Daily Analysis

26 October 2021                                Morning Session Analysis

Euro slumped amid bearish data.

The Euro slumped over the backdrop of bearish economic data from European region, which dialed down the market optimism toward the economic progression. According to ifo Institute for Economic Research, Germany Ifo Business Climate Index declined from the previous reading of 98.9 to 97.7, missing the market forecast at 97.9 as supply chain issues continue to intensify. Besides that, Euro received further bearish momentum following the Bank of Spain governor Pablo Hernandez De Cos unleashed his dovish tone yesterday. According to Reuters, he claimed that the high inflation rates currently are mainly transitory, while reiterating that the European Central Bank would continue to implement expansionary monetary policy for a “dilated period of time”. Indeed, he also added that the current supply chain disruption, higher energy prices as well as rising tensions between UK-EU with regards of post-Brexit deal are likely to weigh down the economic prospect for the European region. As of writing, EUR/USD depreciated by 0.35% to 1.1605.

In the commodities market, the crude oil price surged 0.06% to $83.55 per barrel as of writing, lifted by tight global supply and strengthening fuel demand following the Covid-19 restrictions were lifted around the world. On the other hand, the gold price appreciated by 0.60% to $1807.05 per troy ounces as of writing amid rising inflation risk around the world had prompted investors to enter the gold market in order to hedge against the inflation risk.

Today’s Holiday Market Close

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Today’s Highlight Events

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Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher following prior rebound from the support level at 93.50. MACD which illustrated increasing bullish momentum suggest the index to extend its gains toward resistance level at 94.05.

Resistance level: 94.05, 94.50

Support level: 93.50, 93.05

GBPUSD, H4: GBPUSD was traded lower while currently testing the support level at 1.3755. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.3825, 1.3880

Support level: 1.3755, 1.3665

EURUSD, Daily: EURUSD was traded lower following prior retracement from the resistance level at 1.1680. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 1.1530.

Resistance level: 1.1680, 1.1875

Support level: 1.1530, 1.1370

USDJPY, H4: USDJPY was traded lower while currently testing the support level at 113.45. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 114.55, 115.40

Support level: 113.45, 112.05

AUDUSD, H4: AUDUSD was traded lower following prior retracement from the resistance level at 0.7530. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 0.7530, 0.7595

Support level: 0.7435, 0.7380

NZDUSD, H4: NZDUSD was traded lower while currently testing the support level at 0.7155. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 0.7240, 0.7300

Support level: 0.7155, 0.7110

USDCAD, H4: USDCAD was traded higher following prior rebound from the support level at 1.2295. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.2440.

Resistance level: 1.2440, 1.2525

Support level: 1.2295, 1.2170

USDCHF, Daily: USDCHF was traded lower while currently testing the support level at 0.9155. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 0.9225, 0.9365

Support level: 0.9155, 0.9075

CrudeOIL, H4: Crude oil price was traded lower following prior retracement form the resistance level at 85.85. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses toward support level at 81.50.

Resistance level: 85.85, 88.50

Support level: 81.50, 78.90

GOLD_, H1: Gold price was traded higher while currently testing the resistance level at 1808.9. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.

Resistance level: 1808.90, 1816.10

Support level: 1799.55, 1787.55

25 October 2021                                Afternoon Session Analysis

Euro surged despite downbeat economic data.

Euro which traded against the dollar and other currency pairs have rose despite with downbeat economic data from the region. According to Markit Economics, Eurozone Markit Composite Purchasing Managers Index (PMI) figures eased from the previous reading of 56.2 to 54.3, lower than the forecasted reading of 55.2. The manufacturing sector in Eurozone was dented as supply shortages and transportation problems worsen. In services sector, the concerns over coronavirus have dented optimism in travel, tourism and recreation industries. Nonetheless, the pair remain supported due to risk on sentiment. The rallying equity market has prompted investors to shift their portfolio into risker assets. According to Refinitiv, majority of the companies have reported better-than-expected earnings per shares (EPS) as well as an increase of 33.7% profits in the third quarter of earnings season. As of writing, the pair of EUR/USD was up 0.05% to 1.1661

In the commodities market, the crude oil price surged 0.78% to $84.65 per barrel as of writing amid supply shortage. According to Bloomberg, analysts found that the current number of oil drilling rigs recorded 30% lesser as compared to the beginning of 2020. On the other hand, the gold price was down 0.02% to $1795.14 per troy ounces as investors shift their portfolio to riskier asset.

Today’s Holiday Market Close

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Today’s Highlight Events

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Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from the resistance level 93.70. MACD which illustrate diminishing bullish momentum signal suggest the dollar to extend its retracement towards the support level 93.00.

Resistance level: 93.70, 94.45

Support level: 93.00, 92.10

GBPUSD, H4: GBPUSD was traded higher following prior rebound from the support level 1.3755. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its rebound towards the resistance level 1.3880.

Resistance level: 1.3880, 1.4005

Support level: 1.3755, 1.3650

EURUSD, H4: EURUSD was traded higher following prior rebound from the support level 1.1615. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its rebound towards the resistance level 1.1680.

Resistance level: 1.1680, 1.1760

Support level: 1.1615, 1.1530

USDJPY, H4: USDJPY was traded higher following prior rebound from the support level 113.20. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its rebound towards the resistance level 114.60.

Resistance level: 114.60, 115.85

Support level: 113.20, 112.00

AUDUSD, H4: AUDUSD was traded flat while currently testing the resistance level 0.7485. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to be traded higher after it breaks above the resistance level 0.7485.

Resistance level: 0.7485, 0.7565

Support level: 0.7410, 0.7310

NZDUSD, H4: NZDUSD was traded flat while currently testing the resistance level 0.7155. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to be traded higher after it breaks above the resistance level.

Resistance level: 0.7155, 0.7230

Support level: 0.7080, 0.6990

USDCAD, H4: USDCAD was traded lower while currently testing the support level 1.2235. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses after it breaks below the support level 1.2235.

Resistance level: 1.2500, 1.2620

Support level: 1.2335, 1.2200

USDCHF, H4: USDCHF was traded lower while currently testing near the support level 0.9140. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to experience a technical correction towards the resistance level 0.9215.

Resistance level: 0.9215, 0.9295

Support level: 0.9140, 0.9080

CrudeOIL, H4: Crude oil was traded higher following prior breakout above the previous resistance level 83.80. MACD which illustrate bullish bias signal with the formation of golden cross suggest the commodity to extend its gains towards the resistance level 88.40.

