06 October 2021 Morning Session Analysis
Dollar surged amid bullish data.
The Dollar Index which traded against a basket of six major currency pairs surged over the backdrop of upbeat economic data from the United States region yesterday. According to Institute for Supply Management, U.S. ISM Non-Manufacturing Purchasing Managers Index (PMI) notched up significantly from the previous reading of 61.7 to 61.9, exceeding the market forecast at 60.0, which spurring positive prospect toward the economic momentum in the United States. Nonetheless, the overall movement for the US Dollar was remained subdued as market participants are still waiting for crucial job data from US region before entering the market. The Friday’s Non-farm Payroll data is expected to show continued improvement in the labor market, with a forecast of 488,000 jobs would be added in September, according to Reuters. As for now, investors would continue to scrutinize the latest updates with regards of future economic data as well as monetary policy statement from Fed to gauge the likelihood movement for the US Dollar. As of writing, the Dollar Index appreciated by 0.21% to 94.00.
In the commodities market, the crude oil price slumped 0.05% to 79.15 per barrel as of writing following the bearish inventory data was released. According to American Petroleum Institute, U.S. API Weekly Crude Oil Stock came in at 0.951M, exceeding the market forecast at -0.300M. On the other hand, the gold price slumped 0.05% to $1759.35 per troy ounces as of writing amid strengthening US Dollar.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
N/A
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 lower following prior retracement from the resistance level at 94.25. However, MACD which illustrated diminishing bearish momentum suggest the index to be traded higher in short-term as technical correction.
Resistance level: 94.25, 94.75
Support level: 93.30, 91.80
GBPUSD, H4: GBPUSD was traded higher following prior breakout above the previous resistance level at 1.3605. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 1.3665, 1.3735
Support level: 1.3605, 1.3515
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 higher while currently testing the resistance level at 111.55. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 111.55, 112.15
Support level: 111.10, 110.40
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 lower following prior retracement from the resistance level at 0.6975. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 0.6920.
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 higher following prior rebound from the support level at 0.9230. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.9305.
Resistance level: 0.9305, 0.9375
Support level: 0.9230, 0.9155
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_, H1: Gold price was traded higher following prior rebound from the support level at 1746.00. 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.