Daily Market Analysis

Market Focus

US markets started the week with gloomy mood as the Dow Jones shed 0.7%, and the S&P 500 dropped 0.7% while the Nasdaq Composite dipped 0.6%. Stocks were mostly positive for most of the day, but selling pressure increased in the final hour, with the major indices closing the session at their lows.

US 10- year Treasury yield has risen above 1.6% as markets tried to digest a disappointing job data from last Friday. The majority of the markets believed that the latest job report did not change the fact that the Federal Reserve’s outlook for tapering its bond purchases later this year.

Singapore has announced to open its border to more countries for quarantine- free travel. The move has shown that the country is preparing to reach a new normal to live with coronavirus. It is significant as Singapore is one of the world’s biggest travel and finance hubs.

Main Pairs Movement:

USDJPY printed a fresh high since 2018, trading at 113.482, up 0.97% on Monday. With Japanese bond rates well anchored while the Bank of Japan continued to keep policy rates on ice, the potential fact of the US Fed’s tapering should bring the US dollar stronger, favoring higher dollar- yen rate.

EURUSD seesaw between gains and losses on Monday, trading at 1.15494. The currency pair would be mostly driven by the dollar this week as the European calender is scarce, only including a couple of ECB’s speakers.

AUDUSD traded 0.52 higher, closing at 0.73427. The Australian dollar was stronger against the dollar on Monday as it was on the back of Iron ore prices.

Gold price was consolidating on Monday, trading at $1,754. The bullion of gold was limited as markets awaited on the report of consumer spending and inflation for the days ahead of the FOMC.

Technical Analysis:

USDJPY (Daily Chart)

The Japan Yen is soaring during the New York session, trading at 113.38 as of writing, up over 1% in the day market. The risk-on environment, as witnessed by U.S. stock indices trading in the green, post gains between 0.43% and 0.86%. Also, the U.S. T-bond yields, with the 10-year benchmark note rate rising above the 1.6% threshold, exert upward pressure on the yen.

On technical side, RSI indicator show 79 figures that show overly bought sentiment in short-term. On moving average side, 15-and 60-long moving average are remaining the ascending traction.

All of all, yen has break through a critical resistance at 112 recently that we believe market will high probably tick up to higher level while it could maintain smooth momentum. One thing conccern is only by market has exaggerated bounce up in short term that we could not rule out market will have a correction.

Resistance: 114.55 (Oct. 2018 high), 118.60 (Jan. 2017 high)

Support: 112.00, 110.65, 109.15

EURUSD (4 Hour Chart)

The euro dollar pair is trading below 1.16, yet get off the lows as U.S. share indices advance and closed bond markets provide some calm, Concerns about enetgy costs, disappointing U.S. jobs figures and uncertainty about fiscal policy weighed on sentiment earlier. The ECB’s member, Lane seems reluctant to act to battle inflation.

On the technical, RSI continuing to trim the weakness to higher stage and close around 39, suggesting a bearish movement ahead. On average side, 15-long indicator has flatering a movement while 60-long remaing decending movement.

On slip side, we expect the last time low, 1.153 level, will give pair a short-term support guidance. If break down the threshold, we foresee the downside support will eye on psychological level at 1.15

Resistance: 1.161, 1.1675

Support: 1.153, 1.15

USDCAD (4 Hour Chart)

The U.S. dollar is attempting to pick up on Monday after a sharp decline observed in the previous three days. The pair has pull back from two months lows at 1.2445 although, so far, it has remained unable to poise a relevant recovery with the supported by higher oil price. Meantime, U.S. WTI has appreciated for the eight consecutive day, hitting 7 years highs.

From a technical perspective, RSI indicator rebound from over sought territory at 38 as writing, still suggesting bearish momentum in short term. On moving average indicator, 15- and 60-long indicator still retaining downside movement.

Since loonie rapidly break through a critical support at 1.25, we expect next downward support will be last July low at 1.2425. On up side, psychological level at 1.25 will turn into a pivotal resistance for short-term, 1.256 behind.

