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The US markets were mixed on Monday as investors were concerned about…

The US markets were mixed on Monday as investors were concerned about the potential stimulus withdrawal and a resurgence of the delta virus variant

20210810
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Market Focus

The US markets were mixed on Monday as investors were concerned about the potential stimulus withdrawal and a resurgence of the delta virus variant. The Dow Jones Industrial Average dropped 106.66 points. The S&P 500 was down 0.1% and the Nasdaq 100 climbed 0.16%. The market tone was flat as investors mulled comments from the Fed’s tapering asset purchases and the US jobs report was better than expectations.

Gold slumped as much as 4.4% during the early trading hours of the Asian session, but gradually recover later Monday. The major sudden sell-off was a prototypical shake by last Friday’s better-than-expected jobs report, which led the market to fear that the Fed might be being one step closer to reducing asset purchases and to accelerating the pace of raising the interest rates.

The president of the Fed of Boston added more comments on monetary policy. The Fed’s Eric Rosengren mentioned, there is a growing number of people, outside and inside of the Fed agreeing on the Fed who should start dialing back its extraordinary aid because the economy is coming back strongly. In addition to Rosengren’s comment, the central bank should announce in September that it will start reducing its $120 billion by this fall.

Main Pairs Movement

The Aussies bear moving in on critical support, declining 0.32% on Monday. The bearish move was mostly driven by a strong US dollar as the tapering talk continued to be brought up the table. The US 10- year Treasury yields climbed 1.32%, which underpinned the demand for the US dollar.

The EURUSD currency pair dropped to a multi-month low, closing at 1.1736, and the GBPUSD currency pair declined 0.13% on Monday. The pairs continued to be under pressure as the US dollar held onto gains across the board.

Crude oil price edged lower as much as 4%, closing at 66.48 as the demand might be lower since Return- to- Office might delay.

Technical Analysis

GBPUSD (4-hour Chart)

Sterling is trading a touch lower on the day, down 0.15% at the time of writing after sliding from a high of 1.3894 to 1.384. The markets are in consolidation and are still digesting Friday’s jobs report, which showed that jobs were added and it was the largest gains in NFP since August 2020. The dollar is better bid on the back of the data, taking on the bears at fresh daily highs. For the technical aspect, the RSI indicator printed 39 figures nearly market close, suggesting a bearish momentum ahead. For the moving average side, 15 long SMA indicators have death cross with 60 long SMA indicators while 60 long remaining slightly upside movement.

All in all, we believe this pair still lacking a direction as it miring in a tiny horizontal channel which is choppy for nearly a week. If the price falls ahead, the first immediately support level is 1.3843 as recently low on Jul 28 and successive fall then the market will eye on 1.385 level in short term and 1.38 level follow. On the up way, if the price could go over the last highs spot which is around 1.395, it will heading to over 1.4 level.

Resistance: 1.3896, 1.395, 1.4

Support: 1.3843, 1.38, 1.3745

EURUSD (4- Hour Chart)

The eurodollar turned downward and gained a fresh monthly low under 1.174 threshold that pressure as the greenback holds daily win across the board, losses 0.19% to 1.1736 as of writing. No key macroeconomic data was released on Monday. Market participants continue to digest last Friday’s NFP data. From the technical perspective, the RSI indicator has dropped to 27 figures as of writing, suggesting over sought sentiment for a short term. For moving the average side, 15 long SMA indicator retaining downward slope and 60 long SMA has turned it way to the negative side.

As mention previously, we expected if the price drop below 1.1755, market momentum would drag it to lower lows than eyes on 1.17. Therefore, we forecast 1.17 will be the last support level, especially forbid buyers. In contrast, if the price could stand above 1.1755, the price will choppy between 1.1755 and 1.18.

Resistance: 1.1755, 1.18, 1.185

Support: 1.17

XAUUSD (4- Hour Chart)

Gold is having a difficult time staging a convincing rebound following the steep drop witnessed in the early Asian session. With the latest data from the U.S. confirming the improving labor market conditions, the pair started to edge lower and was last seen losing 1.91 daily at $1729. At the same time, the greenback rallied along with the U.S. treasury yield shooting into 1.3% territory. Concerns that the Fed is about to taper are likely to remain heightened in the short term, denting investor appetite for the precious metal for which we have witnessed an exodus at the start of the week. For the technical side, the RSI indicator still immerses in over sought territory, suggesting extremely sell-side momentum fuel the market. From the moving average perspective, both 15 and 60 long SMAs indicators are retaining downside movement.

For the market sentiment, we see indicator shows the market is overly inclined to selling momentum which fueled by market data. On the other hand, extremely dynamic movement impact the perspective of moving average. Therefore, we expect the market will possibly rebound according to indicator suggestions. However, if the momentum continues toward to downside, the first critical will be in 1730. On up way, we expect 1751 will be strong resistance.