Resistance level: 88.40, 92.65

Support level: 83.80, 79.35

GOLD_, H4: Gold price was traded higher following prior breakout above the previous resistance level 1793.30. MACD which illustrate bullish momentum signal suggest the commodity to extend its gains towards the resistance level 1812.80.

Resistance level: 1812.80, 1831.50

Support level: 1793.30, 1769.10

25 October 2021                                Morning Session Analysis

Dollar slumped following Fed unleashed dovish stance.

The Dollar Index which traded against a basket of six major currency pairs received bearish momentum following the Federal Reserve unleashed their dovish statement last Friday, which diminishing hopes for increasing interest rates in short-term basis. According to Reuters, Federal Reserve Chair Jerome Powell claimed on Friday that the U.S. Central Bank should start the process of tapering its earlier massive bond purchasing program during November but added that it is still not time to increase interest rates yet. The Fed has promised to maintain their benchmark overnight interest rate at the current near-zero level until the economy has recovered to maximum employment rate despite the inflation rate is still staying moderately above the central bank’s 2% goal. More than half of Fed policymakers speculated a rate hike will be needed in 2022, with a few suggesting it may have to come by the summer. Nonetheless, as for now market participants will continue to scrutinize the latest updates with regards of future monetary statement from Fed to gauge the likelihood movement for the US Dollar. As of writing, the Dollar Index depreciated by 0.17% to 93.60.

In the commodities market, the crude oil price appreciated by 1.60% to $84.55 per barrel as of writing amid upbeat demand outlook for this black commodity. The U.S. Energy Information Administration (EIA) had showed a more than 500,000 b/d uptick in weekly US crude export over the week ended 15^th October, indicating that strong economic recovery around the world had continue to insinuate market demand on the crude oil. On the other hand, the gold price appreciated by 0.53% to $1792.45 per troy ounces as of writing amid weakening US Dollar.

Today’s Holiday Market Close

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Today’s Highlight Events

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Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from the resistance level at 93.75. MACD which illustrated diminishing bullish momentum suggest the index to extend its losses toward support level at 93.30.

Resistance level: 93.75, 94.40

Support level: 93.30, 92.80

GBPUSD, H4: GBPUSD was traded lower while currently testing the support level at 1.3735. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.3805, 1.3880

Support level: 1.3735, 1.3640

EURUSD, H4: EURUSD was traded lower while currently testing the support level at 1.1630. 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: 1.1630, 1.1575

USDJPY, Daily: USDJPY was traded lower while currently testing the support level at 113.35. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 114.70, 116.75

Support level: 113.35, 111.95

AUDUSD, H4: AUDUSD was traded lower while currently testing the support level at 0.7450. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.7515, 0.7590

Support level: 0.7450, 0.7385

NZDUSD, H4: NZDUSD was traded lower while currently testing the support level at 0.7140. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.7200, 0.7250

Support level: 0.7140, 0.7080

USDCAD, H4: USDCAD was traded higher following prior rebound from the support level at 1.2310. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.2425.

Resistance level: 1.2425, 1.2580

Support level: 1.2310, 1.2170

USDCHF, H4: USDCHF was traded lower while currently testing the support level at 0.9155. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 0.9215, 0.9305

Support level: 0.9155, 0.9105

CrudeOIL, H4: Crude oil price was traded higher following prior breakout above the previous resistance level at 81.25. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains toward resistance level at 86.15.

Resistance level: 86.15, 89.15

Support level: 81.25, 78.85

GOLD_, H4: Gold price was traded higher following prior breakout above the previous resistance level at 1780.65. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 1805.25, 1828.55

Support level: 1780.65, 1768.05

22 October 2021                                Afternoon Session Analysis

Aussie slip despite upbeat economic data.

Australian dollar which traded against the dollar and other currency pairs have fell despite with the upbeat economic data. According to Markit, Australia’s Services Purchasing Managers Index (PMI) in October notched up significantly from the previous reading of 45.5 to 52.0. In addition, Australia Manufacturing Purchasing Managers Index (PMI) in October edged higher from the previous reading of 56.8 to 57.3. The data suggested a stronger expansion in both sectors following easing of lockdown restriction which help to drive economic recovery. However, the Aussie dollar remains pressured amid risk off sentiment. The concerns over potential contagion from China Evergrande’s debt crisis resurfaced after Evergrande announced its deal to sell a controlling stake in its property management unit to its rival Chinese developer, Hopson had failed to come into agreement. The collapse of the deal may results in the incapability of Evergrande to make its $83 million interest payment to investors in an offshore U.S. dollar-denominated bond. The potential spillover into financial market has prompted investors to shift their portfolio into safe haven such as US dollar. As of writing, the pair of AUD/USD was down 0.05% to 0.7463.

In the commodities market, the crude oil price was down 0.01% to $82.31 per barrel as of writing amid negative demand outlook in oil market. According to market analyst, they stated that the easing of coal and gas prices due to overbought from the market has dampened the demand of oil for switching the usage of fuel. On the other hand, the gold price was down 0.02% to $1784.96 a troy ounce amid strong dollar.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

18:00                       EUR                      EU Leaders Summit

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher while currently testing the resistance level 93.70. MACD which illustrate bullish momentum signal with the recent formation of golden cross suggest the dollar to extend its gains after it breaks above the resistance level.

Resistance level: 93.70, 94.45

Support level: 93.00, 92.10

GBPUSD, H4: GBPUSD was traded lower while currently testing near the support level 1.3755. MACD which illustrate bearish momentum signal suggest the pair to extend its losses after it breaks below the support level.

Resistance level: 1.3880, 1.4005

Support level: 1.3755, 1.3650

EURUSD, H4: EURUSD was traded lower while currently testing the support level 1.1615. MACD which illustrate bearish momentum signal suggest the pair to extend its losses after it breaks below the support level.

Resistance level: 1.1680, 1.1760

Support level: 1.1615, 1.1530

USDJPY, H4: USDJPY was traded higher following recent rebound from its low level. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its rebound towards the resistance level 114.60.

Resistance level: 114.60, 115.85

Support level: 113.20, 112.00

AUDUSD, H4: AUDUSD was traded lower following prior breakout below the previous support level 0.7490. MACD which illustrate bearish momentum signal suggest the pair to extend its losses towards the support level 0.7410.

Resistance level: 0.7490, 0.7565

Support level: 0.7410, 0.7310

NZDUSD, H4: NZDUSD was traded lower while currently testing the support level 0.7155. MACD which illustrate bearish momentum signal suggest the pair to extend its losses after it breaks below the support level.

