13 October 2021 Morning Session Analysis
Dollar surged as rising US Treasury Yield.
The Dollar Index which traded against a basket of six major currency pairs extend its gains amid rising US Treasury Yields as investors speculated the U.S. Federal Reserve will be contracting its earlier massive bond-buying program next month. The US two-year Treasury note notched up to their highest in more than 18 months. Besides, the soaring energy prices had spurred stagflation risk in future, which stoked a shift in sentiment toward other safe-haven asset such as US Dollar. Nonetheless, the gains experienced by the US Dollar was limited by the bearish economic data from U.S. region. According to Bureau of Labor Statistics, U.S. JOLTs Job Opening came in at 10.439M, missing the market forecast at 10.925M. As of writing, the Dollar Index appreciated by 0.10% to 94.50.
In the commodities market, the crude oil price appreciated by 0.22% to $80.45 per barrel as of writing. The oil market continues to edge higher amid market participants speculated that the easing Covid-19 cases around the world would continue to enhance the crude oil demand in future. On the other hand, the gold price slumped 0.03% to 1760.65 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
N/A
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 14:00 | GBP – GDP (MoM) | 0.10% | – | – |
| 14:00 | GBP – Manufacturing Production (MoM) (Aug) | 0.20% | 0.10% | – |
| 20:30 | USD – Core CPI (MoM) (Sep) | 0.10% | 0.30% | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher while currently testing the resistance level at 94.25. MACD which illustrated increasing bullish momentum suggest the index to extend its gains after it successfully breakout above the resistance level.
Resistance level: 94.40, 94.75
Support level: 93.75, 93.30
GBPUSD, H4: GBPUSD was traded lower following prior retracement from the resistance level at 1.3640. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.3550.
Resistance level: 1.3640, 1.3735
Support level: 1.3550, 1.3415
EURUSD, H4: EURUSD was traded lower while currently testing the support level at 1.1525. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 1.1585, 1.1630
Support level: 1.1525, 1.1455
USDJPY, H4: USDJPY was traded higher following prior breakout above the previous resistance level at 112.30. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 114.00, 115.40
Support level: 112.30, 110.95
AUDUSD, H4: AUDUSD was traded lower while currently testing the support level at 0.7320. MACD which illustrated bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 0.7400, 0.7475
Support level: 0.7320, 0.7235
NZDUSD, H4: NZDUSD was traded lower while currently testing the support level at 0.6925. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 0.6975, 0.7030
Support level: 0.6925, 0.6860
USDCAD, H4: USDCAD was traded lower while currently testing the support level at 1.2455. However, MACD which illustrated increasing bullish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 1.2580, 1.2685
Support level: 1.2455, 1.2310
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 lower following prior retracement from the resistance level at 81.85. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 79.20.
Resistance level: 81.85, 83.05
Support level: 79.20, 76.60
GOLD_, H4: Gold price was traded within a range while currently testing the resistance level at 1768.05. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1768.05, 1780.65
Support level: 1746.00, 1725.50