06 September 2021 Morning Session Analysis
Dollar slumped amid bearish job data.
The Dollar Index which traded against a basket of six major currency slumped over the backdrop of bearish economic data from United States on last Friday. According to Bureau of Labor Statistics, U.S. Nonfarm Payrolls notched down significantly from the previous reading of 1,053K to 235K, missing the market forecast at 750K. Meanwhile, U.S. Unemployment Rate came in at 5.2%, same as the market forecast at 5.2%. Such bearish job data would be prompting the Federal Reserve continue to implement their aggressive expansionary monetary policy plan, which increasing the money circulation in the financial market while dragging down the appeal of the US Dollar. Besides, rising Covid-19 cases in recent weeks have insinuated concerns that the economic recovery could stall, which further dialing down the market optimism toward the economic progression in United States. As of writing, the Dollar Index depreciated by 0.10% to 92.10.
In the commodities market, the crude oil price slumped 0.68% to $68.75 per barrel as of writing. The oil market edged lower amid market participants fear that the spiking numbers of the Delta variant around the world would continue to affect the oil’s demand in future. On the other hand, the gold price surge 0.05% to $1826.75 per troy ounces as of writing amid weakening 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 |
| 16:30 | GBP – Construction PMI (Aug) | 58.7 | 56.9 | – |
Technical Analysis
DOLLAR_INDX, Daily: Dollar index was traded lower while currently testing the support level at 97.05. However, MACD which illustrated diminishing bearish momentum suggest the index to be traded higher in short-term as technical correction.
Resistance level: 92.45, 92.70
Support level: 92.05, 91.80
GBPUSD, H4: GBPUSD was traded higher following prior breakout above the previous resistance level at 1.3805. However, MACD which illustrated diminishing bullish momentum suggest the index to be traded lower in short-term as technical correction.
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 However, MACD which illustrated diminishing bullish momentum suggest the index to be traded lower in short-term as technical correction.
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. However, MACD which illustrated diminishing bearish momentum suggest the index to be traded higher in short-term as technical correction.
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 0.7480. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 0.7480, 0.7590
Support level: 0.7375, 0.7280
NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level at 0.7160. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 0.7160, 0.7255
Support level: 0.7090, 0.7015
USDCAD, H4: USDCAD was traded lower following prior breakout below the previous support level at 1.2580. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 1.2580, 1.2650
Support level: 1.2500, 1.2435
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 lower following prior retracement from the resistance level at 69.85. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses toward support level at 68.00.
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 1830.65. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its losses toward support level at 1818.80.
Resistance level: 1843.85, 1830.65
Support level: 1818.80, 1796.55
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.