Resistance level: 0.7230, 0.7300

Support level: 0.7155, 0.7080

USDCAD, H4: USDCAD was traded lower while currently testing the support level 1.2335. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses after it breaks below the support level.

Resistance level: 1.2500, 1.2620

Support level: 1.2335, 1.2200

USDCHF, H4: USDCHF was traded lower following prior breakout below the previous support level 0.9215. MACD which illustrate ongoing bearish momentum signal suggest the pair to extend its losses towards the support level 0.9140.

Resistance level: 0.9215, 0.9295

Support level: 0.9140, 0.9080

CrudeOIL, H4: Crude oil was traded lower following prior retracement from the resistance level 83.80. MACD which illustrate bearish momentum signal suggest the commodity to extend its retracement towards the support level 79.35.

Resistance level: 83.80, 88.40

Support level: 79.35, 75.85

GOLD_, H4: Gold price traded higher while currently testing near the resistance level 1793.30. MACD which illustrate ongoing bullish momentum signal suggest the commodity to extend its gains after it breaks above the resistance level.

Resistance level: 1793.30, 1812.80

Support level: 1769.10, 1748.55

22 October 2021                                Morning Session Analysis

Dollar surged amid upbeat data.

The Dollar Index which traded against a basket of six major currency pairs surged over the backdrop of bullish economic data on yesterday, which spurring positive prospect toward the economic momentum in the United States while prompting the U.S. Treasury yields extend its gains. According to National Association of Realtors, U.S. Existing Home Sales notched up to eight-month high from the previous reading of 5.8M to 6.29M, exceeding the market forecast at 6.09M. Meanwhile, the Department of Labor reported that the U.S. Initial Jobless Claims came in at 290K, which also fared better-than-expectation at 300K. Market participants speculated that such upbeat economic data would increase the probability for the Federal Reserve to slowdown their bond buying program as well as tighten the monetary policy during their monetary policy meeting. Such contractionary monetary policy would reduce the money circulation in the US market, which diminishing inflation risk in future while increasing the appeal for the US Dollar. As of writing, the Dollar Index appreciated by 0.21% to 93.75.

In the commodities market, the crude oil price surged 0.10% to 82.95 per barrel as of writing. The oil market extends its gains amid easing Covid-19 cases around the world had prompted the authorities to lift up the earlier movement control, which insinuating hopes for economic recovery in future while spurring further bullish momentum for the crude oil price. On the other hand, the gold price depreciated by 0.10% to $1785.70 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

18:00                     EUR                        EU Leaders Summit

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher following prior rebound from the support level at 93.50. MACD which illustrated increasing bullish momentum suggest the index to extend its gains toward resistance level at 94.05.

Resistance level: 94.05, 94.50

Support level: 93.50, 93.05

GBPUSD, H4: GBPUSD was traded lower following prior retracement from the resistance level at 1.3825. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.3755.

Resistance level: 1.3825, 1.3880

Support level: 1.3755, 1.3665

EURUSD, Daily: EURUSD was traded higher while currently testing the resistance level at 1.1680.  MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.1680, 1.1815

Support level: 1.1530, 1.1370

USDJPY, H4: USDJPY was traded lower following prior retracement from the resistance level at 114.55. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 114.55, 115.40

Support level: 113.45, 112.05

AUDUSD, H4: AUDUSD was traded lower following prior retracement from the resistance level at 0.7530. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.7435.

Resistance level: 0.7580, 0.7655

Support level: 0.7470, 0.7335

NZDUSD, H4: NZDUSD was traded lower while currently testing the support level at 0.7155. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.7240, 0.7300

Support level: 0.7155, 0.7110

USDCAD, Daily: USDCAD was traded lower following prior breakout below the previous support level at 1.2440. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.2440, 1.2625

Support level: 1.2265, 1.2040

USDCHF, Daily: USDCHF was traded lower following prior breakout below the previous support level at 0.9225. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward the support level at 0.9155.

Resistance level: 0.9225, 0.9365

Support level: 0.9155, 0.9075

CrudeOIL, H4: Crude oil price was traded higher following prior rebound from the support level at 81.50. However, MACD which illustrated increasing bearish momentum suggest the commodity to be traded lower in short-term as technical correction.

Resistance level: 85.85, 88.50

Support level: 81.50, 78.90

GOLD_, H4: Gold price was traded higher following prior breakout above the previous resistance level at 1780.80. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.

Resistance level: 1793.35, 1805.85

Support level: 1780.80, 1766.05

21 October 2021                                Afternoon Session Analysis

Euro extend gains following upbeat data.

Euro which traded against the dollar and other currency pairs have rose following the recent release of positive economic data from the Eurozone. According to Eurostat, Eurozone Consumer Price Index (CPI) in September have edged higher from the previous reading of 3.0% to 3.4%, while also in line with market forecast. The rising inflation rate was mainly driven by the recent surge in energy price due to the shortage of supply. Besides that, the Euro also benefited from ongoing dollar weakness which caused by a shift in market sentiment towards the U.S stock market. The US dollar is losing ground on the back of upbeat quarterly earnings in the Healthcare sector. Better than expected earnings reported by major companies such as Anthem and Abbott Laboratories have eased investors’ fears about surging inflation and supply chain disruptions. At the time of writing, EUR/USD rose 0.14% to 1.1664.

In the commodities market, crude oil rose 0.20% to $84.05 per barrel as of writing following tight market supply. The oil market continue to tightened significantly as coal and natural gas shortages drive greater crude consumption, underpinning a rally in prices. Saudi Arabia stated any extra oil from OPEC+ would do little to tame surging gas prices, predicting oil demand may rise by 500,000 to 600,000 barrels a day if the northern hemisphere’s winter is colder than normal. On the other hand, the gold price rose 0.21% to $1785.84 a troy ounce amid weakening U.S dollar.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

18:00                     EUR                        EU Leaders Summit

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following prior breakout below the previous support level 93.70. MACD which illustrate bearish momentum signal suggest the dollar to extend its losses towards the support level 93.00.

Resistance level: 93.70, 94.45

Support level: 93.00, 92.10

GBPUSD, H4: GBPUSD was traded higher following rebound from the support level 1.3755. MACD which illustrate bullish bias signal suggest the pair to extend its rebound towards the resistance level 1.3880.

Resistance level: 1.3880, 1.4005

Support level: 1.3755, 1.3650

EURUSD, H4: EURUSD was traded higher while currently testing near the resistance level 1.1680. MACD which illustrate bullish momentum signal suggest the pair to extend its gains towards the resistance level 1.1680.

