130921 Morning Session Analysis
13 September 2021 Morning Session Analysis
Dollar surged amid expectation on contractionary monetary policy.
The Dollar Index which traded against a basket of six major currency surged with higher U.S. Treasury Yield following the United States released high inflation data. According to U.S. Bureau of Labor Statistics, U.S. Producer Price Index (PPI) for last month came in at 0.7%, higher than the market expectation at 0.6%. Such high inflation data would be spurring hopes that the Federal Reserve might begin to reduce its asst purchases as well as taper their monetary policy in order to combat the high inflation risk. Besides, US Dollar extend its gains over the backdrop of hawkish statement from the Fed last Friday. According to Reuters, Cleveland Fed President Loretta Mester also claimed on Friday that she would still be likely to support the central bank to contract their monetary policy this year. Nonetheless, investors would continue to scrutinize the latest updates with regards of Covid-19 development as well as further crucial economic data to gauge the likelihood movement for the US Dollar. As of writing, the Dollar Index appreciated by 0.05% to 92.65.
In the commodities market, the crude oil price appreciated by 0.69% to 70.25 per barrel as of writing. The crude oil price edged higher amid market participants remained optimism toward the demand outlook for this black-commodity following the rapid Covid-19 vaccination rollout around the world. On the other hand, the gold price slumped 0.04% to $1787.60 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
N/A
Today’s Highlight Economic Data
N/A
Technical Analysis
DOLLAR_INDX, Daily: Dollar index was traded higher while currently testing the resistance level at 92.70. MACD which illustrated increasing bearish momentum suggest the index to be traded lower in short-term as technical correction.
Resistance level: 92.70, 93.25
Support level: 91.80, 90.75
GBPUSD, H4: GBPUSD was traded lower while currently testing the support level at 1.3805. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 1.3880, 1.3945
Support level: 1.3805, 1.3735
EURUSD, H4: EURUSD was traded lower while currently testing the support level at 1.1800. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 1.1840, 1.1895
Support level: 1.1800, 1.1760
USDJPY, H4: USDJPY was traded lower while currently testing the support level at 109.65. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
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 0.7340. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 0.7480, 0.7590
Support level: 0.7340, 0.7280
NZDUSD, H4: NZDUSD was traded lower while currently testing the support level at 0.7080. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 0.7160, 0.7255
Support level: 0.7080, 0.7015
USDCAD, H4: USDCAD was traded higher following prior rebounded from the support level at 1.2625. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 1.2690.
Resistance level: 1.2690, 1.2725
Support level: 1.2625, 1.2580
USDCHF, Daily: USDCHF was traded lower following prior retracement from the resistance level at 0.9230. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 0.9100.
Resistance level: 0.9230, 0.9305
Support level: 0.9109, 0.9035
CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level at 69.85. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.
Resistance level: 69.85, 71.55
Support level: 67.70, 66.10
GOLD_, H4: Gold price was traded lower while currently near the support level ta 1778.55. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses after it successfully breakout below the support level.
Resistance level: 1796.55, 1807.15
Support level: 1778.55, 1754.70
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.
100921 Afternoon Session Analysis
10 September 2021 Afternoon Session Analysis
Dollar dips following comments from Fed members, U.S yields.
The dollar index which traded against a basket of six major currency pairs have retreat from its high amid mixed comments from various Fed members. Currently, investors are speculating on when the Federal Reserve is likely to begin paring bond purchases as it balances rising price pressures against a still relatively soft employment picture. Fed Governor Michelle Bowman stated that weak August jobs report likely won’t throw off the central bank plan to trim its $120 billion monthly bond purchases this year. However, Chicago Federal Reserve President Charles Evans stated the U.S economy is “not out of the woods yet”. Despite with strong economic growth and also promise of vaccines, challenges still remain such supply chain and labor market bottlenecks. On top of that, falling U.S Treasury Yields also further pressured the greenback as the U.S government saw strong demand for a sale of 30-years bond. At the time of writing, dollar index fell 0.04% to 92.39.
In the commodities market, crude oil price fell 0.11% to $68.31 per barrel as of writing amid news of China plan to release crude from its reserves. According to reports, China’s state reserves administration stated that it would release crude oil reserves to the market via public auction to ease pressure of high cost on domestic refiners. The move will add more supply into the market which would drag down the price. On the other hand, gold price rose 0.25% to $1799.19 a troy ounce at the time of writing following dollar retreat.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
N/A
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 14:00 | GBP – GDP (MoM) | 0.80% | – | – |
| 14:00 | GBP – Manufacturing Production (MoM) (Jul) | 0.20% | 0.10% | – |
| 20:30 | USD – PPI (MoM) (Aug) | 1.00% | 0.60% | – |
| 20:30 | CAD – Employment Change (Aug) | 94.0K | 75.0K | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar was traded lower following prior retracement from the resistance level 92.70. MACD which illustrate bearish momentum signal with the formation of death cross suggest the dollar to extend its losses towards the support level 92.05.
Resistance level: 92.70, 93.10
Support level: 92.05, 91.60
GBPUSD, H4: GBPUSD was traded higher while currently testing near the resistance level 1.3885. MACD which illustrate bullish momentum signal suggest the pair to extend its gains after it breaks above the resistance level 1.3885.
Resistance level: 1.3885, 1.3990
Support level: 1.3765, 1.3600
EURUSD, H4: EURUSD was traded higher following prior rebound from the support level 1.1805. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its rebound towards the resistance level 1.1885.
Resistance level: 1.1885, 1.1950
Support level: 1.1805, 1.1705
USDJPY, H4: USDJPY remain traded in a sideway channel following recent rebound from the support level 109.60. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its rebound towards the resistance level 110.20.
Resistance level: 110.20, 110.75
Support level: 109.60, 109.15
AUDUSD, H4: AUDUSD was traded lower 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 0.7415.
Resistance level: 0.7415, 0.7485
Support level: 0.7330, 0.7250
NZDUSD, H4: NZDUSD was traded higher following prior rebound from its low level. MACD which illustrate bullish bias signal suggest the pair with the formation of golden cross suggest the pair to extend its rebound towards the resistance level 0.7145.
Resistance level: 0.7145, 0.7225
Support level: 0.7075, 0.6990
USDCAD, H4: USDCAD was traded lower following recent retracement from the resistance level 1.2685. MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to extend its losses towards the support level 1.2585.
Resistance level: 1.2685, 1.2770
Support level: 1.2585, 1.2510
USDCHF, H4: USDCHF remain traded in a sideway channel following recent retracement from the resistance level 0.9200. MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to extend its losses towards the support level 0.9100.
Resistance level: 0.9200, 0.9245
Support level: 0.9100, 0.9025
CrudeOIL, H4: Crude oil price was traded lower while currently testing the support level 68.05. MACD which illustrate bearish bias signal suggest the commodity to extend its losses after it breaks below the support level.
Resistance level: 70.55, 74.30
Support level: 68.05, 65.35
GOLD, H4: Gold price was traded higher following prior rebound from the support level 1792.35. MACD which illustrate bullish momentum signal suggest the commodity to extend its gains towards the resistance level 1831.85.
