14 October 2021 Morning Session Analysis
Pound surged amid upbeat data.
Pound Sterling surged on yesterday over the backdrop of upbeat economic data from the U.K. region. According to Office for National Statistics, U.K. Gross Domestic Product (GDP) for last month came in at 6.9%, exceeding the market forecast at 6.7%. Meanwhile, U.K. Manufacturing Production notched up significantly from the previous reading of -0.6% to 0.5%, better than the market forecast at 0.1%. As both crucial economic data had fared better-than-expectation, which spurring positive prospect toward the post-Covid economic recovery from the U.K. region. Nonetheless, the gains experienced by the Pound Sterling was limited by the Brexit uncertainty between UK and European region. As for now, the EU members has repeatedly claimed that they are not willing to renegotiate the Brexit protocol. Investors speculated that the failure of renegotiation would continue to harm the economic momentum in the U.K. As of writing, GBP/USD appreciated by 0.08% to 1.3670.
In the commodities market, the crude oil price slumped 0.10% to $80.85 per barrel as of writing. The oil market edged lower over the backdrop of downbeat economic data. According to American Petroleum Institute, the U.S. API Weekly Crude Oil Stock came in at 5.213M, missing the market forecast at 0.140M. On the other hand, the gold price surged 0.10% to $1792.15 per troy ounces as of writing amid market participants shifted their portfolio toward safe-haven commodity in order to hedge against the high inflation risk following the United States released its high inflation data.
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 |
| 20:30 | USD – Initial Jobless Claims | 326K | 328K | – |
| 20:30 | USD – PPI (MoM) (Sep) | 0.70% | 0.60% | – |
| 23:00 | CrudeOIL – Crude Oil Inventories | 2.346M | -0.418M | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from the resistance level at 94.40. MACD which illustrated increasing bearish momentum suggest the index to extend its losses toward support level at 93.75.
Resistance level: 94.40, 94.75
Support level: 93.75, 93.30
GBPUSD, H4: GBPUSD was traded higher following prior breakout above the previous resistance level at 1.3640. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.3735.
Resistance level: 1.3735. 1.3805
Support level: 1.3640, 1.3550
EURUSD, H4: EURUSD was traded higher following prior breakout above the previous resistance level at 1.1575. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.1630
Resistance level: 1.1630, 1.1675
Support level: 1.1575, 1.1525
USDJPY, H4: USDJPY was traded lower following prior retracement from the resistance level at 114.00. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 112.30.
Resistance level: 114.00, 115.40
Support level: 112.30, 110.95
AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level at 0.7400. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 0.7400, 0.7475
Support level: 0.7320, 0.7235
NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level at 0.6975. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 0.6975, 0.7030
Support level: 0.6925, 0.6860
USDCAD, H4: USDCAD was traded lower while currently testing the support level at 1.2425. However, MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 1.2580, 1.2685
Support level: 1.2425, 1.2310
USDCHF, H4: USDCHF was traded lower while currently testing the support level at 0.9230. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 0.9305, 0.9375
Support level: 0.9230, 0.9155
CrudeOIL, H4: Crude oil price was traded higher following prior rebound from the support level at 79.20. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 81.85
Resistance level: 81.85, 83.05
Support level: 79.20, 76.60
GOLD_, H4: Gold price was traded higher following prior breakout above the previous resistance level at 1780.65. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1805.25.
Resistance level: 1805.25, 1828.55
Support level: 1780.65, 1768.05