{"id":201843,"date":"2021-10-04T06:26:04","date_gmt":"2021-10-04T06:26:04","guid":{"rendered":"https:\/\/www.gcmasia.co\/analysis\/en\/?p=201843"},"modified":"2021-10-04T06:26:04","modified_gmt":"2021-10-04T06:26:04","slug":"041021-afternoon-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/041021-afternoon-session-analysis\/","title":{"rendered":"041021 Afternoon Session Analysis"},"content":{"rendered":"

4 October 2021\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

Pound sterling rose amid upbeat economic data.<\/strong><\/span><\/p>\n

The pound sterling which traded against the dollar and other currency pairs have rose following recent upbeat economic data from the U.K. According to Markit, U.K Manufacturing PMI in September came in at 57.1, surpassed market expectation of 56.3. Most investors gave negative expectations for the data as the UK experienced a Brexit crisis that included a shortage of raw materials, commodities and difficulties in hiring new workers that are likely to hurt the manufacturing sector in the UK. However, the data proves that the manufacturing production continue to expand despite the latter but on a slower pace. Despite that, the gains may be limited due to ignorance of British Prime Minister Boris Johnson to ease the immigration restrictions to solve the recent fuel and food crisis caused by truck driver shortage. According to Reuters, British Prime Minister Boris Johnson emphasized that he would not open the taps of immigration in order to push the wage growth in the region and increase the employment of domestic workers. At the time of writing, GBP\/USD rose 0.03% to 1.3536.<\/p>\n

 <\/p>\n

In the commodities market, crude oil price retreat 0.25% to $75.52 at the time of writing while market awaits on latest OPEC meeting. Several countries are pressuring the cartel to increase production and lower prices as fuel demand continues to recover. Producers are considering adding more supply than laid out in the OPEC+ deal, OPEC sources told Reuters. However, any increase will take effect from November as October\u2019s volumes were already decided at the last OPEC+ meeting in September. On the other hand, gold price rose 0.08% to $1759.05 a troy ounce as of writing amid dollar weakness.<\/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

N\/A<\/p>\n

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Today\u2019s Highlight Economic Data<\/u><\/p>\n

N\/A<\/p>\n

 <\/p>\n

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

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DOLLAR_INDX, H4: <\/strong>Dollar index was traded lower following recent retracement from the resistance level 94.35. MACD which illustrate bearish momentum signal with the recent formation of death cross suggest the dollar to extend its losses towards the support level 93.70.<\/p>\n

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Resistance level: 94.35, 94.90<\/p>\n

Support level: 93.70, 93.10<\/p>\n

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GBPUSD, H4: <\/strong>GBPUSD was traded lower following recent retracement from the resistance level 1.3605. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its retracement from the resistance level 1.3605.<\/p>\n

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

Support level: 1.3435, 1.3300<\/p>\n

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EURUSD, H4: <\/strong>EURUSD was traded flat while currently testing the resistance level 1.1600. However, MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to extend its gains after it breaks above the resistance level.<\/p>\n

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Resistance level: 1.1600, 1.1690<\/p>\n

Support level: 1.1515, 1.1440<\/p>\n

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USDJPY, H4: <\/strong>USDJPY was traded lower while currently testing near the support level 110.75. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to be traded higher as a technical correction towards the resistance level 111.50.<\/p>\n

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Resistance level: 111.50, 112.15<\/p>\n

Support level: 110.75, 110.05<\/p>\n

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AUDUSD, H4: <\/strong>AUDUSD was traded higher following prior breakout above the previous resistance level 0.7235. MACD which illustrate bullish bias signal suggest the pair to extend its gains 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

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

NZDUSD, H4: <\/strong>NZDUSD was traded higher following prior breakout above the previous resistance level 0.6915. MACD which illustrate bullish momentum signal suggest the pair to extend its gains towards the resistance level 0.6990.<\/p>\n

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

Support level: 0.6915, 0.6815<\/p>\n

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\"\"<\/p>\n

USDCAD, H4: <\/strong>USDCAD was traded lower while currently testing near the support level 1.2585. MACD which illustrate bearish momentum signal suggest the pair to extend its losses after it breaks below the support level.<\/p>\n

 <\/p>\n

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

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

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded lower following recent breakout below the previous support level 0.9310. MACD which illustrate bearish momentum signal suggest the pair to extend its losses towards the support level 0.9240.<\/p>\n

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

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

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H4: <\/strong>Crude oil was traded higher while currently testing near the resistance level 76.40. MACD which illustrate bullish bias signal with the formation of golden cross suggest the commodity to extend its gains after it breaks above the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 76.40, 78.75<\/p>\n

Support level: 74.20, 72.45<\/p>\n

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GOLD, H4: <\/strong>Gold price was traded higher following recent rebound from the support level 1747.05. MACD which illustrate bullish bias signal suggest the commodity to extend its gains towards the resistance level 1779.70.<\/p>\n

 <\/p>\n

Resistance level: 1779.70, 1806.85<\/p>\n

Support level: 1747.05, 1721.65<\/p>\n","protected":false},"excerpt":{"rendered":"

4 October 2021\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Afternoon Session Analysis   Pound sterling rose amid upbeat economic data. The pound sterling which traded against the dollar and other currency pairs have rose following recent upbeat economic data from the U.K. According to Markit, U.K Manufacturing PMI in September came in at 57.1, surpassed market expectation of 56.3. Most investors […]<\/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\/201843"}],"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=201843"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/201843\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=201843"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=201843"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=201843"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}