August 24, 2022 ATFX “Ming Tian Guan Hui” | ATFX – vocus

August 24, 2022 ATFX “Ming Tian Guan Hui”

Market risk, the investment needs to be careful! Happy trading!

US dollar falls as economic activity slows, gold and crude oil prices both rebound

【Market Review】

As for overnight US data, the US manufacturing and service PMI hit new lows in more than two years in August, contracting for the second straight month, and new home sales plunged to a six-and-a-half-year low. US stocks extended their close lows amid slowing data, although losses have slowed.

The dollar index fell from a five-week high after reaching above 109, the euro against the dollar halted three consecutive losses and recovered from a 20-year low, and the pound regained some of its losses after the release of PMI data and returned to above 1.18 in late trading.

A fall in the US dollar and US Treasury yields boosted gold prices, snapping a six-day losing streak, while oil prices jumped nearly 4 percent as sources said it may be premature to announce output cuts at the upcoming OPEC + meeting on September 5.

【Key Prospects】
Today, except for the United States, data in other regions is light. The United States data focuses on durable goods orders in July. It is expected to follow the slowdown in the manufacturing forecast and may fall from 1.9% to 0.6% . data is weaker than expected, the market will be more concerned about the economic outlook.

【Important Economic Calendar】
20:30 US July Durable Goods Orders ***
22:00 US July Current Home Contract Sales**
22:30 EIA Changes to Last Week’s Crude Oil Inventory**
Note: * is the degree of importance

【Market Analysis】
EURUSD
1.0013/1.0062 resistance
0.9903/0.9853 support
Yesterday’s data showed that the manufacturing PMI in the euro zone was confirmed to fall below the boom and bust line, indicating that the economy is in decline, but the euro was still rebounding under the support of the falling dollar. Before the moving average in Figure 10, the exchange rate has not yet left the low level.

GBP to USD
1.1890/1.1950 resistance
1.1795/1.1734 support
Britain’s composite PMI fell to its lowest level since February last year in August, and factory output fell for the first time since February last year, but the pound halted its four-day losing streak with the help of the dollar and recorded its biggest rebound in two weeks. The chart rebounded from a 4 hour low and returned to the moving average of 10. It is currently ending at the moving average of 20. If it breaks through, it means there is an opportunity to test the 1.19 mark .

USD/JPY
137.45/138.27 resistance
135.59/134.76 support
USD/JPY followed the USD’s adjustment from yesterday’s high and stopped for five consecutive gains. However, technically, it still recovered more than half of its losses late yesterday, indicating that the bulls are still defending the mark 106 rebounds.

USD/CNY
6.8757/6.8850 resistance
6.8401/6.8231 support
The USD/RMB exchange rate fluctuated yesterday, with a record high hitting above 6.88, but the dollar’s decline and technical resistance prevented the exchange rate from continuing the upward trend of the previous three days. At the moment, it is arranged between the 4-hour moving averages. If it crosses the 10 moving averages again, it can once again look at the recent highs.

USD/CAD
1.3000/1.3060 resistance
1.2936/1.2891 support
The US dollar against the Canadian dollar suffered its biggest drop in two weeks yesterday, and had once renewed the highest since July 15, but failed to hold the 1.30 mark. Try to recover some lost ground this morning, but pay attention to the MA 20 in the 4 hour chart around 1.30. If it fails to break through, it may increase the overnight adjustment and point to the 1.29 level.

US Crude Oil Futures (October)
95.86/97.50 resistance
92.62/90.57 support
OPEC+ may wait and see for a while to see if production should be cut. Along with the unexpected drop in the latest API crude oil inventories in the US, international oil prices rose overnight and closed at the highest level since August 11. It once touched the resistance level above $94 but did not break through. when it consolidates within a narrow range. If you are trying to break new ground, you should first focus on the resistance in the range from 95 to 95.86.

spot gold
1754/1760 Resistance
1740/1730 support
Spot gold halted its six-day losing streak yesterday.Thanks to the fall in US dollar yields and US bonds, after rebounding by more than US$10, the current peak of US$1,750 remains an important resistance , unless the decline in US durable goods orders tonight may bring some support, see Can pull a breakthrough, or may look down at $ 1,740 again. Spot currency concerns 19.31/19.59 resistance and support 18.75/18.47.

US Dow Jones Industrial Average Futures US30
33303/33800 resistance
32699/32211 support
US stocks closed lower for the third day in a row overnight. The poor performance of US economic data sparked fears of a recession. Dow futures hit the lowest level in nearly two weeks. Currently, the 4-hour moving average technically turns into a bearish fork. If the price maintains pressure below the 33,000 mark, then look at initial support at 32699.

US S&P 500 SPX500
4178/4240 resistance
4098/4035 support
The S&P 500 index fell 0.22% overnight to close at 4,128.73 points, narrowing the decline from the previous two trading days, indicating that the market is waiting to see important guidance later this week, and the current technical focus on around the 4100 mark may provide temporary support.

NASDAQ US NAS100 Index
13114/13338 resistance
12623/12407 support
The Nasdaq index was basically flat at 12,381.30 points late yesterday. It is expected, under the wait-and-see mood of the market, that it will temporarily consolidate within a narrow range of the 12,989 to 13,000 mark, unless data the US tonight more than expected. and exhausted, which may lead to further decline Support next to 12623.

Japan’s Nikkei 225 index JP225
28515/28694 resistance
28197/28120 support
After falling for three consecutive days, the Nikkei 225 index continued to consolidate at a two-week low this morning. The adjacent market also weighed to the downside. The current 4-hour chart shows that the price is under pressure below the resistance of the moving average 10. Note that the recent low in the vicinity of 28300 acts as initial support.

China Index A50 CHI50
13725/13829 resistance
13493/13388 support
The A50 index rebounded for two consecutive days yesterday, but this morning there was pressure to take it back, as the price encountered resistance at 13725 twice, and after failing to break through technically, turned to the average mobile 4 hours for support. it falls below the 13600 level, you need to pay attention to the recent low or it has been tested again.

Hong Kong Hang Seng HK50 Index
19652/19812 objection
19405/19279 support
HK50 closed below the low since May in a shock yesterday, and the market sentiment still tends towards fatigue, but the 4 hour chart has formed the current key support near 19350, and 19500, where the 10 moving average on the other side, will be the main resistance at the moment.

The content is for reference only: there are risks in the market, and investment should be cautious. Happy trading!