17 September 2021 Afternoon Session Analysis
New Zealand Kiwi remains weak despite positive data.
The New Zealand dollar was traded lower against US dollar and other currency pairs despite with bullish economic data. According to Statistics New Zealand, Gross Domestic Product (GDP) in second quarter edged higher from the previous reading of 1.4% to 2.8%, exceeding forecasted reading of 1.3%. The uptick in New Zealand GDP data was mainly due to the increase in consumer spending following easing Covid-19 figures. Firmer economic data may result in higher speculation that Reserve Bank of New Zealand (RBNZ) to initiate its rate hike before end of this year. Nevertheless, the bullish momentum of the pair of NZD/USD was limited following upbeat US retails data. The better-than-expected US retails data has risen market speculation over Fed’s tapering announcement during its monetary policy meeting next week. As of writing, the pair of NZD/USD slumped 0.18% to 0.7061.
In the commodities market, the crude oil price surged 0.2% to $72.15 per barrel as of writing amid the easing oil production. According to the Energy Information Administration (EIA), US oil production has eased from 11.5 million to 10 million barrels per day after the strike of Hurricane Ida which induced a large scale of damage to the oil refiner platform. On the other hand, the gold price was down 0.25% to $1757.77 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 – Retail Sales (MoM) (Aug) | -2.50% | 0.50% | – |
| 17:00 | EUR – CPI (YoY) (Aug) | 2.20% | 3.00% | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher following prior breakout above the previous resistance level 92.70. MACD which illustrate bullish bias signal suggest the dollar to extend its gains towards the resistance level 93.10.
Resistance level: 93.10, 93.70
Support level: 92.70, 92.05
GBPUSD, H4: GBPUSD remain traded in a sideway channel while currently testing the support level 1.3765. However, MACD which illustrate bearish momentum signal suggest the pair to extend its losses after it breaks below the support level.
Resistance level: 1.3875, 1.3990
Support level: 1.3765, 1.3600
EURUSD, H4: EURUSD was traded lower following prior breakout below the previous support level 1.1800. MACD which illustrate ongoing bearish momentum signal suggest the pair to extend its losses towards the support level 1.1705.
Resistance level: 1.1800, 1.1885
Support level: 1.1705, 1.1625
USDJPY, H4: USDJPY was traded higher following prior breakout above the previous resistance level 109.60. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to extend its gains towards the resistance level 110.20.
Resistance level: 110.20, 110.75
Support level: 109.60, 109.15
AUDUSD, H4: AUDUSD was traded lower following recent retracement from the resistance level 0.7335. MACD which illustrate bearish momentum signal suggest the pair to extend its losses towards the support level 0.7250.
Resistance level: 0.7335, 0.7415
Support level: 0.7250, 0.7150
NZDUSD, H4: NZDUSD was traded lower following prior breakout below the previous support level 0.7075. MACD which illustrate ongoing bearish momentum signal suggest the pair to extend its losses towards the support level 0.6990.
Resistance level: 0.7075, 0.7145
Support level: 0.6990, 0.6920
USDCAD, H4: USDCAD remain traded in a sideway channel while currently testing the resistance level 1.2685. However, 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 1.2685.
Resistance level: 1.2685, 1.2770
Support level: 1.2585, 1.2510
USDCHF, H4: USDCHF was traded higher following prior breakout above the previous resistance level 0.9245. MACD which illustrate bullish bias signal suggest the pair to extend its gains towards the resistance level 0.9310.
Resistance level: 0.9310, 0.9355
Support level: 0.9245, 0.9200
CrudeOIL, H4: Crude oil price was traded flat after recent breakout above the previous resistance level 70.45. However, MACD which illustrate diminishing bullish momentum signal suggest the commodity to be traded lower as a technical correction towards the support level 70.45.
Resistance level: 74.30, 77.00
Support level: 70.45, 68.05
GOLD, H4: Gold price was traded lower while currently testing the support level 1754.40. MACD which illustrate diminishing bearish momentum signal suggest the commodity to experience a technical correction towards the resistance level 1785.80.
Resistance level: 1806.85, 1831.20
Support level: 1785.80, 1760.35