190721 Afternoon Session Analysis
19 July 2021 Afternoon Session Analysis
Aussie plunged amid Covid woes.
The Australian dollar which traded against the dollar and other currency pair have continue to extend its losses following increasing concerns towards Covid-19 situation in the Australia. According to ABC News, while the number of daily covid cases in Australia eased from the highest since September 2020 during the weekend, total cases in Australia’s state Victoria have added another 16 new cases to 280 while New South Wales also reported new 105 new cases. Following surging cases, some of the states such as Sydney and Victoria continue to extend lockdown that may affect economic recovery. Due to the situation, Australia PM Scott Morrison’s approval rating slumped to the lowest in over a year. At the time of writing, AUD/USD fell 0.35% to 0.7375.
In the commodities market, crude oil price fell 1.05% to $70.44 per barrel as of writing after OPEC+ reach an agreement on boosting supply. On Sunday, the OPEC+ ministers have agreed to increase oil supply around 400,000 barrels per day starting from August. The agreement has sparked concerns of inventory surplus after Covid-19 infections continue to spread in many countries. On the other hand, gold price has slip 0.02% to $1812.19 a troy ounce at the time of writing amid ongoing dollar strength.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
N/A
Today’s Highlight Economic Data
N/A
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher while currently testing the resistance level 92.70. MACD which ongoing 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: 92.70, 93.05
Support level: 92.05, 91.60
GBPUSD, H4: GBPUSD was traded lower while currently testing the support level 1.3750. MACD which illustrate bearish momentum signal suggest the pair to extend its losses after it breaks below the support level.
Resistance level: 1.3890, 1.3990
Support level: 1.3750, 1.3675
EURUSD, H4: EURUSD was traded lower while currently testing near the support level 1.1790. However, due to lack of momentum and clear direction from MACD, it is suggested to wait until further signal appear before entering the market.
Resistance level: 1.1880, 1.1950
Support level: 1.1790, 1.1705
USDJPY, H4: USDJPY was traded lower while currently testing near the support level 109.70. MACD which illustrate bearish bias signal suggest the pair to extend its losses after it breaks below the support level.
Resistance level: 110.45,111.00
Support level: 109.70, 109.20
AUDUSD, H4: AUDUSD was traded lower following prior breakout below the support level 0.7415. MACD which illustrate persistent bearish momentum signal suggest the pair to extend its losses 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 breakout below the previous support level 0.7000. MACD which illustrate bearish momentum signals suggest the pair to extend its losses towards the support level 0.6925.
Resistance level: 0.7000, 0.7075
Support level: 0.6925, 0.6825
USDCAD, H4: USDCAD was traded higher while currently testing the resistance level 1.2640. MACD which illustrate bullish momentum signal suggest the pair to extend its gains after it breaks above the resistance level.
Resistance level: 1.2640, 1.2745
Support level: 1.2565, 1.2470
USDCHF, H4: USDCHF was traded higher while currently testing the resistance level 0.9195. However, MACD which illustrate diminishing bullish momentum signals suggest the pair to be traded lower as a technical correction 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 lower while currently testing the near support level 69.85. MACD which illustrate ongoing bearish momentum signal suggest the pair to extend its losses after it breaks below the support level.
Resistance level: 72.00, 74.60
Support level: 69.85, 68.35
GOLD_, H4: Gold price was traded lower while currently testing the support level 1812.15. MACD which illustrate bearish bias signal suggest the commodity to extend its losses after it breaks below the support level.
Resistance level: 1853.00, 1885.35
Support level: 1812.15, 1767.55.
190621 Morning Session Analysis
19 July 2021 Morning Session Analysis
Dollar jumped amid positive retail data.
The Dollar Index which traded against a basket of six major currency pairs surged over the backdrop of positive retail sales data, which spurring expectation that the economic momentum in United States had started to recover in the second quarter. According to Census Bureau, U.S. Retail Sales had notched up significantly from the previous reading of -1.7% to 0.6%, exceeding the market forecast at -0.4%. Recently, most of the crucial economic data from United States had shown huge improvement, which increasing hopes that the Federal Reserve might start to taper its aggressive monetary policy. Contractional monetary policy would decrease the money circulation in the financial market, which increasing the appeal of the US Dollar. Nonetheless, investors would continue to remain their focus toward further economic data as well as Covid-19 development to gauge the likelihood movement for the currency. As of writing, the Dollar Index appreciated by 0.01% to 92.70.
In the commodities market, the crude oil price slumped 0.57% to $71.10 per barrel as of writing amid spiking numbers of Delta variant around the world had diminished the appeal for the demand of this black commodity. On the other hand, the gold price depreciated by 0.01% to $1812.20 per troy ounces 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
N/A
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher while currently testing the 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: 92.70, 93.25
Support level: 92.00, 91.35
GBPUSD, H4: GBPUSD was traded lower while currently testing the support level at 1.3750. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 1.3900, 1.3980
Support level: 1.3750, 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 lower while currently testing the support level at 109.75. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 110.45, 110.95
Support level: 109.75, 109.05
AUDUSD, H4: AUDUSD was traded lower following prior breakout below the previous support level at 0.7410. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.7335
Resistance level: 0.7410, 0.7495
Support level: 0.7335, 0.7285
NZDUSD, Daily: NZDUSD was traded lower while currently testing the support level at 0.6940. 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: 0.6940, 0.6770
USDCAD, Daily: USDCAD was traded higher while currently testing the resistance level at 1.2630. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1.2630, 1.2770
Support level: 1.2440, 1.2275
USDCHF, H4: USDCHF was traded higher following prior rebound from the support level at 0.9135. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 0.9230, 0.9305
Support level: 0.9135, 0.9035
CrudeOIL, H1: Crude oil price was traded lower following prior breakout below the previous support level at 71.25. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses toward support level at 70.05.
Resistance level: 71.25, 72.75
Support level: 70.05, 68.70
GOLD_, H4: Gold price was traded lower while currently testing the 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: 1832.25, 1842.45
Support level: 1813.05, 1788.95
160721 Afternoon Session Analysis
16 July 2021 Afternoon Session Analysis
Pound slips amid coronavirus woes.
The pound sterling which traded against the dollar and other currency pairs have slip following increasing new cases of coronavirus in the U.K. According to statistics from the British government, a total of 48,553 new Covid-19 cases has been recorded in the UK yesterday, an increase of 36.2% from the previous month. The U.K trade union said that due to the shortage of workers caused by coronavirus infection, the U.K government should tighten restrictions and implement lockdowns again. They also pointed out that due to lack of manpower, some companies had to pay up to three times the salary to make up for overtime. Although the number of cases in the UK has increased significantly, the U.K government insists that all social imprisonment standards will be relaxed on July 19 which have triggered further concern of another potential outbreak. At the time of writing, GBP/USD fell 0.04% to 1.3826.
