04 October 2021 Morning Session Analysis
Dollar surged amid bullish 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 last week. According to Institute for Supply Management, U.S. ISM Manufacturing Purchasing Managers Index (PMI) increased from the previous reading of 59.9 to 61.1, exceeding the market forecast at 59.6. Such upbeat economic data had dialed up the market optimism toward the economic progression in the United States, spurring bullish momentum on the US Dollar. Besides, the overall trend for the US Dollar remained bullish following the rising US Treasury Yield amid market participants speculated the Federal Reserve would be tapering its earlier aggressive monetary policy plan in order to combat the high inflation risk. Nonetheless, as for now investors would continue to scrutinize the latest updates with regard of further crucial economic data to gauge the likelihood movement for the US Dollar. As of writing, the Dollar Index appreciated by 0.06% to 93.96.
In the commodities market, the crude oil price surged 0.10% to $75.85 per barrel as of writing. The oil market extends its gains amid rapid progress of the Covid-19 vaccination program around the world had continue to spur positive prospect for the crude oil demand. On the other hand, the gold price was traded flat at $1764.00 per troy ounces as of writing amid market participants are still waiting for further catalyst from Federal Reserve before entering the gold market.
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Technical Analysis
DOLLAR_INDX, Daily: Dollar index was traded lower following prior retracement from the resistance level at 94.25. MACD which illustrated diminishing bullish momentum suggest the index to extend its losses toward support level at 93.30.
Resistance level: 94.25, 94.75
Support level: 93.30, 91.80
GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level at 1.3605. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1.3605, 1.3665
Support level: 1.3515, 1.3415
EURUSD, H4: EURUSD was traded lower while currently testing the support level at 1.1595. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 1.1675, 1.1740
Support level: 1.1595, 1.1525
USDJPY, H4: USDJPY was traded lower following prior breakout below the previous support level at 111.10. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 111.40
Resistance level: 111.10, 111.55
Support level: 110.40, 109.65
AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level at 0.7300. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 0.7300, 0.7400
Support level: 0.7235, 0.7170
NZDUSD, H4: NZDUSD was traded higher following prior breakout above the previous resistance level at 0.6920. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.6975.
Resistance level: 0.6975, 0.7030
Support level: 0.6920, 0.6860
USDCAD, H4: USDCAD was traded lower while currently testing the support level at 1.2615. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
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 increasing bullish 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 1764.10. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1764.10, 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.