09 September 2021 Morning Session Analysis
Dollar surged on positive JOLTs data.
The Dollar Index which traded against a basket of six major currency extend its gains following the United States released its upbeat job data yesterday. According to Bureau of Labor Statistics, U.S. JOLTs Job Opening had notched up significantly from the previous reading of 10.185M to 10.934M, better than the market forecast at 10.000M. The upbeat economic data had spurred positive prospect for the U.S. economic growth in future, which increasing the appeal of the US Dollar. Besides, the US Dollar extend its gains over the backdrop of rising U.S. government bond yields as market participants expected the Federal Reserve would likely to taper its bond purchases program by the year-end. According to Reuters, Fed officials might start to reduce their $120 billion in monthly bond purchases by the end of the year as a first step in a coming shift to post-pandemic monetary policy. As of writing, the Dollar Index appreciated by 0.05% to 92.72.
In the commodities market, the crude oil price slumped 0.30% to $69.25 per barrel as of writing. The oil market edged lower amid bearish inventory data. According to American Petroleum Institute (API), U.S. API Weekly Crude Oil Stock came in at -2.882M, worse than the market forecast at -3.832M. On the other hand, the gold price slumped 0.05% to $1789.65 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
19:45 EUR ECB Monetary Policy Statement
20:30 EUR ECB Press Conference
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 19:45 | EUR – ECB Interest Rate Decision (Aug) | 0.00% | 0.00% | – |
| 20:30 | USD – Initial Jobless Claims | 340K | 335K | – |
| 23:00 | CrudeOIL – Crude Oil Inventories | -7.169M | – | – |
Technical Analysis
DOLLAR_INDX, Daily: Dollar index was traded higher while currently testing the resistance level at 92.70. MACD which illustrated diminishing bearish momentum suggest the index to extend its gains after it successfully breakout above the resistance level.
Resistance level: 92.70, 93.25
Support level: 91.80, 90.75
GBPUSD, H4: GBPUSD was traded lower while currently testing the support level at 1.3760. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 1.3805, 1.3880
Support level: 1.3760, 1.3735
EURUSD, H4: EURUSD was traded lower while currently testing the support level at 1.3840. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 1.1840, 1.1895
Support level: 1.1800, 1.1760
USDJPY, H4: USDJPY was traded higher following prior rebound from the support level at 109.75. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
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. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 0.7480, 0.7590
Support level: 0.7340, 0.7280
NZDUSD, H4: NZDUSD was traded lower while currently testing the resistance level at 0.7090. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 0.7160, 0.7255
Support level: 0.7080, 0.7015
USDCAD, H4: USDCAD was traded higher while currently testing the resistance level at 1.2705. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 1.2705, 1.2780
Support level: 1.2650, 1.2580
USDCHF, Daily: USDCHF was traded higher while currently testing the resistance level at 0.9230. 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 higher while currently testing the resistance level at 69.85. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.
Resistance level: 69.85, 71.55
Support level: 68.00, 66.10
GOLD_, H4: Gold price was traded lower following prior breakout below the previous support level at 1796.55. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 1796.55, 1807.15
Support level: 1778.55, 1754.70
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.