Resistance level: 1.1680, 1.1760

Support level: 1.1615, 1.1530

USDJPY, H4: USDJPY was traded higher while currently testing near the resistance level 114.60. However, MACD which illustrate bearish momentum signal suggest the pair to be traded lower as a technical correction towards the support level 113.20.

Resistance level: 114.60, 115.85

Support level: 113.20, 112.00

AUDUSD, H4: AUDUSD was traded higher while currently testing near the resistance level 0.7565. MACD which illustrate persistent bullish momentum signal suggest the pair to extend its gains after it breaks above the resistance level.

Resistance level: 0.7565, 0.7660

Support level: 0.7480, 0.7410

NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level 0.7230. MACD which illustrate persistent bullish momentum signal suggest the pair to extend its gains after it breaks above the resistance level.

Resistance level: 0.7230, 0.7300

Support level: 0.7155, 0.7080

USDCAD, H4: USDCAD was traded lower following prior breakout below the previous support level 1.2335. MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to extend its losses towards the support level 1.2200.

Resistance level: 1.2335, 1.2500

Support level: 1.2200, 1.2030

USDCHF, H4: USDCHF was traded lower following prior breakout below the previous support level 0.9215. MACD which illustrate bearish bias signal suggest the pair to extend its losses towards the support level 0.9140.

Resistance level: 0.9215, 0.9295

Support level: 0.9140, 0.9080

CrudeOIL, H4: Crude oil was traded higher while currently testing the resistance level 83.80. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the commodity to extend its gains after it breaks above the resistance level.

Resistance level: 83.80, 88.40

Support level: 79.35, 75.85

GOLD_, H4: Gold price traded higher while currently testing near the resistance level 1793.30. MACD which illustrate bullish momentum signal suggest the commodity to extend its gains after it breaks above the resistance level.

Resistance level: 1793.30, 1812.80

Support level: 1769.30, 1748.55

21 October 2021                                Morning Session Analysis

Dollar slumped as risk-on sentiment.

The Dollar Index which traded against a basket of six major currency pairs dipped amid the risk-on sentiment in the global financial market following the US stock index reached an intraday record high yesterday. Investors remained optimism toward the better-than-expected third-quarter earnings from US companies. Despite some U.S. companies have been citing supply chain problems and higher costs earlier, they seem to be able to maintain profit margin by passing on costs to customers. Nonetheless, the expectation for the Federal Reserve to start tapering their aggressive monetary policy had limited the losses experienced by the US Dollar. Policymakers are poised to begin reducing their $120 billion in monthly asset purchases as soon as next month after what most see as substantial improvement in the labor market since the end of last year. As of writing, the Dollar Index depreciated by 0.14% to 93.60.

In the commodities market, the crude oil price surged 0.04% to 84.25 per barrel as of writing. The oil market edged higher over the backdrop of bullish inventory data yesterday. According to Energy Information Administration (EIA), U.S. Crude Oil Inventories declined significantly from the previous reading of 6.088M to -0.431M, better than the market forecast at 1.857M. On the other hand, the gold price surged 0.03% to $1782.25 per troy ounces as of writing amid weakening US Dollar.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

18:00                       EUR                     EU Leaders Summit

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower while currently testing the support level at 93.50. MACD which illustrated increasing bearish momentum suggest the index to extend its losses after it successfully breakout below the support level.

Resistance level: 94.05, 94.50

Support level: 93.50, 93.05

GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level at 1.3825. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.3825, 1.3880

Support level: 1.3755, 1.3665

EURUSD, Daily: EURUSD was traded higher while currently testing the resistance level at 1.1680.  MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.1680, 1.1815

Support level: 1.1530, 1.1370

USDJPY, H4: USDJPY was traded higher while currently testing the resistance level at 114.55. However, MACD which illustrated increasing bearish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 114.55, 115.40

Support level: 113.45, 112.05

AUDUSD, H4: AUDUSD was traded higher following prior breakout above the previous resistance level at 0.7470. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.7580.

Resistance level: 0.7580, 0.7655

Support level: 0.7470, 0.7335

NZDUSD, H4: NZDUSD was traded higher following prior breakout above the previous resistance level at 0.7155. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 0.7240, 0.7300

Support level: 0.7155, 0.7110

USDCAD, Daily: USDCAD was traded lower following prior breakout below the previous support level at 1.2440. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.2440, 1.2625

Support level: 1.2265, 1.2040

USDCHF, Daily: USDCHF was traded lower following prior breakout below the previous support level at 0.9225. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward the support level at 0.9155.

Resistance level: 0.9225, 0.9365

Support level: 0.9155, 0.9075

CrudeOIL, H4: Crude oil price was traded higher following prior rebound from the support level at 81.50. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains toward resistance level at 85.85.

Resistance level: 85.85, 88.50

Support level: 81.50, 78.90

GOLD_, H4: Gold price was traded lower while currently testing the support level at 1780.80. However, MACD which illustrated increasing bullish momentum suggest the commodity to be traded higher in short-term as technical correction.

Resistance level: 1793.35, 1805.85

Support level: 1780.80, 1766.05

20 October 2021                                Afternoon Session Analysis

Australian dollar remains resilient despite RBA dovish stance.

The Australian dollar was traded higher against the dollar and other currency pairs despite recent dovish stance from Reserve Bank of Australia (RBA). According to RBA Meeting Minutes, the policymaker has decided to maintain its current interest rate at 0.1% until year 2024, while keeping its bond purchasing program at $4 billion a week. Bank governor Philip Lowe also added that the current wage growth in the region remained subdued despite economic reopening in New South Wales, hence more monetary support is necessary to stimulus the economic momentum. However, the Australian dollar remain unfazed and rose amid spiking demand of raw materials. The rising coal prices and a rebound in demand for iron and copper have fueled up the market optimism toward the Australian economy, thus increasing the value of the Australian dollar. As of writing, the pair of AUD/USD was up 0.02% to 0.7473.

In the commodities market, the crude oil price was rose 0.01% to $81.97 per barrel as of writing amid positive oil demand outlook. Oil price continue to extend its gains as the rising prices of coal and natural gas have prompted some manufacturers to switch to lower-cost oil as an alternative. On the other hand, the gold price was down 0.02% to $1768.55 a troy ounce amid strengthening U.S dollar.

Today’s Holiday Market Close

Time                       Market                  Event

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Today’s Highlight Events

Time                       Market                  Event

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Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher while currently testing the resistance level 93.70. MACD which illustrate diminishing bearish momentum signal suggest the dollar to extend its gains after it breaks above the resistance level 93.70.