Resistance level: 1831.85, 1866.85
Support level: 1792.35, 1760.35
100921 Morning Session Analysis
10 September 2021 Morning Session Analysis
Euro slumped over dovish tone.
The pair of EUR/USD slumped following the European Central Bank unleashed their dovish tone yesterday. According to the monetary policy statement, the European Central Bank had kept its monetary policy unchanged but opted to slow down the pace of bond buying process under its pandemic emergency purchase program (PEPP). The Monetary Policy Committee voted to maintain their interest rate on main refinancing operations at 0%, on the marginal lending facility at 0.25% and deposit facility at -0.5%. The central bank also reiterated that they would continue to implement their aggressive expansionary monetary policy until the inflation stabilize at 2% over the medium term. On the inflation front, the Euro zone inflation rate had notched a decade high of 3% in August, spurring further worries for the ECB as to the danger of inflation becoming persistent rather than “transitory”. Some analysts speculated that the ECB would announce the reduction of its aggressive stimulus package in December to combat the high inflation risk. As of writing, EUR/USD slumped 0.04% to 1.1825.
In the commodities market, the crude oil price depreciated by 0.04% to 67.95 per barrel as of writing over the backdrop of negative inventory data. According to Energy Information Administration (EIA), U.S. Crude Oil Inventories came in at -1.529M, missing the market forecast at -4.612M. On the other hand, the gold price was traded flat at $1795.05 per troy ounces as of writing amid market participants still waited for further catalyst in the global financial market.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
N/A
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 14:00 | GBP – GDP (MoM) | 0.80% | – | – |
| 14:00 | GBP – Manufacturing Production (MoM) (Jul) | 0.20% | 0.10% | – |
| 20:30 | USD – PPI (MoM) (Aug) | 1.00% | 0.60% | – |
| 20:30 | CAD – Employment Change (Aug) | 94.0K | 75.0K | – |
Technical Analysis
DOLLAR_INDX, Daily: Dollar index was traded higher while currently testing the resistance level at 92.70. MACD which illustrated increasing bearish momentum suggest the index to be traded lower in short-term as technical correction.
Resistance level: 92.70, 93.25
Support level: 91.80, 90.75
GBPUSD, H4: GBPUSD was traded higher following prior breakout above the previous resistance level at 1.3805. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.3880.
Resistance level: 1.3880, 1.3945
Support level: 1.3805, 1.3735
EURUSD, H4: EURUSD was traded lower following prior retracement from the resistance level at 1.1840. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 1.1840, 1.1895
Support level: 1.1800, 1.1760
USDJPY, H4: USDJPY was traded lower while currently testing the support level at 109.65. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 110.55, 111.10
Support level: 109.65, 109.20
AUDUSD, H4: AUDUSD was traded lower while currently testing the support level at 0.7340. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 0.7480, 0.7590
Support level: 0.7340, 0.7280
NZDUSD, H4: NZDUSD was traded lower while currently testing the resistance level at 0.7090. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 0.7160, 0.7255
Support level: 0.7080, 0.7015
USDCAD, H1: USDCAD was traded higher following prior rebounded from the support level at 1.2625. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 1.2690.
Resistance level: 1.2690, 1.2725
Support level: 1.2625, 1.2580
USDCHF, Daily: USDCHF was traded lower following prior retracement from the resistance level at 0.9230. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 0.9100.
Resistance level: 0.9230, 0.9305
Support level: 0.9109, 0.9035
CrudeOIL, H4: Crude oil price was traded lower while currently testing the support level at 67.70. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses after it successfully breakout below the support level.
Resistance level: 69.85, 71.55
Support level: 67.70, 66.10
GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1796.55. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level .
Resistance level: 1796.55, 1807.15
Support level: 1778.55, 1754.70
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.
090921 Afternoon Session Analysis
9 September 2021 Afternoon Session Analysis
Canadian Loonie slips following dovish BoC.
The Canadian dollar which traded against the greenback and other currency pairs have fell following recent interest rate decision from Bank of Canada. The Canada central bank decided to keep its interest rate unchanged at 0.25%. At the same time, the quantitative easing program is also maintained at C$ 2 billion per week. Despite matching wide market forecasts of inaction, the Bank of Canada (BOC) conveyed economic fears amid the fourth wave of the coronavirus. The central bank stated that global economic recovery continued through Q2, mainly driven by strong US growth and carries solid momentum into the Q3. However, supply chain disruptions restrain activity in some sectors, and COVID-19 outbreaks in some regions threaten to slow global recovery. While CPI inflation remains above 3% as expected but the BoC expects the rise in prices to be transitory, therefore it will be firmly monitored. At the time of writing, USD/CAD rose 0.07% to 1.2691.
In the commodities market, crude oil price rose 0.02% to $69.35 per barrel at the time of writing following support from lower U.S output. U.S production remain struggling to recover from Hurricane Ida as about 77% of U.S. Gulf production or about 1.4 million barrels per day remained offline on Tuesday. The market has lost about 17.5 million barrels of oil so far. On the other hand, gold price fell 0.04% to $1788.46 a troy ounce at the time of writing amid dollar strength.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
19:45 EUR ECB Monetary Policy Statement
20:30 EUR ECB Press Conference
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 19:45 | EUR – ECB Interest Rate Decision (Aug) | 0.00% | 0.00% | – |
| 20:30 | USD – Initial Jobless Claims | 340K | 335K | – |
| 23:00 | CrudeOIL – Crude Oil Inventories | -7.169M | – | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar was traded higher while currently testing the resistance level 92.70. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to be traded lower as technical correction towards the support level 92.05.
Resistance level: 92.70, 93.10
Support level: 92.05, 91.60
GBPUSD, H4: GBPUSD was traded lower while currently testing the support level 1.3765. MACD which illustrate bearish momentum signal suggest the pair to extend its losses after it breaks below the support level.
Resistance level: 1.3885, 1.3990
Support level: 1.3765, 1.3600
EURUSD, H4: EURUSD was traded lower following recent breakout below the previous support level 1.1830. MACD which illustrate persistent bearish momentum signal suggest the pair to extend its losses towards the support level 1.1770.
Resistance level: 1.1830, 1.185
Support level: 1.1770, 1.1705
USDJPY, H4: USDJPY was traded higher following prior retracement from the resistance level 110.20. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its retracement towards the support level 109.60.
Resistance level: 110.20, 110.75
Support level: 109.60, 109.15
AUDUSD, H4: AUDUSD was traded lower while currently testing near the support level 0.7330. MACD which illustrate persistent bearish momentum signal suggest the pair to extend its losses after it breaks below the support level.
Resistance level: 0.7415, 0.7485
Support level: 0.7330, 0.7250
NZDUSD, H4: NZDUSD was traded lower while currently testing near the support level 0.7075. MACD which illustrate persistent bearish momentum signal suggest the pair to extend its losses after it breaks below the support level.
Resistance level: 0.7145, 0.7225
Support level: 0.7075, 0.6990
USDCAD, H4: USDCAD was traded higher following prior breakout above the previous resistance level 1.2685. MACD which illustrate ongoing bullish momentum signal suggest the pair to extend its gains towards the resistance level 1.2770.