In the commodities market, crude oil price remains pressured and fell 0.11% to $71.30 per barrel as of writing following Delta coronavirus outbreak. The fast-spreading delta variant has swept across the globe, leading to renewed restrictions and crimping fuel demand. Southeast Asia’s largest economy, Indonesia have surpassed India in new daily cases this week, cementing its position as Asia’s new virus epicenter, while several of its neighbors are also seeing record case numbers. On the other hand, gold price retreat 0.06% to $1828.28 a troy ounce at the time of writing following dollar strength.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
11:00 JPY BoJ Monetary Policy Statement
11:00 JPY BoJ Outlook Report (YoY)
11:00 JPY BoJ Press Conference
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 17:00 | EUR – CPI (YoY) (Jun) | 1.90% | 1.90% | – |
| 20:30 | USD – Core Retail Sales (MoM) (Jun) | -0.70% | 0.50% | – |
| 20:30 | USD – Retail Sales (MoM) (Jun) | -1.30% | -0.40% | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher while currently testing near the resistance level 92.70. 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: 92.70, 93.05
Support level: 92.05, 91.60
GBPUSD, H4: GBPUSD was traded lower following recent retracement from the resistance level 1.3890. MACD which illustrate bearish momentum signal suggest the pair to extend its losses towards the support level 1.3750.
Resistance level: 1.3890, 1.3990
Support level: 1.3750, 1.3675
EURUSD, H4: EURUSD was traded lower while currently testing near the support level 1.1790. MACD which illustrate bearish bias signal suggest the pair to extend its losses after it breaks below the support level.
Resistance level: 1.1880, 1.1950
Support level: 1.1790, 1.1705
USDJPY, H4: USDJPY was traded higher following prior rebound from the support level 109.70. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its rebound towards the resistance level 110.45.
Resistance level: 110.45, 111.00
Support level: 109.70, 109.20
AUDUSD, H4: AUDUSD was traded lower while currently testing near the support level 0.7415. MACD which illustrate bearish momentum signal suggest the pair to extend its losses after it breaks below the support level.
Resistance level: 0.7485, 0.7545
Support level: 0.7415, 0.7330
NZDUSD, H4: NZDUSD was traded higher following prior breakout above the resistance level 0.7000. MACD which illustrate bullish bias signal suggest the pair to extend its gains towards the resistance level 0.7075.
Resistance level: 0.7075, 0.7135
Support level: 0.7005, 0.6925
USDCAD, H4: USDCAD was traded lower while currently testing the support level 1.2565. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses after it breaks below the support level.
Resistance level: 1.2640, 1.2735
Support level: 1.2565, 1.2470
USDCHF, H4: USDCHF was traded higher while currently testing near the resistance level 0.9195. MACD which illustrate bullish bias signal suggest the pair to extend its gains after it breaks above the resistance level 0.9195.
Resistance level: 0.9195, 0.9245
Support level: 0.9135, 0.9090
CrudeOIL, H4: Crude oil price was traded lower while currently testing the support level 71.10. MACD which illustrate persistent bearish momentum signal suggest the pair to extend its losses after it breaks below the support level.
Resistance level: 72.70, 74.60
Support level: 71.10, 69.85
GOLD_, H4: Gold price was traded higher following recent breakout above the previous resistance level 1813.05. However, MACD which illustrate diminishing bullish momentum signal suggest the commodity to be traded lower as a technical correction back towards the level 1813.05.
Resistance level: 1853.00, 1885.35
Support level: 1813.05, 1767.55.
160721 Morning Session Analysis
16 July 2021 Morning Session Analysis
Dollar surged amid upbeat job data.
The Dollar Index which traded against a basket of six major currency pairs surged over the backdrop of upbeat job data from United States yesterday, which spurring positive prospect toward the economic momentum in United States while increasing market demand on the US Dollar. According to Department of Labor, the U.S. Initial Jobless Claims had declined significantly from the previous reading of 386K to 360K, indicating that the numbers of Americans filing new claims for unemployment benefits had declined as labor market in United States recovered. Nonetheless, the gains experienced by the US Dollar was limited following negative manufacturing data was released. According to Federal Reserve Bank of Philadelphia, U.S. Philadelphia Fed Manufacturing Index declined significantly from the previous reading of 30.7 to 21.9, worse than the market forecast at 28.0. As of writing, the Dollar Index appreciated by 0.04% to 92.55.
In the commodities market, the crude oil price slumped 0.05% to $72.20 per barrel as of writing amid spiking numbers of Delta variant in the world had diminished the market demand on this black commodity. Nonetheless, investors would continue to scrutinize the latest updates with regards of Covid-19 development in order to gauge the likelihood movement for the crude oil. On the other hand, the gold price slumped 0.04% to $1829.85 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
11:00 JPY BoJ Monetary Policy Statement
11:00 JPY BoJ Outlook Report (YoY)
11:00 JPY BoJ Press Conference
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 17:00 | EUR – CPI (YoY) (Jun) | 1.90% | 1.90% | – |
| 20:30 | USD – Core Retail Sales (MoM) (Jun) | -0.70% | 0.50% | – |
| 20:30 | USD – Retail Sales (MoM) (Jun) | -1.30% | -0.40% | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher while currently testing the resistance level at 92.70. MACD which illustrated increasing bullish momentum suggest the index to extend its gains after it successfully breakout above the resistance level.
Resistance level: 92.70, 93.25
Support level: 92.00, 91.35
GBPUSD, H4: GBPUSD was traded lower following prior retracement from the resistance level at 1.3900. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.3750.
Resistance level: 1.3900, 1.3980
Support level: 1.3750, 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 lower while currently testing the support level at 109.75. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 110.45, 110.95
Support level: 109.75, 109.05
AUDUSD, Daily: AUDUSD was traded lower while currently testing the support level at 0.7410. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 0.7590, 0.7700
Support level: 0.7410, 0.7285
NZDUSD, Daily: NZDUSD was traded higher following prior rebound from the support level at 0.6940. 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: 0.6940, 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, 1.2770
Support level: 1.2440, 1.2275
USDCHF, H4: USDCHF was traded higher following prior rebound from the support level at 0.9135. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.9230.
Resistance level: 0.9230, 0.9305
Support level: 0.9135, 0.9035
CrudeOIL, H4: Crude oil price was traded lower while currently testing the support level at 71.25. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.
