03 September 2021 Morning Session Analysis
Dollar slumped ahead of crucial NFP data.
The Dollar Index which traded against a basket of six major currency extend its losses ahead of crucial Nonfarm Payroll data tonight. Investors fear that the current state of the US labor market remains uncertain and volatile as the jobs market continue to be disrupted by the Covid-19 pandemic. Earlier, Fed Chairman Powell struck a cautious tone in his speech during the highly anticipated Jackson Hole that was held recently. While Powell indicated that the central bank is likely to begin tapering before the end of the year, he also warned against the risks of premature policy tightening and reiterating that there was still “much ground to cover” for the US economy to reach maximum employment. Nonetheless, the losses experienced by the US Dollar was limited by upbeat economic data yesterday. According to Department of Labor, U.S. Initial Jobless Claims came in at 340K, better than the market forecast at 345K. As for now, investors would continue to scrutinize the latest updates with regards of the crucial job data tonight to gauge the likelihood movement for the currency. As of writing, the Dollar Index slumped 0.25% to 92.25
In the commodities market, the crude oil price surged 0.04% to $69.90 per barrel as of writing amid increasing optimism about global economic growth despite the Covid-19 pandemic. The Organization of the Petroleum Exporting Countries and allied producers including Russia had raised its oil demand forecast for 2022. On the other hand, the gold price depreciated by 0.02% to $1809.55 per troy ounces as of writing amid bullish economic data from United States yesterday.
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 |
| 16:30 | GBP – Composite PMI (Aug) | 55.3 | 55.4 | – |
| 16:30 | GBP – Services PMI (Aug) | 55.5 | 55.5 | – |
| 20:30 | USD – Nonfarm Payrolls (Aug) | 943K | 728K | – |
| 20:30 | USD – Unemployment Rate (Aug) | 5.40% | 5.20% | – |
| 22:00 | USD – ISM Non-Manufacturing PMI (Aug) | 64.1 | 61.8 | – |
Technical Analysis
DOLLAR_INDX, Daily: Dollar index was traded lower following prior breakout below the previous support level at 92.45. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 91.80.
Resistance level: 92.45, 93.25
Support level: 91.80, 91.20
GBPUSD, H4: GBPUSD was traded higher following prior breakout above the previous resistance level at 1.3805. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.3880.
Resistance level: 1.3880, 1.3940
Support level: 1.3805, 1.3765
EURUSD, H4: EURUSD was traded higher while currently testing the resistance level at 1.1895 MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1.1895, 1.1955
Support level: 1.1850, 1.1800
USDJPY, H4: USDJPY was traded lower while currently testing the support level at 109.75. MACD which illustrated increasing bearish momentum suggest the pair to be traded lower after it successfully breakout below the support level.
Resistance level: 110.55, 111.10
Support level: 109.75, 109.20
AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level at 0.7405. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 0.7405, 0.7480
Support level: 0.7280, 0.7220
NZDUSD, H4: NZDUSD was traded higher following prior breakout above the previous the resistance level at 0.7085. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 0.7160, 0.7235
Support level: 0.7085, 0.7015
USDCAD, H4: USDCAD was traded lower following prior breakout below the previous support level at 1.2580. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.2500.
Resistance level: 1.2580, 1.2650
Support level: 1.2500, 1.2440
USDCHF, Daily: USDCHF was traded lower while currently testing the support level at 0.9105. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 0.9230, 0.9305
Support level: 0.9105, 0.9035
CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level at 69.85. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.
Resistance level: 69.85, 71.55
Support level: 68.00, 66.10
GOLD_, H4: Gold price was traded lower following prior retracement from the resistance level at 1818.80. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses toward support level at 1796.55.
Resistance level: 1818.80, 1830.65
Support level: 1796.55, 1778.55