15 September 2021 Morning Session Analysis
Dollar slumped amid bearish inflation data.
The Dollar Index which traded against a basket of six major currency slumped over the backdrop of bearish economic data yesterday, which creating conflict about the timing of the Federal Reserve’s contractionary monetary policy. Earlier, several Monetary Policy Committee (MPC) have suggested the Federal Reserve to reduce its bond buying program by the end of the year in order to combat the high inflation risk. Nonetheless, U.S. Bureau of Labor Statistics showed that the U.S. Core Consumer Price Index (CPI) for last month had notched down from the preliminary reading of 0.3% to 0.1%, missing the market forecast at 0.3%. Such negative inflation data had dialed down the market optimism toward the economic progression in the United States, which increasing the probability for the Federal Reserve to extend their expansionary monetary policy in longer-basis. Though, the overall statement from the Federal Reserve remained vague, investors would continue to continue scrutinize the latest updates with regards of the future FOMC meeting as well as further economic data to receive further trading signal. As of writing, the Dollar Index depreciated by 0.05% to 92.65.
In the commodities market, the crude oil price surged 0.17% to 70.95 per barrel as of writing. The crude oil price surged amid bullish inventory data in the early morning. According to American Petroleum Institute (API), U.S. API Weekly Crude Oil Stock came in at -5.437M, better than the market forecast at -3.903M. On the other hand, the gold price jumped 0.05% to $1803.15 per troy ounces as of writing amid weakening US Dollar.
Today’s Holiday Market Close
Time Market Event
N/A
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 – CPI (YoY) (Aug) | 2.00% | 2.90% | – |
| 20:30 | CAD – Core CPI (MoM) (Aug) | 0.60% | – | – |
| 22:30 | CrudeOIL – Crude Oil Inventories | -1.529M | – | – |
Technical Analysis
DOLLAR_INDX, Daily: Dollar index was traded higher while currently testing the resistance level at 92.70. MACD which illustrated diminishing bearish momentum suggest the index to extend its gains after it successfully breakout above the resistance level.
Resistance level: 92.70, 93.5
Support level: 91.80, 90.75
GBPUSD, H4: GBPUSD was traded lower while currently testing the support level at 1.3805. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 1.3880, 1.3945
Support level: 1.3805, 1.3735
EURUSD, H4: EURUSD was traded lower while currently testing the support level at 1.1800. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 1.1840, 1.18495
Support level: 1.1800, 1.1760
USDJPY, H4: USDJPY was traded lower while currently testing the support level at 109.60. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 110.40, 111.10
Support level: 109.60, 109.20
AUDUSD, H4: AUDUSD was traded lower following prior breakout below the previous support level at 0.7345. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.7280.
Resistance level: 0.7345, 0.7780
Support level: 0.7280, 0.7220
NZDUSD, H4: NZDUSD was traded lower while currently testing the support level at 0.7080. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 0.7160, 0.7255
Support level: 0.7080, 0.7015
USDCAD, H4: USDCAD was traded higher following prior rebound from the support level at 1.2625. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.2725.
Resistance level: 1.2725, 1.2780
Support level: 1.2625, 1.2580
USDCHF, Daily: USDCHF was traded higher while currently testing the resistance level at 0.9230. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 0.9230, 0.9305
Support level: 0.9100, 0.9035
CrudeOIL, H1: Crude oil price was traded higher while currently testing the resistance level at 70.75. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.
Resistance level: 70.75, 71.55
Support level: 69.70, 67.75
GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1807.15 MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1807.15, 1818.80
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.