Resistance: 1.25, 1.256

Support: 1.2425, 1.23

Economic Data

Market Focus

The broad U.S. equity market closed lower on Friday’s trading, but most indices closed the week with gains. The Dow gained 0.8% over the week, the S&P 500 gained 1.2% over the week, and the Nasdaq gained 0.1% over the week. Despite the Senate passing a short-term extension to the debt limit on Thursday, market participants are still affected by the looming concerns over inflation and soaring short term U.S. treasury yields.

Cotton and oil prices have soared over the past week. Cotton have been trading at their highest levels in about a decade, while oil prices has spiked to a seven year high. Soaring commodity prices will weigh on inflation concerns. On the other hand, the U.S. 10-year yield has advanced through 1.6% during Friday, triggering bearing sentiment across markets.

This week’s economic docket is packed with important data releases from Britain and the U.S. The U.K. unemployment rate and monthly GDP will be released during Tuesday and Wednesday, respectively; meanwhile, the U.S. will be releasing CPI and PPI figures over Wednesday and Thursday, furthermore, FOMC minutes will be released on Wednesday as well.

Main Pairs Movement:

The highly-anticipated US Nonfarm Payrolls (NFP) rose by 194,000 in September, missing the market expectation of 500,000 by a wide margin. The greenback came under modest selling pressure after the report released. US dollar index posted a daily low at 93.940.

On a positive note, August’s print of 235,000 got revised higher to 366,000. Further details of the publication revealed that the Unemployment Rate declined to 4.8% from 5.2% in August, compared to analysts’ estimate of 5.1%. Additionally, the Labor Force Participation Rate edged lower to 61.6% from 61.7% and the wage inflation, as measure by the Average Hourly Earnings, rose 4.6% on a yearly basis as expected.

The mixed US data did little to the dollar’s strength. Most of the main pairs remain on the familiar levels, except for USD/CAD plummeting amid the surging oil price, and USD/JPY rising due to the so-called ‘Kishida Shock’, which refers to the Japanese new president Fumio Kishida and his redistribution policies.

XAU/USD lingered around $1750-60 almost a whole day. Though once gold price surged to $1781 right after the NFP released, it was soon back to the thin price range, trading at $1758.20 as of writing. WTI climbed nearly 1% today, once bounced off $80.00, the first time since October 2014. The 10-year US Treasury Yield rose around 2% and breached the 1.600 threshold.

Technical Analysis:

USDJPY (Daily Chart)

Fed’s looming bond taper and the resulting higher Treasury rates are the main order of market business. The USD/JPY will continue to rise as long as Treasury yields push higher. Despite the dismal September job numbers, markets remain convinced that the Fed will keep its word and begin a bond program reduction this year.

The USD/JPY is close to the top of its three year range. Except for the February and March 2020 panic spikes, and a few days in April 2019, the last time the pair spent any time above 112.00 was in the second half of 2018. The area above 112.00 has no recent technical impediments to a rise in the USD/JPY. However, on the flip side, we have an instant support for the pair at 112.00, followed by 110.65, strong resistence during July and Augest, then 109.15, robust support of the pair since June.

Resistance: 114.55 (Oct. 2018 high), 118.60 (Jan. 2017 high)

Support: 112.00, 110.65, 109.15

EURUSD (4 Hour Chart)

The euro is attempting to bounce up from 14-month lows at 1.1535 reaching session highs at 1.158 favored by a weaker than expected U.S. Nonfarm payrolls report. The pair, however, remains on the defensive, after having deprecated about 0.5% in a three-day decline. The greenback is pulling back against its main peers on Friday, weighed by a worse-than-expect in U.S. private employment as well. Furthermore, the unemployment rate declined to 4.8% from 5.2% in Aug.

On the technical, RSI continuing to trim the weakness to higher stage and close around 49, suggesting a neutral market movement ahead. On average side, 15-long indicator has turned it slide to uptrend while 60-long remaing decending movement. For MACD, the indicator keep extend it positive momentum.

On slip side, we expect the last time low, 1.153 level, will give pair a short-term support guidance. If break down the threshold, we foresee the downside support will eye on psychological level at 1.15

Resistance: 1.161, 1.1675

Support: 1.153, 1.15

USDCAD (4 Hour Chart)

Loonie plummet during the New York session, is trading at 1.2475, down 0.58% in the day market, touched lowest stage since July 30 after job report showed that the country has now recovered all of the 3 million jobs lost during the pandemic. Meanwile, the West Texas Intermediate crude oil futures hit $80 per barrel for the very first time since November 2014, whereas the U.S. 10-year Treasury yield is rising and sitting 1.6% as of writing.