Resistance level: 72.75, 73.80
Support level: 71.25, 70.05
GOLD_, H1: Gold price was traded higher while currently testing the resistance level at 1832.25. However, MACD which illustrated increasing bearish momentum suggest the commodity to be traded lower in short-term as technical correction.
Resistance level: 1832.25, 1842.45
Support level: 1813.05, 1797.65
150721 Afternoon Session Analysis
15 July 2021 Afternoon Session Analysis
Aussie slips following mixed Australian jobs data.
The Australian dollar which traded against the greenback and other currency pairs have fell due to unclear signals of Australia employment report for June. According to Australian Bureau of Statistics, the Unemployment Rate improved to 4.9%, better than market expectation of 5.5%. However, Australia’s headline Employment Change have dropped below market expectation of 30.0k and previous reading of 115.2K to 29.1K while Participation Rate also came in at 66.2%, weaker than market expectation of 66.3%. On top of that, worsening COVID-19 conditions in Australia also continue to exert pressure for the Aussie. Recently, Aussie PM Scott Morrison stated that the vaccine rollout is two months behind. On the same line, World Bank Group President David Malpass stated that many countries in East Asia and Pacific may not fully vaccinate population until 2024 even as new variants emerge due to vaccine shortages. At the time of writing, AUD/USD fell 0.33% to 0.7461.
In the commodities market, crude oil price plunged 0.78% to $72.44 per barrel at the time of writing amid rising fuel stocks and potential OPEC agreement. On data front, both gasoline and distillate inventories rose last week, according to a U.S. government report. Besides that, Saudi Arabia and the United Arab Emirates were said to resolve the standoff where the latest proposal involves a higher output quota for the UAE. On the other hand, gold price rose 0.09% to $1824.58 a troy ounce as of writing amid 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
| Time | Nation & Data | Previous | Forecast | Actual |
| 14:00 | GBP – Average Earnings Index +Bonus (May) | 5.60% | 7.20% | – |
| 14:00 | GBP – Claimant Count Change (Jun) | -92.6K | – | – |
| 20:30 | USD – Initial Jobless Claims | 373K | 360K | – |
| 20:30 | USD – Philadelphia Fed Manufacturing Index (Jul) | 30.7 | 28.3 | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower following recent retracement from the resistance level 92.70. MACD which illustrate bearish momentum signal with the formation of death cross suggest the dollar to extend its losses towards the support level 92.05.
Resistance level: 92.70, 93.05
Support level: 92.05, 91.60
GBPUSD, H4: GBPUSD was traded lower following recent retracement from the resistance level 1.3890. MACD which illustrate bearish momentum signal suggest the pair to extend its losses towards the support level 1.3750.
Resistance level: 1.3890, 1.3990
Support level: 1.3750, 1.3675
EURUSD, H4: EURUSD was traded higher following prior rebound from the support level 1.1790. MACD which illustrate bullish bias signal with the formation of golden cross suggest the pair to extend its rebound to resistance level 1.1880.
Resistance level: 1.1880, 1.1950
Support level: 1.1790, 1.1705
USDJPY, H4: USDJPY was traded lower while currently testing near the support level 109.75. MACD which illustrate bearish bias signal with the formation of death cross suggest the pair to extend its losses after it breaks below the support level.
Resistance level: 110.45, 111.00
Support level: 109.75, 109.30
AUDUSD, H4: AUDUSD was traded lower following prior retracement from the resistance level 0.7485. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its retracement towards the support level 0.7415.
Resistance level: 0.7485, 0.7545
Support level: 0.7415, 0.7330
NZDUSD, H4: NZDUSD was traded lower while currently testing the support level 0.7005. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses after it breaks below the support level.
Resistance level: 0.7075, 0.7135
Support level: 0.7005, 0.6925
USDCAD, H4: USDCAD was traded higher while currently testing near the resistance level 1.2565. MACD which illustrate bullish momentum signal suggest the pair to extend its gains after it breaks above the resistance level.
Resistance level: 1.2565, 1.2640
Support level: 1.2470, 1.2350
USDCHF, H4: USDCHF was traded lower while currently testing near the support level 0.9135. MACD which illustrate diminishing bullish momentum signal with the starting formation of death cross suggest the pair to extend its losses after it breaks below the support level.
Resistance level: 0.9195, 0.9245
Support level: 0.9135, 0.9090
CrudeOIL, H4: Crude oil price was traded lower following prior breakout below the previous support level 72.75. MACD which illustrate bearish momentum signal suggest the commodity to extend its losses towards the support level 71.10.
Resistance level: 72.75, 74.60
Support level: 71.10, 69.85
GOLD_, H4: Gold price was traded higher following prior breakout above the previous resistance level 1853.00. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the commodity to extend its gains towards the resistance level 1853.00.
Resistance level: 1853.00, 1885.35
Support level: 1813.05, 1767.55.
150721 Morning Session Analysis
15 July 2021 Morning Session Analysis
Dollar slumped following Fed maintained the dovish tone.
The Dollar Index which traded against a basket of six major currency pairs slumped following the Federal Reserve unleashed their dovish tone on yesterday, despite high inflation data was released. 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. Hence, market participants speculated that the Federal Reserve would continue to implement its expansionary monetary policy in longer-term basis to boost back the economic momentum. Such aggressive monetary policy would continue to increase the money circulation in financial market, which diminishing the appeal of the US Dollar. On the economic data front, U.S. Producer Price Index (PPI) had notched up significantly from the previous reading of 0.8% to 1.0%, exceeding the market forecast at 0.6%, according to U.S. Bureau of Labor Statistics. As of writing, the Dollar Index depreciated by 0.01% to 92.41.
In the commodities market, the crude oil price depreciated by 0.38% to $72.75 per barrel as of writing. The oil market extends its losses following Saudi Arabia and the United Arab Emirates have reached a compromise over OPEC+ oil policy, giving the UAE a higher production baseline, according to OPEC+ source. On the other hand, the gold price surged 0.05% to $1826.00 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
| Time | Nation & Data | Previous | Forecast | Actual |
| 14:00 | GBP – Average Earnings Index +Bonus (May) | 5.60% | 7.20% | – |
| 14:00 | GBP – Claimant Count Change (Jun) | -92.6K | – | – |
| 20:30 | USD – Initial Jobless Claims | 373K | 360K | – |
| 20:30 | USD – Philadelphia Fed Manufacturing Index (Jul) | 30.7 | 28.3 | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from the resistance level at 92.70. MACD which illustrated increasing bearish momentum suggest the index to extend its losses toward support level at 92.00.