Resistance level: 1.2770, 1.2870
Support level: 1.2685, 1.2585
USDCHF, H4: USDCHF was traded lower while currently testing the support level 0.9200. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses after it breaks below the support level.
Resistance level: 0.9245, 0.9310
Support level: 0.9200, 0.9100
CrudeOIL, H4: Crude oil price was traded higher following recent rebound from the support level 68.05. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the commodity to extend its rebound towards the resistance level 70.55.
Resistance level: 70.55, 74.30
Support level: 68.05, 65.35
GOLD, H4: Gold price was traded lower following prior breakout below the previous support level 1792.35. MACD which illustrate persistent bearish momentum signal suggest the commodity to extend its losses towards the support level 1760.35.
Resistance level: 1792.35, 1831.85
Support level: 1760.35, 1725.50
090921 Morning Session Analysis
09 September 2021 Morning Session Analysis
Dollar surged on positive JOLTs data.
The Dollar Index which traded against a basket of six major currency extend its gains following the United States released its upbeat job data yesterday. According to Bureau of Labor Statistics, U.S. JOLTs Job Opening had notched up significantly from the previous reading of 10.185M to 10.934M, better than the market forecast at 10.000M. The upbeat economic data had spurred positive prospect for the U.S. economic growth in future, which increasing the appeal of the US Dollar. Besides, the US Dollar extend its gains over the backdrop of rising U.S. government bond yields as market participants expected the Federal Reserve would likely to taper its bond purchases program by the year-end. According to Reuters, Fed officials might start to reduce their $120 billion in monthly bond purchases by the end of the year as a first step in a coming shift to post-pandemic monetary policy. As of writing, the Dollar Index appreciated by 0.05% to 92.72.
In the commodities market, the crude oil price slumped 0.30% to $69.25 per barrel as of writing. The oil market edged lower amid bearish inventory data. According to American Petroleum Institute (API), U.S. API Weekly Crude Oil Stock came in at -2.882M, worse than the market forecast at -3.832M. On the other hand, the gold price slumped 0.05% to $1789.65 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 Monetary Policy Statement
20:30 EUR ECB Press Conference
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 19:45 | EUR – ECB Interest Rate Decision (Aug) | 0.00% | 0.00% | – |
| 20:30 | USD – Initial Jobless Claims | 340K | 335K | – |
| 23:00 | CrudeOIL – Crude Oil Inventories | -7.169M | – | – |
Technical Analysis
DOLLAR_INDX, Daily: Dollar index was traded higher while currently testing the resistance level at 92.70. MACD which illustrated diminishing bearish momentum suggest the index to extend its gains after it successfully breakout above the resistance level.
Resistance level: 92.70, 93.25
Support level: 91.80, 90.75
GBPUSD, H4: GBPUSD was traded lower while currently testing the support level at 1.3760. 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: 1.3760, 1.3735
EURUSD, H4: EURUSD was traded lower while currently testing the support level at 1.3840. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 1.1840, 1.1895
Support level: 1.1800, 1.1760
USDJPY, H4: USDJPY was traded higher following prior rebound from the support level at 109.75. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 110.55, 111.10
Support level: 109.75, 109.20
AUDUSD, H4: AUDUSD was traded lower while currently testing the support level at 0.7375. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 0.7480, 0.7590
Support level: 0.7340, 0.7280
NZDUSD, H4: NZDUSD was traded lower while currently testing the resistance level at 0.7090. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 0.7160, 0.7255
Support level: 0.7080, 0.7015
USDCAD, H4: USDCAD was traded higher while currently testing the resistance level at 1.2705. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 1.2705, 1.2780
Support level: 1.2650, 1.2580
USDCHF, Daily: USDCHF was traded higher while currently testing the resistance level at 0.9230. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.9230.
Resistance level: 0.9230, 0.9305
Support level: 0.9105, 0.9035
CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level at 69.85. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.
Resistance level: 69.85, 71.55
Support level: 68.00, 66.10
GOLD_, H4: Gold price was traded lower following prior breakout below the previous support level at 1796.55. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 1796.55, 1807.15
Support level: 1778.55, 1754.70
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.
080921 Afternoon Session Analysis
8 September 2021 Afternoon Session Analysis
Euro fell amid downbeat economic data.
The Euro was traded lower against US dollar and other currency pairs amid negative economic data. According to the Zentrum für Europäische Wirtschaftsforschung, German ZEW Economic Sentiment in September eased from the previous reading of 40.4 to 26.5, lower than the forecasted reading of 30.0. The Germany’s economic outlook deteriorated following shortage in global chip supply as well as construction materials which weighed on the profit expectations. Nevertheless, the better-than-expected Eurozone Gross Domestic Product (GDP) in second quarter which came in at the reading of 2.2%, while exceeding the forecasted reading of 2.0, has limited the bearish momentum of the Euro. Market sentiments remain optimistic amid speculation on possible monetary policy tightening in the EU. On Thursday, investors anticipated that the European Central Bank (ECB) will announce to taper its Pandemic Emergency Purchase Programme (PEPP) in order to scale down its market stimulus. As of writing, the pair of EUR/USD was down 0.1% to 1.1840.
In the commodities market, the crude oil price slumped 0.1% to $68.38 per barrel as of writing amid the price cutting in Saudi Arabia. Oil price was pressured following the price cutting made by Saudi Arabia in addition to weaker demand of oil demand outlook. On the other hand, the gold price slumped 0.2% to $1797.73 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
Tentative CAD BOC Press Conference
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 22:00 | USD – JOLTs Job Openings (Jul) | 10.073M | 9.281M | – |
| 22:00 | CAD – BoC Interest Rate Decision | 0.25% | 0.25% | – |
| 22:00 | CAD – Ivey PMI (Aug) | 56.4 | – | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar was traded higher following recent rebound from the support level 92.05. MACD which illustrate bullish momentum signal suggest the dollar to extend its rebound towards the resistance level 92.70.
Resistance level: 92.70, 93.10
Support level: 92.05, 91.60
GBPUSD, H4: GBPUSD was traded lower while currently testing the support level 1.3760. MACD which illustrate bearish momentum signal suggest the pair to extend its losses after it breaks below the support level.
Resistance level: 1.3885, 1.3990
Support level: 1.3760, 1.3600
EURUSD, H4: EURUSD was traded lower while currently testing the support level 1.1830. MACD which illustrate bearish momentum signal suggest the pair to extend its losses after it breaks below the support level.
Resistance level: 1.1885, 1.1950
Support level: 1.1830, 1.1765
USDJPY, H4: USDJPY was traded higher following prior breakout above the previous resistance level 110.15. MACD which illustrate bullish momentum signal suggest the pair to extend its gains towards the resistance level 110.75.
Resistance level: 110.75, 111.55
Support level: 110.15, 109.60
AUDUSD, H4: AUDUSD was traded lower following prior breakout below the previous support level 0.7415. MACD which illustrate persistent bearish momentum signal suggest the pair to extend its losses towards the support level 0.7330.
