20 October 2021 Morning Session Analysis
Dollar slumped amid negative data.
The Dollar Index which traded against a basket of six major currency pairs slumped following the data showed that the U.S. homebuilding unexpectedly fell in September amid acute shortages of raw materials and labor, spurring negative prospect toward the economic growth in United States. According to Census Bureau, U.S. Building Permits notched down significantly from the previous reading of 1.721M to 1.1589M, missing the market forecast at 1.680M. Richmond Fed President Thomas Barkin claimed on Tuesday that the U.S. labor shortages issues may outlast the coronavirus pandemic and limit overall growth for the United States unless the country comes up with better paid to boost the number of people to work due to the recent high inflation risk. Nonetheless, market participants would continue to remain their focus on the monetary policy decision from Fed in order to gauge the likelihood movement for the US Dollar. As of writing, the Dollar Index depreciated by 0.18% to 93.80.
In the commodities market, the crude oil price slumped 0.02% to 83.10 per barrel as of writing. The Crude oil price was traded lower over the backdrop of bearish inventory data. According to American Petroleum Institute, U.S. API Weekly Crude Oil Stock came in at 3.294M, missing the market forecast at 2.233M. On the other hand, the gold price surged 0.03% to $1768.60 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 |
| 14:00 | GBP – CPI (YoY) (Sep) | 3.20% | 3.20% | – |
| 17:00 | EUR – CPI (YoY) (Sep) | 3.40% | 3.40% | – |
| 20:30 | CAD – Core CPI (MoM) (Sep) | 0.20% | – | – |
| 22:30 | CrudeOIL – Crude Oil Inventories | 6.088M | 0.702M | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from the resistance level at 94.40. However, MACD which illustrated diminishing bearish momentum suggest the index to be traded higher in short-term as technical correction.
Resistance level: 94.40, 95,00
Support level: 93.50, 93.05
GBPUSD, H4: GBPUSD was traded lower following prior retracement from the previous resistance level at 1.3825. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.3760.
Resistance level: 1.3825, 1.3910
Support level: 1.3760, 1.3720
EURUSD, H4: EURUSD was traded higher following prior rebound from the support level at 1.1530. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 1.1680, 1.1815
Support level: 1.1530, 1.1370
USDJPY, H4: USDJPY was traded higher while currently testing the resistance level at 114.55. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 114.35, 115.40
Support level: 113.45, 112.05
AUDUSD, Daily: AUDUSD was traded higher while currently testing the resistance level at 0.7470. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 0.7470, 0.7580
Support level: 0.7335, 0.7220
NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level at 0.7155. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 0.7155, 0.7240
Support level: 0.7110, 0.7015
USDCAD, Daily: USDCAD was traded lower following prior breakout below the previous support level at 1.2440. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 1.2440, 1.2625
Support level: 1.2265, 1.2040
USDCHF, Daily: USDCHF was traded lower while currently testing the support level at 0.9225. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 0.9365, 0.9465
Support level: 0.9225, 0.9155
CrudeOIL, Daily: Crude oil price was traded higher while currently testing the resistance level at 85.15. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 85.15, 92.85
Support level: 75.75, 66.75
GOLD_, H4: Gold price was traded lower while currently testing the support level at 1766.05. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses after it successfully breakout below the support level.
Resistance level: 1792.85, 1805.85
Support level: 1766.05, 1746.45