From a technical perspective, RSI index has slipped into over sought territory where sitting 24.3 as of writing, suggesting overly sell off sentiment at the moment. On moving average indicator, 15- and 60-long indicator still retaining downside movement.

Since loonie rapidly break through a critical support at 1.25, we expect next downward support will be last July low at 1.2425. On up side, psychological level at 1.25 will turn into a pivotal resistance for short-term, 1.256 behind.

Resistance: 1.25, 1.256

Support: 1.2425, 1.23

Economic Data

Daily Market Analysis

Market Focus

US markets rallied on Thursday as lawmakers finally reached a deal to increase the debt ceiling in the short- term. In short, the Dow Jones jumped roughly 1%; the Nasdaq rose 1.1% while the S&P climbed 0.8%. The majority of stocks turns upside as investors temporary relieve on the news of the US will avoid an unprecedented default for now. As of now, markets await on the release of non-farm payrolls, which are scheduled on Friday.

Asian market set to open higher as China markets are going to resume after a week- long holiday, known as the golden week. In China, markets are likely to concentrate on the debt woes in its property sector and Beijing’s updated regulation, taking steps to limit monopolistic behaviors.

Elsewhere, oil prices rebounded after the US mentioned it has no plan at the moment to increase the output in order to calm rising oil prices. In the meantime, iron ore price looks to wriggle as markets see the strength amid concerns that Chinese demand is evaporating.

Main Pairs Movement:

Gold slid on Thursday, down 0.43%, after the US economy looks to gradually recover according to the jobless data on Wednesday. With the ongoing improvement in the labor market, the US Fed is likely to pace up the reduction of its monetary support soon. The price of bullion is likely to undulate from Friday’s non- farm payrolls data. As of now, gold is waiting for catalysts to move up and down.

WTI crude oil held steadily high as the energy benchmark cheered for the upbeat market sentiment. Oil price got fueled by the US Energy Department suggested that there will be no consideration as of now to release and increase the national reserves, keeping the oil supply crunch on the table.

The Japanese Yen looks to undermined against the US dollar as the US bond yields rise, which potentially reduces the interest for the haven currency. By the end of the day, USDJPY closed with 111.607, 0.19% higer.

Technical Analysis:

USDJPY (4 hour Chart)

The USD/JPY pair recovered over 30 pips from the daily swing lows and climbed to fresh daily tops, last seen around the 111.60 region during the North American session.

A combination of factors assisted the USD/JPY pair to attract some dip-buying near the 111.20 region on Thursday. The risk-on impulse in the markets was seen as a key factor that undermined the safe-haven Japanese yen and extended some support to the major. This, along with a modest pickup in the US dollar demand, provided a modest lift.

For buyers to resume the attack to 112.00 and beyond, they would need a daily close above 111.50. In case of that outcome, the next supply zone would be 112.00; on the flip side, the first support level is 111.00, followed by the September 8 high at 110.42, then at 110.00.

The RSI indicator is at 62.50, modestly bullish, suggesting the consolidation of the pair may come to an end and the uptrend resumes.

Resistance: 112.00, 114.26 (Oct. 2018 high)

Support: 111.00, 110.42, 110.00

EURUSD (4 Hour Chart)

After two consecutive days of printing red, reacing a new yearly low at 1.1528, the pair is staging a comeback, is trading at 1.1564, modestly up 0.06% in the day market, during the New York session, at the time of writing. The market mood is turning to risk-on mode, portrayed by European stock indices finishing the day with hover between 1.17% and 2.14%. Meanwhile, major US stock indices rise more than 1%, during the day. The U.S. debt-limit increase solution, although short-term relieved market nervousness.

On the technical, RSi indicator pull back from over sought territory to 35 figure, however, still suggesting a bearish sentiment at current stage. On moving average side, 15- and 60-long indicator both retaining decending movement. On the other hand, MACD is holding 0 which lack of a movement suggestion.