Resistance: 1751.5, 1792, 1830

Support: 1730, 1700, 1682

20210810
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The US added 943K new jobs in July, while the unemployment rate…

The US added 943K new jobs in July, while the unemployment rate contracted to 5.4%, both largely beating the market’s expectations

20210809
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Market Focus

Stocks rose to record levels on the heels of a key labor market report, which reflected a stronger-than-expected rebound in employment last month and a marked drop in the jobless rate. S&P 500 extended its record-setting gains from a day earlier. Dow Jones added more than 100 points, or 0.4%, and also set a record high. The Nasdaq dipped as Treasury yields gained across the curve after the better-than-expected print on the labor market’s recovery.

A slow-going Senate debate over a broad $550 billion infrastructure package spilled into Sunday and could go on for days yet, with lawmakers unable to agree on which final changes to consider.

Amendments still on the table include proposals for new cryptocurrency rules and flexibility for states and localities that choose to use some unspent pandemic relief funds for roads and bridges.

Senator Bill Cassidy, a Louisiana Republican who helped negotiate the bipartisan proposal, said he expects the package of money for roads, water systems, and broadband expansion will eventually pass, but suggested that may be two days away unless all 100 senators can agree to speed things up.

Majority Leader Chuck Schumer opened the Sunday session saying Democrats were ready to consider amendments to the legislation, which is a cornerstone of President Joe Biden’s agenda. “That will require the cooperation of our Republican colleagues,” he said. “In any case, we’ll keep proceeding until we get this bill done.”

Main Pairs Movement

The dollar soared at the end of the week, closing green against most major rivals, right after an upbeat US Nonfarm Payroll report. The US added 943K new jobs in July, while the unemployment rate contracted to 5.4%, both largely beating the market’s expectations. The better-than-expected labor market results revived speculation that the Fed will have to tighten its monetary policy sooner than anticipated.

The euro pair trades around 1.1760, and Cable settles at 1.3870. Commodity-linked currencies lost ground against their American peer. Loonie surged near 0.5% to the 1.25500 level, Aussie plummeted to 0.7350, approaching its 2021 low, and NZD/USD hovers around 0.7000, struggling to defend the major support level.

Gold price collapsed, with the yellow metal losing roughly $35, closing the week at $1763 a troy ounce. Crude oil prices were also under selling pressure, with WTI ending the day at $68.00 a barrel, and Brent at $70.30. The yield on the 10-year US Treasury note surged to 1.3000, amid the overall market optimism.

Technical Analysis

GBPUSD (4-hour Chart)

The pound has declined under 1.39 after the U.S. reported an increase of 943k jobs, beating expectations and raising the outlook for tighter monetary policy by Fed, set 1.38785 as of writing. At the same time, macroeconomic data trigger sell-off in U.S. treasuries. For the technical aspect, the RSI indicator pulls up from a slightly bearish condition to set at 41 figures, suggesting slightly bearish movement ahead. For moving average side, 15 long SMA indicator slightly heading to negative territory and 60 long SMA indicator remaining up way traction.

All in all, we believe this pair still lacking a direction as it miring in a tiny horizontal channel which is choppy for nearly a week. If the price falls ahead, the market will eye on 1.385 level in short term and 1.38 level follow. On the up way, if the price could go over the last highs spot which is around 1.395, it will be heading to over 1.4 level.

Resistance: 1.3896, 1.3985, 1.4

Support: 1.3665, 1.3745, 1.38, 1.385

EURUSD (4- Hour Chart)

The euro-dollar pair dropped further and hit the nearly 4-month bottomed at 1.1754 then pull up sideways close to the end of the day, holding on 1.176 with 0.61 losses as of writing. The slide is being driven by a rally of the greenback across the G-10 currencies as the outer performance on labor market data. From the technical perspective, the RSI indicator has dropped to 27 figures as of writing, suggesting over sought sentiment for a short term. For moving average side, 15 long SMA indicator retaining downward slope and 60 long SMA remaining flat. Moreover, 15 and 60 long SMAs indicator has death cross in the daily market.

In the light of indicator shows, the eurodollar has drop badly in short term with market momentum. however, price action gives the eurodollar a solid support level at 1.1755 which it rebounded after once touched. At the current stage, we expect 1.1755 will be the strong short-term support in terms of momentum. If the price is successive down, then the price will see at lower lows and the next support will be 1.17.

Resistance: 1.1766, 1.18, 1.1848, 1.19

Support: 1.1755, 1.17

XAUUSD (4- Hour Chart)

Gold price came under strong bearish pressure in the U.S. session after the latest NFP data beat the expectation in July, price lingers at $1762 as of writing once it hit rock-bottom at 1759. The DXY index edged up 0.6%, having the best day in weeks and trading at 2-week highs. Meanwhile, stocks are holding in a positive position across the U.S. market despite NAS100 was pared by 10 years U.S. Treasuries yield bullish traction, recording 5.3% gains to a 1.29% level. For the technical side, the RSI indicator slightly declined to 21 figures as of writing, suggesting over sought sentiment in the short term. From a moving average perspective, both 15 and 60 long SMAs indicators are turning to the south side, two indicators have death cross.

For the market sentiment, we see indicator shows the market is overly including to selling momentum which fueled by market data. On the other hand, extremely dynamic movement impact the perspective of moving average. Therefore, we expect the market will possibly rebound according to indicator suggestions. however, if the momentum continues toward to downside, the next critical support will eye on 1751.5.