Resistance level: 93.70, 94.45

Support level: 93.00, 92.10

GBPUSD, H4: GBPUSD was traded lower following recent retracement its high level. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its retracement in short term towards the support level 1.3755.

Resistance level: 1.3880, 1.4005

Support level: 1.3755, 1.3650

EURUSD, H4: EURUSD 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 1.1615.

Resistance level: 1.1680, 1.1760

Support level: 1.1615, 1.1530

USDJPY, H4: USDJPY was traded higher while currently testing the resistance level 114.60. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its gains after it breaks above the resistance level 114.60.

Resistance level: 114.60, 115.85

Support level: 113.20, 112.00

AUDUSD, H4: AUDUSD was traded higher following prior breakout above the previous resistance level 0.7480. MACD which illustrate ongoing bullish momentum signal suggest the pair to extend its gains towards the resistance level 0.7565.

Resistance level: 0.7565, 0.7660

Support level: 0.7480, 0.7410

NZDUSD, H4: NZDUSD was traded higher following recent breakout above the previous resistance level 0.7155. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to experience a retracement after it breaks back below the level 0.7155.

Resistance level: 0.7230, 0.7300

Support level: 0.7155, 0.7080

USDCAD, H4: USDCAD was traded lower while currently testing the support level 1.2335. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses after it breaks below the support level.

Resistance level: 1.2500, 1.2620

Support level: 1.2335, 1.2200

USDCHF, H4: USDCHF was traded higher following prior rebound from the support level 0.9215. MACD which illustrate bullish bias signal with the formation of golden cross suggest the pair to extend its gains towards the resistance level 0.9295.

Resistance level: 0.9295, 0.9370

Support level: 0.9215, 0.9140

CrudeOIL, H4: Crude oil was traded flat following recent retracement from its high level. However, MACD which illustrate diminishing bullish momentum signal suggest the commodity to extend its retracement towards the support level 79.35.

Resistance level: 83.80, 88.40

Support level: 79.35, 75.85

GOLD_, H4: Gold price was traded higher following prior rebound from the support level 1769.10. MACD which illustrate diminishing bearish momentum signal suggest the commodity to extend its rebound toward the resistance level 1793.30.

Resistance level: 1793.30, 1812.80

Support level: 1769.30, 1748.55

20 October 2021                                Morning Session Analysis

Dollar slumped amid negative data.

The Dollar Index which traded against a basket of six major currency pairs slumped following the data showed that the U.S. homebuilding unexpectedly fell in September amid acute shortages of raw materials and labor, spurring negative prospect toward the economic growth in United States. According to Census Bureau, U.S. Building Permits notched down significantly from the previous reading of 1.721M to 1.1589M, missing the market forecast at 1.680M. Richmond Fed President Thomas Barkin claimed on Tuesday that the U.S. labor shortages issues may outlast the coronavirus pandemic and limit overall growth for the United States unless the country comes up with better paid to boost the number of people to work due to the recent high inflation risk. Nonetheless, market participants would continue to remain their focus on the monetary policy decision from Fed in order to gauge the likelihood movement for the US Dollar. As of writing, the Dollar Index depreciated by 0.18% to 93.80.

In the commodities market, the crude oil price slumped 0.02% to 83.10 per barrel as of writing. The Crude oil price was traded lower over the backdrop of bearish inventory data. According to American Petroleum Institute, U.S. API Weekly Crude Oil Stock came in at 3.294M, missing the market forecast at 2.233M. On the other hand, the gold price surged 0.03% to $1768.60 per troy ounces as of writing amid weakening US Dollar.

Today’s Holiday Market Close

Time                       Market                  Event

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Today’s Highlight Events

Time                       Market                  Event

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Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from the resistance level at 94.40. However, MACD which illustrated diminishing bearish momentum suggest the index to be traded higher in short-term as technical correction.

Resistance level: 94.40, 95,00

Support level: 93.50, 93.05

GBPUSD, H4: GBPUSD was traded lower following prior retracement from the previous resistance level at 1.3825. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.3760.

Resistance level: 1.3825, 1.3910

Support level: 1.3760, 1.3720

EURUSD, H4: EURUSD was traded higher following prior rebound from the support level at 1.1530. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 1.1680, 1.1815

Support level: 1.1530, 1.1370

USDJPY, H4: USDJPY was traded higher while currently testing the resistance level at 114.55. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 114.35, 115.40

Support level: 113.45, 112.05

AUDUSD, Daily: AUDUSD was traded higher while currently testing the resistance level at 0.7470. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.7470, 0.7580

Support level: 0.7335, 0.7220

NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level at 0.7155. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 0.7155, 0.7240

Support level: 0.7110, 0.7015

USDCAD, Daily: USDCAD was traded lower following prior breakout below the previous support level at 1.2440. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.2440, 1.2625

Support level: 1.2265, 1.2040

USDCHF, Daily: USDCHF was traded lower while currently testing the support level at 0.9225. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 0.9365, 0.9465

Support level: 0.9225, 0.9155

CrudeOIL, Daily: Crude oil price was traded higher while currently testing the resistance level at 85.15. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 85.15, 92.85

Support level: 75.75, 66.75

GOLD_, H4: Gold price was traded lower while currently testing the support level at 1766.05. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses after it successfully breakout below the support level.

Resistance level: 1792.85, 1805.85

Support level: 1766.05, 1746.45

18 October 2021                                Afternoon Session Analysis

Pound surged amid hawkish stance from BoE.

The pound sterling which traded higher against the dollar and other currency pairs have rose following recent hawkish comments from Bank of England (BOE). According to reports, Bank of England Governor Andrew Bailey stated that the U.K central bank is gearing up to raise interest rate for the first time in order to contain the risk of inflation. Bailey also added that recent surge in energy prices has pushed the inflation higher and may last longer, hence an early rate hike was necessary. Investors were speculating that the BoE might become the first of the world’s biggest central banks to raise rates, thus fueled up market sentiment toward pound sterling. On top of that, the pound also gain further support from potential tax cut on household bills. According to Reuters, British finance minister Rishi Sunak was considering to cut off 5% rate of value-added tax on household energy bills. The tax cutting on household bills is expected to boost the consumer spending in the region. As of writing, the pair of GBP/USD rose 0.03% to 1.3728.

In the commodities market, the crude oil price rose 1.16% to $82.85 per barrel as of writing amid positive oil demand outlook. Oil price continue to benefit from easing of fear of Covid-19 pandemic which could lead to recovery in fuel consumption. On the other hand, the gold price fell 0.02% to $1767.27 a troy ounce amid strengthening US dollar.