On slip side, we expect the last time low, 1.153 level, will give pair a short-term support guidance. If break down the threshold, we foresee the downside support will eye on psychological level at 1.15

Resistance: 1.157, 1.161, 1.1675

Support: 1.153, 1.15

USDCAD (4 Hour Chart)

Loonie break below critical support of last day and once 1.254 in the day market where is the lowest level since Sept 7. It remains near the lows with a bearish intraday bias, favored by a wearker dollar and higher crude oil price. The U.S. dollar index is down 0.09%, sitting at 94.14. Furthermore, the U.S. 10 years T-bond benchmark note is advancing where sit at 1.565% as of writing, putting the breaks on the buck’s fall against major currencies. On political side, the President of Russia, offered an increase of the natural gas supplies for Europe to deal with over spike in energy price.

From a technical perspective, RSI index fell to 34 figure, consecutive suggesting a bearish momentum ahead. On MACD side, indicator turn into negative territory, suggesting a downside movement.

For the slip way, we expecting effectively support will between 1.255 and 1.256. Moreover, if market slip below 1.255, we see next support will be 1.25. On up way, the first resistance will be psychological level at 1.26

Resistance: 1.256, 1.26, 1.2635

Support: 1.255, 1.25

Economic Data

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Daily Market Analysis

Market Focus

Major indices rebounded on Tuesday following a major sell- out in the technology- centered market in the previous session. The Dow Jones rebounded 0.92%. The S&P500 climbed 1.05% while the Nasdaq rallied 1.25%, led by advances in mega- cap technology companies. However, the 10- year yield surged to 1.53%. Investors awaited the latest job data later this week, following the signal on the Federal Reserve’s next move.

The US Treasury Secretary Janet Yellen said that the economy would fall into a recession if Congress ends up failing to raise the debt ceiling before a default on the US debt. In the meanwhile, President Biden also calls on Congress to raise the ceiling this week in order to avoid the catastrophe to not pay the government’s bill. While the US has never failed to pay the bills on time, a default will have a high possibility to result in a jump in interest rates and a damage in Washington’s ability to fulfill its future obligations on time.

Oil price continues to surge, hitting multi- year highs as OPEC+ sticks to its original output plan. Early this week, OPEC+ agreed to adhere to its pact in July, rather than raising the output in the further. As a result, the fuel market is likely to be undersupplied for the next couple of months.

Main Pairs Movement:

The Japanese Yen is testing its downside a US stocks recovered and the US yields climbed as investors conern over inflation. USDJPY is trading above 111.00 level with eye on 112 region, where selling pressure is also prone to emerge.

GBPUSD climbed higher, approaching 1.3650. After dipping last week, the pound rebounded as the markets seem to have shifted the focus from the fuel shortage to the impact of the Bank of England, whether it will lead the major central banks on hiking rates.

Gold declined, trading at $1759 as the Treasury yields edged higher after US data from last week boosted optimism about the economic recovery. In the meanwhile, the decline in gold also came from the dollar rebound, pressuring bullion, which did not earn interest.

Technical Analysis:

GBPJPY (Daily Chart)

GBP/JPY has breached both the 200-DMA at 150.18 and the 50-DMA at 151.36, once bounced off the 152.00 price level, and trading at 151.90 as of writing.

If the GBP/JPY buyers would like to resume the uptrend, they would need a daily close above 152.00. in case of that outcome, it could pave the way for further gains. The first resistance level would be 152.55, the key supply zones with the confluence of the September 28 high and the 100-DMA. A breach of that level would expose the July’s top 153.50, followed by the yearly top 156.08.

On the other hand, a retreat heading to the 50-DMA could exert downward pressure in the cross-currency. The first support level would be the 50-DMA 151.30. A daily close below that level could push the price towards the 200-DMA at 150.18, immediately followed by October’s first low at 149.22.

Both RSI indicator and MACD histogram are above the middle line, supporting the upside bias, but caution is warranted as the negative macro impact looms.

Resistance: 152.55, 153.50, 156.08

Support: 151.30, 150.18, 149.22

EURUSD (4 Hour Chart)

The euro fiber pair retreated from its Monday gains, is sliding during the U.S. session, down 0.22%, trading at 1.1598 as of writing. During the day, the pair bottomed at 1.158 but bounced back on slightly greenback weakness. The U.S. dollar index is advancing 0.18% hover around 93.98, underpinned by higher U.S. 10 years Treasury yields, sitting at 1.534%.

