{"id":200961,"date":"2021-09-29T05:19:25","date_gmt":"2021-09-29T05:19:25","guid":{"rendered":"https:\/\/www.gcmasia.co\/analysis\/en\/?p=200961"},"modified":"2021-09-29T05:19:25","modified_gmt":"2021-09-29T05:19:25","slug":"290921-afternoon-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/290921-afternoon-session-analysis\/","title":{"rendered":"290921 Afternoon Session Analysis"},"content":{"rendered":"

29 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 Afternoon Session Analysis<\/strong><\/p>\n

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Pound Sterling dipped lower amid fuel crisis.<\/strong><\/span><\/p>\n

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.<\/p>\n

 <\/p>\n

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.<\/p>\n

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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

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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

23:45\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 GBP\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0BoE Gov Bailey Speaks<\/p>\n

23:45\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 USD\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0Fed Chair Powell Speaks<\/p>\n

23:45\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 EUR\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0ECB President Lagarde Speaks<\/p>\n

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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
22:00<\/td>\nUSD – Pending Home Sales (MoM) (Aug)<\/td>\n-1.80%<\/td>\n1.30%<\/td>\n–<\/td>\n<\/tr>\n
22:30<\/td>\nCrudeOIL -Crude Oil Inventories<\/td>\n-3.481M<\/td>\n–<\/td>\n <\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n

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

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

 <\/p>\n

Resistance level: 93.70, 94.20<\/p>\n

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

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

 <\/p>\n

Resistance level: 1.3605, 1.3745<\/p>\n

Support level: 1.3460, 1.3300<\/p>\n

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

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Resistance level: 1.1705, 1.1800<\/p>\n

Support level: 1.1625, 1.1545<\/p>\n

 <\/p>\n

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

 <\/p>\n

Resistance level: 111.55, 112.15<\/p>\n

Support level: 110.75, 110.20<\/p>\n

 <\/p>\n

\"\"<\/p>\n

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

 <\/p>\n

Resistance level: 0.7335, 0.7415<\/p>\n

Support level: 0.7235, 0.7150<\/p>\n

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

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

 <\/p>\n

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

Support level: 0.6920, 0.6815<\/p>\n

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

 <\/p>\n

Resistance level: 1.2695, 1.2770<\/p>\n

Support level: 1.2585, 1.2510<\/p>\n

 <\/p>\n

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

 <\/p>\n

Resistance level: 0.9310, 0.9375<\/p>\n

Support level: 0.9240, 0.9185<\/p>\n

 <\/p>\n

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

 <\/p>\n

Resistance level: 74.65, 77.00<\/p>\n

Support level: 72.45, 70.45<\/p>\n

 <\/p>\n

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

 <\/p>\n

Resistance level: 1749.95, 1785.80<\/p>\n

Support level: 1716.85, 1679.60<\/p>\n","protected":false},"excerpt":{"rendered":"

29 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 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. […]<\/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\/200961"}],"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=200961"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/200961\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=200961"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=200961"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=200961"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}