Today’s Holiday Market Close

Time                       Market                  Event

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Today’s Highlight Events

Time                       Market                  Event

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Today’s Highlight Economic Data

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Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded flat near the support level 93.70. However, MACD which illustrate diminishing bearish momentum signal with the formation of golden cross suggest the dollar to be traded higher towards the resistance level 94.45.

Resistance level: 94.45, 95.20

Support level: 93.70, 93.00

GBPUSD, H4: GBPUSD was traded lower following prior retracement from its high level. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its retracement towards the support level 1.3665.

Resistance level: 1.3820, 1.3915

Support level: 1.3665, 1.3555

EURUSD, H4: EURUSD was traded lower following prior retracement from the resistance level 1.1615. MACD which illustrate diminishing bullish momentum signal with the formation of death cross suggest the pair to extend its losses towards the support level 1.1530.

Resistance level: 1.1615, 1.1680

Support level: 1.1530, 1.1455

USDJPY, H4: USDJPY was traded higher while currently testing the resistance level 114.35. However, MACD which illustrate diminishing bullish momentum signal with the starting formation of death cross suggest the pair to experience a technical correction towards the support level 113.20.

Resistance level: 114.35, 115.80

Support level: 113.20, 112.00

AUDUSD, H4: AUDUSD was traded flat while currently testing the support level 0.7395. However. MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to be traded lower after it breaks below the support level.

Resistance level: 0.7480, 0.7565

Support level: 0.7395, 0.7310

NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level 0.7080. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to experience a technical correction towards the support level 0.6990.

Resistance level: 0.7080, 0.7155

Support level: 0.6990, 0.6910

USDCAD, H4: USDCAD was traded higher following prior rebound from the support level 1.2335. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to extend its rebound towards the resistance level 1.2500.

Resistance level: 1.2500, 1.2620

Support level: 1.2335, 1.2200

USDCHF, H4: USDCHF was traded flat near the support level 0.9215. However, MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to extend its rebound towards the resistance level 0.9295.

Resistance level: 0.9295, 0.9370

Support level: 0.9215, 0.9140

CrudeOIL, H4: Crude oil was traded higher while currently testing near the resistance level 83.80. MACD which illustrate bullish bias signal suggest the commodity to extend its gains after it breaks above the resistance level 83.80.

Resistance level: 83.80, 88.40

Support level: 79.35, 75.85

GOLD_, H4: Gold price was traded higher following prior rebound from the support level 1769.30. MACD which illustrate diminishing bearish momentum signal suggest the commodity to extend its rebound towards the resistance level 1793.30.

Resistance level: 1793.30, 1812.80

Support level: 1769.30, 1748.55

18 October 2021                Morning Session Analysis

New Zealand surged amid hawkish expectation.

The New Zealand Dollar surged over the backdrop of high inflation data from the region of New Zealand, which spurring hopes that the Reserve Bank of New Zealand would start to contract their earlier monetary policy in order to combat the high inflation risk in future. According to Statistics New Zealand, the quarter New Zealand Consumer Price Index (CPI) notched up significantly from the previous reading of 1.3% to 2.2%, exceeding the market forecast at 1.4%, the highest quarterly reading since June 1987. Housing-related costs, mainly construction and local authority rates were the biggest contribution to the quarterly increase. The inflation pressures would be prompting investors to anticipate a more aggressive resolve by the central bank, increasing the appeal for the New Zealand Dollar. Nonetheless, investors would continue to scrutinize the latest updates with regards of monetary policy as well as further economic data to gauge the likelihood movement for the New Zealand Dollar. As of writing, NZD/USD appreciated by 0.40% to 0.7092.

In the commodities market, the crude oil price appreciated by 0.59% to $83.05 per barrel as of writing. The oil market extends its gains as market participants speculated that the easing Covid-19 cases as well as rapid vaccination program around the world would continue to enhance the outlook for this black-commodity. On the other hand, the gold price slumped 0.05% to $1770.55 per troy ounces as of writing following the United States released its upbeat retail sales data last Friday.

Today’s Holiday Market Close

Time                       Market                  Event

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Today’s Highlight Events

Time                       Market                  Event

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Today’s Highlight Economic Data

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Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from the resistance level at 94.40. However, MACD which illustrated diminishing bearish momentum suggest the index to be traded higher in short-term as technical correction.

Resistance level: 94.40, 95,00

Support level: 93.75, 93.05

GBPUSD, H4: GBPUSD was traded higher while currently near the resistance level at 1.38005. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.3805, 1.3910

Support level: 1.3670, 1.3560

EURUSD, Daily: EURUSD was traded higher following prior rebound from the support level at 1.1530. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.1680.

Resistance level: 1.1680, 1.1815

Support level: 1.1530, 1.1370

USDJPY, H4: USDJPY was traded higher while currently testing the resistance level at 114.35. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 114.35, 115.40

Support level: 113.45, 112.05

AUDUSD, Daily: AUDUSD was traded higher while currently testing the resistance level at 0.7455. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.7455, 0.7560

Support level: 0.7335, 0.7220

NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level at 0.7110. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 0.7110, 0.7155

Support level: 0.7015, 0.6960

USDCAD, Daily: USDCAD was traded lower following prior breakout below the previous support level at 1.2440. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.2440, 1.2625

Support level: 1.2265, 1.2040

USDCHF, H4: USDCHF was traded lower while currently testing the support level at 0.9225. However, MACD which illustrated increasing bullish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 0.9365, 0.9465

Support level: 0.9225, 0.9155

CrudeOIL, Daily: Crude oil price was traded higher while currently testing the resistance level at 85.15. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 85.15, 93.05

Support level: 75.75, 66.75

GOLD_, Daily: Gold price was traded lower following prior retracement from the resistance level at 1792.85. MACD which illustrated diminishing bullish momentum suggest the commodity to extend its losses toward support level at 1728.05.

Resistance level: 1792.85, 1831.45

Support level: 1728.05, 1684.05

15 October 2021                Afternoon Session Analysis

Japanese Yen fell amid weak economy prospect.

The Japanese Yen which traded against the dollar and other currency pairs remains weak and fell after recent downbeat industrial production data from Japan. According to the Ministry of Economy, Trade and Industry (METI), Japan Industrial Production in August have eased from the previous reading of -3.2% to -3.6%. The data showed that the industrial output continue to struggle with automotive production plunging on the back of the global chip shortage. In addition, the Japanese government also downgraded its view on exports for the first time in seven months and noted that the pace of recovery is slowing. The downgrade was largely due to the effects of supply chain issues which is now observable in exports. At the time of writing, USD/JPY rose 0.23% to $113.92.

