11 October 2021 Morning Session Analysis
Dollar was traded flat amid mixed data.
The Dollar Index which traded against a basket of six major currency pairs was traded within a range last week over the backdrop of mixed economic data from United States. According to Bureau of Labor Statistics, U.S. Nonfarm Payrolls notched down significantly from the previous reading of 366K to 194K, missing the market forecast at 500K, which dialing down the market optimism toward the economic progression in the United States. Nonetheless, the losses experienced by the US Dollar was limited amid upbeat unemployment data. U.S. Unemployment Rate declined significantly from the previous reading of 5.2% to 4.8%, much better than the market forecast at 5.1%. Hence, the overall economic outlook from the United States remained vague, investors would continue to scrutinize further crucial economic data to receive further trading signal. As of writing, the Dollar Index appreciated by 0.05% to 94.15.
In the commodities market, the crude oil price extends its gains by 0.35% to $79.95 per barrel as of writing. The oil market edged higher amid global Covid-19 vaccination program continue to diminish fears toward Covid-19 pandemic, which spurring positive prospect toward the market demand on crude oil. On the other hand, the gold price slumped 0.14% to $1755.00 per troy ounces as of writing amid market participants speculated the Federal Reserve might continue to taper its earlier aggressive monetary policy to combat the high inflation risk in future.
Today’s Holiday Market Close
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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: 93.30, 92.05
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 112.30. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 112.30, 113.20
Support level: 110.95, 110.00
AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level at 0.7320. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
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 1.2455. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 1.2675, 1.2685
Support level: 1.2455, 1.2310
USDCHF, H4: USDCHF was traded lower following prior retracement from the resistance level at 0.9305. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.9330.
Resistance level: 0.9305, 0.9375
Support level: 0.9230, 0.9155
CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level at 80.00. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.
Resistance level: 80.00, 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, 1725.50
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.