Daily Analysis

29 July 2021                        Morning Session Analysis

Dollar slumped amid dovish stance.

The Dollar Index which traded against a basket of six major currency pairs slumped following the Federal Reserve unleashed their dovish stance toward the economic progression in United States. According to FOMC statement, the Federal Reserve claimed that they will continue to maintain its aggressive monetary policy while using its full range of tools to support the U.S. economy. Despite the rapid progress on Covid-19 progression and strong policy support, some indicators of economic activity and employment have shown some improvement, though its have not fully recovered yet. Meanwhile, the higher inflation in United States was mainly due to transitory factors. The Fed decided to maintain their federal fund rate at 0 to 1/4 % and maintain its bond buying program until substantial further progress has been made toward its maximum employment and price stability goals. As of writing, the Dollar Index depreciated by 0.06% to 92.25.

In the commodities market, the crude oil price surged 0.08% to $72.55 per barrel as of writing. The oil market surged over the backdrop of upbeat inventory data. According to Energy Information Administration (EIA), U.S. Crude Oil Inventories came in at -4.089M, better than the market forecast at -2.928M. On the other hand, the gold price surged 0.16% to $1810.00 per troy ounces as of writing amid weakening US Dollar.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded lower following prior breakout below the previous support level at 92.75. MACD which illustrated increasing bearish momentum suggest the index to extend its losses toward support level at 92.00.

Resistance level: 92.75, 93.25

Support level: 92.00, 91.35

GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level at 1.3900. However, MACD which diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 1.3900, 1.3980

Support level: 1.3830, 1.3740

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

Resistance level: 1.1850, 1.1955

Support level: 1.1725, 1.1635

USDJPY, H4: USDJPY was traded 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 while currently testing the resistance level at 72.25. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.

Resistance level: 72.25, 74.80

Support level: 69.85, 68.00

GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1813.05. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains toward resistance level at 1813.05

Resistance level: 1813.05, 1832.25

Support level: 1788.95, 1773.45

28 July 2021                        Afternoon Session Analysis

Bears overtook AUD despite upbeat data.

Australian dollar depreciated against the US dollar despite positive economic data from the region. For the second quarter, Australia’s Consumer Price Index (CPI) ticked up to 0.8%, higher than previous rate of 0.6% while exceeding economists’ forecast of 0.7%. The uptick in consumer prices suggests that the economy is still on track to achieve Reserve Bank of Australia’s inflation target of 2%. However, the rapid spread of Delta variant coronavirus in Australia have offset the bullish momentum upon Australian dollar. Market sentiment towards the region turned sour after New South Wales recorded its highest daily coronavirus cases on yesterday with 172. In addition, overall sentiment deteriorates further after Queensland announced a four-week extension on its lockdown which may dampen economic recovery momentum. For the time being, investors will continue to scrutinize coronavirus situation in Australia to gauge its trend direction. As of writing, AUD/USD slumped 0.04% to 0.7365.

In the commodities market, crude oil price was up 0.06% to $72.21 per barrel as of writing. Oil price extended its gains amid growing demand as road traffic in Asia rises while air travel resumes its operation at a faster pace. On the other hand, gold price was up 0.1% to $1806.19 a troy ounce due to weaker US dollar.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

02:00                     USD                                        FOMC Statement

(29^th)

02:00                     USD                                        FOMC Press Conference

(29^th)

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following prior breakout below the previous support level at 92.75. However, MACD which illustrated diminishing bearish momentum suggest the index to be traded higher in short-term as technical correction.

Resistance level: 92.75, 93.25

Support level: 92.00, 91.35

GBPUSD, H4: GBPUSD was traded higher following prior breakout above the previous resistance level at 1.3740. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 1.3900, 1.3980

Support level: 1.3830, 1.3740

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

Resistance level: 1.1850, 1.1955

Support level: 1.1725, 1.1635

USDJPY, H4: USDJPY was traded higher following prior rebound from the support level at 109.75. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 110.55.

Resistance level: 110.55, 110.95

Support level: 109.75, 109.05

AUDUSD, H4: AUDUSD was traded lower while currently near the support level at 0.7320. MACD which illustrated 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 lower while currently testing the support level at 0.6915. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.7120, 0.7305

Support level: 0.6915, 0.6770

USDCAD, H4: USDCAD was traded higher following prior rebound from the support level at 1.2535. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.2670.

Resistance level: 1.2670, 1.2770

Support level: 1.2535, 1.2440

USDCHF, Daily: USDCHF was traded lower while currently testing the support level at 0.9135. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.9230, 0.9305

Support level: 0.9135, 0.9035

CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level at 72.25. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.

Resistance level: 72.25, 74.80

Support level: 69.85, 68.00

GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1813.05. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains toward resistance level at 1813.05

Resistance level: 1813.05, 1832.25

Support level: 1788.95, 1773.45

28 July 2021                        Morning Session Analysis

Dollar slumped amid bearish economic data.

The Dollar Index which traded against a basket of six major currency pairs extend its losses over the backdrop of bearish economic data from United States. According to Census Bureau, U.S. Core Durable Goods Order MoM had notched down significantly from the previous reading of 0.5% to 0.3%, missing the market forecast at 0.8%, which indicating that the manufacturing activity remained subdued in United States. Besides, US Dollar received amid investors fear that the Federal Reserve would continue to implement its expansionary monetary policy following resurgence of the Covid-19 cases, which dragged down the appeal of the US Dollar. Nonetheless, the overall statement from the Federal Reserve remained vague as for now, investors would continue to focus on the FOMC meeting tonight in order to gauge the likelihood movement for the US Dollar. As of writing, the Dollar Index depreciated by 0.02% to 92.45.

