01 October 2021 Morning Session Analysis
Dollar slumped amid bearish job data.
The Dollar Index which traded against a basket of six major currency pairs slumped over the backdrop of bearish job data from United States yesterday. According to Department of Labor, U.S. Initial Jobless Claims notched up significantly from the previous reading of 351K to 362K, missing the market forecast at 335K. As such data fared worse-than-expectation, which dialing down the market optimism toward the economic progression in United States while diminishing the probability for the Federal Reserve to start tapering its aggressive monetary policy in short-term basis. Nonetheless, the losses experienced by the US Dollar was limited following upbeat GDP data was released. Bureau of Economic Analysis reported that the U.S. Gross Domestic Product (GDP) for last quarter increased from the previous reading of 6.6% to 6.7%, better than the market forecast at 6.6%. Nonetheless, investors as for now would continue to scrutinize the latest updates with regards of further economic data as well as future monetary policy planning to gauge the likelihood movement for the pair. As of writing, the Dollar Index depreciated by 0.08% to 94.30.
In the commodities market, the crude oil price appreciated by 0.44% to $75.60 per barrel as of writing. The oil market edged higher following China claimed that they would prepare to buy more oil and other energy supplies to meet growing demand, according to Reuters. On the other hand, the gold price surged 0.10% to $1752.60 per troy ounces as of writing amid weakening US Dollar.
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 |
| 15:55 | EUR – German Manufacturing PMI (Sep) | 58.5 | 58.5 | – |
| 16:30 | GBP – Manufacturing PMI (Sep) | 56.3 | 56.3 | – |
| 17:00 | EUR – CPI (YoY) (Sep) | 3.00% | 3.30% | – |
| 20:30 | CAD – GDP (MoM) (Jul) | 0.70% | -0.20% | – |
| 22:00 | USD – ISM Manufacturing PMI (Sep) | 59.9 | 59.5 | – |
Technical Analysis
DOLLAR_INDX, Daily: Dollar index was traded higher following prior breakout above the previous resistance level at 93.50. MACD which illustrated increasing bullish momentum suggest the index to extend its gains toward resistance level at 94.75.
Resistance level: 94.75, 95.95
Support level: 93.30, 91.80
GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level at 1.3515. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1.3515, 1.3605
Support level: 1.3415, 1.3295
EURUSD, H4: EURUSD was traded lower following prior breakout the previous support level at 1.1600. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 1.1600, 1.1675
Support level: 1.1525, 1.1455
USDJPY, H4: USDJPY was traded lower following prior breakout below the previous support level at 111.55. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 111.10.
Resistance level: 111.55, 112.15
Support level: 111.10, 110.40
AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level at 0.7235. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 0.7235, 0.7300
Support level: 0.7170, 0.7115
NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level at 0.6920. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 0.6920, 0.6975
Support level: 0.6860, 0.6815
USDCAD, H4: USDCAD was traded higher while currently testing the resistance level at 1.2690. However, MACD which illustrated increasing bearish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 1.2690, 1.2755
Support level: 1.2615, 1.2580
USDCHF, H4: USDCHF was traded lower while currently testing the support level at 0.9305. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 0.9375, 0.9440
Support level: 0.9305, 0.9230
CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level at 75.65. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.
Resistance level: 75.65, 76.90
Support level: 74.05, 72.15
GOLD_, H4: Gold price was traded higher while currently testing the support level at 1761.05. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1761.05, 1780.65
Support level: 1746.00, 1725.51
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.