Daily Analysis

04 October 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 from United States last week. According to Institute for Supply Management, U.S. ISM Manufacturing Purchasing Managers Index (PMI) increased from the previous reading of 59.9 to 61.1, exceeding the market forecast at 59.6. Such upbeat economic data had dialed up the market optimism toward the economic progression in the United States, spurring bullish momentum on the US Dollar. Besides, the overall trend for the US Dollar remained bullish following the rising US Treasury Yield amid market participants speculated the Federal Reserve would be tapering its earlier aggressive monetary policy plan in order to combat the high inflation risk. Nonetheless, as for now investors would continue to scrutinize the latest updates with regard of further crucial economic data to gauge the likelihood movement for the US Dollar. As of writing, the Dollar Index appreciated by 0.06% to 93.96.

In the commodities market, the crude oil price surged 0.10% to $75.85 per barrel as of writing. The oil market extends its gains amid rapid progress of the Covid-19 vaccination program around the world had continue to spur positive prospect for the crude oil demand. On the other hand, the gold price was traded flat at $1764.00 per troy ounces as of writing amid market participants are still waiting for further catalyst from Federal Reserve before entering the gold market.

Today’s Holiday Market Close

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Today’s Highlight Events

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Today’s Highlight Economic Data

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Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded lower following prior retracement from the resistance level at 94.25. MACD which illustrated diminishing bullish momentum suggest the index to extend its losses toward support level at 93.30.

Resistance level: 94.25, 94.75

Support level: 93.30, 91.80

GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level at 1.3605. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.3605, 1.3665

Support level: 1.3515, 1.3415

EURUSD, H4: EURUSD was traded lower while currently testing the support level at 1.1595. 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, H4: USDJPY was traded lower following prior breakout below the previous support level at 111.10. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 111.40

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 0.7300. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.7300, 0.7400

Support level: 0.7235, 0.7170

NZDUSD, H4: NZDUSD was traded higher following prior breakout above the previous resistance level at 0.6920. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.6975.

Resistance level: 0.6975, 0.7030

Support level: 0.6920, 0.6860

USDCAD, H4: USDCAD was traded lower while currently testing the support level at 1.2615. 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: 1.2615, 1.2580

USDCHF, H4: USDCHF was traded lower while currently testing the support level at 0.9305. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

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 75.65. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.

Resistance level: 75.65, 76.90

Support level: 74.05, 72.15

GOLD_, H4: Gold price was traded higher while currently testing the support level at 1764.10. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1764.10, 1780.65

Support level: 1746.00, 1725.51

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.

1 October 2021                  Afternoon Session Analysis

Australian dollar appreciated amid upbeat economic data.

The Australian dollar which traded against the US dollar and other currency pairs have rose over the backdrop of upbeat economic data. According to the Australian Bureau of Statistics, Australia Building Approvals in August notched up significantly from the previous reading of -8.6% to 6.8%. The data suggested a stronger economic momentum in the region following rising of consumer spending in housing market. On top of that, the China Caixin Manufacturing Purchasing Managers Index (PMI) in September edged higher from the previous reading of 49.2 to 50, while exceeding the forecasted reading of 49.5. The uptick China economic data suggested the stability of manufacturing activities hence reiterated positive demand outlook of raw materials import from Australia. The data also help fueled up market sentiment towards Australian dollar. On the other hand, the pair also gain further support from US downbeat employment data. The worse-than-expected US Initial Jobless Claims data has diminishing market sentiment towards US dollar due to worries over stagflation concerns. As of writing, the pair of AUD/USD surged 0.06% to 0.7227.

In the commodities market, the crude oil price surged 0.11% to $75.18 per barrel as of writing amid positive demand outlook of oil market. According to the reports, China made its huge order for oil to stock up for upcoming Winter to avoid energy shortages. On the other hand, the gold price was down 0.10% to $1753.03 per troy ounces amid strengthening 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 higher while currently testing near the resistance level 94.35. However, MACD which illustrate diminishing bullish momentum signal suggest the dollar to be traded lower as a technical correction toward the support level 93.70.

Resistance level: 94.35, 94.90

Support level: 93.70, 93.10

GBPUSD, H4: GBPUSD was traded lower while currently testing the support level 1.3435. However, MACD which illustrate diminishing bearish momentum signal with the formation of golden cross suggest the pair to experience a technical correction towards the resistance level 1.3605.

Resistance level: 1.3605, 1.3745

Support level: 1.3435, 1.3300

EURUSD, H4: EURUSD was traded lower following recent breakout below the previous support level 1.1600. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to be traded higher as a technical correction back towards the level 1.1600.