In the commodities market, the crude oil price extends its gains by 0.08% to $72.20 per barrel as of writing. The crude oil price was traded higher amid upbeat inventory data. According to American Petroleum Institute, U.S. API Weekly Crude Oil Stock declined significantly from the previous reading of 0.806M to -4.728M, better than the market forecast at -3.433M. On the other hand, the gold price surged 0.01% to $1798.80 per troy ounces as of writing amid weakening US Dollar.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

02:00                     USD                                        FOMC Statement

(29^th)

02:00                     USD                                        FOMC Press Conference

(29^th)

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following prior breakout below the previous support level at 92.75. However, MACD which illustrated diminishing bearish momentum suggest the index to be traded higher in short-term as technical correction.

Resistance level: 92.75, 93.25

Support level: 92.00, 91.35

GBPUSD, H4: GBPUSD was traded higher following prior breakout above the previous resistance level at 1.3740. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.3900.

Resistance level: 1.3900, 1.3980

Support level: 1.3830, 1.3740

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

Resistance level: 1.1850, 1.1955

Support level: 1.1725, 1.1635

USDJPY, H4: USDJPY was traded higher following prior rebound from the support level at 109.75. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 110.55.

Resistance level: 110.55, 110.95

Support level: 109.75, 109.05

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

Resistance level: 0.7410, 0.7495

Support level: 0.7320, 0.7240

NZDUSD, Daily: NZDUSD was traded lower while currently testing the support level at 0.6915. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.7120, 0.7305

Support level: 0.6915, 0.6770

USDCAD, H4: USDCAD was traded higher following prior rebound from the support level at 1.2535. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.2670.

Resistance level: 1.2670, 1.2770

Support level: 1.2535, 1.2440

USDCHF, Daily: USDCHF was traded lower while currently testing the support level at 0.9135. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.9230, 0.9305

Support level: 0.9135, 0.9035

CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level at 72.25. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.

Resistance level: 72.25, 74.80

Support level: 69.85, 68.00

GOLD_, H4: Gold price was traded lower following prior retracement from the resistance level at 1813.05. However, MACD which illustrated increasing bullish momentum suggest the commodity to be traded higher in short-term as technical correction.

Resistance level: 1813.05, 1832.25

Support level: 1788.95, 1773.45

27 July 2021                        Afternoon Session Analysis

Aussie fell following coronavirus concerns.

The Australian dollar which traded against the dollar and other currency pairs remain weak and fell as Covid infection in Australia continue to diminishing investors’ appetite. According to reports from Reuters, New South Wales which had more than 5 million people have reported 145 new cases of the virus, higher than the previous day of 141. Despite with a week of lockdown order, the state continue to struggle to contain the outbreak of Delta variant. Australian police have vowed to crack down on any repeat of anti-lockdown protest which turned violent at the weekend. An article from Sunday Morning Herald warned that economists are expecting the Greater Sydney lockdown, along with shorter closures in Victoria and South Australia, will result in the national economy contracting through the September quarter. At the time of writing, AUD/USD fell 0.03% to 0.7378.

In the commodities market, crude oil price rose 0.04% to $72.21 per barrel at the time of writing as investors bet that the global demand will remain intact despite with Covid-19. While the fast-spreading delta variant have raised come concerns, the rebound in key energy consumers such as China and U.S has helped to support fuel consumption and keeping the commodity price afloat. On the other hand, gold price rose 0.10% to $1799.41 a troy ounce as of writing following dollar weakness.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following prior breakout below the previous support level 92.65. MACD which illustrate bearish momentum signal suggest the dollar to extend its losses towards the support level 92.05.

Resistance level: 92.65, 93.10

Support level: 92.05, 91.60

GBPUSD, H4: GBPUSD was traded higher following prior rebound from the support level 1.3735. MACD which illustrate bullish momentum signal suggest the pair to extend its gains towards the resistance level 1.3890.

Resistance level: 1.3890, 1.3990

Support level: 1.3735, 1.3575

EURUSD, H4: EURUSD was traded higher while currently testing near the resistance level 1.1810. MACD which illustrate bullish momentum signal suggest the pair to extend its gains after it breaks above the resistance level.

Resistance level: 1.1810, 1.1880

Support level: 1.1755, 1.1705

USDJPY, H4: USDJPY was traded lower following prior retracement from the resistance level 110.40. 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: 110.40, 111.00

Support level: 109.70, 109.20

AUDUSD, H4: AUDUSD was traded higher following recent rebound from the support level 0.7340. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to be traded lower back towards the support level 0.7340.

Resistance level: 0.7415, 0.7485

Support level: 0.7340, 0.7245

NZDUSD, H4: NZDUSD was traded lower following prior retracement from the resistance level 0.7000. MACD which illustrate diminishing bullish momentum signal 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 lower following prior breakout below the previous support level 1.2565. MACD which illustrate bearish bias signal suggest the pair to extend its losses towards the support level 1.2470.

Resistance level: 1.2565, 1.2675

Support level: 1.2470, 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 higher following prior rebound from the support level 70.85. MACD which illustrate bullish momentum signal suggest the commodity to extend its gains towards the resistance level 74.60.

Resistance level: 74.60, 76.90

Support level: 70.85, 68.40

GOLD_, H4: Gold price was traded lower while currently testing near the support level 1792.10. MACD which illustrate bearish momentum signal with the formation of death cross 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

27 July 2021                        Morning Session Analysis

Dollar slumped ahead of Fed’s meeting.

