1 October 2021 Afternoon Session Analysis
Australian dollar appreciated amid upbeat economic data.
The Australian dollar which traded against the US dollar and other currency pairs have rose over the backdrop of upbeat economic data. According to the Australian Bureau of Statistics, Australia Building Approvals in August notched up significantly from the previous reading of -8.6% to 6.8%. The data suggested a stronger economic momentum in the region following rising of consumer spending in housing market. On top of that, the China Caixin Manufacturing Purchasing Managers Index (PMI) in September edged higher from the previous reading of 49.2 to 50, while exceeding the forecasted reading of 49.5. The uptick China economic data suggested the stability of manufacturing activities hence reiterated positive demand outlook of raw materials import from Australia. The data also help fueled up market sentiment towards Australian dollar. On the other hand, the pair also gain further support from US downbeat employment data. The worse-than-expected US Initial Jobless Claims data has diminishing market sentiment towards US dollar due to worries over stagflation concerns. As of writing, the pair of AUD/USD surged 0.06% to 0.7227.
In the commodities market, the crude oil price surged 0.11% to $75.18 per barrel as of writing amid positive demand outlook of oil market. According to the reports, China made its huge order for oil to stock up for upcoming Winter to avoid energy shortages. On the other hand, the gold price was down 0.10% to $1753.03 per troy ounces amid strengthening 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 |
| 15:55 | EUR – German Manufacturing PMI (Sep) | 58.5 | 58.5 | – |
| 16:30 | GBP – Manufacturing PMI (Sep) | 56.3 | 56.3 | – |
| 17:00 | EUR – CPI (YoY) (Sep) | 3.00% | 3.30% | – |
| 20:30 | CAD – GDP (MoM) (Jul) | 0.70% | -0.20% | – |
| 22:00 | USD – ISM Manufacturing PMI (Sep) | 59.9 | 59.5 | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher while currently testing near the resistance level 94.35. However, MACD which illustrate diminishing bullish momentum signal suggest the dollar to be traded lower as a technical correction toward the support level 93.70.
Resistance level: 94.35, 94.90
Support level: 93.70, 93.10
GBPUSD, H4: GBPUSD was traded lower while currently testing the support level 1.3435. However, MACD which illustrate diminishing bearish momentum signal with the formation of golden cross suggest the pair to experience a technical correction towards the resistance level 1.3605.
Resistance level: 1.3605, 1.3745
Support level: 1.3435, 1.3300
EURUSD, H4: EURUSD was traded lower following recent breakout below the previous support level 1.1600. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to be traded higher as a technical correction back towards the level 1.1600.
Resistance level: 1.1600, 1.1690
Support level: 1.1515, 1.1440
USDJPY, H4: USDJPY was traded lower following prior breakout below the previous support level 111.50. MACD which illustrate bearish momentum signal suggest the pair to extend it losses towards the support level 110.75.
Resistance level: 111.50, 112.15
Support level: 110.75, 110.05
AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level 0.7235. MACD which illustrate bullish bias signal with the formation of golden cross suggest the pair to extend its gains after it breaks above the resistance level 0.7235.
Resistance level: 0.7235, 0.7335
Support level: 0.7150, 0.7075
NZDUSD, H4: NZDUSD was traded higher while currently testing near the resistance level 0.6915. MACD which illustrate bullish bias signal with the formation of golden cross suggest the pair to extend its gains after it breaks above the resistance level 0.6915.
Resistance level: 0.6915, 0.6990.
Support level: 0.6815, 0.6725
USDCAD, H4: USDCAD was traded higher while currently testing the resistance level 1.2695. However, MACD which illustrate bearish bias signal suggest the pair to be traded lower towards the support level 1.2585.
Resistance level: 1.2695, 1.2770
Support level: 1.2585, 1.2510
USDCHF, H4: USDCHF was traded lower while currently testing the support level 0.9310. MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to extend its losses after it breaks below the support level 0.9310.
Resistance level: 0.9375, 0.9430
Support level: 0.9310, 0.9240
CrudeOIL, H4: Crude oil price was traded lower while currently testing near the support level 74.20. MACD which illustrate ongoing bearish momentum signal suggest the commodity to extend its losses after it breaks below the support level.
Resistance level: 76.40, 78.75
Support level: 74.20, 72.45
GOLD, H4: Gold price was traded higher following prior breakout above the previous resistance level 1749.95. MACD which illustrate bullish momentum signal suggest the commodity to extend its gains towards the resistance level 1785.80.
Resistance level: 1785.80, 1806.85
Support level: 1749.95, 1716.85