12 October 2021 Afternoon Session Analysis
Australian dollar rose following positive economic outlook.
The Australian dollar was traded higher against US dollar and other currency pairs amid positive economic prospect. The Australia’s most populous state New South Wales (NSW) has declared to ease its lockdown restriction on Monday after hitting its 70% target of full vaccination for its adult population. Australia called the day as ‘Freedom Day’ while the second most populous state Victoria also declared that it will be set to open in December. The economic reopening in Australia has fueled up market sentiment toward Australian dollar. Besides that, rising commodities price also provide extra boost for the Australia. One of Australia’s main export, iron ore have also seen its price appreciated following higher demand from China as the country’s main ports reopened. As of writing, the pair of AUD/USD was up 0.03% to 0.7339.
In the commodities market, the crude oil price retreat 0.04% to $80.44 per barrel as of writing amid negative signals in the market. According to Reuters, the White House called on OPEC to take further initiatives to curb rising world crude oil prices. The US government also stated that it will monitor oil and gasoline prices and make changes in the market to ensure a stable and efficient crude oil market. On the other hand, the gold price fell 0.02% to $1753.09 per troy ounces amid strengthening 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 |
| 14:00 | GBP – Average Earnings Index +Bonus (Aug) | 8.30% | 7.00% | – |
| 14:00 | GBP – Claimant Count Change (Sep) | -58.6K | – | – |
| 17:00 | EUR – German ZEW Economic Sentiment (Oct) | 26.5 | 24 | – |
| 22:00 | USD – JOLTs Job Openings (Aug) | 10.934M | 10.925M | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index remain traded in a sideway channel while currently testing the resistance level 94.35. However, MACD which illustrate bullish momentum signal with the formation of golden cross suggest the dollar to extend its gains after it breaks above the resistance level 94.35.
Resistance level: 94.35, 94.90
Support level: 93.70, 93.10
GBPUSD, H4: GBPUSD was traded lower following recent retracement from the resistance level 1.3620. MACD which illustrate bearish momentum signal suggest the pair to extend its retracement towards the support level 1.3435.
Resistance level: 1.3620, 1.3745
Support level: 1.3435, 1.3300
EURUSD, H4: EURUSD was traded flat near the support level 1.1515. However, MACD which illustrate diminishing bullish momentum signal with the starting formation of death cross suggest the pair to extend its losses after it breaks below the support level.
Resistance level: 1.1610, 1.1690
Support level: 1.1515, 1.1440
USDJPY, H4: USDJPY was traded higher while currently testing the resistance level 113.40. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to be traded lower as a technical correction towards the support level 112.60.
Resistance level: 113.40, 113.95
Support level: 112.60, 112.05
AUDUSD, H4: AUDUSD was traded lower while currently testing near the support level 0.7320. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses after it breaks below the support level.
Resistance level: 0.7415, 0.7485
Support level: 0.7320, 0.7235
NZDUSD, H4: NZDUSD 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 0.6880.
Resistance level: 0.6990, 0.7075
Support level: 0.6880, 0.6805
USDCAD, H4: USDCAD was traded higher following prior rebound from the support level 1.2455. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to extend its rebound towards the resistance level 1.2585.
Resistance level: 1.2585, 1.2695
Support level: 1.2455, 1.2310
USDCHF, H4: USDCHF remain traded in a sideway channel. Due to lack of momentum and clear direction from MACD, it is suggest to wait until further signal appear before entering the market.
Resistance level: 0.9305, 0.9365
Support level: 0.9240, 0.9185
CrudeOIL, H4: Crude oil was traded lower while currently testing near the support level 79.40. MACD which illustrate diminishing bullish momentum signal with the starting formation of death cross suggest the commodity to extend its retracement towards the support level 79.40.
Resistance level: 82.50, 84.55
Support level: 79.40, 76.40
GOLD, H4: Gold price was traded flat near the support level 1747.05. Due to lack of momentum and clear direction from MACD, it is suggested to wait until further signal appear before entering the market.
Resistance level: 1779.50, 1806.85
Support level: 1747.05, 1721.65