Resistance level: 1.1600, 1.1690

Support level: 1.1515, 1.1440

USDJPY, H4: USDJPY was traded lower following prior breakout below the previous support level 111.50. MACD which illustrate bearish momentum signal suggest the pair to extend it losses towards the support level 110.75.

Resistance level: 111.50, 112.15

Support level: 110.75, 110.05

AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level 0.7235. MACD which illustrate bullish bias signal with the formation of golden cross suggest the pair to extend its gains after it breaks above the resistance level 0.7235.

Resistance level: 0.7235, 0.7335

Support level: 0.7150, 0.7075

NZDUSD, H4: NZDUSD was traded higher while currently testing near the resistance level 0.6915. MACD which illustrate bullish bias signal with the formation of golden cross suggest the pair to extend its gains after it breaks above the resistance level 0.6915.

Resistance level: 0.6915, 0.6990.

Support level: 0.6815, 0.6725

USDCAD, H4: USDCAD was traded higher while currently testing the resistance level 1.2695. However, MACD which illustrate bearish bias signal suggest the pair to be traded lower towards the support level 1.2585.

Resistance level: 1.2695, 1.2770

Support level: 1.2585, 1.2510

USDCHF, H4: USDCHF was traded lower while currently testing the support level 0.9310. MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to extend its losses after it breaks below the support level 0.9310.

Resistance level: 0.9375, 0.9430

Support level: 0.9310, 0.9240

CrudeOIL, H4: Crude oil price was traded lower while currently testing near the support level 74.20. MACD which illustrate ongoing bearish momentum signal suggest the commodity to extend its losses after it breaks below the support level.

Resistance level: 76.40, 78.75

Support level: 74.20, 72.45

GOLD, H4: Gold price was traded higher following prior breakout above the previous resistance level 1749.95. MACD which illustrate bullish momentum signal suggest the commodity to extend its gains towards the resistance level 1785.80.

Resistance level: 1785.80, 1806.85

Support level: 1749.95, 1716.85

01 October 2021                Morning Session Analysis

Dollar slumped amid bearish job data.

The Dollar Index which traded against a basket of six major currency pairs slumped over the backdrop of bearish job data from United States yesterday. According to Department of Labor, U.S. Initial Jobless Claims notched up significantly from the previous reading of 351K to 362K, missing the market forecast at 335K. As such data fared worse-than-expectation, which dialing down the market optimism toward the economic progression in United States while diminishing the probability for the Federal Reserve to start tapering its aggressive monetary policy in short-term basis. Nonetheless, the losses experienced by the US Dollar was limited following upbeat GDP data was released. Bureau of Economic Analysis reported that the U.S. Gross Domestic Product (GDP) for last quarter increased from the previous reading of 6.6% to 6.7%, better than the market forecast at 6.6%. Nonetheless, investors as for now would continue to scrutinize the latest updates with regards of further economic data as well as future monetary policy planning to gauge the likelihood movement for the pair. As of writing, the Dollar Index depreciated by 0.08% to 94.30.

In the commodities market, the crude oil price appreciated by 0.44% to $75.60 per barrel as of writing. The oil market edged higher following China claimed that they would prepare to buy more oil and other energy supplies to meet growing demand, according to Reuters. On the other hand, the gold price surged 0.10% to $1752.60 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, Daily: 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 higher while currently testing the resistance level at 1.3515. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.3515, 1.3605

Support level: 1.3415, 1.3295

EURUSD, H4: EURUSD was traded lower following prior breakout the previous 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: 1.1600, 1.1675

Support level: 1.1525, 1.1455

USDJPY, H4: USDJPY was traded lower following prior breakout below the previous support level at 111.55. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 111.10.

Resistance level: 111.55, 112.15

Support level: 111.10, 110.40

AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level at 0.7235. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.7235, 0.7300

Support level: 0.7170, 0.7115

NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level at 0.6920. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

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 1.2690. However, MACD which illustrated increasing bearish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 1.2690, 1.2755

Support level: 1.2615, 1.2580

USDCHF, H4: USDCHF was traded lower while currently testing the support level at 0.9305. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

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 75.65. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.

Resistance level: 75.65, 76.90

Support level: 74.05, 72.15

GOLD_, H4: Gold price was traded higher while currently testing the support level at 1761.05. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1761.05, 1780.65

Support level: 1746.00, 1725.51

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.

30 September 2021                           Afternoon Session Analysis

Euro fell following energy crisis and dovish remarks from ECB.