The Dollar Index which traded against a basket of six major currency pairs slumped ahead of FOMC meeting on Thursday, which indicating that market participants still concerned over the aggressive expansionary monetary policy from the Federal Reserve. Such aggressive monetary policy would likely to increase the money supply in the financial market, dragged down the appeal of the US Dollar. Though, as for now the overall sentiment from the Federal Reserve remained vague. Despite that the global economy are still in recovery mode, the risk of the spiking numbers of the Delta variant among less-vaccinated communities had continue to undermine the economic outlook. Analysts speculated that the Fed would continue to buy $120 billion in government bonds per months while holding its interest rate near zero. Nonetheless, investors would continue to scrutinize the updates with regards of future economic data as well as FOMC statement to gauge the likelihood movement for the US Dollar. As of writing, the Dollar Index depreciated by 0.30% to 92.63.

In the commodities market, the crude oil price surged 0.08% to $72.40 per barrel as of writing. The oil market extends its gains amid investors still optimism that the rapid Covid-19 vaccination program would likely to enhance the oil demand in future. On the other hand, the gold price surged 0.03% to $1797.50 per troy ounces as of writing amid weakening US Dollar.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following prior breakout below the previous support level at 92.75. MACD which illustrated increasing bearish momentum suggest the index to extend its losses toward support level at 92.00.

Resistance level: 92.75, 93.25

Support level: 92.00, 91.35

GBPUSD, H4: GBPUSD was traded higher following prior breakout above the previous resistance level at 1.3740. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.3900.

Resistance level: 1.3900, 1.3980

Support level: 1.3740, 1.3565

EURUSD, Daily: EURUSD was traded lower following prior breakout below the previous support level at 1.1850. However, MACD which illustrated increasing bullish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.1850, 1.1955

Support level: 1.1725, 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: 109.75, 109.05

AUDUSD, H4: AUDUSD was traded 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. 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 1.2535. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.2670, 1.2770

Support level: 1.2535, 1.2440

USDCHF, Daily: USDCHF was traded lower while currently testing the support level at 0.9135. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.9230, 0.9305

Support level: 0.9135, 0.9035

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

Resistance level: 72.30, 74.80

Support level: 69.85, 68.00

GOLD_, H4: Gold price was traded lower following prior retracement from the resistance level at 1813.05. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses toward support level at 1788.95.

Resistance level: 1813.05, 1832.25

Support level: 1788.95, 1773.45

26 July 2021                        Afternoon Session Analysis

Euro remains weak amid Covid-19.

The Euro which traded against the dollar and other currency pair continue to struggle and fell following coronavirus woes continue to dampen market expectation towards EU economic recovery. Recently, coronavirus cases in the EU have increased significantly where several countries such as Germany and Belgium seen a spike in infections. The majority of the cases are composed of Delta variants. Recent data show that the Delta variant is 60% higher in the probability of infection when compared to the original variant. Governments within the EU are beginning to re-tighten the SOP restriction to curb the increase in coronavirus cases. Investors are concerned that tightening restrictions will undermine the momentum of economic recovery in the EU. Besides that, it will also pressure the the European Central Bank to maintain its policy easing for a longer period of time to ensure a stable economic recovery. At the time of writing, EUR/USD fell 0.04% to 1.1771.

In the commodities market, crude oil price slips 0.05% to $71.67 per barrel at the time of writing following covid-19 resurgence. The fast-spreading Delta variant have starting raising concerns about the short-term outlook where several countries have reimposed tight restrictions and could potentially affect demand for oil consumption. The top U.S. infectious disease expert, Anthony Fauci, warned that the U.S is moving in the “wrong direction” in combating the new wave of the pandemic. On the other hand, gold price rose 0.16% to $1805.09 a troy ounce as of writing following dollar retreat.

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 following recent rebound from the support level 92.65. MACD which illustrate diminishing bearish momentum signal suggest the dollar to be traded higher in short term towards the resistance level 93.10.

Resistance level: 93.10, 93.45

Support level: 92.65, 92.05

GBPUSD, H4: GBPUSD was traded flat while currently testing the support level 1.3735. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to be traded lower after it breaks below the support level.

Resistance level: 1.3890, 1.3990

Support level: 1.3735, 1.3575

EURUSD, H4: EURUSD was traded lower following recent breakout below the previous support level 1.1795. However, MACD which illustrate bullish bias signal with the formation of golden cross suggest the pair to be traded higher as a technical correction towards the resistance level 1.1795.

Resistance level: 1.1795, 1.1880

Support level: 1.1705, 1.1625

USDJPY, H4: USDJPY was traded lower while currently testing the support level 110.40. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses after it breaks below the support level.

Resistance level: 111.00, 111.65

Support level: 110.40, 109.70

AUDUSD, H4: AUDUSD was traded lower while currently testing the support level 0.7340. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses after it breaks below the support level.

Resistance level: 0.7415, 0.7485

Support level: 0.7340, 0.7245

NZDUSD, H4: NZDUSD was traded lower following prior retracement from its high level. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its retracement towards the support level 0.6925.

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 1.2565. MACD which illustrate diminishing bearish momentum signal with the starting formation of golden cross suggest the pair to extend its gains towards the resistance level 1.2675.

Resistance level: 1.2675, 1.2770

Support level: 1.2565, 1.2470

USDCHF, H4: USDCHF was traded lower following prior breakout below the previous support level 0.9200. MACD which illustrate bearish bias signal with the formation of death cross suggest the pair to extend its losses towards the support level 0.9135.

