20 September 2021 Morning Session Analysis
Pound slumped amid bearish data.
Pound Sterling slumped significantly on last Friday over the backdrop of bearish economic data from the United Kingdom region. The U.K. Retail Sales unexpectedly fell again last month in what is now a record streak of monthly declines, which dialed down the market optimism toward the economic progression in the United Kingdom. According to Office for National Statistics, U.K. Retail Sales for last month came in at -0.9%, missing the market forecast at 0.5%. Many retailers have been struggling to keep their items fully stocked due to supply chain bottlenecks, caused by a mix of global shortages. Such negative economic data would be spurring hopes for the Bank of England to maintain their expansionary monetary policy plan in longer-term basis in order to boost up the economic momentum. Though, most economist do not expect the BoE to begin to tighten until late next year, financial markets put the probability of a first rate rise in February at nearly 60%, according to Reuters. As of writing, investors would continue to scrutinize further economic data to receive further trading signal. As of writing, GBP/USD slumped 0.13% to 1.3725.
In the commodities market, the crude price appreciated by 0.05% to $71.75 per barrel as of writing. The crude oil price maintained its bullish trend, supported by favorable demand outlooks following the rapid Covid-19 vaccination program around the world. On the other hand, the gold price slumped 0.13% to $1752.60 per troy ounces as of writing amid market participants speculated the Federal Reserve might provide some hawkish stance during the FOMC meeting this week.
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, Daily: Dollar index was traded higher following prior breakout above the previous resistance level at 92.65. MACD which illustrated increasing bullish momentum suggest the index to extend its gains toward resistance level at 93.25.
Resistance level: 93.25, 94.10
Support level: 92.65, 91.80
GBPUSD, H4: GBPUSD was traded lower prior breakout below the previous support level at 1.3735. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.3695
Resistance level: 1.3735, 1.3805
Support level: 1.3695, 1.3605
EURUSD, H4: EURUSD was traded lower while currently testing the support level at 1.1705. MACD which illustrated increasing bearish suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 1.1760, 1.1800
Support level: 1.1705, 1.1665
USDJPY, H4: USDJPY was traded higher following prior breakout above the previous resistance level at 109.60. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 110.40, 111.10
Support level: 109.60, 109.20
AUDUSD, H4: AUDUSD was traded lower following prior breakout below the previous support level at 0.7280. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.7220.
Resistance level: 0.7280, 0.7345
Support level: 0.7220, 0.7115
NZDUSD, H4: NZDUSD was traded lower while currently testing the support level at 0.7015. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 0.7080, 0.7160
Support level: 0.7015, 0.6940
USDCAD, H4: USDCAD was traded higher following prior rebound from the support level at 1.2725. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.2780
Resistance level: 1.2780, 1.2850
Support level: 1.2725, 1.2625
USDCHF, Daily: USDCHF was traded higher following prior breakout above the previous resistance level at 0.9305. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.9375
Resistance level: 0.9375, 0.9440
Support level: 0.9305, 0.9230
CrudeOIL, H4: Crude oil price was traded lower following prior retracement from the resistance level at 72.30. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses toward support level at 70.40.
Resistance level: 72.30, 73.75
Support level: 70.40, 67.75
GOLD_, H4: Gold price was traded lower while currently testing the support level at 1749.35. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 1763.70, 1778.55
Support level: 1749.35, 1737.05
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.