Resistance: 1792, 1809, 1830.5

Support: 1759.2, 1751.5

20210809
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Ethereum, the second-largest cryptocurrency, went through a major upgrade, known as EIP-…

Ethereum, the second-largest cryptocurrency, went through a major upgrade, known as EIP- 1559 London, which is expected to reduce the supply of the token and stabilize the transaction fee

20210806
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Market Focus

Major US Indices edged higher on Thursday ahead of a key labor market report on Friday. The Dow Jones Industrial Average rose 271.58 points; the S&P 500 added 0.6% while the Nasdaq climbed 0.8%. Major indices were led by travel stocks, including airlines, rallying on Thursday after struggling over the past week.

Futures rose in Hong Kong and Japan after the S&P 500 and the Nasdaq 100 reached new peaks. Investors viewed the ADP report this Friday that stocked optimism, which might spark market swings.

In the latest Federal Reserve’s comments, Governor Walker is positive about the economic outlook, and he thinks that accommodative policy could sooner than expected. In the meantime, Senator Joe Manchin has urged Fed Chairman Jerome Powell to start tapering the bond purchases.

Ethereum, the second-largest cryptocurrency, went through a major upgrade, known as EIP- 1559 London, which is expected to reduce the supply of the token and stabilize the transaction fee. As a result, Ethereum was close to a two-month high.

Main Pairs Movement

GBPUSD rose as high as 1.3949 after the Bank of England’s decision, signaling some modest tightening of its monetary policy to keep inflation under control. As the British central bank starts leaning to a hawkish tone, it allows the members of the committee to begin discussing raising interest rates. The GBPUSD currency pair ended up closing at 1.3926.

AUDUSD climbed steadily, closing at 0.7399 as the Australian government bonds edged lower before the release of a quarterly statement on the monetary policy.

Platinum plunged to a seven-month low as the spread of the Covid hurt the outlook for industrial commodities while the Fed signaled the tapering plan.

The precious metal, gold, dropped to near one-week lows, closing at $1,804. The downside was mainly caused by the overnight hawkish comments from the Fed’s Clarida, who remarked on the non- yielding metal.

Technical Analysis

GBPUSD (4-hour Chart)

Cable rose as high as 1.3949 after the BoE decision but was unable to break the resistance needed for upside traction in the daily market which awaiting NFP data tomorrow, holding 1.3929 with 0.29% gains. BoE officials said they will kick off unwind their almost 900 billion-pound quantitative easing program when the interest rate reaches 0.5%, much earlier than previously thought. For the technical aspect, the RSI indicator pulls up from a slightly bearish condition to set at 57 figures, suggesting slightly bull movement ahead. For moving average side, 15 long SMA indicator holding a flat side movement and 60 long SMA indicator remaining up way traction.

All in all, we believe this pair still lacking a direction as it miring in a tiny horizontal channel which is choppy for nearly a week. If the price falls ahead, the market will eye on 1.385 level in short term and 1.38 level follow. On the up way, if the price could go over the last highs spot which is around 1.395, it will be heading to over 1.4 level.

Resistance: 1.3896, 1.3985, 1.4

Support: 1.3665, 1.3745, 1.38, 1.385

EURUSD (4- Hour Chart)

Earlier in the day, the modest greenback weakness helped the euro-dollar pair push higher, yet, failed to gather bullish momentum. As of writing, the pair was virtually unchanged on the day at 1.18351. Meanwhile, market eyes turn to the U.S. NFP report as ADP figures miss the expectation. From the technical perspective, the RSI indicator closes 43 figures as of writing, suggesting slightly bearish movement for the short term. For moving average side, 15 long SMA indicator retaining downward slope and 60 long SMA remaining flat.

For price action, If the price could breach 1.188 firmly again, it could be heading to a higher level. On the downside, we deem the most strong support level will be the 1.1766 level. Moreover, it seems like building a double head price action and neckline will be on 1.1848. For now, we think the price will consolidate in a tiny range between first immediately resistance and support.

Resistance: 1.1848, 1.188, 1.19

Support: 1.18, 1.1766

XAUUSD (4- Hour Chart)

As of writing, the price of gold is back above the psychological 1800 level, hit recently lowest spot, at 1804.6. In the absence of high-tier macroeconomic data released, the 3% rallied witnessed in the 10 years U.S. treasuries yields seems to help the greenback stay resilient then pressure on the yellow metal market. At the meantime, the risk-on mode it on the fire for market speculator hence save haven demand become scarcely. For the technical side, the RSI indicator slightly declines to 42 figures as of writing, suggesting a bearish movement ahead. From a moving average perspective, both 15 and 60 long SMAs indicators are moving in flat momentum at the same time, two indicators seem about to intersect.

For price action, we forecast the 1795 level is pivotal support for the buy-side investor. If the price goes down below it, the immediately but fragile support will be 1788.5 and the next support will eye on 1780. On the upside, we believe 10 year U.S. treasuries yields are still a barometer. If yield could continue to decline, it will fuel yellow metal to edge up.

Resistance: 1808.92, 1830.5

Support: 1795.25, 1788.5, 1765.5

20210806
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