6 October 2021 Afternoon Session Analysis
Australian dollar rose despite RBA dovish stance.
The Australian dollar which traded against the US dollar and other currency pairs have rose despite with dovish statement from Reserve Bank of Australia (RBA). The RBA has announced its decision to maintain interest rate at 0.1% while holding its purchases of bonds at $4 billion a week until mid-February next year. According to Reserve Bank of Australia (RBA) governor Philip Lowe, he stated that both wage and price pressures across the country are expected to be remained subdued despite improvement in job market after the end of lockdown restriction in the region. He also added that the rate hike will be made by Reserve Bank of Australia (RBA) once the actual inflation is sustainably within the 2 to 3% target range. Nevertheless, the Aussie remain supported by upbeat economic data. According to Australian Bureau of Statistics, Australia Retail Sales figure in August matching with the forecasted reading of -1.7%. The data suggested a higher consumer spending due to the surge of online sales for non-food retailing. As of writing, the pair of AUD/USD rose 0.02% to 0.7286.
In the commodities market, the crude oil price surged 0.08% to $79.01 per barrel as of writing amid rising global demand of oil. Oil market continue to extended its gains following the economic reopening in Europe and Asia which is expected to increase oil demand for electricity generation. On the other hand, the gold price was down 0.03% to $1758.63 per troy ounces amid strengthening 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 (Sep) | 55.2 | 55 | – |
| 20:15 | USD – ADP Nonfarm Employment Change (Sep) | 374K | 430K | – |
| 22:30 | CrudeOIL- Crude Oil Inventories | 4.578M | – | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher following prior rebound from the support level 93.70. MACD which illustrate diminishing bearish momentum signal suggest the dollar to extend its rebound towards the resistance level 94.35.
Resistance level: 94.35, 94.90
Support level: 93.70, 93.10
GBPUSD, H4: GBPUSD was traded lower while currently testing the support level 1.3605. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses after it breaks below the support level 1.3605.
Resistance level: 1.3745, 1.3875
Support level: 1.3605, 1.3435
EURUSD, H4: EURUSD was traded lower following prior breakout below the previous support level 1.1610. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses towards the support level 1.1515.
Resistance level: 1.1610, 1.1690
Support level: 1.1515, 1.1440
USDJPY, H4: USDJPY was traded higher following prior breakout above the previous resistance level 111.50. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to extend its gains towards the resistance level 112.15.
Resistance level: 112.15, 112.60
Support level: 111.50, 110.75
AUDUSD, H4: AUDUSD was traded lower while currently testing near the support level 0.7335. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses after it breaks below the support level.
Resistance level: 0.7335, 0.7415
Support level: 0.7235, 0.7150
NZDUSD, H4: NZDUSD was traded lower while currently testing near the support level 0.6915. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses after it breaks below the support level 0.6915.
Resistance level: 0.6990, 0.7075
Support level: 0.6915, 0.6815
USDCAD, H4: USDCAD was traded higher following prior rebound from the support level 1.2585. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its rebound towards the resistance level 1.2695.
Resistance level: 1.2695, 1.2770
Support level: 1.2585, 1.2510
USDCHF, H4: USDCHF was traded higher following recent rebound from the support level 0.9240. MACD which illustrate diminishing bearish momentum signal with the formation of golden cross suggest the pair to extend its rebound towards the resistance level 0.9310.
Resistance level: 0.9310, 0.9375
Support level: 0.9240, 0.9185
CrudeOIL, H4: Crude oil was traded higher while currently testing near the resistance level 79.40. However, MACD which illustrate diminishing bullish momentum signal suggest the commodity to be traded lower as a technical correction towards the support level 76.40.
Resistance level: 79.40, 82.50
Support level: 76.40, 74.20
GOLD, H4: Gold price was traded lower while currently testing near the support level 1747.05. MACD which illustrate bearish momentum signal with the formation of death cross suggest the commodity to extend its losses after it breaks below the support level.
Resistance level: 1779.70, 1806.85
Support level: 1747.05, 1721.65