08 September 2021 Morning Session Analysis
Aussie slumped amid dovish stances.
The Australian Dollar slumped following the Reserve Bank Australia continue to implement their aggressive expansionary monetary plan yesterday. The central bank maintained the interest rate at 0.10% while bond buying program at the rate of $4 billion a week until at least February 2022. According to RBA statement, the recovery in the Australian economy has been interrupted by the spiking numbers of the Delta outbreak and associated restrictions on activity. GDP is expected to decrease materially in the September quarter and the unemployment rate will move higher over the coming months. The central bank decided to maintain their highly supportive monetary conditions to achieve a return to full employment goals in Australia and inflation consistent with the target. Nonetheless, investors would continue to remain their focus on further crucial economic data from the Australia region as well as Covid-19 development in order to gauge the likelihood movement for the pair. As of writing, AUD/USD slumped 0.10% to 0.7395.
In the commodities market, the crude oil price deprecated by 0.10% to $68.65 per barrel as of writing, pressured by concerns about weak oil demand in the United States and Asia amid spiking numbers of the Covid-19 variant. On the other hand, the gold price slumped 0.10% to $1798.15 per troy ounces as of writing amid technical correction following it reached the recent high.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
Tentative CAD BOC Press Conference
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 22:00 | USD – JOLTs Job Openings (Jul) | 10.073M | 9.281M | – |
| 22:00 | CAD – BoC Interest Rate Decision | 0.25% | 0.25% | – |
| 22:00 | CAD – Ivey PMI (Aug) | 56.4 | – | – |
Technical Analysis
DOLLAR_INDX, Daily: Dollar index was traded higher following prior rebound from the support level at 91.80. MACD which illustrated diminishing bearish momentum suggest the index to extend its gains toward resistance level at 92.70.
Resistance level: 92.70, 93.25
Support level: 91.80, 90.75
GBPUSD, H1: GBPUSD was traded higher following prior rebounded from the support level at 1.3805. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 1.3880.
Resistance level: 1.3880, 1.3945
Support level: 1.3805, 1.3765
EURUSD, H4: EURUSD was traded lower while currently testing the support level at 1.3840. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 1.1895, 1.1955
Support level: 1.1840, 1.1800
USDJPY, H4: USDJPY was traded higher following prior rebound from the support level at 109.75. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 110.55.
Resistance level: 110.55, 111.10
Support level: 109.75, 109.20
AUDUSD, H4: AUDUSD was traded lower while currently testing the support level at 0.7375. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 0.7480, 0.7590
Support level: 0.7375, 0.7280
NZDUSD, H4: NZDUSD was traded lower while currently testing the resistance level at 0.7090. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 0.7160, 0.7255
Support level: 0.7090, 0.7015
USDCAD, H4: USDCAD was traded higher while currently testing the resistance level at 1.2650. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1.2650, 1.2705
Support level: 1.2580, 1.2500
USDCHF, Daily: USDCHF was traded higher following prior rebound from the support level at 0.9100. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.9230.
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. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.
Resistance level: 69.85, 71.55
Support level: 68.00, 66.10
GOLD_, H4: Gold price was traded lower while currently testing the support level at 1796.55. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 1807.15, 1818.80
Support level: 1796.55, 1778.55
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.