Resistance level: 0.7415, 0.7485
Support level: 0.7330, 0.7250
NZDUSD, H4: NZDUSD was traded lower while currently testing near the support level 0.7075. MACD which illustrate persistent bearish momentum signal suggest the pair to extend its losses after it breaks below the support level.
Resistance level: 0.7145, 0.7225
Support level: 0.7075, 0.6990
USDCAD, H4: USDCAD was traded higher while currently testing near the resistance level 1.2685. MACD which illustrate bullish momentum signal suggest the pair to extend its gains after it breaks above the resistance level 1.2685.
Resistance level: 1.2685, 1.2770
Support level: 1.2585, 1.2440
USDCHF, H4: USDCHF remain traded in sideway channel while currently testing the resistance level 0.9200. However, MACD which illustrate bullish momentum signal suggest the pair to extend its gains after it breaks above the resistance level.
Resistance level: 0.9200, 0.9245
Support level: 0.9100 0.9025
CrudeOIL, H4: Crude oil price was traded lower while currently testing the support level 68.05. MACD which illustrate bearish momentum signal suggest the commodity to extend its losses after it breaks below the support level.
Resistance level: 70.55, 74.30
Support level: 68.05, 65.35
GOLD, H4: Gold price was traded lower while currently testing the support level 1792.35. MACD which illustrate ongoing bearish momentum signal suggest the commodity to extend its losses after it breaks below the support level.
Resistance level: 1831.85, 1866.85
Support level: 1792.35, 1760.35
080921 Morning Session Analysis
08 September 2021 Morning Session Analysis
Aussie slumped amid dovish stances.
The Australian Dollar slumped following the Reserve Bank Australia continue to implement their aggressive expansionary monetary plan yesterday. The central bank maintained the interest rate at 0.10% while bond buying program at the rate of $4 billion a week until at least February 2022. According to RBA statement, the recovery in the Australian economy has been interrupted by the spiking numbers of the Delta outbreak and associated restrictions on activity. GDP is expected to decrease materially in the September quarter and the unemployment rate will move higher over the coming months. The central bank decided to maintain their highly supportive monetary conditions to achieve a return to full employment goals in Australia and inflation consistent with the target. Nonetheless, investors would continue to remain their focus on further crucial economic data from the Australia region as well as Covid-19 development in order to gauge the likelihood movement for the pair. As of writing, AUD/USD slumped 0.10% to 0.7395.
In the commodities market, the crude oil price deprecated by 0.10% to $68.65 per barrel as of writing, pressured by concerns about weak oil demand in the United States and Asia amid spiking numbers of the Covid-19 variant. On the other hand, the gold price slumped 0.10% to $1798.15 per troy ounces as of writing amid technical correction following it reached the recent high.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
Tentative CAD BOC Press Conference
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 22:00 | USD – JOLTs Job Openings (Jul) | 10.073M | 9.281M | – |
| 22:00 | CAD – BoC Interest Rate Decision | 0.25% | 0.25% | – |
| 22:00 | CAD – Ivey PMI (Aug) | 56.4 | – | – |
Technical Analysis
DOLLAR_INDX, Daily: Dollar index was traded higher following prior rebound from the support level at 91.80. MACD which illustrated diminishing bearish momentum suggest the index to extend its gains toward resistance level at 92.70.
Resistance level: 92.70, 93.25
Support level: 91.80, 90.75
GBPUSD, H1: GBPUSD was traded higher following prior rebounded from the support level at 1.3805. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 1.3880.
Resistance level: 1.3880, 1.3945
Support level: 1.3805, 1.3765
EURUSD, H4: EURUSD was traded lower while currently testing the support level at 1.3840. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 1.1895, 1.1955
Support level: 1.1840, 1.1800
USDJPY, H4: USDJPY was traded higher following prior rebound from the support level at 109.75. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 110.55.
Resistance level: 110.55, 111.10
Support level: 109.75, 109.20
AUDUSD, H4: AUDUSD was traded lower while currently testing the support level at 0.7375. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 0.7480, 0.7590
Support level: 0.7375, 0.7280
NZDUSD, H4: NZDUSD was traded lower while currently testing the resistance level at 0.7090. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 0.7160, 0.7255
Support level: 0.7090, 0.7015
USDCAD, H4: USDCAD was traded higher while currently testing the resistance level at 1.2650. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1.2650, 1.2705
Support level: 1.2580, 1.2500
USDCHF, Daily: USDCHF was traded higher following prior rebound from the support level at 0.9100. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.9230.
Resistance level: 0.9230, 0.9305
Support level: 0.9105, 0.9035
CrudeOIL, H4: Crude oil price was traded lower following prior retracement from the resistance level at 69.85. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.
Resistance level: 69.85, 71.55
Support level: 68.00, 66.10
GOLD_, H4: Gold price was traded lower while currently testing the support level at 1796.55. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 1807.15, 1818.80
Support level: 1796.55, 1778.55
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.
070921 Afternoon Session Analysis
7 September 2021 Afternoon Session Analysis
Dollar remains weak amid falling taper expectations.
The dollar index which traded against the dollar and other currency pairs remain near one month low and fell following recent disappointing jobs report have weakened expectation of early tapering of Fed policy. The weaker than expected NFP data have further strengthened the Federal Reserve’s view that coronavirus risk will affect recovery in the job market and further monitoring is needed before formulating current monetary policy. Following the release of the Nonfarm Payrolls data, investors will focus on the data to be released by the US to see if the momentum of economic recovery in the US has been affected by the coronavirus outbreak especially in terms of consumer spending and inflation levels. At the time of writing, dollar index fell 0.09% to $92.06.
In the commodities market, crude oil price fell 0.03% to $69.16 per barrel as of writing amid clouded demand outlook. The fast-spreading delta variant of the virus has led to renewed restrictions on mobility in some areas which have impacted crude oil demand. On the other hand, Saudi Arabia cut prices of its crude to Asia next month by more-than-expected, catching traders by surprise and raising further concerns about the short-term demand picture. On the other hand, gold price rose 0.15% to $1825.99 a troy ounce at the time of writing following dollar weakness.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
12:30 AUD RBA Rate Statement
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 12:30 | AUD – RBA Interest Rate Decision (Sep) | 0.10% | 0.10% | – |
| 17:00 | EUR – German ZEW Economic Sentiment (Sep) | 40.4 | 30.0 | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar was traded lower while currently testing the support level 92.05. MACD which illustrate diminishing bullish momentum signal suggest the dollar to extend its losses after it breaks below the support level 92.05.
Resistance level: 92.70, 93.10
Support level: 92.05, 91.60
GBPUSD, H4: GBPUSD was traded higher following prior rebound from its low level. MACD which llustrate diminishing bearish momentum signal suggest the pair to extend its rebound towards the resistance level 1.3885.
Resistance level: 1.3885, 1.3990
Support level: 1.3760, 1.3600
EURUSD, H4: EURUSD was traded higher while currently testing the resistance level 1.1885. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its gains after it breaks above the resistance level.
