27 September 2021 Morning Session Analysis
Dollar surged amid bullish data.
The Dollar Index which traded against a basket of six major currency pairs surged over the backdrop of bullish economic data last week. According to Census Bureau, U.S. New Home Sales notched up from the previous reading of 729K to 740K, exceeding the market forecast at 714K, which spurring positive prospect toward the economic momentum in the United States. Besides, the US Dollar extend its gains following the Fed’s member unleashed their hawkish tone. According to Reuters, Kansas City Fed President Esther George claimed that the U.S. labor market has already met the central bank’s target to taper its monthly bond purchases. Besides, Cleveland Fed President Loretta Mester also reiterated that the central bank could start increasing the interest rates by the end of next year if the job market continues to improve significantly. As of writing, the Dollar Index appreciated by 0.10% to 93.25.
In the commodities market, the crude oil price surged 1.37% to $75.25 per barrel as of writing. The oil market edged higher amid rapid Covid-19 vaccination progress around the world had continue to increase the appeal for this black-commodity. On the other hand, the gold price depreciated by 0.10% to $1754.40 per troy ounces as of writing amid strengthening US Dollar.
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 lower following prior retracement from the resistance level at 93.40. MACD which illustrated diminishing bullish momentum suggest the index to extend its losses toward support level at 92.65.
Resistance level: 93.40, 94.10
Support level: 92.65, 91.80
GBPUSD, H4: GBPUSD was traded lower following prior breakout below the previous support level at 1.3695. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 1.3605.
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: 1.1705, 1.1760
Support level: 1.1705, 1.1665
USDJPY, Daily: USDJPY was traded higher following prior breakout above the previous resistance level at 110.40. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 111.10.
Resistance level: 111.10, 111.55
Support level: 110.40, 109.65
AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level at 0.7280. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 0.7285, 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 bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 0.7080, 0.7160
Support level: 0.6990, 0.6940
USDCAD, H1: USDCAD was traded lower while currently near the support level at 1.2625. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 1.2690, 1.2755
Support level: 1.2625, 1.2580
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 75.10. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.
Resistance level: 75.10, 76.90
Support level: 73.85, 72.25
GOLD_, H4: Gold price was traded higher following prior rebound from the support level at 1746.20. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains toward resistance level at 1763.50.
Resistance level: 1763.50, 1778.20
Support level: 1746.20, 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.