20 October 2021 Afternoon Session Analysis
Australian dollar remains resilient despite RBA dovish stance.
The Australian dollar was traded higher against the dollar and other currency pairs despite recent dovish stance from Reserve Bank of Australia (RBA). According to RBA Meeting Minutes, the policymaker has decided to maintain its current interest rate at 0.1% until year 2024, while keeping its bond purchasing program at $4 billion a week. Bank governor Philip Lowe also added that the current wage growth in the region remained subdued despite economic reopening in New South Wales, hence more monetary support is necessary to stimulus the economic momentum. However, the Australian dollar remain unfazed and rose amid spiking demand of raw materials. The rising coal prices and a rebound in demand for iron and copper have fueled up the market optimism toward the Australian economy, thus increasing the value of the Australian dollar. As of writing, the pair of AUD/USD was up 0.02% to 0.7473.
In the commodities market, the crude oil price was rose 0.01% to $81.97 per barrel as of writing amid positive oil demand outlook. Oil price continue to extend its gains as the rising prices of coal and natural gas have prompted some manufacturers to switch to lower-cost oil as an alternative. On the other hand, the gold price was down 0.02% to $1768.55 a troy ounce amid strengthening U.S 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 higher while currently testing the resistance level 93.70. MACD which illustrate diminishing bearish momentum signal suggest the dollar to extend its gains after it breaks above the resistance level 93.70.
Resistance level: 93.70, 94.45
Support level: 93.00, 92.10
GBPUSD, H4: GBPUSD was traded lower following recent retracement its high level. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its retracement in short term towards the support level 1.3755.
Resistance level: 1.3880, 1.4005
Support level: 1.3755, 1.3650
EURUSD, H4: EURUSD was traded lower following recent retracement from its high level. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its retracement towards the support level 1.1615.
Resistance level: 1.1680, 1.1760
Support level: 1.1615, 1.1530
USDJPY, H4: USDJPY was traded higher while currently testing the resistance level 114.60. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its gains after it breaks above the resistance level 114.60.
Resistance level: 114.60, 115.85
Support level: 113.20, 112.00
AUDUSD, H4: AUDUSD was traded higher following prior breakout above the previous resistance level 0.7480. MACD which illustrate ongoing bullish momentum signal suggest the pair to extend its gains towards the resistance level 0.7565.
Resistance level: 0.7565, 0.7660
Support level: 0.7480, 0.7410
NZDUSD, H4: NZDUSD was traded higher following recent breakout above the previous resistance level 0.7155. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to experience a retracement after it breaks back below the level 0.7155.
Resistance level: 0.7230, 0.7300
Support level: 0.7155, 0.7080
USDCAD, H4: USDCAD was traded lower while currently testing the support level 1.2335. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses after it breaks below the support level.
Resistance level: 1.2500, 1.2620
Support level: 1.2335, 1.2200
USDCHF, H4: USDCHF was traded higher following prior rebound from the support level 0.9215. MACD which illustrate bullish bias signal with the formation of golden cross suggest the pair to extend its gains towards the resistance level 0.9295.
Resistance level: 0.9295, 0.9370
Support level: 0.9215, 0.9140
CrudeOIL, H4: Crude oil was traded flat following recent retracement from its high level. However, MACD which illustrate diminishing bullish momentum signal suggest the commodity to extend its retracement towards the support level 79.35.
Resistance level: 83.80, 88.40
Support level: 79.35, 75.85
GOLD_, H4: Gold price was traded higher following prior rebound from the support level 1769.10. MACD which illustrate diminishing bearish momentum signal suggest the commodity to extend its rebound toward the resistance level 1793.30.
Resistance level: 1793.30, 1812.80
Support level: 1769.30, 1748.55