30 September 2021 Afternoon Session Analysis
Euro fell following energy crisis and dovish remarks from ECB.
The Euro which traded against the dollar and other currency pairs have extend its losses and plunged amid ongoing concerns over energy crisis. Due to surging oil and gas prices, the situation has triggered a shortage of power across the region, which led to production halt in factories and dampened economic growth. According to President of the European Central Bank (ECB) Christine Lagarde, she emphasized that current supply bottleneck and disruption of supply chains were expected to be continued, which have led to rising inflation. However, the European Central Bank (ECB) sticked to its precaution move by not tapering its monetary policy as the policymakers believed that the current inflation pressure was caused by global supply disruption and it would not persist for a longer period. As of writing, the pair of EUR/USD slumped 0.02% to 1.1600.
In the commodities market, the crude oil price slumped 0.05% to $74.67 per barrel as of writing amid bearish oil inventory data. According to Energy Information Administration, crude oil inventories have rose 4.578M, weaker than market expectation of -1.652M. On the other hand, the gold price was down 0.06% to $1728.67 a troy ounce following 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 – GDP (QoQ) (Q2) | 4.80% | 4.80% | – |
| 15:55 | EUR – German Unemployment Change (Sep) | -53K | -35K | – |
| 20:30 | USD – GDP (QoQ) (Q2) | 6.60% | 6.60% | – |
| 20:30 | USD – Initial Jobless Claims | 351K | 328K | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher while currently testing near the resistance level 94.35. However, MACD which illustrate diminishing bullish momentum signal suggest the dollar to experience a technical correction towards the support level93.70.
Resistance level: 94.35, 94.90
Support level: 93.70, 93.10
GBPUSD, H4: GBPUSD was traded lower while currently testing the support level 1.3435. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to experience a technical correction towards the resistance level 1.3605.
Resistance level: 1.3605, 1.3745
Support level: 1.3460, 1.3300
EURUSD, H4: EURUSD was traded lower while currently testing the support level 1.1590. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to be traded higher as a technical correction towards the resistance level 1.1690.
Resistance level: 1.1690, 1.1800.
Support level: 1.1590, 1.1515
USDJPY, H4: USDJPY was traded higher while currently testing near the resistance level 112.15. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to experience a technical correction towards the support level 111.50.
Resistance level: 112.15, 112.60
Support level: 111.50, 110.75
AUDUSD, H4: AUDUSD was traded higher following prior rebound from its low level. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its rebound towards the resistance level 0.7235.
Resistance level: 0.7235, 0.7335
Support level: 0.7150, 0.7075
NZDUSD, H4: NZDUSD was traded higher following prior rebound from its low level. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its rebound towards the resistance level 0.6915.
Resistance level: 0.6915, 0.6990
Support level: 0.6815, 0.6725
USDCAD, H4: USDCAD was traded lower following prior retracement from the resistance level 1.2770. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its retracement towards the support level 1.2695.
Resistance level: 1.2770, 1.2870
Support level: 1.2695, 1.2585
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 towards the support level 0.9310.
Resistance level: 0.9375, 0.9430
Support level: 0.9310, 0.9240
CrudeOIL, H4: Crude oil price was traded lower while currently testing near the support level 74.20. MACD which illustrate bearish momentum signal suggest the commodity to extend its losses after it breaks below the support level.
Resistance level: 76.40, 78.75
Support level: 74.20, 72.45
GOLD, H4: Gold price was traded higher following prior rebound from the support level 1716.85. MACD which illustrate diminishing bearish momentum signal suggest the commodity to extend its rebound towards the resistance level 1749.95.
Resistance level: 1749.95, 1785.80
Support level: 1716.85, 1679.60