08 October 2020 Afternoon Session Analysis
Kiwi plunged following RBNZ negative rate talks.
During late Asian session, the New Zealand Kiwi which traded against the greenback and other currency pairs have plummet amid dovish comments by the RBNZ officials. According to reports, RBNZ Assistant Governor Christian Hawkesby stated that the inflation in New Zealand is likely to remain well below target for three years and the balance sheet will also likely to remain large for a long time period. On top of that, Hawkesby also added that the central bank is actively working on negative interest rate and funding for a lending program. The dovish comments on negative interest have attract further selling interest on the New Zealand Kiwi, thus pushing the price even lower. At the time of writing, NZD/USD slips 0.05% to 0.6561.
In the commodities market, crude oil price steadied and edge higher 0.09$ to $39.99 per barrel as of writing amid expectation of Hurricane Delta threatening production. Following latest development, energy operators in the Gulf of Mexico have once again shut down 80% of oil production in preparation for the Hurricane Delta which expected to hit Louisiana coast. On the other hand, gold price remains weak and drop 0.04% to $1886.85 a troy ounce at the time of writing amid rebound in dollar.
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 |
| 20:30 | USD – Initial Jobless Claims | 837K | 820K | – |
Technical Analysis
DOLLAR_INDX, Daily: Dollar index was traded lower while currently testing the support level at 93.50. MACD which illustrate bearish bias momentum signal suggest the dollar to extend its losses after it successfully breakout below the support level at 93.50.
Resistance level: 94.10, 94.90
Support level: 93.50, 92.10
GBPUSD, H1: GBPUSD was traded higher following prior rebound from the support level at 1.2865. MACD which illustrates bullish bias momentum suggest the pair to extend its gains toward the resistance level at 1.2945.
Resistance level: 1.2945, 1.3000
Support level: 1.2865, 1.2785
EURUSD, Daily: EURUSD was traded higher while currently testing the resistance level at 1.1790. MACD which illustrate bullish bias momentum signal suggest the pair to extend its gains after it successfully breakout above the resistance level at 1.1790.
Resistance level: 1.1790, 1.1950
Support level: 1.1645, 1.1455
USDJPY, H4: USDJPY was traded higher following prior breakout above the previous resistance level at 105.75. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to undergo technical correction in short term toward the support level at 105.75.
Resistance level: 106.45, 106.95
Support level: 105.75, 105.15
AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level at 0.7140. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its gains after it successfully breakout above the resistance level at 0.7140.
Resistance level: 0.7140, 0.7205
Support level: 0.7080, 0.7010
NZDUSD, Daily: NZDUSD was traded lower following prior breakout below the previous support level at 0.6610. MACD which illustrate bearish momentum signal suggest the pair to extend its losses toward the support level at 0.6500.
Resistance level: 0.6610, 0.6685
Support level: 0.6500, 0.6380
USDCAD, H4: USDCAD was traded lower following prior retracement from the resistance level at 1.3315. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses toward the support level at 1.3235.
Resistance level: 1.3315, 1.3420
Support level: 1.3235, 1.3140
USDCHF, H4: USDCHF was traded higher while currently testing the resistance level at 0.9180. MACD which display bullish bias signal suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 0.9180, 0.9225
Support level: 0.9120, 0.9050
CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level at 40.05. However, MACD which illustrate diminishing bullish momentum signal suggest the commodity to undergo technical correction in short term toward the support level at 39.30.
Resistance level: 40.05, 40.70
Support level: 39.30, 38.65
GOLD_, Daily: Gold price was traded lower following prior retracement from the downward trend line. MACD which illustrate diminishing bullish momentum suggest the commodity to extend its losses toward the support level at 1851.90.
Resistance level: 1926.65, 1976.00
Support level: 1851.90, 1810.45