6 September 2021 Afternoon Session Analysis
Aussie retreats on fresh coronavirus woes.
The Australian dollar which traded against the dollar and other currency pairs have fell amid rising coronavirus cases on Australia and also escalating geopolitical tension abroad. According to latest development, Australia continues to struggle in containing the virus with the nation reported 1756 new infections recently, another daily record high. Officials have warned that the worse has yet to come and urging people to get vaccinated. Most of the cases were came from New South Wales and signals to ease local lockdown measures from by Victorian Premier Daniel Andrews has faded. On top of that, escalating border tension between China and Taiwan also further weigh on the Aussie. According to Reuters report, Taiwan’s air force has scrambled on Sunday against renewed Chinese military activity, with its defense ministry reporting that 19 aircraft including nuclear-capable bombers had flown into Taiwan’s air defense identification zone. At the time of writing, AUD/USD fell 0.30% to 0.7433.
In the commodities market, crude oil price extends losses and fell 0.84% to $68.67 per barrel as of writing following news of Saudi Arabia slash oil price. State oil giant Saudi Aramco notified customers in a statement on Sunday that it will cut October prices for all crude grades sold to Asia, its biggest buying region, by at least $1 a barrel. The price cuts were larger than expected, according to a Reuters poll among Asian refiners. On the other hand, gold price retreat 0.03% to $1827.73 a troy ounce at the time of writing following dollar slight rebound.
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 – Construction PMI (Aug) | 58.7 | 56.9 | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar was traded higher following prior rebound from the support level 92.10. MACD which illustrate diminishing bearish momentum signal suggest the dollar to extend its rebound towards the resistance level 92.70.
Resistance level: 92.70, 93.10
Support level: 921.10, 91.60
GBPUSD, H4: GBPUSD was traded lower following prior retracement from the resistance level 1.3885. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its retracement from the resistance level 1.3885.
Resistance level: 1.3885, 1.3990
Support level: 1.3760, 1.3600
EURUSD, H4: EURUSD was traded lower following prior retracement from the resistance level 1.1880. MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to extend its losses towards the support level 1.1830.
Resistance level: 1.1880, 1.1950
Support level: 1.1830, 1.1765
USDJPY, H4: USDJPY remain traded in a sideway channel following recent rebound from the support level 109.60. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its rebound in short term towards the resistance level 110.15.
Resistance level: 110.15, 110.75
Support level: 109.60, 109.15
AUDUSD, H4: AUDUSD was traded lower while currently testing near the support level 0.7415. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses after it breaks below the support level.
Resistance level: 0.7485, 0.7545
Support level: 0.7415, 0.7330
NZDUSD, H4: NZDUSD was traded lower following prior retracement from the resistance level 0.7145. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its retracement towards the support level 0.7075.
Resistance level: 0.7145, 0.7225
Support level: 0.7075, 0.6990
USDCAD, H4: USDCAD was traded higher following prior rebound from its low level. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its rebound towards the resistance level 1.2585.
Resistance level: 1.2585, 1.2675
Support level: 1.2440, 1.2310
USDCHF, H4: USDCHF remain traded in sideway channel. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to be traded higher towards the resistance level 0.9200.
Resistance level: 0.9200, 0.9245
Support level: 0.9100, 0.9025
CrudeOIL, H4: Crude oil price was traded lower while currently testing the support level 68.35. MACD which illustrate bearish momentum signal suggest the commodity to extend its losses after it breaks below the support level.
Resistance level: 71.00, 74.60
Support level: 68.35, 65.35
GOLD, H4: Gold price was traded higher while currently testing the resistance level 1831.85. MACD which illustrate bullish momentum signal suggest the commodity to extend its gains after it breaks above the resistance level 1831.85.
Resistance level: 1831.85, 1866.85
Support level: 1792.35, 1760.35