Resistance level: 0.9200, 0.9245

Support level: 0.9135, 0.9090

CrudeOIL, H4: Crude oil price was traded lower following prior retracement from its high level. MACD which illustrate diminishing bullish momentum signal 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 higher following prior rebound from the support level 1792.10. MACD which illustrate bullish bias signal with the formation of golden cross suggest the commodity to extend its rebound towards the resistance level 1814.80.

Resistance level: 1814.80, 1831.85

Support level: 1792.10, 1762.20

26 July 2021                        Morning Session Analysis

Pound was traded flat amid mixed data.

Pound Sterling was traded flat on last Friday over the backdrop of mixed economic data from the United Kingdom. According to Office for National Statistics, U.K. Retail Sales MoM had notched up significantly from the previous reading of -1.3% to 0.5%, exceeding the market forecast at 0.4%, which indicating that the economic momentum had started to improve slowly following the lock-down restriction was eased. Nonetheless, the gains experienced by the Pound Sterling was limited following the negative PMI data was released. Markit Economics reported that the U.K. Composite Purchasing Managers’ Index (PMI) declined significantly from the preliminary reading of 62.2 to 57.7, missing the market forecast at 61.9. Meanwhile, U.K. Manufacturing Purchasing Managers Index (PMI) and U.K. Services Purchasing Managers Index (PMI) both came in at 60.4 and 57.8, which also worse than market expectation at 62.7 and 62.0 respectively. As of writing, GBP/USD appreciated by 0.11% to 1.3760.

In the commodities market, the crude oil price surged 0.01% to 72.45 per barrel as of writing. The oil market extends its gains amid market participants remained optimism that the positive progression of Covid-19 vaccination program would able to increase the oil demand in future. On the other hand, the gold price was traded flat at $1802.20 per troy ounces as of writing amid market participants are still waiting for further catalyst 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, H4: Dollar index was traded higher following prior rebound from the support level at 92.70. MACD which illustrated increasing bullish momentum suggest the index to extend its gains toward resistance level at 93.25.

Resistance level: 93.25, 94.10

Support level: 92.70, 92.00

GBPUSD, H4: GBPUSD was traded lower while currently testing the support level at 1.3740. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.3900, 1.3980

Support level: 1.3740, 1.3565

EURUSD, Daily: EURUSD was traded lower following prior breakout below the previous support level at 1.1850. However, MACD which illustrated increasing bullish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.1850, 1.1955

Support level: 1.1725, 1.1635

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

Resistance level: 110.55, 110.95

Support level: 109.75, 109.05

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 its 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 while currently testing the support level at 1.2560. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.2670, 1.2770

Support level: 1.2560, 1.2440

USDCHF, Daily: USDCHF was traded higher while currently testing the resistance level at 0.9230. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.9230, 0.9305

Support level: 0.9135, 0.9035

CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level at 72.30. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.

Resistance level: 72.30, 74.80

Support level: 69.85, 68.00

GOLD_, H4: Gold price was traded lower following prior retracement from the resistance level at 1813.05. MACD which illustrated diminishing bullish momentum suggest the commodity to extend its losses toward support level at 1788.95.

Resistance level: 1813.05, 1832.25

Support level: 1788.95, 1773.45

23 July 2021                        Afternoon Session Analysis

Euro slips following dovish ECB.

The Euro which traded against the dollar and other currency pair have fell after ECB delivered a dovish note on meeting. As expected, the ECB has maintained its interest rates and monetary policy settings unchanged. However, the ECB has announced new guidelines for monetary policy by allowing inflation to hover above the 2% target for a longer period of time. The action was taken after the ECB expect that the rise in inflation was temporary and they wanted to ensure that all aspects of the economy had recovered significantly before implementing monetary policy tightening. In a press conference, ECB President Christine Lagarde commented that the recent increase in coronavirus cases would be a major threat to the momentum economic recovery in the EU. Therefore, they will continue to relax policy for a longer period before tightening monetary policy. At the time of writing, EUR/USD fell 0.03% to 1.1775.

In the commodities market, crude oil price rose 0.16% to $71.62 per barrel as of writing following optimism towards rising demand and tightening global market. Investors continue to bet on the broader positive fundamentals following rollout of vaccine that permits economies to reopen. Besides that, Baker Hughes expects the crude oil demand will continue to rise in the second half of 2021 until next year. On the other hand, gold price fell 0.06% to $1803.22 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 following recent rebound from the support level 92.65. MACD which illustrate diminishing bearish momentum signal suggest the dollar to extend its rebound towards the resistance level 93.10.

Resistance level: 93.10, 93.45

Support level: 92.70, 92.05

GBPUSD, H4: GBPUSD was traded flat while currently testing the support level 1.3735. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to be traded lower after it breaks below the support level.

Resistance level: 1.3890, 1.3990

Support level: 1.3735, 1.3575

EURUSD, H4: EURUSD was traded lower following prior breakout below the previous support level 1.1785. MACD which illustrate bearish bias signal with the formation of death cross suggest the pair to extend its losses towards the support level 1.1705.

Resistance level: 1.1785, 1.1880

Support level: 1.1705, 1.1625

USDJPY, H4: USDJPY was traded higher while currently testing near the resistance level 110.40. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to be traded lower towards the support level 109.70.

Resistance level: 110.40, 111.00

Support level: 109.70, 109.20

AUDUSD, H4: AUDUSD was traded higher following prior breakout above the previous resistance level 0.7340. MACD which illustrate bullish momentum signal suggest the pair to extend its gains towards the resistance level 0.7415.