Resistance level: 1.1885, 1.1950
Support level: 1.1830, 1.1765
USDJPY, H4: USDJPY remain traded in a sideway channel while currently testing near the support level 109.60. However, MACD which illustrate bearish bias signal suggest the pair to extend its losses after it breaks below the support level.
Resistance level: 110.15, 110.75
Support level: 109.60, 109.15
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 0.7485.
Resistance level: 0.7485, 0.7545
Support level: 0.7415, 0.7330
NZDUSD, H4: NZDUSD was traded flat while currently testing the resistance level 0.7145. However, MACD which illustrate bearish momentum signal suggest the pair to be traded lower towards the support level 0.7075
Resistance level: 0.7145, 0.7225
Support level: 0.7075, 0.6990
USDCAD, H4: USDCAD was traded lower following recent retracement from its high level. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses towards the support level 1.2440.
Resistance level: 1.2585, 1.2675
Support level: 1.2440, 1.2310
USDCHF, H4: USDCHF remain traded in sideway channel. However, MACD which illustrate bearish momentum signal suggest the pair to be traded lower in short term towards the support level 0.9100.
Resistance level: 0.9200, 0.9245
Support level: 0.9100 0.9025
CrudeOIL, H4: Crude oil price was traded higher following recent rebound from the support level 68.05. MACD which illustrate diminishing bearish momentum signal suggest the commodity to extend its rebound towards the resistance level 70.55.
Resistance level: 70.55, 74.30
Support level: 68.05, 65.35
GOLD, H4: Gold price was traded higher while currently testing near the resistance level 1831.85. However, MACD which illustrate bearish bias signal with the formation of death cross suggest the commodity to be traded lower as a technical correction towards the support level 1792.35.
Resistance level: 1831.85, 1866.85
Support level: 1792.35, 1760.35
070921 Morning Session Analysis
07 September 2021 Morning Session Analysis
Pound slumped as negative data.
The Pound Sterling slumped over the backdrop of bearish economic data on yesterday, which dialed down the market optimism toward the economic progression in the United Kingdom. According to Markit/CIPS, U.K. Construction Purchasing Managers Index (PMI) for last month notched down significantly from the previous reading of 58.7 to 55.2, missing the market forecast at 56.9. Such negative data had mostly due to the spiking numbers of the Covid-19 cases, which limiting the economic activity in the United Kingdom. According BBC, as for now UK passes 7 million confirmed Covid-19 cases. It comes as another 41,192 positive tests were reported on Monday, along with 45 Covid-19 related deaths. Nonetheless, the overall movement for the pair of GBP/USD was remained subdued on yesterday due to US Labor Day. As for now, investors would continue to scrutinize the latest updates with regards of the crucial economic data as well as Covid-19 development in order to gauge the likelihood movement for the Pound Sterling. As of writing, GBP/USD depreciated by 0.05% to 1.3850.
In the commodities market, the crude oil price slumped 0.04% to 68.95 per barrel as of writing. The oil market edged lower following the Saudi Arabia’s sharp cuts to crude contract prices for Asia, spurring further concerns over the demand outlook amid rising numbers of Covid-19 cases. On the other hand, the gold price appreciated by 0.15% to 1826.25 per troy ounces as of writing amid negative job data from United States last week had continue to diminish the risk appetite in the global financial market, which insinuating market demand on this safe-haven commodity.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
12:30 AUD RBA Rate Statement
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 12:30 | AUD – RBA Interest Rate Decision (Sep) | 0.10% | 0.10% | – |
| 17:00 | EUR – German ZEW Economic Sentiment (Sep) | 40.4 | 30.0 | – |
Technical Analysis
DOLLAR_INDX, Daily: Dollar index was traded lower while currently testing the support level at 91.80. However, MACD which illustrated diminishing bearish momentum suggest the index to be traded higher in short-term as technical correction.
Resistance level: 92.70, 93.25
Support level: 91.80, 90.75
GBPUSD, H4: GBPUSD was traded higher following prior rebounded from the support level at 1.3805. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 1.3880.
Resistance level: 1.3880, 1.3945
Support level: 1.3805, 1.3765
EURUSD, H4: EURUSD was traded higher while currently testing the resistance level at 1.1895 MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1.1895, 1.1955
Support level: 1.1850, 1.1800
USDJPY, H4: USDJPY was traded lower while currently testing the support level at 109.75. However, MACD which illustrated diminishing bearish momentum suggest the index to be traded higher in short-term as technical correction.
Resistance level: 110.55, 111.10
Support level: 109.75, 109.20
AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level at 0.7480. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 0.7480, 0.7590
Support level: 0.7375, 0.7280
NZDUSD, Daily: NZDUSD was traded higher while currently testing the resistance level at 0.7160. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 0.7160, 0.7255
Support level: 0.7090, 0.7015
USDCAD, H4: USDCAD was traded lower following prior breakout below the previous support level at 1.2580. 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, 1.2650
Support level: 1.2500, 1.2435
USDCHF, Daily: USDCHF was traded lower while currently testing the support level at 0.9105. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 0.9230, 0.9305
Support level: 0.9105, 0.9035
CrudeOIL, H4: Crude oil price was traded lower following prior retracement from the resistance level at 69.85. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.
Resistance level: 69.85, 71.55
Support level: 68.00, 66.10
GOLD_, H4: Gold price was traded lower following prior retracement from the resistance level at 1830.65. MACD which illustrated diminishing bullish momentum suggest the commodity to extend its losses toward support level at 1818.80.
Resistance level: 1843.85, 1830.65
Support level: 1818.80, 1796.55
060921 Afternoon Session Analysis
6 September 2021 Afternoon Session Analysis
Aussie retreats on fresh coronavirus woes.
The Australian dollar which traded against the dollar and other currency pairs have fell amid rising coronavirus cases on Australia and also escalating geopolitical tension abroad. According to latest development, Australia continues to struggle in containing the virus with the nation reported 1756 new infections recently, another daily record high. Officials have warned that the worse has yet to come and urging people to get vaccinated. Most of the cases were came from New South Wales and signals to ease local lockdown measures from by Victorian Premier Daniel Andrews has faded. On top of that, escalating border tension between China and Taiwan also further weigh on the Aussie. According to Reuters report, Taiwan’s air force has scrambled on Sunday against renewed Chinese military activity, with its defense ministry reporting that 19 aircraft including nuclear-capable bombers had flown into Taiwan’s air defense identification zone. At the time of writing, AUD/USD fell 0.30% to 0.7433.
In the commodities market, crude oil price extends losses and fell 0.84% to $68.67 per barrel as of writing following news of Saudi Arabia slash oil price. State oil giant Saudi Aramco notified customers in a statement on Sunday that it will cut October prices for all crude grades sold to Asia, its biggest buying region, by at least $1 a barrel. The price cuts were larger than expected, according to a Reuters poll among Asian refiners. On the other hand, gold price retreat 0.03% to $1827.73 a troy ounce at the time of writing following dollar slight rebound.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
N/A
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 16:30 | GBP – Construction PMI (Aug) | 58.7 | 56.9 | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar was traded higher following prior rebound from the support level 92.10. MACD which illustrate diminishing bearish momentum signal suggest the dollar to extend its rebound towards the resistance level 92.70.
