27 October 2021 Morning Session Analysis
Dollar surged amid bullish economic prospect.
The Dollar Index which traded against a basket of six major currency pairs surged following the United States released upbeat economic data yesterday, which dialed up market optimism toward the economic progression while sparkling market demand for the US Dollar. According to Conference Board, U.S CB Consumer Confidence notched up significantly from the previous reading of 109.8 to 113.8, exceeding the market forecast at 108.3. Meanwhile, Census Bureau reported that the U.S. New Home Sales increased from the preliminary reading of 702K to 800K, which confounding market forecast for a reading of up to 760K. Nonetheless, the overall trend for the US Dollar remains steady amid market participants still awaited news from upcoming central bank meetings before entering the US market. Economist expect the Fed to announce a plan to taper their monetary policy at the end of its 2nd-3rd November meeting. As of writing, the Dollar Index surged 0.16% to 93.97.
In the commodities market, the crude oil price depreciated by 0.29% to 84.72 per barrel as of writing over the backdrop of bearish inventory data. According to American Petroleum Institute, U.S. API Weekly Crude Oil Stock came in at 2.318M, exceeding the market forecast at 1.650M. On the other hand, the gold price depreciated by 0.05% to $1792.50 per troy ounces as of writing amid strengthening US Dollar.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
22:00 CAD BoC Monetary Policy Report
23:00 CAD BoC Press Conference
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 20:30 | USD – Core Durable Goods Orders (MoM) (Sep) | 0.30% | 0.40% | – |
| 22:00 | CAD – BoC Interest Rate Decision | 0.25% | 0.25% | – |
| 22:30 | CrudeOIL – Crude Oil Inventories | -0.431M | 1.857M | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher following prior rebound from the support level at 93.50. MACD which illustrated increasing bullish momentum suggest the index to extend its gains toward resistance level at 94.05.
Resistance level: 94.05, 94.50
Support level: 93.50, 93.05
GBPUSD, H4: GBPUSD was traded lower while currently testing the support level at 1.3755. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 1.3825, 1.3880
Support level: 1.3755, 1.3665
EURUSD, Daily: EURUSD was traded lower following prior retracement from the resistance level at 1.1680. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 1.1530.
Resistance level: 1.1680, 1.1875
Support level: 1.1530, 1.1370
USDJPY, H4: USDJPY was traded higher following prior rebound from the support level at 113.45. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 114.55.
Resistance level: 114.55, 115.40
Support level: 113.45, 112.05
AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level at 0.7530. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 0.7530, 0.7595
Support level: 0.7435, 0.7380
NZDUSD, H4: NZDUSD was traded lower while currently testing the support level at 0.7155. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 0.7240, 0.7300
Support level: 0.7155, 0.7110
USDCAD, H4: USDCAD was traded higher following prior rebound from the support level at 1.2295. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 1.2440, 1.2525
Support level: 1.2295, 1.2170
USDCHF, Daily: USDCHF was traded higher while currently testing the resistance level at 0.9225. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 0.9225, 0.9365
Support level: 0.9155, 0.9075
CrudeOIL, H4: Crude oil price was traded higher following prior rebound from the support level at 83.30. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains toward resistance level at 85.85.
Resistance level: 85.85, 88.50
Support level: 83.30, 81.50
GOLD_, H4: Gold price was traded lower while currently testing the support level at 1787.55. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses after it successfully breakout below the support level.
Resistance level: 1799.55, 1808.90
Support level: 1787.55, 1778.15