22 September 2021 Morning Session Analysis
Dollar surged amid bullish economic data.
The Dollar Index which traded against a basket of six major currency pairs surged over the backdrop of bullish economic data from United States region yesterday, dialed up the market optimism toward the economic progression in the United States. According to Census Bureau, U.S. Building Permits notched up from the previous reading of 1.630M to 1.728M, exceeding the market forecast at 1.600M. Besides, US Dollar received further bullish momentum following the diminishing risk appetite in the FX market amid the debt crisis at China’s biggest property developer, Evergrande, which prompting investors to shift their portfolio from other risky asset into the safe-haven asset such as US Dollar. In addition, the overall trend for the US Dollar remained bullish this week, which also bolstered by the hawkish expectation from the Federal Reserve during the FOMC meeting this week. As of writing, the Dollar Index appreciated by 0.06% to 93.25.
In the commodities market, the crude oil price appreciated by 0.03% to $71.11 per barrel as of writing amid bullish inventory data which released in the early morning. According to American Petroleum Institute (API), U.S API Weekly Crude Oil Stock came in at -6.108M, better than the market forecast at 2.400M. Besides, the gold price slumped 0.10% to $1773.05 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
02:00 USD FOMC Economic Projections
(23rd)
02:00 USD FOMC Statement
(23rd)
02:30 USD FOMC Press Conference
(23rd)
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 22:00 | USD – Existing Home Sales (Aug) | 5.99M | 5.88M | – |
| 22:30 | CrudeOIL – Crude Oil Inventories | -6.422M | – | – |
| 02:00
(23rd) |
USD – Fed Interest Rate Decision | 0.25% | 0.25% | – |
Technical Analysis
DOLLAR_INDX, Daily: Dollar index was traded higher following prior breakout above the previous resistance level at 92.65. However, MACD which illustrated increasing bearish momentum suggest the index to be traded lower in short-term as technical correction.
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 1.3695. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 1.3695, 1.3755
Support level: 1.3605, 1.3515
EURUSD, H4: EURUSD was traded lower while currently testing the support level at 1.1705. However, MACD which illustrated increasing bullish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 1.1760, 1.1800
Support level: 1.1705, 1.1665
USDJPY, H4: USDJPY was traded higher while currently testing the resistance level at 109.60. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 109.60, 110.40
Support level: 109.20, 108.45
AUDUSD, H4: AUDUSD was traded higher while currently near the resistance level at 0.7280. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 0.7280, 0.7345
Support level: 0.7220, 0.7115
NZDUSD, H4: NZDUSD was traded lower while currently testing the support level at 0.7015. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 0.7080, 0.7160
Support level: 0.7015, 0.6940
USDCAD, H4: USDCAD was traded lower while currently near the support level at 1.2780. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 1.2850, 1.2905
Support level: 1.2780, 1.2725
USDCHF, H4: USDCHF was traded lower while currently testing the support level at 0.9230. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 0.9305, 0.9375
Support level: 0.9330, 0.9100
CrudeOIL, H4: Crude oil price was traded lower following prior retracement from the resistance level at 72.30. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 72.30, 73.75
Support level: 70.40, 67.75
GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1778.55. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1778.55, 1796.55
Support level: 1765.95, 1749.35
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.