Resistance level: 92.70, 93.25
Support level: 92.00, 91.35
GBPUSD, H4: GBPUSD was traded lower following prior retracement from the resistance level at 1.3960. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.3750.
Resistance level: 1.3960, 1.4100
Support level: 1.3750, 1.3565
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 109.75. MACD which illustrated increasing bearish momentum suggest the pair to extend its loses after it successfully breakout below the support level.
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 0.7440. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.7590.
Resistance level: 0.7590, 0.7700
Support level: 0.7440, 0.7285
NZDUSD, H4: NZDUSD was traded higher following prior rebound from the support level at 0.6940. 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: 0.6940, 0.6770
USDCAD, H4: USDCAD was traded higher following prior rebound from the support level at 1.2440. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.2585.
Resistance level: 1.2585, 1.2770
Support level: 1.2440, 1.2275
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 lower following prior breakout below the previous support level at 72.75. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses toward support level at 71.20.
Resistance level: 72.75, 74.60
Support level: 71.25, 68.70
GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1832.25. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1832.25, 1851.85
Support level: 1813.05, 1788.95
140721 Afternoon Session Analysis
14 July 2021 Afternoon Session Analysis
Pound sterling slips following bleak U.K data.
The pound sterling which traded against the dollar and other currency pairs was traded lower over the backdrop of negative retail data from United Kingdom yesterday. According to British Retail Consortium (BRC), Retail Sales Monitor in June recorded a disappointing drop from previous 18.5% to 6.7%, indicating that the UK economy remained subdued while spurring further bearish momentum on the pound sterling. In addition, Pound sterling extended its losses amid the coronavirus pandemic outbreak remains unsolved in UK region, along with tussle between the U.K and EU surrounding the Brexit issue. On the other hand, the US dollar surged following the release of the latest upbeat US consumer inflation figures. The latest CPI report has further fueled market speculations that Fed to be tightening its monetary policy, hence prompting investors to shift their portfolio from pound sterling to US Dollar. As of writing, GBP/USD depreciated by 0.05% to 1.3787.
In the commodities market, the crude oil price surged 0.33% to $73.65 per barrel as of writing. The oil price gains as investors anticipated shortage in oil supply and higher draw in global crude oil inventory later. The risk concerning spread of Delta-variant had also spurred negative prospect for the crude oil demand. On the other hand, the gold price surged 0.26% to $1811.06 per troy ounces amid spiking numbers of the Covid-19 cases had diminished the risk appetite in the global financial market, which insinuating market demand on the safe-haven gold.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
22:00 CAD BoC Monetary Policy Report
Tentative CAD BOC Press Conference
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 14:00 | GBP – CPI (YoY) (Jun) | 2.10% | 2.20% | – |
| 20:30 | USD – PPI (MoM) (Jun) | 0.80% | 0.50% | – |
| 22:00 | CAD – BoC Interest Rate Decision | 0.25% | 0.25% | – |
| 22:30 | CrudeOIL – Crude Oil Inventories | -6.866M | – | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher while currently testing the resistance level 92.70. MACD which illustrate bullish momentum signal suggest the dollar to extend its gains after it breaks the resistance level.
Resistance level: 92.25, 92.70
Support level: 91.65, 91.30
GBPUSD, H4: GBPUSD was traded lower following prior retracement from the resistance level 1.3890. MACD which illustrate bearish momentum signal suggest the pair to extend its losses towards the support level 1.3750.
Resistance level: 1.3890, 1.3990
Support level: 1.3750, 1.3675
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 lower while currently testing the support level 110.45. MACD which illustrate diminishing bullish momentum signal suggest the pair to be traded lower after it breaks below the support level.
Resistance level: 111.00, 111.60
Support level: 110.45, 109.75
AUDUSD, H4: AUDUSD was traded lower following recent breakout below the previous support level 0.7475. MACD which illustrate bearish bias signal suggest the pair to extend its losses towards the support level 0.7415.
Resistance level: 0.7475, 0.7545
Support level: 0.7415, 0.7330
NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level 0.7010. 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: 0.7010, 0.7075
Support level: 0.6925, 0.6825
USDCAD, H4: USDCAD was traded higher following recent rebound from the support level 1.2470. MACD which illustrate bullish bias signal with the formation of golden cross suggest the pair to extend its gains towards the resistance level 1.2565.
Resistance level: 1.2565, 1.2640
Support level: 1.2470, 1.2350
USDCHF, H4: USDCHF was traded higher while currently testing near the resistance level 0.9195. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to be traded lower as a technical correction 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 following recent breakout above the resistance level 74.20. MACD which illustrate bullish momentum signal suggest the commodity to extend its gains towards the resistance level 76.35.
Resistance level: 76.35, 78.75
Support level: 74.20, 71.15
GOLD_, H4: Gold price remain traded in a sideway channel while currently testing the resistance level 1814.00. However, MACD which illustrate bearish bias signal suggest the commodity to be traded lower in short term towards the support level 1767.55.
Resistance level: 1814.00, 1853.00
Support level: 1767.55, 1725.50
140721 Morning Session Analysis
14 July 2021 Morning Session Analysis
Dollar surged amid hawkish expectation toward Fed.
The Dollar Index which traded against a basket of six major currency pairs surged significantly over the backdrop of bullish inflation data from Unites States yesterday, which spurring hopes that the Federal Reserve would start to taper its bond purchasing program while scaling back its massive asset purchases to combat the high inflation risk in future. A reduction in bond purchases would send panic into global bond markets, while diminishing the money circulation in the US Dollar and providing further bullish momentum on the US Dollar. According to U.S. Bureau of Labor Statistics, U.S. Core Consumer Price Index (CPI) MoM notched up significantly from the previous reading of 0.7% to 0.9%, exceeding the market forecast at 0.4%. Meanwhile, investors would be suggested to focus on the statement from Federal Reserve to receive further trading signal. As of writing, the Dollar Index appreciated by 0.06% to 92.81.
In the commodities market, the crude oil price appreciated by 0.10% to $75.10 per barrel. The oil market received bullish momentum following the high inflation reading was released on yesterday, which prompting investors to shift their portfolio toward the commodity product to hedge against the inflation risk. On the other hand, the gold price slumped 0.13% to $1804.97 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
22:00 CAD BoC Monetary Policy Report
Tentative CAD BOC Press Conference
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 14:00 | GBP – CPI (YoY) (Jun) | 2.10% | 2.20% | – |
| 20:30 | USD – PPI (MoM) (Jun) | 0.80% | 0.50% | – |
| 22:00 | CAD – BoC Interest Rate Decision | 0.25% | 0.25% | – |
| 22:30 | CrudeOIL – Crude Oil Inventories | -6.866M | – | – |
Technical Analysis
DOLLAR_INDX, Daily: Dollar index was traded higher following prior rebound from the support level at 92.00. MACD which illustrated diminishing bearish momentum suggest the index to extend its gains toward resistance level at 93.25.
