30 September 2021 Morning Session Analysis
Pound slumped amid bearish tone from BoE.
The Pound Sterling slumped significantly over the backdrop of bearish tone from the Bank of England yesterday. According to Reuters, Bank of England Governor Andrew Bailey claimed that he expected the U.K. economy to recover its pre-pandemic level of output early next year, later than the central bank prediction last month. His new forecast had spurred concerns that the U.K. economy recovery has slowed by more than expected amid spiking numbers of Covid-19 cases in U.K. continue to weigh down the economic momentum. Besides, high inflation rate due to widespread of supply chain disruption including the panic-buying of petrol over last week continue to dial down the market optimism toward the economic progression. Nonetheless, investors would continue to scrutinize the latest updates with regards of crucial economic data as well as Covid-19 development in order to gauge the likelihood movement for the currency. As of writing, GBP/USD surged 0.10% to 1.3436.
In the commodities market, the crude oil price surged 0.15% to $75.00 per barrel as of writing. The oil market edged higher amid market participants remained optimism toward the demand recovery for the crude oil. On the other hand, the gold price slumped 0.18% to $1729.60 per troy ounces as of writing amid rising U.S. treasury yield recently had continued to drag down the appeal for this safe-haven gold.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
N/A
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 14:00 | GBP – GDP (QoQ) (Q2) | 4.80% | 4.80% | – |
| 15:55 | EUR – German Unemployment Change (Sep) | -53K | -35K | |
| 20:30 | USD – GDP (QoQ) (Q2) | 6.60% | 6.60% | |
| 20:30 | USD – Initial Jobless Claims | 351K | 328K |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher following prior breakout above the previous resistance level at 93.50. MACD which illustrated increasing bullish momentum suggest the index to extend its gains toward resistance level at 94.75.
Resistance level: 94.75, 95.95
Support level: 93.30, 91.80
GBPUSD, H4: GBPUSD was traded lower while currently testing the support level at 1.3415. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 1.3515, 1.3605
Support level: 1.3415, 1.3295
EURUSD, H4: EURUSD was traded lower while currently testing the support level at 1.1600. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 1.1675, 1.1740
Support level: 1.1595, 1.1525
USDJPY, Daily: USDJPY was traded higher while currently testing the resistance level at 112.15. However, MACD which illustrated diminishing bullish momentum suggest the index to be traded lower in short-term as technical correction.
Resistance level: 112.15, 112.75
Support level: 111.55, 111.10
AUDUSD, H4: AUDUSD was traded lower following prior breakout below the previous support level at 0.7220. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 0.7220, 0.7300
Support level: 0.7115, 0.7000
NZDUSD, H4: NZDUSD was traded lower while currently testing the support level at 0.6860. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 0.6920, 0.6975
Support level: 0.6860, 0.6815
USDCAD, H4: USDCAD was traded higher while currently testing the resistance level at 1.2755. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1.2755 1.2850
Support level: 1.2690, 1.2615
USDCHF, Daily: USDCHF was traded higher following prior breakout above the previous resistance level at 0.9305. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 0.9375, 0.9440
Support level: 0.9305, 0.9230
CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level at 75.20. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.
Resistance level: 75.20, 76.90
Support level: 72.15, 70.00
GOLD_, H4: Gold price was traded lower while currently testing the support level at 1718.30. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.
Resistance level: 1746.00, 1761.05
Support level: 1718.30, 1706.25
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.