The Euro which traded against the dollar and other currency pairs have extend its losses and plunged amid ongoing concerns over energy crisis. Due to surging oil and gas prices, the situation has triggered a shortage of power across the region, which led to production halt in factories and dampened economic growth. According to President of the European Central Bank (ECB) Christine Lagarde, she emphasized that current supply bottleneck and disruption of supply chains were expected to be continued, which have led to rising inflation. However, the European Central Bank (ECB) sticked to its precaution move by not tapering its monetary policy as the policymakers believed that the current inflation pressure was caused by global supply disruption and it would not persist for a longer period. As of writing, the pair of EUR/USD slumped 0.02% to 1.1600.

In the commodities market, the crude oil price slumped 0.05% to $74.67 per barrel as of writing amid bearish oil inventory data. According to Energy Information Administration, crude oil inventories have rose 4.578M, weaker than market expectation of -1.652M. On the other hand, the gold price was down 0.06% to $1728.67 a troy ounce following strengthening US dollar.

Today’s Holiday Market Close

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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 near the resistance level 94.35. However, MACD which illustrate diminishing bullish momentum signal suggest the dollar to experience a technical correction towards the support level93.70.

Resistance level: 94.35, 94.90

Support level: 93.70, 93.10

GBPUSD, H4: GBPUSD was traded lower while currently testing the support level 1.3435. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to experience a technical correction towards the resistance level 1.3605.

Resistance level: 1.3605, 1.3745

Support level: 1.3460, 1.3300

EURUSD, H4: EURUSD was traded lower while currently testing the support level 1.1590. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to be traded higher as a technical correction towards the resistance level 1.1690.

Resistance level: 1.1690, 1.1800.

Support level: 1.1590, 1.1515

USDJPY, H4: USDJPY was traded higher while currently testing near the resistance level 112.15. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to experience a technical correction towards the support level 111.50.

Resistance level: 112.15, 112.60

Support level: 111.50, 110.75

AUDUSD, H4: AUDUSD was traded higher following prior rebound from its low level. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its rebound towards the resistance level 0.7235.

Resistance level: 0.7235, 0.7335

Support level: 0.7150, 0.7075

NZDUSD, H4: NZDUSD was traded higher following prior rebound from its low level. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its rebound towards the resistance level 0.6915.

Resistance level: 0.6915, 0.6990

Support level: 0.6815, 0.6725

USDCAD, H4: USDCAD was traded lower following prior retracement from the resistance level 1.2770. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its retracement towards the support level 1.2695.

Resistance level: 1.2770, 1.2870

Support level: 1.2695, 1.2585

USDCHF, H4: USDCHF 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 0.9310.

Resistance level: 0.9375, 0.9430

Support level: 0.9310, 0.9240

CrudeOIL, H4: Crude oil price was traded lower while currently testing near the support level 74.20. MACD which illustrate bearish momentum signal suggest the commodity to extend its losses after it breaks below the support level.

Resistance level: 76.40, 78.75

Support level: 74.20, 72.45

GOLD, H4: Gold price was traded higher following prior rebound from the support level 1716.85. MACD which illustrate diminishing bearish momentum signal suggest the commodity to extend its rebound towards the resistance level 1749.95.

Resistance level: 1749.95, 1785.80

Support level: 1716.85, 1679.60

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

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Today’s Highlight Economic Data

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.

29 September 2021                           Afternoon Session Analysis

Pound Sterling dipped lower amid fuel crisis.

The Pound Sterling was traded lower against US dollar and other currency pairs amid worries over supply bottlenecks. The deviation of EU workers due to Brexit restrictions in the UK has caused fuel crisis as the result of truck driver shortage. According to the news, limited deliveries of gasoline and diesel have led to a heavy panic buy, which resulted in closure of numerous petrol stations in the region. Moreover, the recent energy crisis that hit both Europe and China have resulted in electricity shortage in various cities. The production halts in factories could threaten global economic growth as well as supply chain. These have fueled up risk off sentiment hence reiterated the appeal of US dollar as safe haven. Meanwhile, the pair of GBP/USD received additional bearish momentum following prospects for an early monetary policy tightening by the Fed. The rallying US Treasury bond yields has resulted in the pullback of equity market as well as other major currencies. As of writing, the pair of GBP/USD slumped 0.02% to 1.3534.

