07 September 2021 Morning Session Analysis
Pound slumped as negative data.
The Pound Sterling slumped over the backdrop of bearish economic data on yesterday, which dialed down the market optimism toward the economic progression in the United Kingdom. According to Markit/CIPS, U.K. Construction Purchasing Managers Index (PMI) for last month notched down significantly from the previous reading of 58.7 to 55.2, missing the market forecast at 56.9. Such negative data had mostly due to the spiking numbers of the Covid-19 cases, which limiting the economic activity in the United Kingdom. According BBC, as for now UK passes 7 million confirmed Covid-19 cases. It comes as another 41,192 positive tests were reported on Monday, along with 45 Covid-19 related deaths. Nonetheless, the overall movement for the pair of GBP/USD was remained subdued on yesterday due to US Labor Day. As for now, investors would continue to scrutinize the latest updates with regards of the crucial economic data as well as Covid-19 development in order to gauge the likelihood movement for the Pound Sterling. As of writing, GBP/USD depreciated by 0.05% to 1.3850.
In the commodities market, the crude oil price slumped 0.04% to 68.95 per barrel as of writing. The oil market edged lower following the Saudi Arabia’s sharp cuts to crude contract prices for Asia, spurring further concerns over the demand outlook amid rising numbers of Covid-19 cases. On the other hand, the gold price appreciated by 0.15% to 1826.25 per troy ounces as of writing amid negative job data from United States last week had continue to diminish the risk appetite in the global financial market, which insinuating market demand on this safe-haven commodity.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
12:30 AUD RBA Rate Statement
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 12:30 | AUD – RBA Interest Rate Decision (Sep) | 0.10% | 0.10% | – |
| 17:00 | EUR – German ZEW Economic Sentiment (Sep) | 40.4 | 30.0 | – |
Technical Analysis
DOLLAR_INDX, Daily: Dollar index was traded lower while currently testing the support level at 91.80. However, MACD which illustrated diminishing bearish momentum suggest the index to be traded higher in short-term as technical correction.
Resistance level: 92.70, 93.25
Support level: 91.80, 90.75
GBPUSD, H4: GBPUSD was traded higher following prior rebounded from the support level at 1.3805. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 1.3880.
Resistance level: 1.3880, 1.3945
Support level: 1.3805, 1.3765
EURUSD, H4: EURUSD was traded higher while currently testing the resistance level at 1.1895 MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1.1895, 1.1955
Support level: 1.1850, 1.1800
USDJPY, H4: USDJPY was traded lower while currently testing the support level at 109.75. However, MACD which illustrated diminishing bearish momentum suggest the index to be traded higher in short-term as technical correction.
Resistance level: 110.55, 111.10
Support level: 109.75, 109.20
AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level at 0.7480. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 0.7480, 0.7590
Support level: 0.7375, 0.7280
NZDUSD, Daily: NZDUSD was traded higher while currently testing the resistance level at 0.7160. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 0.7160, 0.7255
Support level: 0.7090, 0.7015
USDCAD, H4: USDCAD was traded lower following prior breakout below the previous support level at 1.2580. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 1.2580, 1.2650
Support level: 1.2500, 1.2435
USDCHF, Daily: 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 following prior retracement from the resistance level at 69.85. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.
Resistance level: 69.85, 71.55
Support level: 68.00, 66.10
GOLD_, H4: Gold price was traded lower following prior retracement from the resistance level at 1830.65. MACD which illustrated diminishing bullish momentum suggest the commodity to extend its losses toward support level at 1818.80.
Resistance level: 1843.85, 1830.65
Support level: 1818.80, 1796.55