Resistance level: 0.7415, 0.7485

Support level: 0.7340, 0.7245

NZDUSD, H4: NZDUSD was traded higher while currently testing near the resistance level 0.7000. MACD which illustrate persistent bullish 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 lower while currently testing the support level 1.2565. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to be traded higher as a technical correction towards the resistance level 1.2675.

Resistance level: 1.2675, 1.2770

Support level: 1.2565, 1.2470

USDCHF, H4: USDCHF was traded higher while currently testing the resistance level 0.9200. MACD which illustrate diminishing bearish 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 higher following prior breakout above the previous resistance level 70.85. MACD which illustrate persistent bullish momentum signal suggest the commodity to extend its gains towards the resistance level 74.60.

Resistance level: 74.60, 76.90

Support level: 70.85, 68.40

GOLD_, H4: Gold price was traded higher following prior rebound from the resistance level 1792.10. MACD which illustrate bullish bias signal with the formation of golden cross suggest the commodity to extend its gains towards the resistance level 1814.80.

Resistance level: 1814.80, 1831.85

Support level: 1792.10, 1762.20

23 July 2021                        Morning Session Analysis

Dollar slumped over the bearish data.

The Dollar Index which traded against a basket of six major currency pairs slumped over the backdrop of the string of bearish economic data yesterday. According to Department of Labor, U.S. Initial Jobless Claims notched up significantly from the previous reading of 368K to 419K, worse than the market forecast at 350K. Besides, U.S Existing Home Sales came in at 5.86M, which also weaker than market expectation at 5.90M. As both economic data fared worse than expectation, which dialed down the market optimism toward the economic progression in United States. Market participants expected that the Federal Reserve would likely to extend its expansionary monetary policy plan to boost up the economic momentum. Nonetheless, the losses experienced by the US Dollar was limited amid risk-off sentiment in the FX market following many countries reported a spiking number of Delta Variant. As of writing, the Dollar Index depreciated by 0.04% to 92.80.

In the commodities market, the crude oil price extends its gains by 0.18% to 72.15 per barrel as of writing. The continued signs of global economic recovery from the Covid-19 pandemic due to the rapid process of the vaccination program had spurred positive prospect for this black-commodity. On the other hand, the gold price surged 0.01% to $1807.12 per troy ounces amid weakening US Dollar.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower while currently testing the support level at 92.70. However, MACD which illustrated diminishing bearish momentum suggest the index to be traded higher in short-term as technical correction.

Resistance level: 93.25, 94.10

Support level: 92.70, 92.00

GBPUSD, H4: GBPUSD was traded higher following prior breakout above the previous resistance level at 1.3740. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 1.3900, 1.3980

Support level: 1.3740, 1.3565

EURUSD, Daily: EURUSD was traded lower following prior breakout below the previous support level at 1.1850. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 1.1725.

Resistance level: 1.1850, 1.1955

Support level: 1.1725, 1.1635

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

Resistance level: 110.45, 110.95

Support level: 109.75, 109.05

AUDUSD, H4: AUDUSD was traded 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. 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 breakout below the previous support 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, 1.2770

Support level: 1.2440, 1.2275

USDCHF, Daily: USDCHF was traded lower following prior retracement from the resistance level at 0.9230. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.9135.

Resistance level: 0.9230, 0.9305

Support level: 0.9135, 0.9035

CrudeOIL, Daily: Crude oil price was traded higher while currently testing the resistance level at 71.80. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.

Resistance level: 71.80, 76.20

Support level: 66.35, 61.45

GOLD_, H4: Gold price was traded higher following prior rebound from the support level at 1798.15. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains toward resistance level at 1813.05.

Resistance level: 1813.05, 1832.25

Support level: 1798.15, 1788.95

21 July 2021                        Afternoon Session Analysis

Aussie fell following increasing covid cases.

The Australian dollar which traded against the dollar and other currency pairs remains pressured and fell as Australia covid infections hit 10 months high and triggering concerns for Australia’s economy recovery. Following latest development, Australia’s New South Wales have recorded the highest daily infections at 122 since the outbreak began in June. With the coronavirus situation escalate in the NSW, neighboring states such as Queensland have already planned to close its border to NSW and reimposed social distancing rules. New South Wales Premier Gladys Berejiklian also warned that the number of cases could go even higher. On data front, downbeat data also further added selling pressure for the pair. The NAB Business Confidence for the second quarter have eased to 17, lower than market expectation of 21. At the time of writing, AUD/USD fell 0.11% to 0.7345.

In the commodities market, crude oil price rose 0.11% to $70.01 per barrel as of writing despite with a surprise build in U.S oil inventories. According to EIA, crude oil inventories rose 2.108 million barrels, completely opposite from market expectation with a decrease of -4.466 million barrels. Despite that, market remains hopeful and continue to bet on fuel consumption recovery. On top of that, JPMorgan also expect the crude oil demand will hover at 99.6 million barrels per day which is higher than the first quarter. On the other hand, gold price slips 0.31% to $1797.95 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

19.45                     EUR                       ECB Monetary Policy Statement

20.30                     EUR                       ECB Press Conference

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower while currently testing the support level 92.65. MACD which illustrate bearish momentum signal with the recent formation of death cross suggest the dollar to extend its losses after it breaks below the support level.

Resistance level: 93.10, 93.45

Support level: 92.70, 92.05

GBPUSD, H4: GBPUSD was traded higher while currently testing near the resistance level 1.3735. MACD which illustrate bullish bias signal with the recent formation of golden cross suggest the pair to extend its gains after it breaks above the resistance level.

