21 October 2021 Afternoon Session Analysis
Euro extend gains following upbeat data.
Euro which traded against the dollar and other currency pairs have rose following the recent release of positive economic data from the Eurozone. According to Eurostat, Eurozone Consumer Price Index (CPI) in September have edged higher from the previous reading of 3.0% to 3.4%, while also in line with market forecast. The rising inflation rate was mainly driven by the recent surge in energy price due to the shortage of supply. Besides that, the Euro also benefited from ongoing dollar weakness which caused by a shift in market sentiment towards the U.S stock market. The US dollar is losing ground on the back of upbeat quarterly earnings in the Healthcare sector. Better than expected earnings reported by major companies such as Anthem and Abbott Laboratories have eased investors’ fears about surging inflation and supply chain disruptions. At the time of writing, EUR/USD rose 0.14% to 1.1664.
In the commodities market, crude oil rose 0.20% to $84.05 per barrel as of writing following tight market supply. The oil market continue to tightened significantly as coal and natural gas shortages drive greater crude consumption, underpinning a rally in prices. Saudi Arabia stated any extra oil from OPEC+ would do little to tame surging gas prices, predicting oil demand may rise by 500,000 to 600,000 barrels a day if the northern hemisphere’s winter is colder than normal. On the other hand, the gold price rose 0.21% to $1785.84 a troy ounce amid weakening U.S dollar.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
18:00 EUR EU Leaders Summit
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 20:30 | USD – Initial Jobless Claims | 293K | 303K | – |
| 20:30 | USD – Philadelphia Fed Manufacturing Index (Oct) | 30.7 | 24.5 | – |
| 22:00 | USD – Existing Home Sales (Sep) | 5.88M | 6.06M | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower following prior breakout below the previous support level 93.70. MACD which illustrate bearish momentum signal suggest the dollar to extend its losses towards the support level 93.00.
Resistance level: 93.70, 94.45
Support level: 93.00, 92.10
GBPUSD, H4: GBPUSD was traded higher following rebound from the support level 1.3755. MACD which illustrate bullish bias signal suggest the pair to extend its rebound towards the resistance level 1.3880.
Resistance level: 1.3880, 1.4005
Support level: 1.3755, 1.3650
EURUSD, H4: EURUSD was traded higher while currently testing near the resistance level 1.1680. MACD which illustrate bullish momentum signal suggest the pair to extend its gains towards the resistance level 1.1680.
Resistance level: 1.1680, 1.1760
Support level: 1.1615, 1.1530
USDJPY, H4: USDJPY was traded higher while currently testing near the resistance level 114.60. However, MACD which illustrate bearish momentum signal suggest the pair to be traded lower as a technical correction towards the support level 113.20.
Resistance level: 114.60, 115.85
Support level: 113.20, 112.00
AUDUSD, H4: AUDUSD was traded higher while currently testing near the resistance level 0.7565. MACD which illustrate persistent bullish momentum signal suggest the pair to extend its gains after it breaks above the resistance level.
Resistance level: 0.7565, 0.7660
Support level: 0.7480, 0.7410
NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level 0.7230. MACD which illustrate persistent bullish momentum signal suggest the pair to extend its gains after it breaks above the resistance level.
Resistance level: 0.7230, 0.7300
Support level: 0.7155, 0.7080
USDCAD, H4: USDCAD was traded lower following prior breakout below the previous support level 1.2335. MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to extend its losses towards the support level 1.2200.
Resistance level: 1.2335, 1.2500
Support level: 1.2200, 1.2030
USDCHF, H4: USDCHF was traded lower following prior breakout below the previous support level 0.9215. MACD which illustrate bearish bias signal suggest the pair to extend its losses towards the support level 0.9140.
Resistance level: 0.9215, 0.9295
Support level: 0.9140, 0.9080
CrudeOIL, H4: Crude oil was traded higher while currently testing the resistance level 83.80. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the commodity to extend its gains after it breaks above the resistance level.
Resistance level: 83.80, 88.40
Support level: 79.35, 75.85
GOLD_, H4: Gold price traded higher while currently testing near the resistance level 1793.30. MACD which illustrate bullish momentum signal suggest the commodity to extend its gains after it breaks above the resistance level.
Resistance level: 1793.30, 1812.80
Support level: 1769.30, 1748.55