Resistance level: 92.70, 93.10
Support level: 921.10, 91.60
GBPUSD, H4: GBPUSD was traded lower following prior retracement from the resistance level 1.3885. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its retracement from the resistance level 1.3885.
Resistance level: 1.3885, 1.3990
Support level: 1.3760, 1.3600
EURUSD, H4: EURUSD was traded lower following prior retracement from the resistance level 1.1880. MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to extend its losses towards the support level 1.1830.
Resistance level: 1.1880, 1.1950
Support level: 1.1830, 1.1765
USDJPY, H4: USDJPY remain traded in a sideway channel following recent rebound from the support level 109.60. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its rebound in short term towards the resistance level 110.15.
Resistance level: 110.15, 110.75
Support level: 109.60, 109.15
AUDUSD, H4: AUDUSD was traded lower while currently testing near the support level 0.7415. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses after it breaks below the support level.
Resistance level: 0.7485, 0.7545
Support level: 0.7415, 0.7330
NZDUSD, H4: NZDUSD was traded lower following prior retracement from the resistance level 0.7145. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its retracement towards the support level 0.7075.
Resistance level: 0.7145, 0.7225
Support level: 0.7075, 0.6990
USDCAD, H4: USDCAD 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 1.2585.
Resistance level: 1.2585, 1.2675
Support level: 1.2440, 1.2310
USDCHF, H4: USDCHF remain traded in sideway channel. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to be traded higher towards the resistance level 0.9200.
Resistance level: 0.9200, 0.9245
Support level: 0.9100, 0.9025
CrudeOIL, H4: Crude oil price was traded lower while currently testing the support level 68.35. MACD which illustrate bearish momentum signal suggest the commodity to extend its losses after it breaks below the support level.
Resistance level: 71.00, 74.60
Support level: 68.35, 65.35
GOLD, H4: Gold price was traded higher while currently testing the resistance level 1831.85. MACD which illustrate bullish momentum signal suggest the commodity to extend its gains after it breaks above the resistance level 1831.85.
Resistance level: 1831.85, 1866.85
Support level: 1792.35, 1760.35
060921 Morning Session Analysis
06 September 2021 Morning Session Analysis
Dollar slumped amid bearish job data.
The Dollar Index which traded against a basket of six major currency slumped over the backdrop of bearish economic data from United States on last Friday. According to Bureau of Labor Statistics, U.S. Nonfarm Payrolls notched down significantly from the previous reading of 1,053K to 235K, missing the market forecast at 750K. Meanwhile, U.S. Unemployment Rate came in at 5.2%, same as the market forecast at 5.2%. Such bearish job data would be prompting the Federal Reserve continue to implement their aggressive expansionary monetary policy plan, which increasing the money circulation in the financial market while dragging down the appeal of the US Dollar. Besides, rising Covid-19 cases in recent weeks have insinuated concerns that the economic recovery could stall, which further dialing down the market optimism toward the economic progression in United States. As of writing, the Dollar Index depreciated by 0.10% to 92.10.
In the commodities market, the crude oil price slumped 0.68% to $68.75 per barrel as of writing. The oil market edged lower amid market participants fear that the spiking numbers of the Delta variant around the world would continue to affect the oil’s demand in future. On the other hand, the gold price surge 0.05% to $1826.75 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
N/A
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 16:30 | GBP – Construction PMI (Aug) | 58.7 | 56.9 | – |
Technical Analysis
DOLLAR_INDX, Daily: Dollar index was traded lower while currently testing the support level at 97.05. However, MACD which illustrated diminishing bearish momentum suggest the index to be traded higher in short-term as technical correction.
Resistance level: 92.45, 92.70
Support level: 92.05, 91.80
GBPUSD, H4: GBPUSD was traded higher following prior breakout above the previous resistance level at 1.3805. However, MACD which illustrated diminishing bullish momentum suggest the index to be traded lower in short-term as technical correction.
Resistance level: 1.3880, 1.3940
Support level: 1.3805, 1.3765
EURUSD, H4: EURUSD was traded higher while currently testing the resistance level at 1.1895 However, MACD which illustrated diminishing bullish momentum suggest the index to be traded lower in short-term as technical correction.
Resistance level: 1.1895, 1.1955
Support level: 1.1850, 1.1800
USDJPY, H4: USDJPY was traded lower while currently testing the support level at 109.75. However, MACD which illustrated diminishing bearish momentum suggest the index to be traded higher in short-term as technical correction.
Resistance level: 110.55, 111.10
Support level: 109.75, 109.20
AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level at 0.7480. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 0.7480, 0.7590
Support level: 0.7375, 0.7280
NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level at 0.7160. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 0.7160, 0.7255
Support level: 0.7090, 0.7015
USDCAD, H4: USDCAD was traded lower following prior breakout below the previous support level at 1.2580. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 1.2580, 1.2650
Support level: 1.2500, 1.2435
USDCHF, Daily: USDCHF was traded lower while currently testing the support level at 0.9105. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 0.9230, 0.9305
Support level: 0.9105, 0.9035
CrudeOIL, H4: Crude oil price was traded lower following prior retracement from the resistance level at 69.85. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses toward support level at 68.00.
Resistance level: 69.85, 71.55
Support level: 68.00, 66.10
GOLD_, H4: Gold price was traded lower following prior retracement from the resistance level at 1830.65. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its losses toward support level at 1818.80.
Resistance level: 1843.85, 1830.65
Support level: 1818.80, 1796.55
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.
030921 Afternoon Session Analysis
3 September 2021 Afternoon Session Analysis
Swiss Franc appreciated despite mixed economic data.
The Swiss Franc was traded higher against US dollar and other currency pair over the backdrop of mixed economic data. According to Swiss Federal Statistical Office, Switzerland Consumer Price Index (CPI) in August edged higher from the previous reading of -0.1% to 0.2%, while exceeding the forecasted reading of 0.1%. Meanwhile, the Switzerland Gross Domestic Product (GDP) in second quarter had ticked up to 1.8% from the previous reading of -0.4%, slightly lower than the forecasted reading of 2.0%. Despite with the underperformance of GDP figure, both data suggested a strong economic momentum hence fueled up the market optimism toward the Swiss Franc. Moreover, the pair of USD/CHF was pressured by the bearish US’s ADP Nonfarm Employment Change data which implies subdued recovery in US jobs market. Nevertheless, the bullish momentum of Swiss Franc was limited by the rallying equity market following dovish stance from Fed. A firmer equity market had prompted investors to shift their portfolio into riskier assets, hence diminishing the appeal of safe haven Swiss Franc. As of writing, the pair of USD/CHF slumped 0.02% to 0.9135.