In the commodities market, the crude oil price slumped 0.13% to $74.37 per barrel as of writing amid bearish oil inventory data. According to the American Petroleum Institute, the US API Weekly Crude Oil Stock data came in at the reading of 4.127M, worse than the forecasted reading of -2.333M. On the other hand, the gold price was down 0.06% to $1734.38 per troy ounces amid strengthening US dollar.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

23:45                     GBP                       BoE Gov Bailey Speaks

23:45                     USD                       Fed Chair Powell Speaks

23:45                     EUR                       ECB President Lagarde Speaks

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher while currently testing the resistance level 93.70. However, MACD which illustrate diminishing bullish momentum signal suggest the dollar to experience a technical correction towards the support level 93.10.

Resistance level: 93.70, 94.20

Support level: 93.10, 92.70

GBPUSD, H4: GBPUSD was traded lower following prior breakout below the previous support level 1.3605. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to experience a technical correction in short term back towards the resistance level 1.3605.

Resistance level: 1.3605, 1.3745

Support level: 1.3460, 1.3300

EURUSD, H4: EURUSD was traded lower following prior breakout below the previous support level 1.1705. However, MACD which illustrate diminishing bearish momentum signal with the starting formation of golden cross suggest the pair to be traded higher in short term back towards the level 1.1705.

Resistance level: 1.1705, 1.1800

Support level: 1.1625, 1.1545

USDJPY, H4: USDJPY was traded higher while currently testing the resistance level 111.55. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to be traded lower as a technical correction towards the support level 110.75.

Resistance level: 111.55, 112.15

Support level: 110.75, 110.20

AUDUSD, H4: AUDUSD was traded lower while currently testing the support level 0.7235. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to be traded higher towards the resistance level 0.7335.

Resistance level: 0.7335, 0.7415

Support level: 0.7235, 0.7150

NZDUSD, H4: NZDUSD was traded lower while currently testing near the support level 0.6920. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to be traded higher as a technical correction towards the resistance level 0.6990.

Resistance level: 0.6990, 0.7075

Support level: 0.6920, 0.6815

USDCAD, H4: USDCAD was traded higher while currently testing the resistance level 1.2695. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to experience a technical correction towards the support level 1.2585.

Resistance level: 1.2695, 1.2770

Support level: 1.2585, 1.2510

USDCHF, H4: USDCHF was traded higher while currently testing near the resistance level 0.9310. MACD which illustrate bullish momentum signal suggest the pair to extend its gains after it breaks above the resistance level 0.9310.

Resistance level: 0.9310, 0.9375

Support level: 0.9240, 0.9185

CrudeOIL, H4: Crude oil price was traded lower following prior breakout below the previous support level 74.65. MACD which illustrate bearish bias signal with the formation of death cross suggest the commodity to extend its retracement towards the support level 72.45.

Resistance level: 74.65, 77.00

Support level: 72.45, 70.45

GOLD, H4: Gold price was traded higher following recent rebound from its low level. MACD which illustrate diminishing bearish momentum signal suggest the commodity to extend its rebound towards the resistance level 1749.95.

Resistance level: 1749.95, 1785.80

Support level: 1716.85, 1679.60

29 September 2021                           Morning Session Analysis

Dollar surged as hawkish expectation from Fed.

The Dollar Index which traded against a basket of six major currency pairs surged to its highest in more than 10 months, buoyed by the rising treasury yields amid investors speculated that the Federal Reserve have higher possibility to reduce its bond buying program in November and tighten the monetary policy in order to combat high inflation risk in future. Recently, the tone from the U.S. Central Bank had turned hawkish during the monetary policy meeting, reinforcing the market view for a sooner-than-expected contractionary monetary policy. According to Reuters, St. Louis Fed James Bullard claimed that he expected the inflation rate rise to 2.8% through next year, well above the central bank’s 2% target. Besides, he also believed the Fed will begin tapering in November to maintain the inflation stability. Nonetheless, the gains experienced by the US Dollar was limited over the backdrop of bearish economic data. According to Conference Board, U.S. CB Consumer Confidence came in at 109.3, missing the market forecast at 114.5. As of writing, the Dollar Index surged 0.03% to 93.75.

In the commodities market, the crude oil price slumped 0.05% to 74.80 per barrel as of writing. The oil market edged lower amid technical correction following its reached its recent high. Though, the overall prospect for the crude oil demand remained positive amid rapid Covid-19 vaccination program around the world. On the other hand, the gold price slumped 0.03% to $1734.85 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

23:45                     GBP                                        BoE Gov Bailey Speaks

23:45                     USD                                        Fed Chair Powell Speaks

23:45                     EUR                                        ECB President Lagarde Speaks

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher following prior breakout above the previous resistance level at 93.50. However, MACD which illustrated diminishing bullish momentum suggest the index to be traded lower in short-term as technical correction.

