28 September 2021 Morning Session Analysis
Dollar surged amid rising yields.
The Dollar Index which traded against a basket of six major currency pairs surged as investors speculated that the Federal Reserve might start to taper their monetary policy in short-term basis, which prompting the U.S. Treasury yields increased significantly. Earlier, Cleveland Fed President Loretta Mester claimed that she hopes the Fed to start tapering in November and end by next June. In addition, she also reiterated that she speculated the first interest rate hike coming by the end of 2022. The US Treasury yields rose as investors continued to digest the likelihood that the Federal Reserve will contract their quantitative easing program soon. Nonetheless, the gains experienced by the US Dollar was limited over the backdrop of bearish economic data from US region. According to Census Bureau, U.S Core Durable Goods Orders for last month notched down from the previous reading of 0.8% to 0.2%, missing the market forecast at 0.5%. As of writing, US Dollar Index appreciated by 0.08% to 93.40.
In the commodities market, the crude oil price surged 0.04% to $75.60 per barrel as of writing. The oil market extends its gains amid rapid vaccination program around the world had continue to spur positive prospect for the demand of crude oil. On the other hand, the gold price slumped 0.10% to $1750.90 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
20:00 EUR ECB President Lagarde Speaks
22:00 USD Fed Chair Powell Testifies
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 22:00 | USD – CB Consumer Confidence (Sep) | 113.8 | 114.5 | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher while currently testing the resistance level at 93.40. However, MACD which illustrated diminishing bullish momentum suggest the index to be traded lower in short-term as technical correction.
Resistance level: 93.40, 94.10
Support level: 92.65, 91.80
GBPUSD, H4: GBPUSD was traded higher while currently near the resistance level at 1.3735. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
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 1.1675. However, MACD which illustrated diminishing bearish momentum suggest the index to be traded higher in short-term as technical correction.
Resistance level: 1.1740, 1.1775
Support level: 1.1675, 1.1620
USDJPY, Daily: USDJPY was traded higher while currently testing the resistance level at 111.10. However, MACD which illustrated diminishing bullish momentum suggest the index to be traded lower in short-term as technical correction.
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. However, MACD which illustrated diminishing bullish momentum suggest the index to be traded lower in short-term as technical correction.
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. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
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. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 75.40, 76.90
Support level: 73.85, 72.25
GOLD_, H4: Gold price was traded lower while currently testing the support level at 1761.05. MACD which illustrated increasing bullish momentum suggest the commodity to be traded higher in short-term as technical correction.
Resistance level: 1761.05, 1778.20
Support level: 1743.95, 1727.35
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.