From a technical perspective, RSI index slightly sliding to 42.8, suggesting a weakeness guidance in further market. On MACD side, indicator continuing to converge to zero horizontal.

On price action, we expect the first barricade ahead of is 1.1645, following a strong resistance at 1.168 for upside way. On contrast, we expect the immediately support will set at 1.1564 and psychological support at 1.15 follow behind. All of all, we foresee market will choppy between 1.1564 and 1.1645 consolidation channel.

Resistance: 1.1612, 1.1645, 1.168

Support: 1.1564, 1.15

USDCAD (4 Hour Chart)

Loonie was falling in the New York session, trading below 1.26, down over 0.24% in the day market at the time of writing. The market sentiment has improved throughout the day. European and U.S. shares indices are advancing between 0.8% and 1.56%, whereas Asian stocks ended the day with losses except for the Hang Seng. Meanwhile, WTI is edging higher for the fifth consecutive day, trading at $78.95 which breached seven year-highs, up almost 2%.

From a technical perspective, RSI index shows 36.7 figure which slightly improve bearish momentum, still suggesting bear movement ahead. On the other hands, MACD shows another downside guidance where figure successive print negative figure as of writing.

For the slip way, it seem doesn’t have to much downside support level where last support at 1.256, expecting effectively support will between 1.255 and 1.256. On up way, the first resistance will be psychological level at 1.26

Resistance: 1.26, 1.2638

Support: 1.256

Economic Data

Daily Market Analysis

Market Focus

The broad U.S. equity markets experienced a sell off on the first trading day of the week. The S&P 500 dropped 56.58 points to close at 4300.46, while the tech-heavy Nasdaq lost 2.1% and the Dow closed 0.9% down. Market sentiment was affected by the rising yield curve and soaring commodity prices.

Since the Federal Reserve meeting last week, the 10-year Treasury yield has jumped to around the 1.5% region. Rising bond yields are motivated by the increasingly hawkish stance that global central banks are presenting. The imminent bond tapering and possible interest rate hike has especially affected “big tech” firms. As the S&P info-tech index suffered a more than 2% drop.

OPEC+ failed to come to an agreement on raising production restriction, instead the group would stick to the previously agreed upon plan of lifting collective output by 400,000 barrels per day. Affected by the news, the WTI rose 2.3% to close at 77.62 dollars a barrel, while the Brent Crude jumped 2.5% to close at 81.26 dollars a barrel, its highest settling price in three years.

Market participants will now shift their attention to the ADP Nonfarm payroll and the U.S. initial jobless claim figures, both important gauges on economic recovery, which will be released on Wednesday and Thurday of this week, respectively.

Main Pairs Movement:

The US dollar shed some ground on Monday, but no critical level was affected. Greenback losses were limited as the market’s mood was sour, with the focus on Evergrande and China’s financial stability.

The single currency was among the worst performers against the US dollar. EUR/USD pair currently trades around 1.1620, after meeting sellers in the 1.1640 price zone. Cable regained the 1.3600 level, despite some tensions related to Brexit and fuel shortages.

The USD/JPY pair edged lower amid the poor performance of equities and lower government bond yields. The US 10-year Treasury note yield dropped below 1.50% after a breaking attempt at the start of the day. CHF appreciated sharply in a risk-off sentiment. USD/CHF settled at 0.9245. Australia has a packed macroeconomic calendar, which includes the RBA monetary policy decision.

Global indexes closed in the red, as investors eyed news coming from China. Evergrande, the troubled property giant, requested a trading halt over the announcement of a major transaction. The news suggested the company will sell a majority stake in its property management business for more than US$5 billion, a sign that the company is still working on covering its US$305 billion debt.

Technical Analysis:

GBPUSD (4 Hour Chart)

The British pound push above 1.3600 could open the door for further gains, but a daily close above the latter is required. In case of that outcome, the first resistance level would be the September 24 low at 1.3657. A breach of that level could push the pair towards key supply levels like the figure at 1.3700 and the 50-day moving average at 1.3758.

On the flip side, failure at 1.3600 would exert additional downward pressure on cable. The first demand zone would be the July 20 low at 1.3571. A break of that level would expose 1.3500, followed by the October first low at 1.3433.

