16 September 2021 Morning Session Analysis
NZD surged amid upbeat data.
The New Zealand Dollar surged over the backdrop of a string of upbeat economic data in the early trading hour. According to Statistics New Zealand, New Zealand Gross Domestic Product (GDP) for last quarter notched up significantly from the previous reading of 1.4% to 2.8%, better than the market forecast at 1.3%. Services industries were the largest contributor to GDP growth in the June 2021 quarter. The main contributor was the retail, accommodation and restaurant following the Covid-19 pandemic was eased in New Zealand. Overall, most industries recorded positive results in the June 21 quarter compared with the December 2019 quarter. As a result, the June quarter GDP is above pre Covid-19 levels, rising 4.3% when compared with the December 2019. Besides, such upbeat economic data would increase probability for the central bank to start tapering their monetary policy, which spurring further bullish momentum for the New Zealand Dollar. As of writing, the pair of NZDUSD surged by 0.32% to 0.7125.
In the commodities market, the crude oil price appreciated by 0.15% to 72.50 per barrel as of writing. The oil market edged higher amid bullish inventory data yesterday. According to Energy Information Administration (EIA), U.S. Crude Oil Inventories notched down significantly from the previous reading of -1.529M to -6.422M, better than the market forecast at -3.544M. On the other hand, the gold price slumped 0.05% to $1794.20 per troy ounces as of writing as market participants speculated the Federal Reserve might implement contractionary monetary policy in order to combat the higher inflation risk in future.
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) (Aug) | -0.40% | -0.10% | – |
| 20:30 | USD – Initial Jobless Claims | 310K | 318K | – |
| 20:30 | USD – Philadelphia Fed Manufacturing Index (Sep) | 19.4 | 19 | – |
| 20:30 | USD – Retail Sales (MoM) (Aug) | -1.10% | -1.00% | – |
Technical Analysis
DOLLAR_INDX, Daily: Dollar index was traded higher while currently testing the resistance level at 92.70. MACD which illustrated diminishing bearish momentum suggest the index to extend its gains after it successfully breakout above the resistance level.
Resistance level: 92.70, 93.5
Support level: 91.80, 90.75
GBPUSD, H4: GBPUSD was traded higher following prior rebound from the support level at 1.3805. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 1.3880, 1.3945
Support level: 1.3805, 1.3735
EURUSD, H4: EURUSD was traded lower while currently testing the support level at 1.1800. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 1.1840, 1.18495
Support level: 1.1800, 1.1760
USDJPY, H4: USDJPY was traded lower while currently testing the support level at 109.60. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 109.60, 110.40
Support level: 109.20, 108.45
AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level at 0.7345. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 0.7345, 0.7780
Support level: 0.7280, 0.7220
NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level at 0.7160. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance 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: 1.2725, 1.2780
Support level: 1.2625, 1.2580
USDCHF, Daily: USDCHF was traded higher while currently testing the resistance level at 0.9230. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
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 72.30. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.
Resistance level: 72.30, 73.75
Support level: 70.40, 67.75
GOLD_, H4: Gold price was traded lower following prior breakout below the previous support level at 1796.55. However, MACD which illustrated diminishing bullish momentum suggest the commodity to extend its losses toward support level at 1778.55.
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.