27 September 2021 Afternoon Session Analysis
Aussie rose following optimism towards economic recovery.
The Australian dollar which traded against the dollar and other currency pair have regain momentum and rose following market optimism towards economic recovery and expectation of easing restrictions. According to reports, Australia’s New South Wales (NSW) government plans to unveil its roadmap on Monday for reopening the state from COVID-19 shutdowns, detailing the differing levels of freedoms to be afforded to citizens based on their vaccination status. With 60% of people aged 16 and over fully vaccinated which is above the national average of 52%, officials expect to reach their 80% target around the end of October, based on current vaccination rates. NSW Premier Gladys Berejiklian expected that October 11 may be the start of easing lockdown restrictions while the final stage of reopening scheduled for December 01. On the other hand, news of China and Canada did a prisoner swap during the weekend, resulting in the release of Meng Wanzhou, daughter of Huawei’s founder and the CFO of the company also favor the market sentiment and help provide boost for the Aussie. At the time of writing, AUD/USD rose 0.39% to $0.7282.
In the commodities market, crude oil price soars 1.46% to $75.03 per barrel at the time of writing amid tightening crude oil supply. On the supply side, OPEC and its allies have recently failed to raise oil supply levels despite higher quotas being granted. It is likely to trigger a deficit on oil supply for the medium term and drive an increase in crude oil prices. On top of that, the commodity also gained further support from improving demand outlook due to easing restriction in various countries such as Australia, Thailand and Hong Kong. On the other hand, gold price rose 0.52% to $1759.44 a troy ounce at the time of writing amid increasing risk-off mood due to China Evergrande.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
19:45 EUR ECB President Lagarde Speaks
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 20:30 | USD – Core Durable Goods Orders (MoM) (Aug) | 0.80% | 0.50% | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded flat while currently testing near the support level 93.10. However, MACD which illustrate diminishing bearish momentum signal suggest the dollar to be traded higher 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 recent retracement from its high level. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its retracement towards the support level 1.3605.
Resistance level: 1.3765, 1.3875
Support level: 1.3605, 1.3460
EURUSD, H4: EURUSD was traded flat near the support level 1.1705. However, MACD which illustrate diminishing bullish 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 was traded lower following prior retracement from the resistance level 110.75. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its retracement towards the support level 110.20.
Resistance level: 110.75, 111.55
Support level: 110.20, 109.60
AUDUSD, H4: AUDUSD was traded higher following prior rebound from the support level 0.7235. MACD which illustrate bullish bias signal suggest the pair to extend its rebound towards the resistance level 0.7335.
Resistance level: 0.7335, 0.7415
Support level: 0.7235, 0.7150
NZDUSD, H4: NZDUSD was traded higher following prior rebound from the support level 0.6990. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its rebound towards the resistance level 0.7075.
Resistance level: 0.7075, 0.7145
Support level: 0.6990, 0.6920
USDCAD, H4: USDCAD was traded lower while currently testing near the support level 1.2585. MACD which illustrate persistent bearish momentum signal suggest the pair to extend its losses after it breaks below the support level 1.2585.
Resistance level: 1.2685, 1.2770
Support level: 1.2585, 1.2510
USDCHF, H4: USDCHF was traded flat near the support level 0.9240. However, MACD which illustrate bullish momentum signal suggest the pair to extend its gains towards the resistance level 0.9310.
Resistance level: 0.9310, 0.9375
Support level: 0.9240, 0.9185
CrudeOIL, H4: Crude oil price was traded higher following prior breakout above the previous resistance level 74.30. MACD which illustrate persistent bullish momentum signal suggest the commodity to extend its gains towards the resistance level 77.00.
Resistance level: 77.00, 78.75
Support level: 74.30, 72.45
GOLD, H4: Gold price was traded higher following prior rebound from the support level 1753.05. MACD which illustrate diminishing bearish momentum signal suggest the commodity to extend its rebound towards the resistance level 1785.80.
Resistance level: 1785.80, 1806.85
Support level: 1753.05, 1725.50