Resistance level: 93.25, 94.10
Support level: 92.00, 91.35
GBPUSD, H4: GBPUSD was traded lower following prior retracement from the resistance level at 1.3960. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.3750.
Resistance level: 1.3960, 1.4100
Support level: 1.3750, 1.3565
EURUSD, H4: EURUSD was traded lower following prior retracement from the resistance level at 1.1850. MACD which illustrated increasing bearish 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 resistance level at 110.45. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 110.95.
Resistance level: 110.95, 111.55
Support level: 110.45, 109.75
AUDUSD, H4: AUDUSD was traded lower while currently testing the support level at 0.7440. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 0.7590, 0.7700
Support level: 0.7440, 0.7285
NZDUSD, H4: NZDUSD was traded lower while currently testing the support level at 0.6940. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 0.7120, 0.7305
Support level: 0.6940, 0.6770
USDCAD, H4: USDCAD was traded higher following prior rebound from the support level at 1.2440. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.2585.
Resistance level: 1.2585, 1.2770
Support level: 1.2440, 1.2275
USDCHF, Daily: USDCHF was traded higher following prior rebound from the support level at 0.9140. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 0.9230.
Resistance level: 0.9230, 0.9305
Support level: 0.9135, 0.9035
CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level at 74.60. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.
Resistance level: 74.60, 76.90
Support level: 72.75, 71.20
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
130721 Afternoon Session Analysis
13 July 2021 Afternoon Session Analysis
Pound rose as investors remain hopeful on economic reopening.
The pound sterling which traded against the dollar and other currency pair remains steady following positive signal from the U.K. Although with the increasing numbers of new coronavirus cases in the U.K, the U.K government insists that after July 19, all aspects of the U.K economy are expected to return to normal levels. According to Health Minister Sajid Javid, they will continue with the plans to ease lockdown restrictions on July 19 as the country’s vaccination plan is expected to achieve its set goals. Following recent data, the death toll in the UK is still at a low-level despite with the rising cases. Javid pointed out that as more than 60% of British citizens received their first dose of vaccine, the number of deaths and hospitalizations has been significantly reduced. At the time of writing, GBP/USD rose 0.17% to $1.3904.
In the commodities market, crude oil price rose 0.23% to $74.44 per barrel as of writing following expectations of U.S crude stock falling. According to a preliminary Reuters poll on Monday, U.S. crude inventories were expected to fall for an eighth consecutive week, while gasoline stocks also declined. On the other hand, gold price rose 0.25% to $1810.75 a troy ounce at the time of writing following dollar retreat.
Pasaran Tutup Hari Ini
Masa Pasaran Acara
N/A
Acara Kemuncak Hari Ini
Masa Pasaran Acara
N/A
Data Ekonomi Kemuncak Hari Ini
| Masa | Pasaran & Data | Terdahulu | Ramalan | Sebenar |
| 20:30 | USD – Core CPI (MoM) (Jun) | 0.7% | 0.4% | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from the resistance level 92.25. MACD which illustrate persistent bearish momentum signal suggest the dollar to extend its losses towards the support level 91.65.
Resistance level: 92.25, 92.70
Support level: 91.65, 91.30
GBPUSD, H4: GBPUSD was traded higher following prior breakout above the previous resistance level 1.3885. MACD which illustrate ongoing bullish bias signal suggest the pair to extend its gains towards the resistance level 1.3990.
Resistance level: 1.3990, 1.4105
Support level: 1.3885, 1.3750
EURUSD, H4: EURUSD was traded higher following prior rebound from the support level 1.1850. MACD which illustrate bullish bias signal suggest the pair to extend its rebound towards the resistance level 1.1920.
Resistance level: 1.1920, 1.1985
Support level: 1.1850, 1.1785
USDJPY, H4: USDJPY was traded higher while currently testing near the resistance level 110.45. MACD which illustrate ongoing bullish momentum signal suggest the pair to extend its gains after it breaks above the resistance level.
Resistance level: 110.45, 111.00
Support level: 109.75, 109.30
AUDUSD, H4: AUDUSD was traded higher following prior rebound from the support level 0.7475. MACD which illustrate bullish momentum signal suggest the pair to extend its gains towards the resistance level 0.7545.
Resistance level: 0.7545, 0.7595
Support level: 0.7475, 0.7415
NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level 0.7010. MACD which illustrate persistent bullish bias signal suggest the pair to extend its gains after it breaks above the resistance level.
Resistance level: 0.7010, 0.7075
Support level: 0.6925, 0.6825
USDCAD, H4: USDCAD was traded lower following prior retracement from the resistance level 1.2470. MACD which illustrate bearish momentum signal suggest the pair to extend its losses towards the support level 1.2350.
Resistance level: 1.2470, 1.2565
Support level: 1.2350, 1.2275
USDCHF, H4: USDCHF was traded lower while currently testing the support level 0.9135. However, MACD which illustrate bullish momentum signal suggest the pair to extend its gains towards the resistance level 0.9195.
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 74.20. MACD which illustrate bullish bias signal with the formation of golden cross suggest the commodity to extend its gains after it breaks above the resistance level.
Resistance level: 74.20, 76.35
Support level: 71.15, 68.35
GOLD_, H4: Gold price remain traded in a sideway channel while currently testing near the resistance level 1812.10. However, MACD which illustrate bearish bias signal suggest the commodity to be traded lower towards the support level 1767.55.
Resistance level: 1812.10, 1853.00
Support level: 1767.55, 1725.50
130721 Morning Session Analysis
13 July 2021 Morning Session Analysis
Dollar was traded flat ahead of crucial data.
The Dollar Index which traded against a basket of six major currency pairs was remained flat amid market participants still wait for crucial inflation data and Federal Reserve monetary policy to gauge the likelihood movement for the US Dollar. Analysts suggested that rising price pressures may prompt the Federal Reserve to be tightening its monetary policy plan sooner than expected. Contractional monetary policy would decrease the money circulation in the US financial market, which spurring bullish momentum on the US Dollar. Besides, Fed Chair Jerome Powell’s semi-annual testimony to Congress on Wednesday and Thursday could provide further signal with regards of the stance on monetary policy from Federal Reserve. Nonetheless, the overall sentiment from the Federal Reserve remained vague, investors would continue to scrutinize the latest updates with regards of Fed’s statement as well as further crucial economic data to receive further trading signal. As of writing, the Dollar Index depreciated by 0.01% to 92.20.
