17 September 2021 Morning Session Analysis
Dollar surged amid positive data.
The Dollar Index which traded against a basket of six major currency surged significantly over the backdrop of a string of upbeat economic data yesterday, spurring positive prospect toward the economic progression in the United States. According to Federal Reserve Bank of Philadelphia, U.S. Philadelphia Fed Manufacturing Index notched up significantly from the previous reading of 19.4 to 30.7, exceeding the market forecast at 18.8. Meanwhile, Census Bureau reported that the U.S. Retail Sales for last month increased from the previous reading of -1.8% to 0.7%, which also fared much better than market expectation at -0.8%. As both crucial data were fared better-than-expectation, which easing some concerns about a sharp slowdown in economic growth while increasing hopes for the Federal Reserve to start tapering the monetary policy in short-term basis. As of writing, the Dollar Index appreciated by 0.05% to 92.95.
In the commodities market, the crude oil price extends its gains by 0.20% to $72.50 per barrel as of writing. The oil market continues to edge higher as market participants remained optimism toward the rapid Covid-19 vaccination process around the world would increase the appeal for this black-commodity in future. On the other hand, the gold price slumped 0.05% to $1755.60 per troy ounces as of writing amid strengthening US Dollar.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
N/A
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 14:00 | GBP – Retail Sales (MoM) (Aug) | -2.50% | 0.50% | – |
| 17:00 | EUR – CPI (YoY) (Aug) | 2.20% | 3.00% | – |
Technical Analysis
DOLLAR_INDX, Daily: Dollar index was traded higher following prior breakout above the previous resistance level at 92.65. MACD which illustrated increasing bullish momentum suggest the index to extend its gains toward resistance level at 93.25.
Resistance level: 93.25, 94.10
Support level: 92.65, 91.80
GBPUSD, H4: GBPUSD was traded lower prior breakout below the previous support level at 1.3805. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.3735.
Resistance level: 1.3805, 1.3880
Support level: 1.3735, 1.3695
EURUSD, H4: EURUSD was traded lower while currently testing the support level at 1.1800. MACD which illustrated increasing bearish suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 1.1800, 1.1840
Support level: 1.1760, 1.1705
USDJPY, H4: USDJPY was traded higher following prior breakout above the previous resistance level at 109.60. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 110.40.
Resistance level: 110.40, 111.10
Support level: 109.60, 109.20
AUDUSD, H4: AUDUSD was traded lower while currently testing the support level at 0.7280. MACD which illustrated increasing bearish suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 0.7345, 0.7780
Support level: 0.7280, 0.7220
NZDUSD, H4: NZDUSD was traded lower following prior breakout below the previous support level at 0.7080. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.7015.
Resistance level: 0.7080, 0.7160
Support level: 0.7015, 0.6940
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 following prior breakout above the previous resistance level at 0.9230. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.9305.
Resistance level: 0.9305, 0.9375
Support level: 0.9230, 0.9100
CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level at 72.30. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.
Resistance level: 72.30, 73.75
Support level: 70.40, 67.75
GOLD_, H4: Gold price was traded lower while currently testing the support level at 1754.70. MACD which illustrated increasing bearish suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 1778.55, 1796.55
Support level: 17, 1727.20
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.