated increasing bearish momentum suggest the index to extend its losses toward support level at 91.35.

Resistance level: 92.00, 92.75

Support level: 91.35, 90.35

GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level at 1.3980. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 1.3980, 1.4100

Support level: 1.3900, 1.3830

EURUSD, H4: EURUSD was traded higher while currently testing the resistance level at 1.1885. However, MACD which diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 1.1885, 1.1955

Support level: 1.1775, 1.1725

USDJPY, H4: USDJPY was traded lower following prior breakout below the previous support level at 109.70. MACD which illustrated diminishing bearish momentum suggest the pair to extend its losses toward support level at 109.05.

Resistance level: 109.70, 110.55

Support level: 109.05, 108.55

AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level at 0.7410. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

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. 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 while currently testing the support level at 1.2440. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.2535, 1.2670

Support level: 1.2440, 1.2275

USDCHF, Daily: USDCHF was traded lower following prior breakout below the previous support level at 0.9135. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.9035.

Resistance level: 0.9135, 0.9230

Support level: 0.9035, 0.8940

CrudeOIL, H4: Crude oil price was traded higher following prior breakout above the previous resistance level at 72.25. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.

Resistance level: 74.80, 76.20

Support level: 72.25, 69.85

GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1832.25. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.

Resistance level: 1832.25, 1851.85

Support level: 1813.05, 1799.60

30 July 2021                        Morning Session Analysis

Greenback slumps further as data disappoints.

Greenback extended its losses against other major currencies following the release of bearish economic data from yesterday. For the second quarter, Gross Domestic Product (GDP rose only 6.5%, significantly lower than forecast of 8.5%. The lower-than-expected reading came in over the backdrop of low government spending, which depreciated by 5% although budget deficit in the US is on the rise. The data has cemented Federal Reserve’s call to maintain loose monetary policy for longer period to achieve sustainable economic recovery due to lingering coronavirus risks in the market. Following the release of GDP, investors dialed down their expectation for an interest rate hike by end of the year. According to Fed Rate Monitor Tool, market expectation for an interest rate hike depreciated from 10.0% to 6.7% for the month of December. As of writing, the dollar index extended its losses by 0.02% to 91.89 during Asian trading session.

In the commodities market, crude oil price was down 0.09% to $73.06 per barrel. Oil price began to experience technical correction from its higher levels after extending its gains since early of the week. Otherwise, gold price was up 0.09% to $1,890.19 a troy ounce over the backdrop of weaker greenback.

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 extended its losses after closing below 92.30. MACD which illustrate bearish signal suggests the index to extend losses after closing below 91.80.

Resistance level: 92.05, 92.30

Support level: 91.80, 91.60

GBPUSD, H4: GBPUSD was traded higher following prior closure above 1.3885. MACD which illustrate bullish signal suggests the pair to extend its gains after closing above 1.3990.

Resistance level: 1.3990, 1.4105

Support level: 1.3885, 1.3800

EURUSD, H4: EURUSD was traded higher following prior breakout from 1.1870. MACD which illustrated bullish momentum suggest the pair to extend its gains in short-term.

Resistance level: 1.1915, 1.1955

Support level: 1.1870, 1.1840

USDJPY, H4: USDJPY was traded lower following prior breakout from 109.75. MACD which illustrated bearish momentum suggests the pair to be traded lower after closing below 109.40.

Resistance level: 109.75, 110.15

Support level: 109.40, 109.05

AUDUSD, H4: AUDUSD was traded higher following a rebound from lower levels. MACD which shows bullish momentum suggests the pair to extend its gains after breaking the resistance level.

Resistance level: 0.7400, 0.7450

Support level: 0.7335, 0.7300

NZDUSD, H4: NZDUSD was traded higher following prior rebound from the lower levels. MACD which illustrate bullish momentum suggests the pair to extend its gains in short-term.