In the commodities market, the crude oil price slumped 0.05% to $74.40 per barrel as of writing. The oil market edged lower over the concerns of spiking numbers of Covid-19 infections would be spurring negative prospect for the economic recovery in future. On the other hand, the gold price was traded flat at $1808.30 per troy ounces as of writing amid market participants still wait for further catalyst before entering the safe-haven 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
| Time | Nation & Data | Previous | Forecast | Actual |
| 20:30 | USD – Core CPI (MoM) (Jun) | 0.7% | 0.4% | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower while currently testing the support level at 92.00. However, MACD which illustrated diminishing bearish momentum suggest the index to be traded higher in short-term as technical correction.
Resistance level: 92.65, 93.25
Support level: 92.00, 91.35
GBPUSD, H4: GBPUSD was traded higher following prior rebound from the support level at 1.3750. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 1.3960, 1.4100
Support level: 1.3750, 1.3565
EURUSD, H4: EURUSD was traded higher following prior breakout above the previous resistance level at 1.1850. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 1.1955, 1.2065
Support level: 1.1850, 1.1725
USDJPY, H4: USDJPY was traded higher following prior rebound from the support level at 109.75. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 110.45.
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 0.7440. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.7590.
Resistance level: 0.7590, 0.7700
Support level: 0.7440, 0.7285
NZDUSD, Daily: NZDUSD was traded lower while currently testing the support level at 0.6940. However, MACD which illustrated increasing bullish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 0.7120, 0.7305
Support level: 0.6940, 0.6770
USDCAD, H4: USDCAD was traded lower following prior breakout below the previous support level at 1.2495. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.2360.
Resistance level: 1.2495, 1.2605
Support level: 1.2360, 1.2275
USDCHF, H4: USDCHF was traded lower following prior breakout below the previous support level at 0.9165. However, MACD which illustrated increasing bullish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 0.9165, 0.9230
Support level: 0.9095, 0.9035
CrudeOIL, H4: Crude oil price was traded higher following prior rebound from the support level at 72.45. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains toward resistance level at 74.15.
Resistance level: 74.15, 75.05
Support level: 72.45, 71.05
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, 1832.25
Support level: 1788.95, 1773.45
120721 Afternoon Session Analysis
12 July 2021 Afternoon Session Analysis
Pound surge following U.K economy reopening hopes.
The pound sterling which traded against the dollar and other currency pair have rose following positive comments from U.K Prime Minister Boris Johnson towards U.K reopening. According to reports, U.K Prime Minister Boris Johnson stated that lockdown and social restrictions would be ease on July 19th as the vaccination program continue to run smooth and efficiently. Health Secretary Sajid Javid stressed that the high level of vaccination in the UK has helped to reduce mortality and hospital admissions caused by coronavirus. According to the latest report, vaccination rates in the UK have recorded readings as high as 68.4% of the population for the first dose and 51.3% for the second dose. On top of that, large businesses in U.K are now rushing ahead with post-lockdown investment plans that could further boost the U.K economy, according to survey by Deloitte. At the time of writing, pound sterling rose 0.04% to 1.3891.
In the commodities market, crude oil price slips 0.16% to $74.66 per barrel as of writing following OPEC worry tempers bull market. The failure to reach an agreement between OPEC and its members in term of production quota have caused a short-term uncertainty and could threaten the stability from coordinated efforts made by OPEC. At the time of writing, gold price fell 0.19% to $1804.91 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
N/A
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower following prior breakout below the previous support level 92.25. MACD which illustrate bearish bias signal suggest the dollar to extend its losses towards the support level 91.65.
Resistance level: 92.25, 92.70
Support level: 91.65, 91.30
GBPUSD, H4: GBPUSD was traded higher following prior breakout above the previous resistance level 1.3885. MACD which illustrate bullish momentum signal suggest the pair to extend its gains towards the resistance level 1.3990.
Resistance level: 1.3990, 1.4105
Support level: 1.3885, 1.3750
EURUSD, H4: EURUSD was traded higher following prior breakout above the previous resistance level 1.1850. MACD which illustrate ongoing bullish momentum signal suggest the pair to extend its gains towards the resistance level 1.1920.
Resistance level: 1.1920, 1.1985
Support level: 1.1850, 1.1785
USDJPY, H4: USDJPY was traded higher while currently testing near the resistance level 110.30. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to extend its gains after it breaks above the resistance level.
Resistance level: 110.30, 111.00
Support level: 109.75, 109.30
AUDUSD, H4: AUDUSD was traded lower following prior retracement from the resistance level 0.7485. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its retracement towards the support level 0.7415.
Resistance level: 0.7485, 0.7545
Support level: 0.7415, 0.7330
NZDUSD, H4: NZDUSD was traded lower following prior retracement from the resistance level 0.7010. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its retracement towards the support level 0.6925.
Resistance level: 0.7010, 0.7075
Support level: 0.6925, 0.6825
USDCAD, H4: USDCAD was traded lower following recent breakout below the previous support level 1.2470. MACD which illustrate bearish momentum signal suggest the pair to extend its losses towards the support level 1.2350.
Resistance level: 1.2470, 1.2565
Support level: 1.2350, 1.2275
USDCHF, H4: USDCHF was traded lower while currently testing the support level 0.9135. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to experience a technical correction towards the resistance level 0.9195.
Resistance level: 0.9195, 0.9245
Support level: 0.9135, 0.9090
CrudeOIL, H4: Crude oil price was traded lower following prior retracement from the resistance level 74.20. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its retracement towards the support level 71.15.
Resistance level: 74.20, 76.35
Support level: 71.15, 68.35
GOLD_, H4: Gold price remain traded in a sideway channel while currently testing near the resistance level 1812.10. However, MACD which illustrate bearish bias signal suggest the commodity to be traded lower towards the support level 1767.55.
Resistance level: 1812.10, 1853.00
Support level: 1767.55, 1725.50
120721 Morning Session Analysis
12 July 2021 Morning Session Analysis
Dollar slumped amid risk-on sentiment.
The Dollar Index which traded against a basket of six major currency pairs slumped amid risk-on sentiment in the FX market following the global stock market steadying, which prompting investors to shift their portfolio from the safe-haven currencies such as Japanese Yen and US Dollar into other riskier asset. In addition, the rising tensions between U.S. and China relationship had also diminished the market demand on the US Dollar. Last Friday, the U.S. Department of Commerce claimed that they had added 14 companies and other entities to its economic blacklist, saying they have been implicated in human right violations. Besides, some analysts speculated that the depreciation of the US Dollar was mainly due to profit-taking ahead of key U.S. inflation data for June due next week. Investors would continue to scrutinize the latest updates with regards of further crucial economic data, US-China trade relationship as well as Covid-19 development in order to receive further trading signal for the US Dollar this week. As of writing, the Dollar Index depreciated by 0.01% to 92.15.