The RSI indicator is at 45, and the MACD histogram is negative. Though remaining bearish both of them are with upside slopes, suggesting the sentiment is recovering.

Resistance: 1.3657, 1.3700, 1.3758

Support: 1.3571, 1.3500, 1.3433

EURUSD (4 Hour Chart)

The euro fiber pair surged up for a second consecutive day, but the advance seems lack of powerful momentum then mere correction after U.S. session, currently trading at 1.162 which after meeting seller in 1.1645 level. At the meantime, global shares indexes closed in the the red, as investors eyed news coming from China which giving support for safe-haven sentiment.

From a technical perspective, EUR/USD is trading at the edge of upper bounds of the bollinger bands that driving a downside movement. Meanwhile, RSI index has pull back from the over sought territory to neutral area at 49.7 as of writing, suggesting market is adsence the sence of market direction.

For sideway, we expect the first barricade ahead of is 1.1645, following a strong resistance at 1.168.

Resistance: 1.1645, 1.168

Support: 1.1612, 1.1564

USDCAD (4 Hour Chart)

Loonie has weakened during the last weeks despites surging energy prices. According to National Bank of Canada analysys, the correlation is unusual, and they see that energy prices should decline further or the loonie strengthen. The pair has extended the reversal from last week’s peak, at 1.2587 as of writing, to hit intraday lows at 1.2555 area so far.

From a technical perspective, RSI index show 33 figure that close to over sought area which suggest a bearish market movement at the moment. On the other hands, MACD shows another downside guidance where figure successive print negative figure as of writing.

For the slip way, it seem doesn’t have to much downside support level where last support at 1.256.

Resistance: 1.26, 1.2638

Support: 1.256

Economic Data

Daily Market Analysis

Market Focus

Volatility continued to roil risk assets, with U.S. equities notching their biggest monthly slide since March 2020.

Stocks pushed lower on Thursday even after confirmation that the House passed a nine-week spending bill to avert a U.S. government shutdown. For traders, that was just one within a litany of risks for markets. Investors are also bracing for the Federal Reserve to wind down its stimulus amid mounting fears about slowing economic growth, elevated inflation, supply-chain bottlenecks, a global energy crunch and regulatory risks emanating from China.

Political wrangling in Washington is threatening to push the U.S. into default and force President Joe Biden to scale back his spending agenda. Democratic Senator Joe Manchin wants the social spending package to cut by more than half to $1.5 trillion. House Speaker Nancy Pelosi was pressing ahead with a vote on a bipartisan infrastructure bill, even though progressive Democrats said they have the numbers to stall it until the Senate agrees on a more expansive tax and spending package.

China’s central government officials ordered the country’s top state-owned energy companies — from coal to electricity and oil — to secure supplies for this winter at all costs, according to people familiar with the matter. A severe energy crisis has gripped the country, and several regions have had to curtail power to the industrial sector, while some residential areas have even faced sudden blackouts.

The S&P 500 closed at the lowest level since July, extending its September losses to almost 5%. Economically sensitive companies like industrials and financials were among the worst performers on Thursday. The slide almost wiped out the index’s gains for the quarter.

A near-record technical streak for the S&P 500 has some bulls worried that a sharp pullback is overdue.

Main Pairs Movement:

The broad U.S. equity markets closed the third quarter of the year on a weak note. Markets were moved by growing concerns over inflation, supply chain disruptions, rising commodity prices, and the imminent lift of pandemic era monetary assistance by global central banks. Market participants are also waiting for the U.S. congress to approve raising the debt ceiling today, in order to prevent a federal government shutdown. The U.S. initial jobless claims report returned a higher than expected number, which further indicated a slowdown of the economic recovery.

The Greenback lost steam during today’s trading, thus benefitting currency pairs against the Dollar. Cable rebounded from yesterday’s fresh low, but it still remains to be seen if the Pound can stable its recent erratic price actions. USD/JPY retreated after gaining massive ground from yesterday’s trading. Gold soared as the U.S. initial jobless claims returned lower than expected figures.

