23 September 2021 Afternoon Session Analysis
Australian dollar dipped lower despite upbeat economic data.
The Australian dollar was traded lower despite upbeat economic data. According to Markit, Australia Manufacturing Purchasing Managers Index (PMI) in September edged higher from the previous reading of 52 to 57.3. On the other hand, Services Purchasing Managers Index (PMI) in September edged higher from the previous reading of 42.9 to 44.9. Both data suggested a stronger economic momentum in Australia as easing of mobility restrictions in the country circumvent the fall in its activity and demand for the month of September. Nevertheless, the bullish momentum of Australian dollar was limited amid the hawkish stances from Fed. According to the Fed Chairman Jerome Powell, the tapering of asset purchase program will begin as soon as the next FOMC meeting in November. The Fed have also projected for a rate hike during early of year 2022. As of writing, the pair of AUD/USD was down 0.11% to 0.7229.
In the commodities market, the crude oil price surged 0.2% to $72.36 per barrel as of writing amid bullish oil inventory data from the US. According to the Energy Information Administration, U.S. Crude Oil Inventories was recorded at the reading of -3.481M, better than the forecasted reading of -2.440M. On the other hand, the gold price was down 0.10% to $1763.15 per troy ounces amid the strengthening of US dollar.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
15:30 CHF SNB Monetary Policy Assessment
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 15:30 | CHF – SNB Interest Rate Decision | -0.75% | -0.75% | – |
| 15:30 | EUR – German Manufacturing PMI (Sep) | 62.6 | 61.5 | – |
| 16:30 | GBP – Composite PMI | 54.8 | – | – |
| 16:30 | GBP – Manufacturing PMI | 60.3 | 59.0 | – |
| 16:30 | GBP – Services PMI | 55.0 | – | – |
| 19:00 | GBP – BoE Interest Rate Decision (Sep) | 0.10% | 0.10% | – |
| 20:30 | USD – Initial Jobless Claims | 332K | 320K | – |
| 20:30 | CAD – Core Retail Sales (MoM) (Jul) | 4.70% | -1.50% | – |
Technical Analysis
DOLLAR_INDX, Daily: Dollar index was traded higher while currently testing the resistance level at 93.40. MACD which illustrated diminishing bearish momentum suggest the index to extend its gains after it successfully breakout above the resistance level.
Resistance level: 93.40, 94.10
Support level: 92.65, 91.80
GBPUSD, H4: GBPUSD was traded lower while currently testing the support level at 1.3605. However, MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1.3695, 1.3735
Support level: 1.3605, 1.3515
EURUSD, H4: EURUSD was traded lower while currently testing the support level at 1.1705. MACD which illustrated diminishing bullish momentum 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 109.65. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 110.40.
Resistance level: 110.40, 111.10
Support level: 109.65, 109.20
AUDUSD, H4: AUDUSD was traded lower while currently testing the support level at 0.7220. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
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 0.6990. However, MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 0.7080, 0.7160
Support level: 0.6990, 0.6940
USDCAD, H4: USDCAD was traded lower while currently near the support level at 1.2755. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 1.2850, 1.2905
Support level: 1.2780, 1.2725
USDCHF, Daily: USDCHF was traded lower while currently testing the support level at 0.9230. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 0.9305, 0.9375
Support level: 0.9330, 0.9100
CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level at 72.30. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.
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 1763.50. MACD which illustrated diminishing bullish momentum suggest the commodity to extend its losses after it successfully breakout below the support level.
Resistance level: 1778.20, 1796.55
Support level: 1765.95, 1749.35
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.