Resistance level: 1.3735, 1.3890

Support level: 1.3575, 1.3470

EURUSD, H4: EURUSD was traded higher following prior breakout above the previous resistance level 1.1785. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to extend its gains towards the resistance level 1.1880.

Resistance level: 1.1880, 1.1950

Support level: 1.1785, 1.1705

USDJPY, H4: USDJPY was traded lower following prior retracement from the resistance level 110.40. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its retracement towards the support level 109.70.

Resistance level: 110.40, 111.00

Support level: 109.70, 109.20

AUDUSD, H4: AUDUSD was traded higher following prior breakout above the previous resistance level 0.7340. MACD which illustrate bullish momentum signal with the recent formation of golden cross suggest the pair to extend its gains towards the resistance level 0.7415.

Resistance level: 0.7415, 0.7485

Support level: 0.7340, 0.7245

NZDUSD, H4: NZDUSD was traded higher following prior breakout above the previous resistance level 0.6925. MACD which illustrate bullish bias signal with the formation of golden cross suggest the pair to extend its gains towards the resistance level 0.7000.

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 1.2565. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its rebound towards the resistance level 1.2675.

Resistance level: 1.2675, 1.2770

Support level: 1.2565, 1.2470

USDCHF, H4: USDCHF was traded lower following prior breakout below the previous support level 0.9195. MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to extend its losses towards the support level 0.9135.

Resistance level: 0.9195, 0.9245

Support level: 0.9135, 0.9090

CrudeOIL, H4: Crude oil price was traded higher while currently testing near the resistance level 70.85. MACD which illustrate bullish bias signal suggest the commodity to extend its gains after it breaks above the resistance level.

Resistance level: 70.85, 74.60

Support level: 68.40, 66.25

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

22 July 2021                        Morning Session Analysis

Dollar slumped amid risk-on sentiment.

The Dollar Index which traded against a basket of six major currency pairs retraced from its recent high following the global stock market rebounded significantly, which spurring risk appetite in the global financial market while diminishing market demand on the safe-haven US Dollar. In earlier, the spiking numbers of the Delta variant had increased the investors’ concern, which prompting the global stock markets to drop sharply on Monday. Nonetheless, the losses experienced by the US Dollar was limited amid optimism toward the new infrastructure spending bill from US President Joe Biden. US Senate, Democratic Senator Joe Manchin claimed that they are very close to achieve on the bipartisan infrastructure plan. Analysts speculated that such infrastructure plan would able to enhance the economic momentum in the United States. As for now, investors would continue to scrutinize updates with regards of Covid-19 development as well as further economic data to gauge the likelihood movement for the US Dollar. As of writing, the Dollar Index surged 0.06% to 92.80.

In the commodities market, the crude oil price appreciated by 0.14% to $70.60 per barrel as of writing. The crude oil price surged significantly yesterday amid technical correction following it suffered huge drop in the earlier this week. Market participants remained optimism that the rapid process of the vaccination would able to enhance the oil demand in future. On the other hand, the gold price appreciated by 0.01% to $1802.20 per troy ounces amid weakening US Dollar.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower while currently testing the support level at 92.70. MACD which illustrated increasing bearish momentum suggest the index to extend its losses after it successfully breakout below the support level.

Resistance level: 93.25, 94.10

Support level: 92.70, 92.00

GBPUSD, Daily: GBPUSD was traded higher while currently testing the resistance level at 1.3740. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.3740, 1.3900

Support level: 1.3565, 1.3415

EURUSD, H4: EURUSD was traded lower following prior breakout below the previous support level at 1.1850. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 1.1725.

Resistance level: 1.1850, 1.1955

Support level: 1.1725, 1.1635

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

Resistance level: 110.45, 110.95

Support level: 109.75, 109.05

AUDUSD, H4: AUDUSD was traded 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 lower while currently testing the support level at 0.6915. MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher 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 diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.2585, 1.2770

Support level: 1.2440, 1.2275

USDCHF, Daily: USDCHF was traded lower following prior retracement from the resistance level at 0.9230. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.9135.

Resistance level: 0.9230, 0.9305

Support level: 0.9135, 0.9035

CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level at 70.15. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.

Resistance level: 70.15, 76.20

Support level: 66.35, 61.45

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 1788.95.

Resistance level: 1813.05, 1820.85

Support level: 1800.25, 1788.95

19 July 2021                        Afternoon Session Analysis

Pound plunged amid Covid and Brexit woes.

The pound sterling has fell against the dollar and other currency pairs following fears of rapid spread of the Delta variant. The number of infections has soared due to rapid spread of highly contagious Delta variant coronavirus as UK had reported an increase of 39,950 new covid-19 daily cases. Resurgence of covid-19 in UK despite all social restrictions been lifted on Monday kept the investors to rethink of UK’s economic recovery which resulted in strong selling around the pair of GBP/USD and prompting investors to shift their portfolio to safe-haven US dollar. Meanwhile, pound sterling extended its losses from Brexit woes amid reports that the UK will threaten to deviate from the Northern Ireland Protocol of the Brexit deal which could impact on the export of British’s food staples to Northern Ireland. Moreover, investors would continue to scrutinize on the update from Bank of England’s meeting on 5^th of August and a dovish hold is expected after dovish comments from Monetary Policy Committee member Jonathan Haskel, who prefers refraining from tightening policy. The mentioned issues had further dialed down investors’ optimisms toward the pound sterling as it may pose as a threat upon UK’s economic recovery. As of writing, GBP/USD was down 0.13% to 1.3616.