Resistance level: 94.10, 94.75

Support level: 93.50, 92.65

GBPUSD, H4: GBPUSD was traded lower while currently testing the support level at 1.3515. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.3605, 1.3665

Support level: 1.3515, 1.3410

EURUSD, H4: EURUSD was traded lower while currently testing the support level at 1.1675. However, MACD which illustrated diminishing bearish momentum suggest the pair 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 111.55. However, MACD which illustrated diminishing bullish momentum suggest the index to be traded lower in short-term as technical correction.

Resistance level: 111.55, 112.15

Support level: 110.10, 110.40

AUDUSD, H4: AUDUSD was traded lower while currently testing the support level at 0.7300. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 0.7300, 0.7400

Support level: 0.7220, 0.7115

NZDUSD, H4: NZDUSD was traded lower while currently testing the support level at 0.6940. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.6990, 0.7080

Support level: 0.6940, 0.6895

USDCAD, H4: USDCAD was traded higher while currently testing the resistance level at 1.2690. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.2690, 1.2755

Support level: 1.2615, 1.2580

USDCHF, Daily: USDCHF was traded higher while currently testing the resistance level at 0.9305. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.9305, 0.9375

Support level: 0.9330, 0.9100

CrudeOIL, H4: Crude oil price was traded lower following prior breakout below the previous support level at 75.40. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses toward support level at 73.85.

Resistance level: 75.40, 76.90

Support level: 73.85, 72.25

GOLD_, H4: Gold price was traded lower following prior breakout below the previous support level at 1746.00. 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, 1687.10

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.

28 September 2021                           Afternoon Session Analysis

Euro plunged following dovish stance from ECB.

The Euro which traded against the dollar and other currency pairs remains pressured and fell following recent dovish signals from the ECB. According to latest development, ECB President Christine Lagarde commented yesterday that the level of inflation in the EU has exceeded the previously set target of 2%. However, Lagarde stressed that the inflation rate will decline back from its high level after crude oil prices have stabilize again and supply chain problems are resolved by next year. The view given by Lagarde are more towards dovish stance as the ECB is likely to continue its policy easing after the bond -buying program is reduced starting early next year. Internal sources stated that the ECB is considering introducing a stricter bond buying program where each country will have a quota and it does not include Greece due to its weak credit standing. At the time of writing, EUR/USD fell 0.05% to 1.1692.

In the commodities market, crude oil price extends gains and soars 0.56% to $75.81 per barrel as of writing following rising demand prospect and tight supply. As the world continue to recover from the pandemic, global oil demand is expected to reach pre-pandemic levels by early next year, although spare refining capacity may weigh on the outlook, according to producers and traders in an industry conference. Goldman Sachs also raised by $10 its year-end forecast for Brent crude to $90 per barrel. On the other hand, gold price rose 0.05% to $1750.92 a troy ounce at the time of writing amid dollar retreat.

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

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher following recent rebound from the support level 93.10. MACD which illustrate bullish momentum signals suggest the dollar to extend its gains towards the resistance level 93.70.

Resistance level: 93.70, 94.20

Support level: 93.10, 92.70

GBPUSD, H4: GBPUSD was traded higher following recent rebound from its low level. MACD which illustrate bullish bias signal suggest the pair to extend its gains towards the resistance level 1.3765.

Resistance level: 1.3765, 1.3875

Support level: 1.3605, 1.3460

EURUSD, H4: EURUSD was traded lower following prior breakout below the previous support level 1.1705. MACD which illustrate bearish momentum signal suggest the pair to extend its losses after it breaks below the previous support level 1.1705.

Resistance level: 1.1705, 1.1800

Support level: 1.1625, 1.1545

USDJPY, H4: USDJPY was traded higher following prior breakout above the previous resistance level 110.75. MACD which illustrate bullish momentum signal suggest the pair to extend its gains towards the resistance level 111.55.

Resistance level: 111.55, 112.15

Support level: 110.75, 110.20

AUDUSD, H4: AUDUSD was traded higher following prior rebound from the support level 0.7235. MACD which illustrate bullish momentum signal with the formation of golden cross 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.

Resistance level: 1.2685, 1.2770

Support level: 1.2585, 1.2510

USDCHF, H4: USDCHF was traded higher following prior rebound from the support level 0.9240. MACD which illustrate bullish momentum signal suggest the pair to extend its rebound 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 recent 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 flat while currently testing the support level 1749.95. However, MACD which illustrate bullish bias signal with the formation of golden cross suggest the commodity to be traded higher towards the resistance level 1785.80.

