14 September 2021 Afternoon Session Analysis
Australian dollar rose following positive economic outlook.
The Australian dollar was traded higher against US dollar and other currency pairs over the backdrop of positive economic outlook. The recent Sino-US talk which could lead to more trade deals has boosted the market sentiment toward the Australian dollar. According to Chinese Ambassador to U.S Qin Gang, China has been faithfully implementing China-U.S phase one economic trade agreement and hope U.S side to work with China to create necessary environment for the agreement. Foreign Ministry spokesman Zhao Lijian also called on the US to uphold the spirit of the telephone conversation last week between President Joe Biden and Xi Jinping and hopes that both sides could get relationship back to the right track of steady development. On the other hand, Australian Prime Minister Scott Morrison was invited to attend the ‘Quad’ summit hosted by U.S. President Joe Biden which aims to strengthen the four-way partnership between US, Japan, Australia, and India in the Indo-Pacific region. At the time of writing, AUD/USD edge higher 0.03% to $0.7357.
In the commodities market, the crude oil price surged 0.15% to $70.53 per barrel as of writing amid the prediction of Tropical Storm Nicholas. According to the prediction from the U.S. National Hurricane Center, tropical Storm Nicholas will be landing at the South Texas which could result in US oil refiners continue to delay their production. On the other hand, the gold price was down 0.05% to $1790.55 per troy ounces as of writing following dollar strength.
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 |
| 14:00 | GBP – Average Earnings Index +Bonus (Jul) | 8.80% | 8.20% | – |
| 14:00 | GBP – Claimant Count Change (Aug) | -7.8K | – | – |
| 20:30 | USD – Core CPI (MoM) (Aug) | 0.30% | 0.30% | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from the resistance level 92.70. MACD which illustrate diminishing bullish momentum signal with the formation of death cross suggest the dollar to extend its retracement towards the support level 92.05.
Resistance level: 92.70, 93.10
Support level: 92.05, 91.60
GBPUSD, H4: GBPUSD was traded higher following prior rebound from its low level. MACD illustrate bullish bias suggest the pair to extend its rebound towards the resistance level 1.3875.
Resistance level: 1.3875, 1.3990
Support level: 1.3765, 1.3600
EURUSD, H4: EURUSD was traded higher following prior rebound from the the support level 1.1800. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its gains towards the resistance level 1.1885.
Resistance level: 1.1885, 1.1950
Support level: 1.1800, 1.1705
USDJPY, H4: USDJPY remain traded in a sideway channel while currently testing near the resistance level 110.20. However, MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to be traded higher after it breaks above the resistance level.
Resistance level: 110.20, 110.75
Support level: 109.60, 109.15
AUDUSD, H4: AUDUSD remain traded in a sideway channel. Due to lack of momentum and clear direction from MACD, it is suggested to wait until further signal appear before entering market.
Resistance level: 0.7415, 0.7485
Support level: 0.7330, 0.7250
NZDUSD, H4: NZDUSD remain traded flat in a sideway channel. However, MACD which illustrate bearish momentum signal suggest the pair to be traded lower in short term towards the support level 0.7075.
Resistance level: 0.7145, 0.7225
Support level: 0.7075, 0.6990
USDCAD, H4: USDCAD was traded lower following prior retracement from the resistance level 1.2685. MACD which illustrate bearish momentum signal suggest the pair to extend its retracement towards the support level 1.2585.
Resistance level: 1.2685, 1.2770
Support level: 1.2585, 1.2510
USDCHF, H4: USDCHF was traded lower following prior retracement from its high level. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its retracement in short term towards the support level 0.9200.
Resistance level: 0.9245, 0.9310
Support level: 0.9200, 0.9100
CrudeOIL, H4: Crude oil price remain traded in a sideway channel while currently testing the resistance level 70.55. MACD which illustrate bullish momentum signal suggest the commodity to be traded higher after it breaks above the resistance level 70.55.
Resistance level: 70.55, 74.30
Support level: 68.05, 65.35
GOLD, H4: Gold price remain traded flat near the resistance level. However, MACD which illustrate diminishing bullish momentum signal suggest the commodity to be traded lower towards the support level 1760.35.
Resistance level: 1795.45, 1831.20
Support level: 1760.35, 1725.50