01 October 2020 Afternoon Session Analysis
Japanese Yen remains stable following mixed sentiment.
During late Asian session, the Japanese Yen which traded against the greenback and other currency pair remains steady and rose following mixed clues due to Japan data and risk-off mood. On data front, Japan’s Tankan Manufacturing Index have dropped to -27 in the last quarter, weaker than market expectation of -23. At the same time, Tankan Non Large Non-Manufacturing Index also fell to -12, missing market expectation of -9. The weaker-than-expected data have exert some pressure for the safe-haven Yen, however, ongoing risk off mood due to coronavirus and various geopolitical issues have help limit the downside potential. As the coronavirus risk continue to terrorize global market, the uncertainty towards vaccine progress have caused investors to remain cautious and decreasing their risk appetite. At home, Nikkei also came out with the news suggesting that the Japan government is ready for further stimulus if required. At the time of writing, USD/JPY slips 0.06% to 105.49.
In the commodities market, crude oil price soars 0.88% to $40.16 per barrel as of writing following stimulus hopes that could help support the market. The sentiment for the black commodity was lifted after U.S. Treasury Secretary Steven Mnuchin said talks with House Speaker Nancy Pelosi made progress on COVID-19 relief legislation. At the same time, market continue to cheer on positive reports from EIA where it reported a decrease in stockpiles. On the other hand, gold price edge lower 0.08% to $1889.33 a troy ounce at the time of writing following volatility induced by the strong dollar.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
18:00 EUR EU Leaders Summit
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 15:55 | EUR – German Manufacturing PMI (Sep) | 56.6 | 56.6 | – |
| 16:30 | GBP – Manufacturing PMI (Sep) | 54.3 | 54.3 | – |
| 20:30 | USD – Initial Jobless Claims | 870K | 850K | – |
| 22:00 | USD – ISM Manufacturing PMI (Sep) | 56.0 | 56.2 | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower following prior breakout below the previous support level 93.90. MACD which illustrate ongoing bearish momentum suggest the dollar to extend its losses towards the support level 92.05.
Resistance level: 93.90, 95.70
Support level: 92.05, 90.70
GBPUSD, H4: GBPUSD was traded higher following recent rebound from the MA lines. MACD which illustrate bullish momentum signal suggest the pair to extend its gains towards the resistance level 1.3005.
Resistance level: 1.3005, 1.3260
Support level: 1.2775, 1.2510
EURUSD, H4: EURUSD was traded higher following prior rebound from the support level 1.1720. MACD which illustrate bullish bias signal suggest the pair to extend its rebound towards the resistance level 1.1890.
Resistance level: 1.1890, 1.1995
Support level: 1.1720, 1.1595
USDJPY, H4: USDJPY was traded lower following prior retracement from its high level. MACD which illustrate bearish momentum signal suggest the pair to extend its losses towards the support level 105.15.
Resistance level: 105.90, 106.45
Support level: 105.15, 104.25
AUDUSD, H4: AUDUSD was traded higher while currently testing near the resistance level 0.7200. MACD which illustrate ongoing bullish momentum signal suggest the pair to extend its gains after it breaks above the resistance level 0.7200.
Resistance level: 0.7200, 0.7340
Support level: 0.7105, 0.6970
NZDUSD, H4: NZDUSD was traded higher following prior breakout above the previous resistance level 0.6595. MACD which illustrate ongoing bullish momentum signal suggest the pair to extend its gains towards the resistance level 0.6685.
Resistance level: 0.6685, 0.6775
Support level: 0.6595, 0.6510
USDCAD, H4: USDCAD was traded lower following prior breakout below the previous support level 1.3330. MACD which illustrate ongoing bearish momentum signal suggest the pair to extend its losses towards the support level 1.3230.
Resistance level: 1.3330, 1.3455
Support level: 1.3230, 1.3115
USDCHF, H4: USDCHF was traded lower while currently testing the support level 0.9205. MACD which illustrate ongoing bearish momentum signal suggest the pair to extend its losses after it breaks below the support level.
Resistance level: 0.9370, 0.9455
Support level: 0.9205, 0.9035
CrudeOIL, H4: Crude oil price remain traded in a sideway channel following recent rebound from the support level 39.00. However, MACD which illustrate bullish bias signal with the formation of golden cross suggest the commodity to extend its rebound in short term towards the resistance level 41.35.
Resistance level: 41.35, 43.95
Support level: 39.00, 36.65
GOLD_, H4: Gold price was traded higher while currently testing near the resistance level 1902.20. However, MACD which illustrate diminishing bullish momentum signal suggest the commodity to be traded lower as a technical correction towards the support level 1854.20.
Resistance level: 1902.20, 1970.55
Support level: 1854.20, 1790.05