15 October 2021 Afternoon Session Analysis
Japanese Yen fell amid weak economy prospect.
The Japanese Yen which traded against the dollar and other currency pairs remains weak and fell after recent downbeat industrial production data from Japan. According to the Ministry of Economy, Trade and Industry (METI), Japan Industrial Production in August have eased from the previous reading of -3.2% to -3.6%. The data showed that the industrial output continue to struggle with automotive production plunging on the back of the global chip shortage. In addition, the Japanese government also downgraded its view on exports for the first time in seven months and noted that the pace of recovery is slowing. The downgrade was largely due to the effects of supply chain issues which is now observable in exports. At the time of writing, USD/JPY rose 0.23% to $113.92.
In the commodities market, crude oil price extends its gains and soars 0.31% to $81.69 per barrel as of writing amid increasing signs of tight supply over the next few months. Demand for the commodity continues to picked up with the recovery from the COVID-19 pandemic and was also further boosted from industry turning away from expensive gas and coal to fuel oil and diesel for power. On the other hand, gold price rose 0.04% to 1795.21 a troy ounce at the time of writing amid dollar weakness.
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 – Core Retail Sales (MoM) (Sep) | 1.80% | 0.50% | – |
| 20:30 | USD – Retail Sales (MoM) (Sep) | 0.70% | -0.20% | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower while currently testing near the support level 93.65. MACD which illustrate ongoing bearish momentum signal suggest the dollar to extend its losses after it breaks below the support level 93.65.
Resistance level: 94.45, 95.20
Support level: 93.65, 92.95
GBPUSD, H4: GBPUSD was traded lower following recent retracement from the resistance level 1.3745. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its retracement towards the support level 1.3620.
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 1.1575. MACD which illustrate ongoing bullish momentum signal suggest the pair to extend its gains towards the resistance level 1.1635.
Resistance level: 1.1635, 1.1690
Support level: 1.1575, 1.1515
USDJPY, H4: USDJPY was traded higher while currently testing the resistance level 113.95. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its gains after it breaks above the resistance level 113.95.
Resistance level: 113.95, 114.50
Support level: 113.35, 112.60
AUDUSD, H4: AUDUSD was traded higher following prior breakout above previous resistance level 0.7400. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to experience a technical correction after it breaks back below the level.
Resistance level: 0.7485, 0.7545
Support level: 0.7400, 0.7320
NZDUSD, H4: NZDUSD was traded higher following recent breakout above the previous resistance level 0.6985. MACD which illustrate bullish momentum signal suggest the pair to extend its gains towards the resistance level 0.7075.
Resistance level: 0.7075, 0.7145
Support level: 0.6985, 0.6880
USDCAD, H4: USDCAD was traded lower while currently testing near the support level 1.2310. MACD which illustrate ongoing bearish momentum signal suggest the pair to extend its losses after it breaks below the support level.
Resistance level: 1.2455, 1.2565
Support level: 1.2310, 1.2210
USDCHF, H4: USDCHF was traded higher while currently testing the resistance level 0.9240. MACD which illustrate diminishing bearish momentum signa suggest the pair to extend its gains after it breaks above the resistance level.
Resistance level: 0.9240, 0.9305
Support level: 0.9170, 0.9100
CrudeOIL, H4: Crude oil price was traded higher while currently testing near the resistance level 82.50. MACD which illustrate diminishing bearish momentum signal with the formation of golden cross suggest the commodity to extend its gains after it breaks above the resistance level.
Resistance level: 82.50, 84.55
Support level: 79.40, 76.40
GOLD, H4: Gold price was trade lower following recent 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