In the commodities market, crude oil price extends its gains and soars 0.31% to $81.69 per barrel as of writing amid increasing signs of tight supply over the next few months. Demand for the commodity continues to picked up with the recovery from the COVID-19 pandemic and was also further boosted from industry turning away from expensive gas and coal to fuel oil and diesel for power. On the other hand, gold price rose 0.04% to 1795.21 a troy ounce at the time of writing amid dollar weakness.

Today’s Holiday Market Close

Time                       Market                  Event

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Today’s Highlight Events

Time                       Market                  Event

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Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower while currently testing near the support level 93.65. MACD which illustrate ongoing bearish momentum signal suggest the dollar to extend its losses after it breaks below the support level 93.65.

Resistance level: 94.45, 95.20

Support level: 93.65, 92.95

GBPUSD, H4: GBPUSD was traded lower following recent retracement from the resistance level 1.3745. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its retracement towards the support level 1.3620.

Resistance level: 1.3745, 1.3875

Support level: 1.3620, 1.3435

EURUSD, H4: EURUSD was traded higher following prior rebound from the support level 1.1575. MACD which illustrate ongoing bullish momentum signal suggest the pair to extend its gains towards the resistance level 1.1635.

Resistance level: 1.1635, 1.1690

Support level: 1.1575, 1.1515

USDJPY, H4: USDJPY was traded higher while currently testing the resistance level 113.95. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its gains after it breaks above the resistance level 113.95.

Resistance level: 113.95, 114.50

Support level: 113.35, 112.60

AUDUSD, H4: AUDUSD was traded higher following prior breakout above previous resistance level 0.7400. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to experience a technical correction after it breaks back below the level.

Resistance level: 0.7485, 0.7545

Support level: 0.7400, 0.7320

NZDUSD, H4: NZDUSD was traded higher following recent breakout above the previous resistance level 0.6985. MACD which illustrate bullish momentum signal suggest the pair to extend its gains towards the resistance level 0.7075.

Resistance level: 0.7075, 0.7145

Support level: 0.6985, 0.6880

USDCAD, H4: USDCAD was traded lower while currently testing near the support level 1.2310. MACD which illustrate ongoing bearish momentum signal suggest the pair to extend its losses after it breaks below the support level.

Resistance level: 1.2455, 1.2565

Support level: 1.2310, 1.2210

USDCHF, H4: USDCHF was traded higher while currently testing the resistance level 0.9240. MACD which illustrate diminishing bearish momentum signa suggest the pair to extend its gains after it breaks above the resistance level.

Resistance level: 0.9240, 0.9305

Support level: 0.9170, 0.9100

CrudeOIL, H4: Crude oil price was traded higher while currently testing near the resistance level 82.50. MACD which illustrate diminishing bearish momentum signal with the formation of golden cross suggest the commodity to extend its gains after it breaks above the resistance level.

Resistance level: 82.50, 84.55

Support level: 79.40, 76.40

GOLD, H4: Gold price was trade lower following recent retracement from its high level. MACD which illustrate diminishing bullish momentum signal suggest the commodity to extend its retracement towards the support level 1779.50.

Resistance level: 1806.85, 1830.25

Support level: 1779.50, 1747.05

15 October 2021                             Morning Session Analysis

Dollar slumped as inflation fears eased.

The Dollar Index which traded against a basket of six major currency pairs slumped over the backdrop of bearish inflation data from United States yesterday. The benchmark U.S. 10-year Treasury yield fell on Thursday as such bearish inflation data had eased worries that the Federal Reserve may need to take action earlier than expected to combat high inflation rate. According to U.S. Bureau of Labor Statistics, U.S. Producer Price Index (PPI) for last month notched down from the previous reading of 0.7% to 0.5%, missing the market forecast at 0.6%. Nonetheless, the losses experienced by the US Dollar was limited following the United States released its upbeat job data. According to Department of Labor, U.S. Initial Jobless Claims declined from the previous reading of 329K to 293K, better than the market forecast at 319K, which spurring positive prospect for the economic momentum in United States. As of writing, the Dollar Index depreciated by 0.05% to 94.05.

In the commodities market, the crude oil price appreciated by 0.20% to $81.80 per barrel as of writing. The overall momentum for the crude oil remained bullish amid rapid vaccination rollout around the world as well as easing Covid-19 cases had insinuated positive prospect for the crude oil demand in future. Nonetheless, the gains experienced by the crude oil was limited by the bearish inventory data. According to Energy Information Administration (EIA), U.S. Crude Oil Inventories notched up from the previous reading of 2.346M to 6.088M, exceeding the market forecast at 0.702M. On the other hand, the gold price depreciated by 0.04% to $1795.40 per troy ounces as of writing amid strengthening US Dollar.

Today’s Holiday Market Close

Time                    Market                Event

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Today’s Highlight Events

Time                    Market                Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from the resistance level at 94.40. However, MACD which illustrated diminishing bearish momentum suggest the index to be traded higher in short-term as technical correction.

Resistance level: 94.40, 94.75

Support level: 93.75, 93.30

GBPUSD, H4: GBPUSD was traded lower following prior retracement from the resistance level at 1.3735. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 1.3640.

Resistance level: 1.3735. 1.3805

Support level: 1.3640, 1.3550

EURUSD, H4: EURUSD was traded lower while currently testing the support level at 1.1575. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.1630, 1.1675

Support level: 1.1575, 1.1525

USDJPY, H4: USDJPY was traded higher while currently testing the resistance level at 114.00. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 114.00, 115.40

Support level: 112.30, 110.95

AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level at 0.7400. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 0.7400, 0.7475

Support level: 0.7320, 0.7235

NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level at 0.7035. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 0.7035, 0.7075

Support level: 0.6970, 0.6925

USDCAD, Daily: USDCAD was traded lower following prior breakout below the previous support level at 1.2425. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.2310.

Resistance level: 1.2425, 1.2580

Support level: 1.2310, 1.2170

USDCHF, H4: USDCHF was traded higher following prior rebound from the support level at 0.9215. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 0.9305.

Resistance level: 0.9305, 0.9375

Support level: 0.9215, 0.9155

CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level at 81.85. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.

Resistance level: 81.85, 83.05

Support level: 79.20, 76.60

GOLD_, H4: Gold price was traded higher following prior breakout above the previous resistance level at 1780.65. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 1805.25, 1828.55

Support level: 1780.65, 1768.05

14 October 2021                Afternoon Session Analysis

Euro surged following positive economic data.