In the commodities market, the crude oil price surged 0.11% to 74.85 per barrel as of writing. The recent rally in oil prices was associated with demand optimism from emerging markets following rapid process of Covid-19 vaccination had eased the earlier lock-down restriction. On the other hand, the gold price surged 0.03% to 1807.95 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
N/A
Technical Analysis
DOLLAR_INDX, H4: 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: 92.65, 93.25
Support level: 92.00, 91.35
GBPUSD, Daily: GBPUSD was traded higher following prior rebound from the support level at 1.3750. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.3960.
Resistance level: 1.3960, 1.4100
Support level: 1.3750, 1.3685
EURUSD, H4: EURUSD was traded higher following prior breakout above the previous resistance level at 1.1850. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 1.1955, 1.2065
Support level: 1.1850, 1.1725
USDJPY, H4: USDJPY was traded higher following prior rebound from the support level at 109.75. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 110.45.
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 0.7440. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.7590.
Resistance level: 0.7590, 0.7700
Support level: 0.7440, 0.7285
NZDUSD, Daily: NZDUSD was traded lower while currently testing the support level at 0.6940. However, MACD which illustrated increasing bullish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 0.7120, 0.7305
Support level: 0.6940, 0.6770
USDCAD, H4: USDCAD was traded lower following prior breakout below the previous support level at 1.2495. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.2360.
Resistance level: 1.2495, 1.2605
Support level: 1.2360, 1.2275
USDCHF, H4: USDCHF was traded lower following prior breakout below the previous support level at 0.9165. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 0.9165, 0.9230
Support level: 0.9095, 0.9035
CrudeOIL, H1: Crude oil price was traded lower following prior breakout below the previous support level at 74.15. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses toward support level at 73.15.
Resistance level: 74.15, 77.05
Support level: 73.15, 72.45
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, 1832.25
Support level: 1788.95, 1773.45
090721 Afternoon Session Analysis
9 July 2021 Afternoon Session Analysis
Aussie fell amid downbeat China data.
The Australian dollar which traded against the dollar and other currency pairs remains pressured and fell after recent release of weak China inflation data. According to the National Bureau of Statistics of China, China’s CPI have fell to 1.1%, weaker than market expectation of 1.3%. While PPI came in line with market expectation of 8.8%, the reading was down from previous reading of 9%. On top of that, Covid-19 woes in Australia also added further burden for the Aussie. Australia’s covid infections have jumped to three days high on July 08 and pushes authorities to rule out unlock any time soon. Recently, New South Wales (NSW) Premier, Gladys Berejiklian stated that the Aussie state will continue to tighten lockdown, hard to see opening by next Friday. She also stated that NSW is facing the biggest challenge we have faced since the pandemic started. At the time of writing, AUD/USD fell 0.15% to 0.7415.
In the commodities market, crude oil price rose extend gains and rose 0.11% to $72.96 per barrel as of writing following prospect of robust demand. Following reports from EIA, a gauge of fuel demand surged to 10 million barrels a day in the week leading up to the July 4th holiday. On the other hand, gold price rose 0.16% to $1805.38 a troy ounce at the time of writing amid dollar weakness.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
18:00 GBP BoE Gov Bailey Speaks
18:00 EUR ECB President Lagarde Speaks
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 14:00 | GBP – GDP (MoM) | 2.30% | – | – |
| 14:00 | GBP – Manufacturing Production (MoM) (May) | -0.30% | 1.00% | – |
| 20:30 | CAD – Employment Change (Jun) | -68.0K | 175.0K | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower while currently testing near the support level 92.25. MACD which illustrate bearish bias signal suggest the dollar to extend its losses after it breaks below the support level.
Resistance level: 92.70, 93.05
Support level: 92.25, 91.65
GBPUSD, H4: GBPUSD was traded lower while currently testing near the support level 1.3750. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to be traded higher as a technical correction towards the resistance level 1.3885.
Resistance level: 1.3885, 1.3990
Support level: 1.3750, 1.3675
EURUSD, H4: EURUSD was traded higher while currently testing near the resistance level 1.1850. MACD which illustrate bullish momentum signal suggest the pair to extend its gains after it breaks above the resistance level 1.1850.
Resistance level: 1.1850, 1.1920
Support level: 1.1765, 1.1705
USDJPY, H4: USDJPY was traded higher following prior rebound from the support level 109.75. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its rebound towards the resistance level 110.30.
Resistance level: 110.30, 111.00
Support level: 109.75, 109.30
AUDUSD, H4: AUDUSD was traded lower while currently testing near the support level 0.7395. MACD which illustrate bearish bias signal suggest the pair to extend its losses after it breaks below the support level.
Resistance level: 0.7475, 0.7545
Support level: 0.7395, 0.7330
NZDUSD, H4: NZDUSD was traded lower while currently testing near the support level 0.6925. MACD which illustrate ongoing bearish momentum signal suggest the pair to extend its losses after it breaks below the support level 0.6925
Resistance level: 0.7010, 0.7075
Support level: 0.6925, 0.6825
USDCAD, H4: USDCAD was traded higher while currently testing the resistance level 1.2560. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to be traded lower as a technical correction towards the support level 1.2490.
Resistance level: 1.2560, 1.2640
Support level: 1.2490, 1.2420
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 0.9135.
Resistance level: 0.9195, 0.9245
Support level: 0.9135, 0.9090
CrudeOIL, H4: Crude oil price was traded higher following prior rebound from the support level 71.15. MACD which illustrate diminishing bearish momentum signal with the formation of golden cross suggest the commodity to extend its rebound towards the resistance level 74.20.
Resistance level: 74.20, 76.35
Support level: 71.15, 68.35
GOLD_, H4: Gold price was traded lower following prior retracement from the resistance level 1812.10. However, MACD which illustrate bearish bias signal suggest the commodity to extend its losses towards the support level 1767.55.
