20 September 2021 Afternoon Session Analysis
Australian dollar depreciated following negative economic outlook.
The Australian dollar which traded against the dollar and other currency pairs have fell following China Evergrande woes dampened market sentiment. Recently, incapability of the largest property developer China Evergrande to repay its debt has led to widespread of speculation that it is on the verge of bankruptcy. The risk of collapse of the China property market may result in significant reduction in China’s demand of raw material from Australia, thus reducing Australia’s economic income. Moreover, Australia real estate market was dampened due to the liquidation of Australian property assets by China investors in order to cover bad debts. This will lead to contraction of economic activities in Australia. On top of that, the pair also suffered further losses following rising market speculation over Fed’s tapering announcement during its upcoming monetary policy meeting. As of writing, the pair of AUD/USD slumped 0.72% to 0.7227.
In the commodities market, the crude oil price slumped 0.20% to $71.15 per barrel as of writing amid the recovery of oil production. The oil refiners are set to restart their production as they recover from the strike of Hurricane Ida. On the other hand, the gold price was down 0.47% to $1748.21 a troy ounce as of writing amid strengthening US dollar.
Today’s Holiday Market Close
Time Market Event
All Day JPY Public Holiday
All Day CNY Public Holiday
Today’s Highlight Events
Time Market Event
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Today’s Highlight Economic Data
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Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher following prior breakout above the previous resistance level 93.10. MACD which illustrate persistent bullish momentum signal suggest the dollar to extend its gains towards the resistance level 93.70.
Resistance level: 93.70, 94.20
Support level: 93.10, 92.70
GBPUSD, H4: GBPUSD was traded lower following prior breakout below the previous support level 1.3765. MACD which illustrate ongoing bearish momentum signal suggest the pair to extend its losses towards the support level 1.3605.
Resistance level: 1.3765, 1.3875
Support level: 1.3605, 1.3460
EURUSD, H4: EURUSD was traded lower while currently testing the support level 1.1705. MACD which illustrate persistent bearish momentum signal suggest the pair to extend its losses after it breaks below the support level.
Resistance level: 1.1800, 1.1885
Support level: 1.1705, 1.1625
USDJPY, H4: USDJPY remain traded in a sideway channel. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to be traded lower in short term towards the support level.
Resistance level: 110.20, 110.75
Support level: 109.60, 109.15
AUDUSD, H4: AUDUSD was traded lower following prior breakout below the previous support level 0.7250. MACD which illustrate ongoing bearish momentum signal suggest the pair to extend its losses towards the support level 0.7150.
Resistance level: 0.7250, 0.7335
Support level: 0.7150, 0.7075
NZDUSD, H4: NZDUSD was traded lower while currently testing near the support level 0.6990. However, MACD which illustrate ongoing bearish momentum signal suggest the pair to extend its losses after it breaks below the support level.
Resistance level: 0.7075, 0.7145
Support level: 0.6990, 0.6920
USDCAD, H4: USDCAD was traded higher following prior breakout above the previous resistance level 1.2770. MACD which illustrate ongoing bullish momentum signal suggest the pair to extend its gains towards the resistance level 1.2870.
Resistance level: 1.2870, 1.2955
Support level: 1.2770, 1.2685
USDCHF, H4: USDCHF was traded higher following recent breakout above the previous resistance level 0.9310. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to be traded lower as a technical correction towards the level 0.9310.
Resistance level: 0.9375, 0.9430
Support level: 0.9310, 0.9245
CrudeOIL, H4: Crude oil price was traded lower while currently testing near the support level 70.45. MACD which illustrate bearish momentum signal suggest the commodity to extend its losses after it breaks below the support level.
Resistance level: 72.45, 74.30
Support level: 70.45, 68.05
GOLD, H4: Gold price was traded lower following prior breakout below the previous support level 1754.40. MACD which illustrate ongoing bearish momentum signal suggest the commodity to extend its losses towards the support level 1725.50
Resistance level: 1806.85, 1831.20
Support level: 1785.80, 1760.35