7 October 2021 Morning Session Analysis
ADP data delivers, US dollar hovers high.
US dollar was broadly higher against other major currencies on Thursday following the release of upbear economic data from the region. For the month of September, ADP Nonfarm Employment Change rose 568K, significantly higher than forecasted reading of 428K. The report shows that hiring within hospitality sector remains resilient as the economy extended its recover after social distancing SOP were removed in the last few months. Following the bullish data from ADP, investors began to speculate a more positive reading from this Friday’s Nonfarm Payrolls report which may encourage Federal Reserve to tighten monetary policy in November. Previously, Fed Chair Jerome Powell comments that the economy has recovered from its last year slump due to coronavirus pandemic. While certain areas remain softer than expected, he emphasizes that a resilient jobs market could warrant for an early execution of tapering within this year. As of writing, the dollar index was up 0.01% to 94.25.
As for commodities market, crude oil price slumped more than 2% on yesterday to $76.85 per barrel. Oil futures experienced large selloff after EIA Crude Oil Inventories shows an increase of 2.35 million barrels vs forecast of -0.42 million barrels. On the other hand, gold price rose 0.04% to $1,763.29 a troy ounce following risk aversion from UK and EU stock market.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
19:30 EUR ECB Publishes Account of Monetary Policy Meeting
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 20:30 | USD – Initial Jobless Claims | 362K | 348K | – |
| 22:00 | CAD – Ivey PMI (Sep) | 66.0 | – | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower from its previous levels. MACD which illustrate diminished upward momentum suggests the index to be traded lower in short-term as technical correction.
Resistance level: 94.60, 95.00
Support level: 94.10, 93.50
GBPUSD, H4: GBPUSD was traded higher from its lower levels. MACD which illustrate diminished downward momentum suggests the pair to extend its gains after closing above 1.3590.
Resistance level: 1.3590, 1.3645
Support level: 1.3520, 1.3410
EURUSD, H1: EURUSD was traded higher following prior rebound from the lower level. MACD which illustrate bullish signal suggests the pair to be traded higher in short-term as technical correction.
Resistance level: 1.1565, 1.1590
Support level: 1.1535, 1.1500
USDJPY, H1: USDJPY was traded lower following prior retrace from its higher levels. MACD which illustrate increasing downward momentum suggests the pair to extend its losses after closing below 111.25.
Resistance level: 111.50, 111.85
Support level: 111.25, 111.00
AUDUSD, H4: AUDUSD was traded higher following prior rebound from the lower levels. MACD which illustrate bullish signal suggests the pair to be traded higher towards the direction of 0.7300.
Resistance level: 0.7300, 0.7335
Support level: 0.7260, 0.7190
NZDUSD, H1: NZDUSD was traded higher while currently testing at the resistance of 0.6915. MACD which illustrate bullish signal suggests the pair to extend its gains after closing above the resistance level.
Resistance level: 0.6915, 0.6940
Support level: 0.6885, 0.6860
USDCAD, H4: USDCAD was traded lower following prior closure below 1.2590. MACD which illustrate diminished upward momentum suggests the pair to extend its losses in short-term.
Resistance level: 1.2590, 1.2650
Support level: 1.2530, 1.2490
USDCHF, H4: USDCHF was traded lower following prior retracement from higher level. MACD which illustrate diminished upward momentum suggests the pair to be traded lower in short-term.
Resistance level: 0.9275, 0.9325
Support level: 0.9235, 0.9200
CrudeOIL, H1: Crude oil price was traded higher following prior rebound near 76.70. MACD which illustrate diminished downward momentum suggests its price to be traded higher in short-term.
Resistance level: 77.40, 78.30
Support level: 76.70, 76.00
GOLD_, H4: Gold price continues to be traded within a sideways channel. However, MACD which begins to form bullish signal suggests gold price to extend its gains after closing above 1764.30.
Resistance level: 1764.30, 1777.60
Support level: 1747.90, 1732.60