Resistance level: 1785.80, 1806.85

Support level: 1753.05, 1725.50

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

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.

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

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

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

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.

24 September 2021                           Afternoon Session Analysis

Dollar slips following easing concerns over China Evergrande bankruptcy.

The dollar index which traded against a basket of six major currency pairs have fell to near one-week low following easing concerns about contagion from China Evergrande potential bankruptcy which improved risk sentiment. According to sources, Evergrande is likely to undergo restructuring to pay off debts that have been deferred previously. Reports from the Central Bank of China show that they have carried out a “reverse repo” operation worth 110 billion yuan in the past 7 days. The move suggests that the Central Bank of China has increased liquidity in financial markets should the restructuring increase the negative impact in the future. Economists argue that the Chinese government will take drastic action to protect its citizens who have purchased properties developed by Evergrande. Moreover, the Chinese government is likely to stress the importance of restructuring so that the momentum of economic recovery in China is not affected. At the time of writing, dollar index fell 0.37% to $93.05.

In the commodities market, crude oil price rose 0.15% to $73.10 per barrel at the time of writing amid expectation of tighter supply. According to Energy Information Administration (EIA) data, capacity utilization rates at U.S. East Coast refineries increased to 93%, the highest since May 2019. On top of that, some of the OPEC members also struggled to raise output due to delays to maintenance work. On the other hand, gold price rose 0.54% to 1752.25 a troy ounce as of writing following dollar weakness.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

22:00                     USD                                        Fed Chair Powell Speaks

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index traded lower while currently testing the support level 93.05. MACD which illustrate bearish momentum signal suggest the dollar to extend its losses after it breaks below the support level 93.05.

Resistance level: 93.65, 94.20

Support level: 93.05, 92.65

GBPUSD, H4: GBPUSD was traded higher while currently testing near the resistance level 1.3765. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to experience a technical correction towards the support level 1.3605.

Resistance level: 1.3765, 1.3875

Support level: 1.3605, 1.3460

EURUSD, H4: EURUSD was traded higher following prior rebound from the support level 1.1705. MACD which illustrate bullish momentum signal suggest the pair to extend its rebound towards the resistance level 1.1800.

Resistance level: 1.1800, 1.1885

Support level: 1.1705, 1.1625

USDJPY, H4: USDJPY was traded higher following prior breakout above the previous resistance level 110.20. MACD which illustrate ongoing bullish momentum signal suggest the pair to extend its gains towards the resistance level 110.75.

Resistance level: 110.75, 111.55

Support level: 110.20, 109.60

AUDUSD, H4: AUDUSD was traded higher while currently testing near the resistance level 0.7335. MACD which illustrate diminishing bullish momentum signal suggest the pair to experience a technical correction towards the support level 0.7235.

Resistance level: 0.7335, 0.7415

Support level: 0.7235, 0.7150

NZDUSD, H4: NZDUSD was traded higher while currently testing near the resistance level 0.7075. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to be traded lower as a technical correction towards the support level 0.6990.

Resistance level: 0.7075, 0.7145

Support level: 0.6990, 0.6920

USDCAD, H4: USDCAD was traded flat while currently testing the resistance level 1.2685. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to be traded higher after it breaks above the resistance level 1.2685.

Resistance level: 1.2685, 1.2770

Support level: 1.2585, 1.2510

USDCHF, H4: USDCHF was traded flat while currently testing the support level 0. 9240.However, MACD which illustrate diminishing bearish momentum signal suggest the pair to be traded higher 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 recent breakout above the previous resistance level 72.45. However, MACD which illustrate diminishing bullish momentum signal suggest the commodity to be traded lower as a short-term technical correction back towards the support level 72.45.

Resistance level: 74.30, 77.00

Support level: 72.45, 70.45

GOLD, H4: Gold price was traded lower while currently testing the support level 1745.40. MACD which illustrate bearish momentum signal suggest the commodity to extend its losses after it breaks below the support level 1745.40.

Resistance level: 1778.55, 1806.85

Support level: 1745.40, 1715.60

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.

24 September 2021                           Morning Session Analysis

Pound surged amid hawkish tone from BoE.

