06 October 2020 Afternoon Session Analysis
Aussie slips amid weak trading data.
The Aussie dollar which traded against the greenback and other currency pairs have edge lower during late Asian session following dismal trade data from Aussie. According to reports from Australian Statistician, Australia’s trade surplus have decrease sharply to A$ 2,643 million in September, weaker than market expectation for a rise to A$ 5,154 million. At the same time, exports from Australia also fell by -4.2% in September which is even weaker than previous reading of -3.4%. On top of that, the RBA is expected to maintain its interest rates and its other policy tools. Following weak data and expectation, the market reacts and exert selling pressure for the pair. At the time of writing, AUD/USD fell 0.08% to 0.7189.
In the commodities market, crude oil price held steady and rose 0.15% to $39.15 per barrel at the time of writing following news regarding Trump return to office and another potential storm. On Monday, U.S President Donald Trump have returned to the White House after three-day hospitalization. The news also increase hopes for a U.S stimulus package to be agreed to counter coronavirus impact. At the same time, another tropical storm named Delta is expected to head towards U.S Gulf of Mexico. Next, gold price edge higher 0.09% to $1909.86 a troy ounce at the time of writing amid ongoing dollar weakness.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
20:00 CrudeOIL EIA Short-Term Energy Outlook
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 16:30 | GBP – Construction PMI (Sep) | 54.6 | 54.3 | – |
| 22:00 | USD – JOLTs Job Openings (Aug) | 6.618M | 6.000M | – |
Technical Analysis
DOLLAR_INDX, Daily: Dollar index was traded lower following prior breakout below the previous support level at 93.50. MACD which illustrate diminishing bullish momentum signal suggest the dollar to extend its losses toward the support level at 92.10.
Resistance level: 93.50, 94.10
Support level: 92.10, 91.45
GBPUSD, H4: GBPUSD was traded higher following prior breakout above the previous resistance level at 1.2975. MACD which illustrates bullish bias momentum suggest the pair to extend its gains toward the resistance level at 1.3045.
Resistance level: 1.3045, 1.3165
Support level: 1.2975, 1.2905
EURUSD, Daily: EURUSD was traded higher following prior breakout above the previous resistance level at 1.1760. MACD which illustrate bullish bias momentum signal suggest the pair to extend its gains toward the resistance level at 1.1950.
Resistance level: 1.1950, 1.2065
Support level: 1.1760, 1.1645
USDJPY, H4: USDJPY was traded lower following prior retracement from the resistance level at 105.75. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses toward the support level at 105.15.
Resistance level: 105.75, 106.15
Support level: 105.15, 104.50
AUDUSD, H4: AUDUSD was traded higher following prior rebound from the support level at 0.7140. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its gains toward the resistance level at 0.7205.
Resistance level: 0.7205, 0.7265
Support level: 0.7140, 0.7080
NZDUSD, Daily: NZDUSD was traded higher following prior breakout above the previous resistance level at 0.6610. MACD which illustrate bullish bias signal suggest the pair to extend its gains towards the resistance level 0.6685.
Resistance level: 0.6685, 0.6780
Support level: 0.6610, 0.6500
USDCAD, H4: USDCAD was traded lower following prior retracement from the resistance level 1.3315. MACD which illustrate ongoing bearish bias signal suggest the pair to extend its retracement towards the support level 1.3235.
Resistance level: 1.3315, 1.3420
Support level: 1.3235, 1.3140
USDCHF, H4: USDCHF was traded lower following prior breakout below the previous support level at 0.9180. MACD which display bearish bias signal suggest the pair to extend its losses toward the support level at 0.9120.
Resistance level: 0.9180, 0.9225
Support level: 0.9120, 0.9050
CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level at 39.30. MACD which illustrate bullish bias momentum signal suggest the commodity to extend its gains after it successfully breakout above the resistance level at 39.30.
Resistance level: 39.30, 40.05
Support level: 38.65, 37.95
GOLD_, H1: Gold price was traded lower following prior retracement from the resistance level 1918.00. MACD which illustrate bearish bias signal with the formation of death cross suggest the commodity to extend its retracement towards the support level 1899.40.
Resistance level: 1918.00, 1939.60
Support level: 1899.40, 1876.85