14 October 2021 Afternoon Session Analysis
Euro surged following positive economic data.
The Euro which traded against the US dollar and other currency pairs have rose following recent release of economic data from EU. According to Federal Statistical Office Germany, Germany Consumer Price Index (CPI) in September came at the reading of 4.1% which is in line with market expectation. On top of that, Eurozone Industrial Production in August also came at the reading of -1.6% which also matching market forecast. Both data suggested the recent surge of energy prices driven by supply shortage have resulted in higher prices of goods and services. In addition, the pair also gained further support from dollar weakness. Investors continue to take profit from recent spike in U.S dollar. As of writing, the pair of EUR/USD rose 0.03% to 1.1596.
In the commodities market, the crude oil price rose 0.06% to $80.59 per barrel as of writing following expectation of high natural gas will increase oil demand. Investors continue to bet that surging gas prices will encourage power generators to switch to oil as winter demand season is approaching. On the other hand, the gold price rose 0.02% to $1787.49 a troy ounce following dollar retreat.
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 – Initial Jobless Claims | 326K | 328K | – |
| 20:30 | USD – PPI (MoM) (Sep) | 0.70% | 0.60% | – |
| 23:00 | CrudeOIL – Crude Oil Inventories | 2.346M | -0.418M | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower following recent retracement from the resistance level 94.45. MACD which illustrate bearish momentum signal suggest the dollar to extend its retracement towards the support level 93.65.
Resistance level: 94.45, 95.20
Support level: 93.65, 92.95
GBPUSD, H4: GBPUSD was traded higher following prior breakout above the previous resistance level 1.3620. MACD which illustrate bullish bias signal with the formation of golden cross suggest the pair to extend its gains towards the resistance level 1.3745.
Resistance level: 1.3745, 1.3875
Support level: 1.3620, 1.3435
EURUSD, H4: EURUSD was traded higher following prior rebound from the support level 1.1515. MACD which illustrate bullish momentum signal suggest the pair to extend its rebound towards the resistance level 1.1635.
Resistance level: 1.1635, 1.1690
Support level: 1.1515, 1.1440
USDJPY, H4: USDJPY was traded lower while currently testing the support level 113.35. MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to extend its retracement after it breaks below the support level.
Resistance level: 113.95, 114.55
Support level: 113.35, 112.60
AUDUSD, H4: AUDUSD was traded higher while currently testing near the resistance level 0.7415. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to extend its gains after it breaks above the resistance level.
Resistance level: 0.7415, 0.7485
Support level: 0.7320, 0.7235
NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level 0.6985. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to extend its gains after it breaks above the resistance level.
Resistance level: 0.6985, 0.7075
Support level: 0.6880, 0.6805
USDCAD, H4: USDCAD was traded lower following prior breakout below the previous support level 1.2455. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses towards the support level 1.2310.
Resistance level: 1.2455, 1.2565
Support level: 1.2310, 1.2210
USDCHF, H4: USDCHF was traded lower following prior breakout below the support level 0.9240. MACD which illustrate bearish bias signal suggest the pair to extend its losses towards the support level 0.9185.
Resistance level: 0.9240, 0.9305
Support level: 0.9185, 0.9100
CrudeOIL, H4: Crude oil price was traded flat following recent rebound from the support level 79.40. However, MACD which illustrate diminishing bearish momentum signal suggest the commodity to be traded higher in short term towards the resistance level 82.50.
Resistance level: 82.50, 84.55
Support level: 79.40, 76.40
GOLD, H4: Gold price was traded lower following prior retracement from its high level. MACD which illustrate diminishing bullish momentum signal suggest the commodity to extend its retracement towards the support level 1779.50.
Resistance level: 1806.85, 1830.25
Support level: 1779.50, 1747.05