{"id":203055,"date":"2021-10-08T06:24:43","date_gmt":"2021-10-08T06:24:43","guid":{"rendered":"https:\/\/www.gcmasia.co\/analysis\/en\/?p=203055"},"modified":"2021-10-08T06:24:43","modified_gmt":"2021-10-08T06:24:43","slug":"081021-afternoon-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/081021-afternoon-session-analysis\/","title":{"rendered":"081021 Afternoon Session Analysis"},"content":{"rendered":"

08 October 2021\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 fell following BoE dovish note.<\/strong><\/span><\/p>\n

The Pound Sterling was traded lower against US dollar and other currency pairs amid dovish stance from Bank of England (BoE). According to Bank of England Chief Economist Huw Pill, the recent inflation pressure was higher than expected despite Covid-19 receded as well as normalization of global supply and demand. He also expected that Bank of England (BoE) maintained its interest rates at relatively low levels as the economic slumped significantly in year 2020. Besides that, recent surge of fuel prices also exerts further pressure for the pair. According to energy regulator Ofgem, about 12 energy suppliers collapsed within this year while 9 energy suppliers folded in September due to their incapability to cope with the energy prices. Ofgem also warned that more energy suppliers will exit the market given the volatility in the market continued. As of writing, the pair of GBP\/USD dropped 0.03% to 1.3613.<\/p>\n

 <\/p>\n

In the commodities market, the crude oil price surged 0.10% to $78.80 per barrel as of writing amid oil supply shortage. The oil markets continue to gain after the US Energy Department announced that the agency was not considering release crude oil from the national strategic reserves. On the other hand, the gold price was down 0.01% to $1754.32 per troy ounces amid strengthening US dollar.<\/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

N\/A<\/p>\n

 <\/p>\n

Today\u2019s Highlight Economic Data<\/u><\/p>\n\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 – Nonfarm Payrolls (Sep)<\/td>\n235K<\/td>\n460K<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nUSD – Unemployment Rate (Sep)<\/td>\n5.20%<\/td>\n5.10%<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nCAD – Employment Change (Sep)<\/td>\n90.2K<\/td>\n60.0K<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n

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

\"\"<\/p>\n

DOLLAR_INDX, H4: <\/strong>Dollar index remain traded in a sideway channel while currently testing near the resistance level 94.35. However, MACD which illustrate bullish bias signal suggest the dollar to be traded higher after it breaks above the resistance level 94.35.<\/p>\n

 <\/p>\n

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

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

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H4: <\/strong>GBPUSD was traded higher while currently testing the resistance level 1.3620. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to experience a technical correction towards the support level 1.3435.<\/p>\n

 <\/p>\n

Resistance level: 1.3620, 1.3745<\/p>\n

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

 <\/p>\n

\"\"<\/p>\n

EURUSD, H4: <\/strong>EURUSD was traded lower while currently testing near the support level 1.1515. However, MACD which illustrate bullish momentum signal suggest the pair to be traded higher as a technical correction towards the resistance level 1.1610.<\/p>\n

 <\/p>\n

Resistance level: 1.1610, 1.1690<\/p>\n

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

 <\/p>\n

\"\"<\/p>\n

USDJPY, H4: <\/strong>USDJPY was traded higher while currently testing near the resistance level 112.05. MACD which illustrate bullish momentum signal with the recent formation of golden cross suggest the pair to extend its gains after it breaks above the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 112.05, 112.60<\/p>\n

Support level: 111.50, 110.75<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H4: <\/strong>AUDUSD was traded higher while currently testing near the resistance level 0.7320. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to be traded lower as a technical correction towards the support level 0.7235.<\/p>\n

 <\/p>\n

Resistance level: 0.7320, 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 flat near the support level 0.6915. However, MACD which illustrate bullish momentum signal suggest the pair to be traded higher in short term towards the resistance level 0.6990.<\/p>\n

 <\/p>\n

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

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

 <\/p>\n

\"\"<\/p>\n

USDCAD, H4: <\/strong>USDCAD was traded lower following recent 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 1.2455.<\/p>\n

 <\/p>\n

Resistance level: 1.2585, 1.2695<\/p>\n

Support level: 1.2455, 1.2310<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded higher following recent rebound from its low level. MACD which illustrate bullish momentum signal suggest the pair to extend its rebound towards 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

\"\"<\/p>\n

CrudeOIL, H4: <\/strong>Crude oil was traded higher while currently testing the resistance level 79.40. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the commodity to extend its gains after it breaks above the resistance level 79.40.<\/p>\n

 <\/p>\n

Resistance level: 79.40, 82.50<\/p>\n

Support level: 76.40, 74.20<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD, H4: <\/strong>Gold price was traded lower following recent retracement from its high level. MACD which illustrate bearish momentum signal suggest the commodity to extend its losses towards the support level 1747.05.<\/p>\n

 <\/p>\n

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

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

08 October 2021\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Afternoon Session Analysis   Pound sterling fell following BoE dovish note. The Pound Sterling was traded lower against US dollar and other currency pairs amid dovish stance from Bank of England (BoE). According to Bank of England Chief Economist Huw Pill, the recent inflation pressure was higher than expected despite Covid-19 receded […]<\/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\/203055"}],"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=203055"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/203055\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=203055"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=203055"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=203055"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}