Resistance level: 1812.10, 1856.00
Support level: 1767.55, 1725.50
090721 Morning Session Analysis
9 July 2021 Morning Session Analysis
Dollar slumped amid bearish job 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 region. According to Department of Labor, U.S. Initial Jobless Claims had notched up from the previous reading of 371K to 373K, worse than the market forecast at 350K, which indicate that the labor market recovery from the Covid-19 pandemic continues to be subdued. Nonetheless, the losses experienced by the US Dollar was limited from the earlier hawkish tilt from the Federal Reserve. A Reuters poll predicted that the Federal Reserve would announce a strategy to taper its asset purchases in August or September. While most predict the first reduction to its bond-buying program will resume early next year. Investors would continue to focus toward the latest economic data and Federal Reserve updates to gauge the likelihood movement for the US Dollar. As of writing, the Dollar Index depreciated by 0.04% to 92.40.
In the commodities market, the crude oil price appreciated by 0.12% to $73.50 per barrel as of writing. The oil market edged higher following Energy Information Administration (EIA) reported that U.S. Crude Oil Inventories came in at -6.866M, better than the market forecast at -4.033M, which spurring positive prospect for the market demand on this black commodity. On the other hand, the gold price surged 0.05% to $1803.05 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
18:00 GBP BoE Gov Bailey Speaks
18:00 EUR ECB President Lagarde Speaks
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 14:00 | GBP – GDP (MoM) | 2.30% | – | – |
| 14:00 | GBP – Manufacturing Production (MoM) (May) | -0.30% | 1.00% | – |
| 20:30 | CAD – Employment Change (Jun) | -68.0K | 175.0K | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from the resistance level at 92.65. MACD which illustrated increasing bearish momentum suggest the index to extend its losses toward support level at 92.10.
Resistance level: 92.65, 93.25
Support level: 92.10, 91.15
GBPUSD, Daily: GBPUSD was traded lower while currently testing the support level at 1.3780. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 1.3960, 1.4100
Support level: 1.3780, 1.3685
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 109.75. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 110.45, 110.95
Support level: 109.75, 109.05
AUDUSD, H4: AUDUSD was traded lower following prior breakout below the previous support level at 0.7465. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 0.7465, 0.7590
Support level: 0.7365, 0.7285
NZDUSD, Daily: NZDUSD was traded lower while currently testing the support level at 0.6940. 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: 0.6940, 0.6770
USDCAD, Daily: USDCAD was traded higher following prior breakout above the previous resistance level at 1.2495. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.2605.
Resistance level: 1.2605, 1.2770
Support level: 1.2495, 1.2360
USDCHF, H4: USDCHF was traded lower following prior breakout below the previous support level at 0.9165. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.9095.
Resistance level: 0.9165, 0.9230
Support level: 0.9095, 0.9035
CrudeOIL, H1: Crude oil price was traded higher following prior breakout above the previous resistance level at 73.15. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.
Resistance level: 74.15, 77.05
Support level: 73.15, 72.45
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
080721 Afternoon Session Analysis
8 July 2021 Afternoon Session Analysis
Aussie plunged on dovish RBA Lowe comments.
The Australian dollar which traded against the dollar and other currency pairs have fell following recent downbeat comments from RBA Governor Phillip Lowe. According to reports, RBA’s Governor Phillip Lowe state that the virus outbreak and extended lockdowns have made the Australia’s economic recovery uncertain. Besides that, he also emphasizes that a step down from A$5 billion to A$4 billion bond purchases weekly not a representation of withdrawal of support in this area and would like to see inflation remain above 2% for a number of quarters. With that said, the inflation is not expected to come at the central’s banks target range before 2024. On the other hand, coronavirus woes also added extra pressure for the Aussie as New South Wales continue to record new infections. At the time of writing, AUD/USD fell 0.21% to $0.7465.
In the commodities market, crude oil price fell 0.19% to $72.22 a troy ounce as of writing as investors keeping an eye on dispute between Saudi Arabia and UAE. The fallout between the Saudis and the Emiratis was threatening to undo the discipline and cohesiveness of the larger 23-member OPEC+ alliance, which have brought down the sentiment for the commodity. At the time of writing, gold price fell 0.31% to $1798.05 a troy ounce at the time of writing following dollar strength.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
19:30 EUR ECB Monetary Policy Statement
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 22:00 | USD – Initial Jobless Claims | 364K | 350K | – |
| 23:00 | CrudeOIL – Crude Oil Inventories | -6.718M | -4.033M | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher while currently testing the resistance level 92.70. MACD which illustrate bullish momentum signal suggest the dollar to extend its gains after it breaks above the resistance level.
Resistance level: 92.70, 93.05
Support level: 92.25, 91.65
GBPUSD, H4: GBPUSD was traded lower while currently testing near the support level 1.3750. 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: 1.3885, 1.3990
Support level: 1.3750, 1.3675
EURUSD, H4: EURUSD was traded lower while currently testing near the support level 1.1765. MACD which illustrate ongoing bearish momentum signal suggest the pair to extend its losses after it breaks below the support level.
Resistance level: 1.1850, 1.1920
Support level: 1.1765, 1.1705
USDJPY, H4: USDJPY was traded lower while currently testing near the support level 110.30. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to be traded higher as a technical correction towards the resistance level 111.00.
Resistance level: 111.00, 111.60
Support level: 110.30, 109.75
AUDUSD, H4: AUDUSD was traded lower following prior breakout below the previous support level 0.7475. MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to extend its losses towards the support level 0.7395.
Resistance level: 0.7475, 0.7545
Support level: 0.7395, 0.7330
NZDUSD, H4: NZDUSD was traded lower following prior breakout below the previous support level 0.7010. MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to extend its losses towards the support level 0.6925.
Resistance level: 0.7010, 0.7075
Support level: 0.6925, 0.6825
USDCAD, H4: USDCAD was traded higher following prior breakout above the previous resistance level 1.2490. MACD which illustrate bullish momentum signal suggest the pair to extend its gains towards the resistance level 1.2560.
Resistance level: 1.2560, 1.2640
Support level: 1.2490, 1.2420
USDCHF, H4: USDCHF was traded higher following prior breakout above the previous resistance level 0.9245. MACD which illustrate bullish momentum signal suggest the pair to extend its gains towards the resistance level 0.9310.
Resistance level: 0.9310, 0.9355
Support level: 0.9245, 0.9195
CrudeOIL, H4: Crude oil price was traded lower following prior breakout below the previous support level 72.40. MACD which illustrate bearish bias signal suggest the commodity to extend its losses towards the support level 70.25.
Resistance level: 72.40, 74.20
Support level: 70.25, 68.35
GOLD_, H4: Gold price was traded lower following prior retracement from the resistance level 1812.10. MACD which illustrate bearish bias signal with the formation of death cross suggest the commodity to extend its retracement towards the support level 1767.55.
Resistance level: 1812.10, 1856.00
Support level: 1767.55, 1725.50