05 October 2021 Morning Session Analysis
Dollar slumped ahead of NFP.
The Dollar Index which traded against a basket of six major currency pairs retraced from its 1 year high ahead of crucial Nonfarm Payroll data amid investors shifted their portfolio from US Dollar to avoid huge fluctuation. According to Reuters, the Nonfarm Payroll is expected to show continued improvement in US job market, with expectation for 488,000 new jobs to be added in September. Better-than-expected data would increase the probability for the Federal Reserve to reduce its monthly bond purchases as soon as November and also increase their interest rate to combat high inflation risk in short-term basis. Despite that, the overall movement for the US Dollar remained subdued due to lack of catalyst. Hence, as for now investors would be suggested to continue scrutinize the latest updates with regards of further crucial economic data as well as monetary policy decision from Federal Reserve to gauge the likelihood movement for the US Dollar. As of writing, the Dollar Index appreciated by 0.06% to 93.85.
In the commodities market, the crude oil price appreciated by 0.12% to 77.85 per barrel as of writing. The oil market edged higher amid rapid process of Covid-19 vaccination program around the world continue to spur positive prospect toward the demand outlook for this black-commodity. On the other hand, the gold price surged 0.10% to $1767.45 per troy ounces as of writing amid weakening US Dollar.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
11:30 AUD RBA Rate Statement
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 11:30 | AUD – RBA Interest Rate Decision (Oct) | 0.10% | 0.10% | – |
| 16:30 | GBP – Composite PMI (Sep) | 54.1 | 54.1 | – |
| 16:30 | GBP – Services PMI (Sep) | 54.6 | 54.6 | – |
| 22:00 | USD – ISM Non-Manufacturing PMI (Sep) | 61.7 | 60 | – |
Technical Analysis
DOLLAR_INDX, Daily: Dollar index was traded lower following prior retracement from the resistance level at 94.25. MACD which illustrated diminishing bullish momentum suggest the index to extend its losses toward support level at 93.30.
Resistance level: 94.25, 94.75
Support level: 93.30, 91.80
GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level at 1.3605. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1.3605, 1.3665
Support level: 1.3515, 1.3415
EURUSD, H4: EURUSD was traded lower while currently testing the support level at 1.1595. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 1.1675, 1.1740
Support level: 1.1585, 1.1525
USDJPY, H4: USDJPY was traded lower following prior breakout below the previous support level at 111.10. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 111.10, 111.55
Support level: 110.40, 109.65
AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level at 0.7300. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 0.7300, 0.7400
Support level: 0.7235, 0.7170
NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level at 0.6975. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 0.6975, 0.7030
Support level: 0.6920, 0.6860
USDCAD, H4: USDCAD was traded lower while currently testing the support level at 1.2615. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 1.2615, 1.2690
Support level: 1.2570, 1.2500
USDCHF, H4: USDCHF was traded lower while currently testing the support level at 0.9230. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 0.9375, 0.9440
Support level: 0.9305, 0.9230
CrudeOIL, H4: Crude oil price was traded higher following prior breakout above the previous resistance level at 76.75. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.
Resistance level: 80.25, 83.05
Support level: 76.75, 74.05
GOLD_, H4: Gold price was traded higher while currently testing the support level at 1764.10. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.
Resistance level: 1768.05, 1780.65
Support level: 1746.00, 1725.51
Risk Statement:
Forex, Gold, Crude Oil, Commodities, CFD and all other margin trading investment products involve high level of risk and may not be suitable for all investors. Your previous investment success in stock, futures or any other investment achieved does not mean that all your future investment will obtain the same results. You should carefully consider your investment objectives; risk associated and seek professional advice before deciding to trade or if you have any doubts.