01 September 2021 Morning Session Analysis
Dollar slumped amid bearish economic data.
The Dollar Index which traded against a basket of six major currency slumped over the backdrop of bearish economic data. According to National Association of Realtor, U.S. Pending Home Sales for last month came in at -1.8%, worse than the market forecast at 0.4%. In addition, Conference Board also reported that the U.S. CB Consumer Confidence notched down significantly from the previous reading of 125.1 to 113.8, which also fared worse than the market expectation at 124.0. As both data were fared worse than expectation, which dialed down the market optimism toward the economic progression in the United States. Nonetheless, the overall movement for the US Dollar remained subdued as investors still wait for a crucial U.S. jobs data on Friday to speculate how soon the Federal Reserve might begin to taper its monetary policy. As of writing, the Dollar Index slumped 0.04% to 92.65.
In the commodities market, the crude oil price surged 0.15% to $68.75 as of writing following upbeat inventory data was released. According to American Petroleum Institute, U.S. API Weekly Crude Oil Stock came in at -4.045M, better than the market forecast at -2.833M. On the other hand, the gold price surged 0.05% to $1814.65 per troy ounces as of writing amid weakening US Dollar.
Today’s Holiday Market Close
Time Market Event
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Today’s Highlight Events
Time Market Event
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Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 15:55 | EUR – German Manufacturing PMI (Aug) | 62.7 | 62.7 | – |
| 16:30 | GBP – Manufacturing PMI (Aug) | 60.1 | 60.1 | – |
| 20:15 | USD – ADP Nonfarm Employment Change (Aug) | 330K | 638K | – |
| 22:00 | USD – ISM Manufacturing PMI (Aug) | 59.5 | 58.5 | – |
| 22:30 | CrudeOIL – Crude Oil Inventories | -2.979M | -2.683M | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower while currently testing the support level at 92.45. However, MACD which illustrated increasing bullish momentum suggest the index to be traded higher in short-term as technical correction.
Resistance level: 93.25, 94.10
Support level: 92.45, 91.80
GBPUSD, H1: GBPUSD was traded lower following prior breakout below the previous support level at 1.3765. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 1.3765, 1.3805
Support level: 1.3695, 1.3605
EURUSD, H4: EURUSD was traded lower while currently testing the support level at 1.1805. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 1.1850, 1.1955
Support level: 1.1805, 1.1775
USDJPY, H4: USDJPY was traded within a range while currently testing the support level at 109.75. MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower after it successfully breakout below the support level.
Resistance level: 110.55, 111.10
Support level: 109.75, 109.20
AUDUSD, H4: AUDUSD was traded higher following prior breakout above the previous resistance level at 0.7280. However, MACD which illustrated increasing bearish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 0.7375, 0.7480
Support level: 0.7280, 0.7220
NZDUSD, H4: NZDUSD was traded higher following prior breakout above the previous the resistance level at 0.7015. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 0.7015, 0.7100
Support level: 0.6940, 0.6815
USDCAD, H4: USDCAD was traded lower while currently near the support level at 1.2580. However, MACD which illustrated increasing bullish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 1.2650, 1.2705
Support level: 1.2580, 1.2500
USDCHF, H4: USDCHF was traded lower while currently testing the support level at 0.9105. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 0.9230, 0.9305
Support level: 0.9105, 0.9035
CrudeOIL, H4: Crude oil price was traded lower while currently testing the support level at 68.00. MACD which illustrated bearish momentum suggest the commodity to extend its losses after it successfully breakout below the support level.
Resistance level: 69.85, 73.65
Support level: 68.00, 66.10
GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1818.80. MACD which illustrated increasing momentum suggest the commodity to extend its gains after it successfully breakout the resistance level.
Resistance level: 1818.805, 1830.65
Support level: 1796.55, 1778.55