In the commodities market, the crude oil price was up 0.1% to $69.87 per barrel as of writing amid easing oil production. According to the Bureau of Safety and Environmental Enforcement, it stated that there were about 1.7 million of barrels of US oil output remained shut. Not only that, oil production in Gulf of Mexico remained constrained following the Hurricane Ida which induced large scale of damage. On the other hand, the gold price rose 0.2% to $1813.33 a troy ounce as of writing amid weakening US dollar.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
N/A
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 16:30 | GBP – Composite PMI (Aug) | 55.3 | 55.4 | – |
| 16:30 | GBP – Services PMI (Aug) | 55.5 | 55.5 | – |
| 20:30 | USD – Nonfarm Payrolls (Aug) | 943K | 728K | – |
| 20:30 | USD – Unemployment Rate (Aug) | 5.40% | 5.20% | – |
| 22:00 | USD – ISM Non-Manufacturing PMI (Aug) | 64.1 | 61.8 | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower while currently testing the support level 92.15. MACD which illustrate ongoing bearish momentum signal suggest the dollar to extend its losses after it breaks below the support level.
Resistance level: 92.70, 93.10
Support level: 92.15, 91.60
GBPUSD, H4: GBPUSD was traded higher following recent rebound from the support level 1.3760. MACD which illustrate ongoing bullish momentum signal suggest the pair to extend its gains towards the resistance level 1.3885.
Resistance level: 1.3885, 1.3990
Support level: 1.3760, 1.3600
EURUSD, H4: EURUSD was traded higher while currently testing the resistance level 1.1880. MACD which illustrate persistent bullish momentum signal suggest the pair to extend its gains after it breaks above the resistance level.
Resistance level: 1.1880, 1.1950
Support level: 1.1830, 1.1765
USDJPY, H4: USDJPY remain traded in a sideway channel. However, MACD which illustrate bearish momentum signal suggest the pair to be traded lower towards the support level 109.60.
Resistance level: 110.15, 110.75
Support level: 109.60, 109.15
AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level 0.7415. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to be traded lower as a technical correction towards the support level 0.7330.
Resistance level: 0.7415, 0.7485
Support level: 0.7330, 0.7250
NZDUSD, H4: NZDUSD was traded higher while currently testing near the resistance level 0.7135. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to experience a technical correction towards the support level 0.7075.
Resistance level: 0.7135, 0.7225
Support level: 0.7075, 0.6990
USDCAD, H4: USDCAD was traded lower following prior breakout below the previous support level 1.2585. MACD which illustrate bearish momentum signal suggest the pair to extend its losses towards the support level 1.2440.
Resistance level: 1.2585, 1.2675
Support level: 1.2440, 1.2310
USDCHF, H4: USDCHF remain traded in sideway channel. However, MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to be traded lower towards the support level 0.9100.
Resistance level: 0.9200, 0.9245
Support level: 0.9100, 0.9025
CrudeOIL, H4: Crude oil price was traded higher following recent rebound from the support level 68.35. MACD which illustrate bullish momentum signal suggest the commodity to extend its gains towards the resistance level 71.00.
Resistance level: 71.00, 74.60
Support level: 68.35, 65.35
GOLD, H4: Gold price remain trade flat in a sideway channel. However, MACD which illustrate bearish momentum signal suggest the commodity to be traded lower towards the support level 1792.35.
Resistance level: 1831.85, 1866.85
Support level: 1792.35, 1760.35
030921 Morning Session Analysis
03 September 2021 Morning Session Analysis
Dollar slumped ahead of crucial NFP data.
The Dollar Index which traded against a basket of six major currency extend its losses ahead of crucial Nonfarm Payroll data tonight. Investors fear that the current state of the US labor market remains uncertain and volatile as the jobs market continue to be disrupted by the Covid-19 pandemic. Earlier, Fed Chairman Powell struck a cautious tone in his speech during the highly anticipated Jackson Hole that was held recently. While Powell indicated that the central bank is likely to begin tapering before the end of the year, he also warned against the risks of premature policy tightening and reiterating that there was still “much ground to cover” for the US economy to reach maximum employment. Nonetheless, the losses experienced by the US Dollar was limited by upbeat economic data yesterday. According to Department of Labor, U.S. Initial Jobless Claims came in at 340K, better than the market forecast at 345K. As for now, investors would continue to scrutinize the latest updates with regards of the crucial job data tonight to gauge the likelihood movement for the currency. As of writing, the Dollar Index slumped 0.25% to 92.25
In the commodities market, the crude oil price surged 0.04% to $69.90 per barrel as of writing amid increasing optimism about global economic growth despite the Covid-19 pandemic. The Organization of the Petroleum Exporting Countries and allied producers including Russia had raised its oil demand forecast for 2022. On the other hand, the gold price depreciated by 0.02% to $1809.55 per troy ounces as of writing amid bullish economic data from United States yesterday.
Today’s Holiday Market Close
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Today’s Highlight Events
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Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 16:30 | GBP – Composite PMI (Aug) | 55.3 | 55.4 | – |
| 16:30 | GBP – Services PMI (Aug) | 55.5 | 55.5 | – |
| 20:30 | USD – Nonfarm Payrolls (Aug) | 943K | 728K | – |
| 20:30 | USD – Unemployment Rate (Aug) | 5.40% | 5.20% | – |
| 22:00 | USD – ISM Non-Manufacturing PMI (Aug) | 64.1 | 61.8 | – |
Technical Analysis
DOLLAR_INDX, Daily: Dollar index was traded lower following prior breakout below the previous support level at 92.45. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 91.80.
Resistance level: 92.45, 93.25
Support level: 91.80, 91.20
GBPUSD, H4: GBPUSD was traded higher following prior breakout above the previous resistance level at 1.3805. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.3880.
Resistance level: 1.3880, 1.3940
Support level: 1.3805, 1.3765
EURUSD, H4: EURUSD was traded higher while currently testing the resistance level at 1.1895 MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1.1895, 1.1955
Support level: 1.1850, 1.1800
USDJPY, H4: USDJPY was traded lower while currently testing the support level at 109.75. MACD which illustrated increasing bearish momentum suggest the pair to be traded lower after it successfully breakout below the support level.
Resistance level: 110.55, 111.10
Support level: 109.75, 109.20
AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level at 0.7405. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 0.7405, 0.7480
Support level: 0.7280, 0.7220
NZDUSD, H4: NZDUSD was traded higher following prior breakout above the previous the resistance level at 0.7085. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 0.7160, 0.7235
Support level: 0.7085, 0.7015
USDCAD, H4: USDCAD was traded lower following prior breakout below the previous support level at 1.2580. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.2500.
Resistance level: 1.2580, 1.2650
Support level: 1.2500, 1.2440
USDCHF, Daily: USDCHF was traded lower while currently testing the support level at 0.9105. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 0.9230, 0.9305
Support level: 0.9105, 0.9035
CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level at 69.85. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.
Resistance level: 69.85, 71.55
Support level: 68.00, 66.10
GOLD_, H4: Gold price was traded lower following prior retracement from the resistance level at 1818.80. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses toward support level at 1796.55.
Resistance level: 1818.80, 1830.65
Support level: 1796.55, 1778.55
020921 Afternoon Session Analysis
2 September 2021 Afternoon Session Analysis
Aussie rose following upbeat trade data.