In the commodities market, the crude oil price depreciated 0.01% to $66.52 per barrel as of writing amid concerns of rising number of Delta variants coronavirus and agreement between the United Arab Emirates and Saudi Arabia. On the other hand, the gold price slumped 0.05% to $1808.44 a troy ounce 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, H4: Dollar index was traded higher while currently testing the resistance level 92.70. However, MACD which illustrate diminishing bullish momentum signal suggest the dollar to experience a technical correction towards the support level 92.70.

Resistance level: 93.05, 93.45

Support level: 92.70, 92.05

GBPUSD, H4: GBPUSD was traded lower while currently testing near the support level 1.3575. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to be traded higher as a technical correction towards the resistance level 1.3675.

Resistance level: 1.3675, 1.3750

Support level: 1.3575, 1.3470

EURUSD, H4: EURUSD was traded lower following prior breakout below the previous support level 1.1790. MACD which illustrate bearish momentum signal suggest the pair to extend its losses towards the support level 1.1705.

Resistance level: 1.1790, 1.1880

Support level: 1.1705, 1.1625

USDJPY, H4: USDJPY was traded higher following prior breakout above the previous resistance level 109.70. MACD which illustrate bullish bias signal with the recent formation of golden cross suggest the pair to extend its gains towards the resistance level 110.45.

Resistance level: 110.45,111.00

Support level: 109.70, 109.20

AUDUSD, H4: AUDUSD was traded lower following prior retracement from the resistance level 0.7340. MACD which illustrate continuation of bearish momentum signal suggest the pair to extend its losses towards the support level 0.7245.

Resistance level: 0.7340, 0.7415

Support level: 0.7245, 0.7150

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

Resistance level: 0.6925, 0.7000

Support level: 0.6825, 0.6725

USDCAD, H4: USDCAD was traded lower while currently testing near the support level 1.2675. MACD which illustrate bearish momentum signal suggest the pair to extend its losses after it breaks below the support level.

Resistance level: 1.2770, 1.2870

Support level: 1.2675, 1.2565

USDCHF, H4: USDCHF was traded higher following prior breakout above the previous resistance level 0.9195. MACD which illustrate bullish momentum signal suggest the pair to extend its gains towards the resistance level 0.9245.

Resistance level: 0.9245, 0.9305

Support level: 0.9195, 0.9135

CrudeOIL, H4: Crude oil price was traded flat while currently testing near the support level 66.25. However, MACD which illustrate diminishing bearish momentum signal with the starting formation of golden cross suggest the commodity to be traded higher towards the resistance level 68.40.

Resistance level: 68.40, 69.85

Support level: 66.25, 63.45

GOLD_, H4: Gold price was traded lower following prior retracement from the resistance level 1814.80. MACD which illustrate bearish bias 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

21 July 2021                        Morning Session Analysis

Delta fears had insinuated demand on safe-haven Dollar.

The Dollar Index which traded against a basket of six major currency pairs extend its gains amid spiking numbers of Delta variant continue to diminish the risk appetite in the FX market, which prompting investors to selloff risky asset such as Pound Sterling and Australian Dollar into safe-haven Dollar. Nonetheless, the gains experienced by the US Dollar was limited over the backdrop of bearish economic data from the US region. According to Census Bureau, U.S. Building Permits had notched down significantly from the previous reading of 1.683M to 1.598M, missing the market forecast at 1.700M while spurring negative prospect for the economic momentum in the United States. As for now, investors would continue to scrutinize the latest updates with regards of Covid-19 development as well as further crucial economic data from United States to receive further trading signal. As of writing, the Dollar Index appreciated by 0.08% to 92.95.

In the commodities market, the crude oil price slumped 0.01% to $66.75 per barrel as of writing following bearish inventory data was released. According to American Petroleum Institute, U.S. API Weekly Crude Oil Stock came in at 0.806M, exceeding the market forecast at -4.167M. On the other hand, the gold price slumped 0.03% to $1810.30 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, H4: Dollar index was traded higher following prior breakout above the previous resistance level at 92.70. However, MACD which illustrated diminishing bullish momentum suggest the index to be traded lower in short-term as technical correction.

Resistance level: 93.25, 94.10

Support level: 92.70, 92.00

GBPUSD, Daily: GBPUSD was traded lower while currently testing the support level at 1.3565. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.3740, 1.3900

Support level: 1.3565, 1.3415

EURUSD, Daily: EURUSD was traded lower following prior breakout below the previous support level at 1.1850. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 1.1725.

Resistance level: 1.1850, 1.1955

Support level: 1.1725, 1.1635

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 110.45.

Resistance level: 110.45, 110.95

Support level: 109.75, 109.05

AUDUSD, H4: AUDUSD was traded lower while currently testing the support level at 0.7320. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

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 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, Daily: USDCAD was traded lower following prior retracement from the resistance level at 1.2770. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 1.2595.

Resistance level: 1.2770, 1.2935

Support level: 1.2595, 1.2440

USDCHF, Daily: USDCHF was traded higher while currently testing the resistance level at 0.9230. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

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

Resistance level: 70.60, 76.20

Support level: 65.90, 61.45

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, 1820.85

Support level: 1800.25, 1788.95

20 July 2021                        Afternoon Session Analysis

Dollar jumped amid risk-off sentiment.