Pound Sterling surged following the Bank of England unleashed their hawkish tone yesterday. The Bank of England continue to set their monetary policy to meet the 2% inflation target, and in a way to boost economic growth and employment rate. The Monetary Policy Committee (MPC) voted unanimously to maintain the interest rate at 0.1% while continuing with its existing program of UK government bond purchases. On the inflation front, the BoE warned that the consumer prices were likely to climb to “slightly above” 4% this year, double its target level, which increasing hopes for the BoE to be tightening its monetary policy to combat the high inflation risk in future. Nonetheless, the gains experienced by the Pound Sterling was limited by the bearish economic data. According to Markit Economics, U.K. Manufacturing Purchasing Managers’ Index (PMI) notched down from the previous reading of 60.3 to 56.3, missing the market forecast at 59.0. As of writing, GBP/USD appreciated by 0.12% to 1.3735.

In the commodities market, the crude oil price appreciated by 0.11% to $73.55 pe barrel as of writing. The oil market continues to extend its gains, buoyed by growing fuel demand expectation following the rapid process of the Covid-19 vaccination program around the world. On the other hand, the gold price slumped 0.27% to $1747.65 per troy ounces as of writing amid the earlier hawkish tone from the Federal Reserve, dragging down the appeal for the safe-haven gold.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

22:00                     USD                       Fed Chair Powell Speaks

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, Daily: 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 higher while currently testing the resistance level at 1.3735. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.3735, 1.3805

Support level: 1.3695, 1.3605

EURUSD, H4: EURUSD was traded higher while currently near the resistance level at 1.1760. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.1760, 1.1800

Support level: 1.1705, 1.1665

USDJPY, Daily: USDJPY was traded higher while currently testing the resistance level at 110.40. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 110.40, 111.10

Support level: 109.65, 109.20

AUDUSD, H4: AUDUSD was traded higher following prior breakout above the previous resistance level at 0.7280. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.7345.

Resistance level: 0.7345, 0.7475

Support level: 0.7280, 0.7220

NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level at 0.7080. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

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 increasing bullish 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 following prior breakout above the previous resistance level at 72.35. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains toward resistance level at 74.25.

Resistance level: 74.25, 76.05

Support level: 72.35, 70.30

GOLD_, H4: Gold price was traded lower while currently testing the support level at 1746.20 MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses after it successfully breakout below the support level.

Resistance level: 1763.50, 1778.20

Support level: 1746.20, 1737.05

23 September 2021                           Afternoon Session Analysis

Australian dollar dipped lower despite upbeat economic data.

The Australian dollar was traded lower despite upbeat economic data. According to Markit, Australia Manufacturing Purchasing Managers Index (PMI) in September edged higher from the previous reading of 52 to 57.3. On the other hand, Services Purchasing Managers Index (PMI) in September edged higher from the previous reading of 42.9 to 44.9. Both data suggested a stronger economic momentum in Australia as easing of mobility restrictions in the country circumvent the fall in its activity and demand for the month of September. Nevertheless, the bullish momentum of Australian dollar was limited amid the hawkish stances from Fed. According to the Fed Chairman Jerome Powell, the tapering of asset purchase program will begin as soon as the next FOMC meeting in November. The Fed have also projected for a rate hike during early of year 2022. As of writing, the pair of AUD/USD was down 0.11% to 0.7229.

In the commodities market, the crude oil price surged 0.2% to $72.36 per barrel as of writing amid bullish oil inventory data from the US. According to the Energy Information Administration, U.S. Crude Oil Inventories was recorded at the reading of -3.481M, better than the forecasted reading of -2.440M. On the other hand, the gold price was down 0.10% to $1763.15 per troy ounces amid the strengthening of US dollar.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

15:30                     CHF                                         SNB Monetary Policy Assessment

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded higher while currently testing the resistance level at 93.40. MACD which illustrated diminishing bearish momentum suggest the index to extend its gains after it successfully breakout above the resistance level.

Resistance level: 93.40, 94.10

Support level: 92.65, 91.80

GBPUSD, H4: GBPUSD was traded lower while currently testing the support level at 1.3605. However, MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

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: 1.1760, 1.1800

Support level: 1.1705, 1.1665

USDJPY, H4: USDJPY was traded higher following prior breakout above the previous resistance level at 109.65. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 110.40.

Resistance level: 110.40, 111.10

Support level: 109.65, 109.20

AUDUSD, H4: AUDUSD was traded lower while currently testing the support level at 0.7220. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.7280, 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 bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.7080, 0.7160

Support level: 0.6990, 0.6940

USDCAD, H4: USDCAD was traded lower while currently near the support level at 1.2755. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.2850, 1.2905

Support level: 1.2780, 1.2725

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 72.30. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.

