02 September 2021 Morning Session Analysis
Dollar depreciated amid downbeat job data
The Dollar Index which traded against a basket of six major currency extend its losses following the United States released its bearish job data yesterday, which dialing down the market optimism toward the economic progression for the country. According to Automatic Data Processing (ADP), U.S. ADP Nonfarm Employment Change came in at 374K, missing the market forecast at 613K. Concerns about the spiking numbers of Covid-19 cases as well as bearish job data from the United States had spurred hopes that the Federal Reserve might continue to implement its expansionary monetary policy in longer-term basis, which dragging down the appeal of the US Dollar. Nonetheless, the losses experienced by the US Dollar was limited over the backdrop of upbeat manufacturing data. According to Institute for Supply Management, U.S. ISM Manufacturing Purchasing Managers Index (PMI) came in at 59.9, exceeding the market forecast at 58.6. As of writing, the Dollar Index depreciated by 0.02% to 92.50.
In the commodities market, the crude oil price surged 0.10% to $68.20 per barrel as of writing. The oil market edged higher amid the bullish inventory data was released. According to Energy Information Administration, U.S. Crude Oil Inventories came in at -7.169M, better than the market forecast at -3.088M. On the other hand, the gold price surged 0.03% to $1814.50 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 |
| 20:30 | USD – Initial Jobless Claims | 353K | 345K | – |
Technical Analysis
DOLLAR_INDX, Daily: 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 while currently testing the support level at 1.3765. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 1.3805, 1.3880
Support level: 1.3765, 1.3735
EURUSD, H4: 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, 1.1895
Support level: 1.1800, 1.1760
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 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: 0.7100, 0.7160
Support level: 0.7015, 0.6940
USDCAD, H4: USDCAD was traded higher while currently testing the resistance level at 1.2650. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
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, 71.55
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: 1818.80, 1830.65
Support level: 1796.55, 1778.55
Risk Statement:
Forex, Gold, Crude Oil, Commodities, CFD and all other margin trading investment products involve high level of risk and may not be suitable for all investors. Your previous investment success in stock, futures or any other investment achieved does not mean that all your future investment will obtain the same results. You should carefully consider your investment objectives; risk associated and seek professional advice before deciding to trade or if you have any doubts.