The Euro which traded against the US dollar and other currency pairs have rose following recent release of economic data from EU. According to Federal Statistical Office Germany, Germany Consumer Price Index (CPI) in September came at the reading of 4.1% which is in line with market expectation. On top of that, Eurozone Industrial Production in August also came at the reading of -1.6% which also matching market forecast. Both data suggested the recent surge of energy prices driven by supply shortage have resulted in higher prices of goods and services. In addition, the pair also gained further support from dollar weakness. Investors continue to take profit from recent spike in U.S dollar. As of writing, the pair of EUR/USD rose 0.03% to 1.1596.

In the commodities market, the crude oil price rose 0.06% to $80.59 per barrel as of writing following expectation of high natural gas will increase oil demand. Investors continue to bet that surging gas prices will encourage power generators to switch to oil as winter demand season is approaching. On the other hand, the gold price rose 0.02% to $1787.49 a troy ounce following dollar retreat.

Today’s Holiday Market Close

Time                       Market                  Event

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Today’s Highlight Events

Time                       Market                  Event

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Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following recent retracement from the resistance level 94.45. MACD which illustrate bearish momentum signal suggest the dollar to extend its retracement towards the support level 93.65.

Resistance level: 94.45, 95.20

Support level: 93.65, 92.95

GBPUSD, H4: GBPUSD was traded higher following prior breakout above the previous resistance level 1.3620. MACD which illustrate bullish bias signal with the formation of golden cross suggest the pair to extend its gains towards the resistance level 1.3745.

Resistance level: 1.3745, 1.3875

Support level: 1.3620, 1.3435

EURUSD, H4: EURUSD was traded higher following prior rebound from the support level 1.1515. MACD which illustrate bullish momentum signal suggest the pair to extend its rebound towards the resistance level 1.1635.

Resistance level: 1.1635, 1.1690

Support level: 1.1515, 1.1440

USDJPY, H4: USDJPY was traded lower while currently testing the support level 113.35. MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to extend its retracement after it breaks below the support level.

Resistance level: 113.95, 114.55

Support level: 113.35, 112.60

AUDUSD, H4: AUDUSD was traded higher while currently testing near the resistance level 0.7415. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to extend its gains after it breaks above the resistance level.

Resistance level: 0.7415, 0.7485

Support level: 0.7320, 0.7235

NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level 0.6985. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to extend its gains after it breaks above the resistance level.

Resistance level: 0.6985, 0.7075

Support level: 0.6880, 0.6805

USDCAD, H4: USDCAD was traded lower following prior breakout below the previous support level 1.2455. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses towards the support level 1.2310.

Resistance level: 1.2455, 1.2565

Support level: 1.2310, 1.2210

USDCHF, H4: USDCHF was traded lower following prior breakout below the support level 0.9240. MACD which illustrate bearish bias signal suggest the pair to extend its losses towards the support level 0.9185.

Resistance level: 0.9240, 0.9305

Support level: 0.9185, 0.9100

CrudeOIL, H4: Crude oil price was traded flat following recent rebound from the support level 79.40. However, MACD which illustrate diminishing bearish momentum signal suggest the commodity to be traded higher in short term towards the resistance level 82.50.

Resistance level: 82.50, 84.55

Support level: 79.40, 76.40

GOLD, H4: Gold price was traded lower following prior retracement from its high level. MACD which illustrate diminishing bullish momentum signal suggest the commodity to extend its retracement towards the support level 1779.50.

Resistance level: 1806.85, 1830.25

Support level: 1779.50, 1747.05

14 October 2021                             Morning Session Analysis

Pound surged amid upbeat data.

Pound Sterling surged on yesterday over the backdrop of upbeat economic data from the U.K. region. According to Office for National Statistics, U.K. Gross Domestic Product (GDP) for last month came in at 6.9%, exceeding the market forecast at 6.7%. Meanwhile, U.K. Manufacturing Production notched up significantly from the previous reading of -0.6% to 0.5%, better than the market forecast at 0.1%. As both crucial economic data had fared better-than-expectation, which spurring positive prospect toward the post-Covid economic recovery from the U.K. region. Nonetheless, the gains experienced by the Pound Sterling was limited by the Brexit uncertainty between UK and European region. As for now, the EU members has repeatedly claimed that they are not willing to renegotiate the Brexit protocol. Investors speculated that the failure of renegotiation would continue to harm the economic momentum in the U.K. As of writing, GBP/USD appreciated by 0.08% to 1.3670.

In the commodities market, the crude oil price slumped 0.10% to $80.85 per barrel as of writing. The oil market edged lower over the backdrop of downbeat economic data. According to American Petroleum Institute, the U.S. API Weekly Crude Oil Stock came in at 5.213M, missing the market forecast at 0.140M. On the other hand, the gold price surged 0.10% to $1792.15 per troy ounces as of writing amid market participants shifted their portfolio toward safe-haven commodity in order to hedge against the high inflation risk following the United States released its high inflation data.

Today’s Holiday Market Close

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Today’s Highlight Events

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Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from the resistance level at 94.40. MACD which illustrated increasing bearish momentum suggest the index to extend its losses toward support level at 93.75.

Resistance level: 94.40, 94.75

Support level: 93.75, 93.30

GBPUSD, H4: GBPUSD was traded higher following prior breakout above the previous resistance level at 1.3640. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.3735.

Resistance level: 1.3735. 1.3805

Support level: 1.3640, 1.3550

EURUSD, H4: EURUSD was traded higher following prior breakout above the previous resistance level at 1.1575. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.1630

Resistance level: 1.1630, 1.1675

Support level: 1.1575, 1.1525

USDJPY, H4: USDJPY was traded lower following prior retracement from the resistance level at 114.00. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 112.30.

Resistance level: 114.00, 115.40

Support level: 112.30, 110.95

AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level at 0.7400. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.7400, 0.7475

Support level: 0.7320, 0.7235

NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level at 0.6975. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.6975, 0.7030

Support level: 0.6925, 0.6860

USDCAD, H4: USDCAD was traded lower while currently testing the support level at 1.2425. However, MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.2580, 1.2685

Support level: 1.2425, 1.2310

USDCHF, H4: USDCHF was traded lower while currently testing the support level at 0.9230. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.9305, 0.9375

Support level: 0.9230, 0.9155

CrudeOIL, H4: Crude oil price was traded higher following prior rebound from the support level at 79.20. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 81.85

Resistance level: 81.85, 83.05

Support level: 79.20, 76.60

GOLD_, H4: Gold price was traded higher following prior breakout above the previous resistance level at 1780.65. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1805.25.

Resistance level: 1805.25, 1828.55

Support level: 1780.65, 1768.05