Resistance level: 72.30, 73.75

Support level: 70.40, 67.75

GOLD_, H4: Gold price was traded lower while currently testing the support level at 1763.50. MACD which illustrated diminishing bullish momentum suggest the commodity to extend its losses after it successfully breakout below the support level.

Resistance level: 1778.20, 1796.55

Support level: 1765.95, 1749.35

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.

23 September 2021                           Morning Session Analysis

Fed signals for rate hike as early as next year.

US dollar extended its gains during early Asian trading session following hawkish signals from US Federal Reserve. As widely expected, Fed has maintained its current monetary policy setting during its September meeting earlier this morning. However, Fed officials signaled that they are ready to scale back stimulus that were introduced last year to mitigate coronavirus-led economic complications. According to Fed’s statement and economic projection, 9 out of 18 Fed officials supported to increase interest rates as soon as next year to mitigate rising inflationary pressure in the US. Fed expected inflation rate to peak at 4.2% for the year of 2021, exceeding their previously set target at 2%. From the press conference, Fed President Jerome Powell commented that their $120 billion monthly bond purchasing program may be tapered during November’s meeting if jobs market shows continuous improvement. Thus, Nonfarm Payrolls report that will be released in early October will be the focus for both Fed and investors to gauge the likelihood of such tapering measures. However, gains on the US dollar were limited after Fed dialed down economic projections for the current year. Fed committee expected Gross Domestic Product to grow at the rate of 5.9% for the year 2021, significantly lower than previous forecast of 7%. As of writing, the dollar index was up 0.02% to 93.46.

As for commodities, crude oil price depreciates by 0.05% to $71.90 per barrel. Oil prices was up 2% on yesterday following significant drawdown in last week’s oil inventory after hurricane Ida and Nicholas struck Gulf Coast. On the other hand, gold price was down 0.03% to $1,767.48 a troy ounce due to stronger greenback.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

15:30                     CHF                       SNB Monetary Policy Assessment

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index extended its gains following prior rebound from the lower level. MACD which illustrate bullish momentum suggests its price to extend its gains after closing above 93.50.

Resistance level: 93.50, 93.65

Support level: 93.30, 93.05

GBPUSD, H4: GBPUSD was traded lower following prior breakout at 1.3655. MACD which illustrate bearish signal suggests its price to extend its losses after closing below 1.3610.

Resistance level: 1.3655, 1.3690

Support level: 1.3610, 1.3550

EURUSD, H4: EURUSD was traded lower following prior breakout at 1.1705. MACD which begins to form bearish signal suggests the pair to extend its losses towards 1.1675.

Resistance level: 1.1705, 1.1740

Support level: 1.1675, 1.1630

USDJPY, H4: USDJPY was traded higher following prior rebound from the lower levels. MACD which illustrate bullish signals suggests the pair to extend its gains towards the target of 110.15.

Resistance level: 110.15, 110.45

Support level: 109.75, 109.40

AUDUSD, H1: AUDUSD was traded lower following prior retracement from 0.7260. MACD which illustrate bearish signal suggest the pair to extend its losses after closing below 0.7220.

Resistance level: 0.7260, 0.7300

Support level: 0.7220, 0.7190

NZDUSD, H4: NZDUSD was traded lower while currently testing the support level at 0.6985. MACD which illustrate bearish signal suggests the pair to extend its losses after closing below the support level.

Resistance level: 0.7025, 0.7075

Support level: 0.6985, 0.6945

USDCAD, H4: USDCAD was traded higher following prior rebound from the lower level. MACD which illustrate diminished downward momentum suggest the pair to extend its gains towards the direction of 1.2820.

Resistance level: 1.2820, 1.2860

Support level: 1.2750, 1.2700

USDCHF, H4: USDCHF was traded higher following prior rebound from the lower level. MACD which begins to form bullish signal suggests the pair to extend its gains after breaking 0.9275.

Resistance level: 0.9275, 0.9325

Support level: 0.9235, 0.9200

CrudeOIL, H1: Crude oil price was traded higher while currently testing at 72.00. However, MACD which illustrate diminished upward momentum suggests the pair to be traded lower in short-term as technical correction.

Resistance level: 72.00, 72.65

Support level: 71.20, 70.10

GOLD_, H4: Gold price was lower following prior retracement from the downward trendline. MACD which illustrate bearish signal suggests its price to be traded lower, towards the direction of 1756.30.

Resistance level: 1774.30, 1786.60

Support level: 1756.30, 1738.30