14 September 2021 Morning Session Analysis
Dollar surged amid hawkish expectation.
The Dollar Index which traded against a basket of six major currency extend its gains, bolstered by the hawkish expectations that Federal Reserve might start to reduce its bond buying program by the end of the year despite a surged in Covid-19 cases. According to Reuters, Philadelphia Fed President Patrick Harker official claims that he supports the US Central Bank to start tapering this year. Besides, others Federal Reserve members such as Cleveland Fed President Loretta Mester also expressed the importance of tightening monetary policy in order to combat the high inflation risk in future. Reduction in bond buying program means a step toward tighter monetary policy, which would reduce the money circulation in the market while increasing the appeal for the US Dollar. Nonetheless, due to lack of crucial economic data from United States yesterday, the overall movement for the US Dollar remained subdued. Hence, investors would continue to scrutinize the latest updates with regards of crucial data from US region this week in order to gauge the likelihood movement for the US Dollar. As of writing, the Dollar Index appreciated by 0.05% to 92.60.
In the commodities market, the crude oil price surged 0.05% to 70.70 per barrel as of writing. The oil market extends its gains amid concerns over the U.S. oil supply following the destruction from Hurricane Ida, along with expectation for higher demand amid positive prospect for the Covid-19 vaccination. On the other hand, the gold price slumped 0.03% to $1793.10 per troy ounces as of writing.
Today’s Holiday Market Close
Time Market Event
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Today’s Highlight Events
Time Market Event
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Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 14:00 | GBP – Average Earnings Index +Bonus (Jul) | 8.80% | 8.20% | – |
| 14:00 | GBP – Claimant Count Change (Aug) | -7.8K | – | – |
| 20:30 | USD – Core CPI (MoM) (Aug) | 0.30% | 0.30% | – |
Technical Analysis
DOLLAR_INDX, Daily: Dollar index was traded higher while currently testing the resistance level at 92.70. However, MACD which illustrated diminishing bullish momentum suggest the index to be traded lower in short-term as technical correction.
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 1.3805. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 1.3880, 1.3945
Support level: 1.3805, 1.3735
EURUSD, H4: EURUSD was traded higher while currently testing the resistance level at 1.1810. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1.1810, 1.1840
Support level: 1.1760, 1.1705
USDJPY, H4: USDJPY was traded higher following prior rebounded from the support level at 109.65. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 110.40, 111.10
Support level: 109.65, 109.20
AUDUSD, H4: AUDUSD was traded lower while currently testing the support level at 0.7340. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 0.7480, 0.7590
Support level: 0.7340, 0.7280
NZDUSD, H4: NZDUSD was traded lower while currently testing the support level at 0.7080. 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: 0.7080, 0.7015
USDCAD, H4: USDCAD was traded lower while currently testing the support level at 1.2625. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 1.2690, 1.2725
Support level: 1.2625, 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 after it successfully breakout above the resistance level.
Resistance level: 0.9230, 0.9305
Support level: 0.9100, 0.9035
CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level at 70.40. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.
Resistance level: 70.40, 71.55
Support level: 67.70, 66.10
GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1796.55. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.
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.