Technical Analysis:

GBPUSD (4 Hour Chart)

Cable was able to recover some of the losses from yesterday, as a weaker jobless claim figure hurt the Dollar’s strength. Despite today’s mild recovery, the Pound is still plagued by three major fundamental events. First, the British furlough program is set to expire on Thurday. Around 5% of the British workforce is still supported by this program, and workers will face tremendous uncertainty as the program expires. Second, recent shortage of truck drivers has brought on an unprecedent shortage of gasoline throughout the U.K.. This event has brought on a short term supply disruption that could weigh on the near term economic recovery. Third, Brexit issues still loom as U.K. and France battle over fishing rights in the English Channel.

From a technical perspective, Cable has found support around the 1.3422 price region after falling near 0.8% during yesterday’s trading. The return towards previous level will be tough for Cable as fundamental issues still plague the Pound. As of writing, RSI for Cable is sitting at 34.2, indicating some overselling in the market. Cable is trading below its 50, 100, and 200 day SMA

Resistance: 1.355, 1.3687, 1.3717

Support: 1.3422, 1.3256

USDJPY (4 Hour Chart)

USD/JPY reversed course after gaining for six straight trading days. Momentum for the Greenback eased today; however, the short term demand for the U.S. dollar remains strong as the U.S. reported slight gains in notional GDP. Today’s price reversal could be a result of traders taking profit or market participants reacting to the weaker U.S. jobless claim figure. The fundametal side of things are still strongly in favor of the bulls.

From a technical perspective, USD/JPY hit resistance around the 111.98 price region and began its decline. However, due to the fundamental support that the Dollar enjoys, downside for USD/JPY remains limited. RSI for the pair has left over bought territory and is now settled around the 52 mark. USD/JPY is trading above the 50, 100, and 200 day SMA.

Resistance: 112

Support: 110.87, 110.32, 109.66

XAUUSD (4 Hour Chart)

Gold advanced more than 1.5% against the Dollar as the broad U.S. equity market experiences another fierce pullback. A weak jobless claim report combined with weak gains in monthly notional GDP have both propelled Gold higher against the dollar; furthermore, the retreating U.S. 10 year bond yield also helped Gold recover from a three day slump.

From a technical perspective, XAU/USD successfully defended the 1725 support level before the end of yesterday’s trading session. During today’s trading, XAU/USD reached our estimated resistance level, around the 1759 price region, but was unable to maintain its upward momentum and the pair soon began retreating. RSI for the pair sits at 58, indicating mild over buying in the market. XAU/USD is trading above its 100 and 200 day SMA, but the pair sit below its 50 day SMA. Despite short term technical indicators showing a bullish outlook for XAU/USD, the increasing hawking tone from global central banks still pose strong downward pressure on the precious metal.

Resistance: 1759.27, 1779.04, 1808.42

Support: 1725.51

Economic Data

1 October 2021, SYDNEY AUSTRALIA – VT Markets, one of the leading Forex and CFD brokers in Europe and Asia, today announce that their new office in Kuala Lumpur is now opened, to better meet the increasing needs from Malaysian clients and affiliates.

In the past seven years, VT Markets has been thriving in Asia, Oceania and Europe. However, the demands for the South-East Asia were plenty and growing. The purpose of setting up a local office in Malaysia is to provide better services, expand our scope, and enable new projects. The new office, which includes an experienced sales team and marketing team, is aiming to provide better services, expand our scope, and enable new projects. The new office will be focused on assisting with market access and Forex trade services, but mostly investment attraction into VT Market ecosystem, and service local Forex investors and affiliates.

“We are expanding globally and with the addition of our newest office in Malaysia we continue to deliver the highest levels of service to our customers while we deliver cutting edge technology to enhance their trading experience.” said Chris Nelson-Smith, Managing Director at VT Markets.

The new office is expected to start to generate sales and initiate marketing campaigns from the fourth quarter of this month. It will primarily handle customer support and affiliate inquiries from Malaysia and Indonesia region.

About VT Markets

VT Markets, based in Sydney, Australia, is a subsidiary of VT Markets LLC (VIG), and leverages more than 10 years of experience and expertise in global financial markets to offer easy and transparent market access and help our clients pursue their financial goals. Founded in 2016, VT markets has applied advanced technical support in the retail FX market to provide clients with superior trading experience.

For inquires, please contact [email protected]