{"id":202767,"date":"2021-10-07T03:46:49","date_gmt":"2021-10-07T03:46:49","guid":{"rendered":"https:\/\/www.gcmasia.co\/analysis\/en\/?p=202767"},"modified":"2021-10-07T03:46:49","modified_gmt":"2021-10-07T03:46:49","slug":"071021-afternoon-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/071021-afternoon-session-analysis\/","title":{"rendered":"071021 Afternoon Session Analysis"},"content":{"rendered":"

07 October 2021\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Afternoon Session Analysis<\/strong><\/p>\n

Euro surged despite downbeat economic data.<\/strong><\/span><\/p>\n

The Euro was traded higher against US dollar despite downbeat economic data. According to Eurostat, Eurozone Retail Sales figures in August came at the reading of 0.3%, lower than the forecasted reading of 0.8%. Likewise, Germany Factory Orders in August eased from the previous reading of 4.9% to -7.7%, lower than the forecasted reading of -2.1%, according to Bundesministerium f\u00fcr Wirtsch. Both data suggested a weaker economic momentum as a result of slower retails sale and industrial production activities. On the other side, the pair of EUR\/USD received its bullish momentum amid risk on sentiment. The market sentiment toward risker assets was improved following US Senator Mitch McConnell offered a short-term suspension of the U.S. debt ceiling to avert a national default and economic crisis. As of writing, the pair of EUR\/USD surged 0.02% to 1.1554.<\/p>\n

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In the commodities market, the crude oil price was down 0.08% to $77.17 per barrel as of writing amid bearish oil inventory data. According to Energy Information Administration, U.S. Crude Oil Inventories figures came in at the reading of 2.346M, higher than the forecasted reading of -0.418M. On the other hand, the gold price was up 0.03% to $1763.47 per troy ounces amid weakening 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

N\/A<\/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
20:30<\/td>\nUSD – Initial Jobless Claims<\/td>\n362K<\/td>\n348K<\/td>\n–<\/td>\n<\/tr>\n
22:00<\/td>\nUSD \u2013 Ivey PMI (Sep)<\/td>\n66.0<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

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T<\/u><\/strong>echnical Analysis<\/u><\/strong><\/p>\n

\"\"<\/p>\n

DOLLAR_INDX, H4: <\/strong>Dollar index was traded higher while currently testing the resistance level at 94.25. However, MACD which illustrated diminishing bullish momentum suggest the index to be traded lower in short-term as technical correction.<\/p>\n

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Resistance level: 94.25, 94.75<\/p>\n

Support level: 93.70, 93.30<\/p>\n

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

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Resistance level: 1.3665, 1.3735<\/p>\n

Support level: 1.3605, 1.3515<\/p>\n

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EURUSD, H4: <\/strong>EURUSD was traded lower while currently testing the support level at 1.1525. However, MACD which illustrated diminishing bearish momentum suggest the index to be traded higher in short-term as technical correction.<\/p>\n

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Resistance level: 1.1585, 1.1675<\/p>\n

Support level: 1.1525, 1.1455<\/p>\n

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\"\"<\/p>\n

USDJPY, H4: <\/strong>USDJPY was traded lower following prior retracement from the resistance level at 111.65. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 110.90.<\/p>\n

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Resistance level: 111.65, 112.15<\/p>\n

Support level: 110.90, 110.40<\/p>\n

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\"\"<\/p>\n

AUDUSD, H4: <\/strong>AUDUSD was traded higher while currently testing the resistance level at 0.7300. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.<\/p>\n

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Resistance level: 0.7300, 0.7400<\/p>\n

Support level: 0.7235, 0.7170<\/p>\n

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

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

NZDUSD, H4: <\/strong>NZDUSD was traded higher while currently testing the resistance level at 0.6920. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.<\/p>\n

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Resistance level: 0.6920, 0.6975<\/p>\n

Support level: 0.6860, 0.6815<\/p>\n

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\"\"<\/p>\n

USDCAD, H1: <\/strong>USDCAD was traded lower while currently testing the support level at 1.2615. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 1.2615, 1.2690<\/p>\n

Support level: 1.2570, 1.2500<\/p>\n

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\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded lower following retracement from the resistance level at 0.9305. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 0.9230.<\/p>\n

 <\/p>\n

Resistance level: 0.9305, 0.9375<\/p>\n

Support level: 0.9230, 0.9155<\/p>\n

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CrudeOIL, H4: <\/strong>Crude oil price was traded lower while currently testing the support level at 76.75. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses after it successfully breakout below the support level.<\/p>\n

 <\/p>\n

Resistance level: 80.25, 83.05<\/p>\n

Support level: 76.75, 74.05<\/p>\n

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\"\"<\/p>\n

GOLD_, H4: <\/strong>Gold price was traded higher following prior rebound from the support level at 1746.00. However, MACD which illustrated increasing bearish momentum suggest the commodity to be traded lower in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 1768.05, 1780.65<\/p>\n

Support level: 1746.00, 1725.51<\/p>\n

 <\/p>\n

 <\/p>\n

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Risk Statement:
\nForex, 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.<\/p>\n","protected":false},"excerpt":{"rendered":"

07 October 2021\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Afternoon Session Analysis Euro surged despite downbeat economic data. The Euro was traded higher against US dollar despite downbeat economic data. According to Eurostat, Eurozone Retail Sales figures in August came at the reading of 0.3%, lower than the forecasted reading of 0.8%. Likewise, Germany Factory Orders in August eased from the […]<\/p>\n","protected":false},"author":25,"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\/202767"}],"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\/25"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/comments?post=202767"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/202767\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=202767"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=202767"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=202767"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}