07 October 2020 Afternoon Session Analysis
Pound sterling fell following Brexit concerns.
The pound sterling which traded against the greenback and other currency pairs have plummet during Asian session following U.K taking a hard stance on fisheries issues. According to the latest development, fisheries officials from eight coastal member states agreed unanimously on Monday that the EU’s chief negotiator Michel Barnier should take a tougher stance in the talks, which are now entering a critical phase. Moreover, British Prime Minster Boris Johnson is also reported to have put a particular emphasis on fisheries during his phone call with the President of the European Commision Ursula von der Leyen recently. Following the tough stance which could affect the future relationship negotiations and potential wider trade deal, the pound sterling receive tremendous pressure and fell. At the time of writing, GBP/USD fell 0.08% to 1.2882.
In the commodities market, crude oil price plunged 0.07% to $39.82 per barrel as of writing as Donald Trump dashed hopes for further stimulus package. President Donald Trump have cancelled talks on further economic aid package that could support the impact of the coronavirus. At the same time, price were also pressured by data from API showing an increase in crude oil inventories. On the other hand, gold price plunged 0.15% to $1882.95 a troy ounce at the time of writing following dollar strength.
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 |
| 22:00 | CAD – Ivey PMI (Sep) | 67.8 | – | – |
| 22:30 | CrudeOIL – Crude Oil Inventories | -1.980M | 0.294M | – |
Technical Analysis
DOLLAR_INDX, Daily: Dollar index was traded higher following prior rebound from the support level at 93.50. However, MACD which illustrate diminishing bullish momentum signal suggest the dollar to undergo technical correction in short term toward the lower level.
Resistance level: 94.10, 94.90
Support level: 93.50, 92.10
GBPUSD, H4: GBPUSD was traded lower following prior breakout below the previous support level at 1.2905. MACD which illustrates bearish bias momentum suggest the pair to extend its losses toward the support level at 1.2820.
Resistance level: 1.2905, 1.2975
Support level: 1.2820, 1.2715
EURUSD, Daily: EURUSD was traded lower following prior retracement from the resistance level at 1.1790. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses toward the support level at 1.1645.
Resistance level: 1.1790, 1.1950
Support level: 1.1645, 1.1455
USDJPY, H4: USDJPY was traded higher following prior rebound from the lower level. MACD which illustrate bullish signal suggest the pair to extend its gains toward the resistance level at 105.75.
Resistance level: 105.75, 106.15
Support level: 105.15, 104.50
AUDUSD, H4: AUDUSD was traded higher following prior rebound from the lower level. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its rebound toward the resistance level at 0.7140.
Resistance level: 0.7140, 0.7205
Support level: 0.7080, 0.7010
NZDUSD, Daily: NZDUSD was traded lower following prior breakout below the previous support level at 0.6610. MACD which illustrate bearish momentum signal suggest the pair to extend its losses toward the support level at 0.6500.
Resistance level: 0.6610, 0.6685
Support level: 0.6500, 0.6380
USDCAD, H4: USDCAD was traded higher while currently testing the resistance level at 1.3315. MACD which illustrate ongoing bullish momentum signal suggest the pair to extend its gains after it successfully breakout above the resistance level at 1.3315.
Resistance level: 1.3315, 1.3420
Support level: 1.3235, 1.3140
USDCHF, H4: USDCHF was traded higher while currently testing the resistance level at 0.9180. MACD which display bullish bias signal suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 0.9180, 0.9225
Support level: 0.9120, 0.9050
CrudeOIL, H4: Crude oil price was traded lower following prior breakout below the previous support level at 40.05. MACD which illustrate diminishing bullish momentum signal suggest the commodity to extend its losses toward the support level at 39.30.
Resistance level: 40.05, 40.70
Support level: 39.30, 38.65
GOLD_, H1: Gold price was traded higher following prior rebound from the support level at 1876.85. MACD which illustrate diminishing bearish momentum suggest the commodity to extend its gains toward the resistance level at 1899.40.
Resistance level: 1899.40, 1918.00
Support level: 1876.85, 1850.85