Resistance level: 0.7035, 0.7085

Support level: 0.7000, 0.6965

USDCAD, H4: USDCAD was traded lower following prior breakout from the support level of 1.2540. MACD which illustrated bearish momentum suggest the pair to extend its losses after closing below the support level.

Resistance level: 1.2490, 1.2540

Support level: 1.2440, 1.2405

USDCHF, H4: USDCHF was traded lower following prior breakout from 0.9065. MACD which illustrate bearish momentum suggests the pair to be traded lower in short-term.

Resistance level: 0.9065, 0.9105

Support level: 0.9030, 0.9010

CrudeOIL, H4: Crude oil price was traded lower following prior retracement from the higher level. MACD which shows diminished bullish momentum suggests its price to be traded lower in short-term.

Resistance level: 73.50, 74.40

Support level: 72.40, 71.00

GOLD_, H1: Gold price was traded lower following prior retracement from the higher level. MACD which illustrate bearish momentum suggests its price to be traded lower in short-term.

Resistance level: 1831.00, 1835.00

Support level: 1825.10, 1920.30

29 July 2021                        Afternoon Session Analysis

Pound sterling surged amid positive signals.

Pound sterling appreciated against the US dollar amid positive development with regards to coronavirus pandemic. Recently, UK has recorded a downtrend in new coronavirus infection for six consecutive days whereby majority of them are from the Delta variant. According to UK’s top epidemiologist Neil Ferguson, the pandemic in UK may end in the next few months. Positive outlook from Ferguson and decreasing infection rate has fueled up positive market sentiment towards the pound sterling. Likewise, EU’s decision to pause legal action against the UK over Northern Ireland (NI) protocol provides additional bullish momentum on the currency. Previously, EU commented that they would remain open for renegotiation suggestion from UK, indicating that both UK and EU may enter into a win-win situation without jeopardizing trading activities between both parties. As of writing, GBP/USD surged 0.13% to 1.3922.

In the commodities market, crude oil price was up 0.46% to $72.21 per barrel as of writing. Oil price extended its gains amid rising oil demand in the US. According to Energy Information Administration (EIA), Crude Oil Inventories for last week decreased by -4.089M, significantly higher than forecast of -2.928M. On the other hand, gold price was up 0.51% to $1815.13 a troy ounce due to weaker 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 lower while currently testing the support level at 92.00. MACD which illustrated increasing bearish momentum suggest the index to extend its losses after it successfully breakout below the support level.

Resistance level: 92.75, 93.25

Support level: 92.00, 91.35

GBPUSD, H4: GBPUSD was traded higher following prior breakout above the previous resistance level at 1.3900. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.3980.

Resistance level: 1.3980, 1.4100

Support level: 1.3900, 1.3830

EURUSD, Daily: EURUSD was traded higher while currently testing the resistance level at 1.1850. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.1850, 1.1955

Support level: 1.1725, 1.1635

USDJPY, H4: USDJPY was traded lower while currently testing the support level at 109.70. 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, 110.95

Support level: 109.70, 109.05

AUDUSD, H4: AUDUSD was traded higher following prior rebound from the support level at 0.7120. 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 lower while currently testing the support level at 0.6915. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.7120, 0.7305

Support level: 0.6915, 0.6770

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

Resistance level: 1.2535, 1.2670

Support level: 1.2440, 1.2275

USDCHF, Daily: USDCHF was traded lower following prior breakout below the previous support level at 0.9135. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.9035.

Resistance level: 0.9135, 0.9230

Support level: 0.9035, 0.8940

CrudeOIL, H4: Crude oil price was traded higher following prior breakout above the previous resistance level at 72.25. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains toward resistance level at 74.80.

Resistance level: 74.80, 76.20

Support level: 72.25, 69.85

GOLD_, H4: Gold price was traded higher following prior breakout above the previous resistance level at 1813.05. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains toward resistance level at 1832.25.

Resistance level: 1832.25, 1851.85

Support level: 1813.05, 1788.95