The Australian dollar which traded against the greenback and other currency pairs have rose amid recent release of upbeat Australia trade numbers. According to the Australian Bureau of Statistics, Australia’s trade balance has surge to 12117M, surpassed market expectation and previous reading of 10200M and 10496M respectively. Further details suggest Imports and Export and rose with Imports rose to 3.3% from previous reading of 1% while export rose to 4.8% against previous reading of 4%. Other than that, softer greenback which dragged by recent downbeat ADP data also help to boost the appeal of the Aussie. Despite that, concerns over rebound in covid cases may challenge the buyers in the long run. According to latest data from ABC news, the virus infections in Australia jump the most, by 1,466 cases for Wednesday. Australia’s two most populous state, New South Wales and Victoria are mostly responsible for the spike in cases. At the time of writing, AUD/USD edge higher 0.09% to $0.7359.
In the commodities market, crude oil price fell 0.03% to $68.19 per barrel as of writing following OPEC maintains plan of increase supply. According to reports, OPEC and its allies have agreed on Wednesday to add 400,000 barrels per day each month in order to phase out record production reductions. On the other hand, gold price remains steady and rose 0.02% to $1812.92 a troy ounce at the time of writing following dollar weakness.
Today’s Holiday Market Close
Time Market Event
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Today’s Highlight Events
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Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 20:30 | USD – Initial Jobless Claims | 353K | 345K | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from the resistance level 92.70. MACD which illustrate bearish momentum signal with the formation of death cross suggest the dollar to extend its losses towards the support level 92.15.
Resistance level: 92.70, 93.10
Support level: 92.15, 91.60
GBPUSD, H4: GBPUSD was traded higher while currently testing near the resistance level 1.3795. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its gains after it breaks above the resistance level.
Resistance level: 1.3795, 1.3885
Support level: 1.3700, 1.3600
EURUSD, H4: EURUSD was traded higher following prior breakout above the previous resistance level 1.1830. MACD which illustrate bullish momentum signal suggest the pair to extend its gains towards the resistance level 1.1890.
Resistance level: 1.1890, 1.1950
Support level: 1.1830, 1.1765
USDJPY, H4: USDJPY remain traded in a sideway channel following recent retracement from the resistance level 110.15. However, MACD which illustrate diminishing bullish momentum signal with the formation of death cross suggest the pair to extend its retracement towards the support level 109.60.
Resistance level: 110.15, 110.75
Support level: 109.60, 109.15
AUDUSD, H4: AUDUSD was traded higher following recent breakout above the previous resistance level 0.7330. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to experience technical correction back towards the level 0.7330.
Resistance level: 0.7415, 0.7485
Support level: 0.7330, 0.7250
NZDUSD, H4: NZDUSD was traded higher while currently testing near the resistance level 0.7075. MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to be traded lower as a technical correction towards the support level 0.6990.
Resistance level: 0.7075, 0.7135
Support level: 0.6990, 0.6920
USDCAD, H4: USDCAD remain traded in a sideway channel following recent rebound form the support level 1.2585. However, MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to extend its rebound towards the resistance level 1.2675.
Resistance level: 1.2675, 1.2770
Support level: 1.2585, 1.2515
USDCHF, H4: USDCHF remain traded in sideway channel. However, MACD which illustrate diminishing bullish momentum signal with the formation of death cross suggest the pair to be traded lower towards the support level 0.9100.
Resistance level: 0.9200, 0.9245
Support level: 0.9100, 0.9025
CrudeOIL, H4: Crude oil price was traded lower following prior retracement from the resistance level 69.80. MACD which illustrate bearish momentum signal suggest the commodity to extend its retracement towards the support level 65.50.
Resistance level: 69.80, 73.90
Support level: 65.50, 61.90
GOLD, H4: Gold price was traded flat in a sideway channel. However, MACD which illustrate bearish momentum signal suggest the commodity to be traded lower in short term towards the support level 1792.35.
Resistance level: 1831.85, 1866.85
Support level: 1792.35, 1760.35
020921 Morning Session Analysis
02 September 2021 Morning Session Analysis
Dollar depreciated amid downbeat job data
The Dollar Index which traded against a basket of six major currency extend its losses following the United States released its bearish job data yesterday, which dialing down the market optimism toward the economic progression for the country. According to Automatic Data Processing (ADP), U.S. ADP Nonfarm Employment Change came in at 374K, missing the market forecast at 613K. Concerns about the spiking numbers of Covid-19 cases as well as bearish job data from the United States had spurred hopes that the Federal Reserve might continue to implement its expansionary monetary policy in longer-term basis, which dragging down the appeal of the US Dollar. Nonetheless, the losses experienced by the US Dollar was limited over the backdrop of upbeat manufacturing data. According to Institute for Supply Management, U.S. ISM Manufacturing Purchasing Managers Index (PMI) came in at 59.9, exceeding the market forecast at 58.6. As of writing, the Dollar Index depreciated by 0.02% to 92.50.
In the commodities market, the crude oil price surged 0.10% to $68.20 per barrel as of writing. The oil market edged higher amid the bullish inventory data was released. According to Energy Information Administration, U.S. Crude Oil Inventories came in at -7.169M, better than the market forecast at -3.088M. On the other hand, the gold price surged 0.03% to $1814.50 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
N/A
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 20:30 | USD – Initial Jobless Claims | 353K | 345K | – |
Technical Analysis
DOLLAR_INDX, Daily: Dollar index was traded lower while currently testing the support level at 92.45. However, MACD which illustrated increasing bullish momentum suggest the index to be traded higher in short-term as technical correction.
Resistance level: 93.25, 94.10
Support level: 92.45, 91.80
GBPUSD, H1: GBPUSD was traded lower while currently testing the support level at 1.3765. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 1.3805, 1.3880
Support level: 1.3765, 1.3735
EURUSD, H4: EURUSD was traded higher while currently testing the resistance level at 1.1850. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1.1850, 1.1895
Support level: 1.1800, 1.1760
USDJPY, H4: USDJPY was traded lower while currently testing the support level at 109.75. MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower after it successfully breakout below the support level.
Resistance level: 110.55, 111.10
Support level: 109.75, 109.20
AUDUSD, H4: AUDUSD was traded higher following prior breakout above the previous resistance level at 0.7280. However, MACD which illustrated increasing bearish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 0.7375, 0.7480
Support level: 0.7280, 0.7220
NZDUSD, H4: NZDUSD was traded higher following prior breakout above the previous the resistance level at 0.7015. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 0.7100, 0.7160
Support level: 0.7015, 0.6940
USDCAD, H4: USDCAD was traded higher while currently testing the resistance level at 1.2650. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1.2650, 1.2705
Support level: 1.2580, 1.2500
USDCHF, H4: USDCHF was traded lower while currently testing the support level at 0.9105. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 0.9230, 0.9305
Support level: 0.9105, 0.9035
CrudeOIL, H4: Crude oil price was traded lower while currently testing the support level at 68.00. MACD which illustrated bearish momentum suggest the commodity to extend its losses after it successfully breakout below the support level.
Resistance level: 69.85, 71.55
Support level: 68.00, 66.10
GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1818.80. MACD which illustrated increasing momentum suggest the commodity to extend its gains after it successfully breakout the resistance level.
Resistance level: 1818.80, 1830.65
Support level: 1796.55, 1778.55
Risk Statement:
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