08 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 a string of upbeat economic data from U.S. region yesterday. According to Department of Labor, the U.S. Initial Jobless Claims notched down from the previous reading of 364k to 326K, better than the market forecast at 348K, which spurring positive prospect for the economic momentum in the United States. As for now, investors would continue to scrutinize the crucial jobs data which would be released today in order to determine the future monetary policy decision from Federal Reserve. Market participants speculated that the Federal Reserve might begin to start tapering monthly bond purchases as soon as November while increasing their interest rate if the economic growth had recovered significantly. The Nonfarm Payroll data is expected to show continued improvement in the labor market, with a forecast for another 455,000 jobs in September, according to Reuters. As of writing, the Dollar Index appreciated by 0.04% to 94.20.
In the commodities market, the crude oil price appreciated by 0.05% to $78.90 per barrel as of writing. The oil market edged higher due to supply shortage worldwide amid demand recovery for this black-commodity was much quicker than expected following the Covid-19 restrictions were eased. On the other hand, the gold price slumped 0.10% to $1753.70 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 |
| 20:30 | USD – Nonfarm Payrolls (Sep) | 235K | 460K | – |
| 20:30 | USD – Unemployment Rate (Sep) | 5.20% | 5.10% | – |
| 20:30 | CAD – Employment Change (Sep) | 90.2K | 60.0K | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher while currently testing the resistance level at 94.25. However, MACD which illustrated diminishing bullish momentum suggest the index to be traded lower in short-term as technical correction.
Resistance level: 94.25, 94.75
Support level: 93.70, 93.30
GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level at 1.3640. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1.3640, 1.3735
Support level: 1.3550, 1.3415
EURUSD, H1: EURUSD was traded higher following prior rebound from the support level at 1.1525. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.1585.
Resistance level: 1.1585, 1.1630
Support level: 1.1525, 1.1455
USDJPY, H4: USDJPY was traded higher while currently testing the resistance level at 111.75. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 111.75, 112.15
Support level: 110.90, 110.40
AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level at 0.7320. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 0.7320, 0.7400
Support level: 0.7235, 0.7170
NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level at 0.6935. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 0.6935, 0.6975
Support level: 0.6860, 0.6815
USDCAD, H4: USDCAD was traded lower while currently testing the support level at 1.2545. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 1.2635, 1.2690
Support level: 1.2545, 1.2500
USDCHF, H4: USDCHF was traded higher while currently testing the resistance level at 0.9305. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 0.9305, 0.9375
Support level: 0.9230, 0.9155
CrudeOIL, H4: Crude oil price was traded higher following prior rebound from the support level at 76.60. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains toward resistance level at 80.25.
Resistance level: 80.25, 83.05
Support level: 76.60, 74.05
GOLD_, H4: Gold price was traded lower following prior retracement from the resistance level at 1768.05. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses toward support level at 1746.00.
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.