The Dollar Index which traded against a basket of six major currency pairs surged following the threat of the Delta Coronavirus variant hit global equity markets, which stoked a shift in sentiment toward safe-haven asset such as US Dollar. The, significant drop in commodity price had also further diminished risk appetite in the global market while prompting investors to headed for the risk-free government bonds, which spurring further bullish momentum on the US Dollar. Nonetheless, the gains experienced by the US Dollar was limited by the earlier dovish statement from Federal Reserve. According to Reuters, Federal Reserve Chair Jerome Powell claimed that the U.S. economy was still a way offs from levels of the central bank’s goal before tapering its monetary support. Though, the overall statement from Fed remained vague, hence investors would continue to scrutinize the latest updates with regards of the Fed’s monetary policy plan as well as Covid-19 development to gauge the likelihood movement for the US Dollar. As of writing, the Dollar Index appreciated by 0.05% to 92.85.

In the commodities market, the crude oil price slumped 0.01% to 66.85 per barrel as of writing. The oil market extends its losses amid the concerns over the spiking numbers of the Delta variant as well as the increase production from OPEC+ had continue to weigh down the appeal of this black commodity. On the other hand, the gold price depreciated by 0.10% to $1816.90 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, H4: Dollar index was traded lower while currently testing the support level at 92.70. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 93.25, 94.10

Support level: 92.70, 92.00

GBPUSD, H4: GBPUSD was traded lower following prior breakout below the previous support level at 1.3740. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.3740, 1.3900

Support level: 1.3565, 1.3415

EURUSD, Daily: EURUSD was traded lower following prior breakout below the previous support level at 1.1850. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.1850, 1.1955

Support level: 1.1725, 1.1635

USDJPY, H4: USDJPY was traded higher following prior rebound from the support level at 109.05. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 109.75.

Resistance level: 109.75, 110.45

Support level: 109.05, 108.55

AUDUSD, Daily: 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 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, Daily: USDCAD was traded higher while currently testing the resistance level at 1.2770. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.2770, 1.2935

Support level: 1.2595, 1.2440

USDCHF, H4: USDCHF was traded lower following prior retracement from the resistance level at 0.9230. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.9135.

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

Resistance level: 70.60, 76.20

Support level: 65.90, 61.45

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

Resistance level: 1832.25, 1851.85

Support level: 1813.05, 1789.00

20 July 2021                        Morning Session Analysis

Rising coronavirus cases dampens market sentiment.

Pound sterling was traded lower against the US dollar over the backdrop of rising coronavirus cases in the region. On yesterday, pound sterling rebounds from its lower level following bullish signals with regards to Brexit. According to Reuters, UK is expected to request for more flexibility with regards to Northern Ireland Protocol to resolve tight custom checks issue. Earlier this year, following the official divorce of UK from EU, both countries have tightened their custom checks at Ireland borders after failing to reach a trade deal before the Brexit deadline. According to Brexit Minister David Frost, an announcement will be made with regards to latest development on the protocol later this week. Nonetheless, gains on the pound sterling were limited due to rising coronavirus cases in the region. According to statistics, UK has reported more than 39,000 new coronavirus cases last Sunday, up by 41.20% since mid of May. However, the government moved on to loosen social distancing SOP on yesterday despite calls to delay it as it may causes distress on the UK healthcare facility. As of writing, GBP/USD was down 0.03% to 1.3671.

As for commodities, crude oil price rose 0.35% to $66.72 per barrel following technical correction from the lower levels. On the other hand, gold price rose 0.03% to $1,813.67 a troy ounce due to risk aversion as global coronavirus cases are on the rise.

Today’s Holiday Market Close

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Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher following a rebound from the lower levels. MACD which illustrated bullish momentum suggest the index to extend its gains in short-term.

Resistance level: 92.85, 93.40

Support level: 92.55, 92.20

GBPUSD, Daily: GBPUSD was traded lower following prior retracement from higher level. MACD which illustrated bearish momentum suggest the pair to be traded lower after breaking the support level.

Resistance level: 1.3790, 1.3885

Support level: 1.3660, 1.3565

EURUSD, H4: EURUSD was traded lower following prior retrace from 1.1810. MACD which illustrated bearish momentum suggest the pair to be traded lower in short-term.

Resistance level: 1.1810, 1.1840

Support level: 1.1770, 1.1740

USDJPY, H4: USDJPY was traded higher following prior rebound from lower levels. MACD which illustrated diminished bearish momentum suggests the pair to be traded higher in short-term.

Resistance level: 109.75, 110.15

Support level: 109.40, 109.05

AUDUSD, H4: AUDUSD was traded lower following a retracement from higher levels. MACD which shows bearish momentum suggests the pair to extend its losses after breaking the support level.

Resistance level: 0.7400, 0.7490

Support level: 0.7335, 0.7260

NZDUSD, H4: NZDUSD was traded lower while currently testing the support level at 0.6925. MACD which illustrate bearish momentum suggests the pair to extend its losses after closing below the support level.

Resistance level: 0.6965, 0.7000

Support level: 0.6925, 0.6870

USDCAD, Daily: USDCAD was traded higher following prior rebound from the lower levels MACD which illustrated bullish momentum suggest the pair to extend its gains in mid-term.

Resistance level: 1.2855, 1.2975

Support level: 1.2700, 1.2620

USDCHF, H4: USDCHF was traded higher following a rebound near 0.9165. MACD which illustrate diminished bearish momentum suggests the pair to be traded higher in short-term.

Resistance level: 0.9200, 0.9230

Support level: 0.9165, 0.9135

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

Resistance level: 67.30, 68.45

Support level: 66.30, 65.05

GOLD_, H4: Gold price was traded higher following prior rebound from the lower level. MACD which illustrate bullish momentum suggests its price to extend be traded higher in short-term.

Resistance level: 1815.65, 1820.35

Support level: 1811.05, 1805.00