{"id":196253,"date":"2021-09-07T05:50:43","date_gmt":"2021-09-07T05:50:43","guid":{"rendered":"https:\/\/www.gcmasia.co\/analysis\/en\/?p=196253"},"modified":"2021-09-07T05:50:43","modified_gmt":"2021-09-07T05:50:43","slug":"070921-afternoon-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/070921-afternoon-session-analysis\/","title":{"rendered":"070921 Afternoon Session Analysis"},"content":{"rendered":"

7 September 2021\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Afternoon Session Analysis<\/strong><\/p>\n

 <\/p>\n

Dollar remains weak amid falling taper expectations.<\/strong><\/span><\/p>\n

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\u2019s 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.<\/p>\n

 <\/p>\n

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.<\/p>\n

 <\/p>\n

Today\u2019s Holiday Market Close<\/u><\/p>\n

Time\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Market\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Event <\/strong><\/p>\n

N\/A<\/p>\n

 <\/p>\n

Today\u2019s Highlight Events<\/u><\/p>\n

Time\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Market\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Event<\/strong><\/p>\n

12:30\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0AUD\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0RBA Rate Statement<\/p>\n

 <\/p>\n

Today\u2019s Highlight Economic Data<\/u><\/p>\n\n\n\n\n\n
Time<\/strong><\/td>\nNation & Data<\/strong><\/td>\nPrevious<\/strong><\/td>\nForecast<\/strong><\/td>\nActual<\/strong><\/td>\n<\/tr>\n
12:30<\/td>\nAUD – RBA Interest Rate Decision (Sep)<\/td>\n0.10%<\/td>\n0.10%<\/td>\n–<\/td>\n<\/tr>\n
17:00<\/td>\nEUR – German ZEW Economic Sentiment (Sep)<\/td>\n40.4<\/td>\n30.0<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

\u00a0<\/u><\/strong><\/p>\n

Technical Analysis<\/u><\/strong><\/p>\n

\"\"<\/p>\n

DOLLAR_INDX, H4: <\/strong>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.<\/p>\n

 <\/p>\n

Resistance level: 92.70, 93.10<\/p>\n

Support level: 92.05, 91.60<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H4: <\/strong>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.<\/p>\n

 <\/p>\n

Resistance level: 1.3885, 1.3990<\/p>\n

Support level: 1.3760, 1.3600<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, H4: <\/strong>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.<\/p>\n

 <\/p>\n

Resistance level: 1.1885, 1.1950<\/p>\n

Support level: 1.1830, 1.1765<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, H4: <\/strong>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.<\/p>\n

 <\/p>\n

Resistance level: 110.15, 110.75<\/p>\n

Support level: 109.60, 109.15<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H4: <\/strong>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.<\/p>\n

 <\/p>\n

Resistance level: 0.7485, 0.7545<\/p>\n

Support level: 0.7415, 0.7330<\/p>\n

\u00a0<\/strong><\/p>\n

\"\"<\/strong><\/p>\n

NZDUSD, H4: <\/strong>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<\/p>\n

 <\/p>\n

Resistance level: 0.7145, 0.7225<\/p>\n

Support level: 0.7075, 0.6990<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, H4: <\/strong>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.<\/p>\n

 <\/p>\n

Resistance level: 1.2585, 1.2675<\/p>\n

Support level: 1.2440, 1.2310<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>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.<\/p>\n

 <\/p>\n

Resistance level: 0.9200, 0.9245<\/p>\n

Support level: 0.9100 0.9025<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H4: <\/strong>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.<\/p>\n

 <\/p>\n

Resistance level: 70.55, 74.30<\/p>\n

Support level: 68.05, 65.35<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD, H4: <\/strong>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.<\/p>\n

 <\/p>\n

Resistance level: 1831.85, 1866.85<\/p>\n

Support level: 1792.35, 1760.35<\/p>\n","protected":false},"excerpt":{"rendered":"

7 September 2021\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 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 […]<\/p>\n","protected":false},"author":54,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[13],"tags":[],"acf":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/196253"}],"collection":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/users\/54"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/comments?post=196253"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/196253\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=196253"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=196253"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=196253"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}