15 October 2020 Afternoon Session Analysis
Stricter rules continue pressured on Euro.
The single currency of European Zone, Euro received huge bearish momentum recently amid resurgence of second wave Covid-19 loom across Europe. According to the Worldometer Statistics, major countries in European Zone such as France and Germany have recorded new confirmed cases of 22,591 and 6,063 respectively on yesterday. In details, France have announced to restore the state of health emergency, which forced French government to imposed tighter coronavirus restrictions in the most affected cities. Under the stricter restriction, Bars and restaurant will have to close while curfew will be implemented as well in order to curb the spread of Coronavirus. Besides, Germany government has also reached a consensus on agreeing tighten the mask-wearing rules and disallowed bars to operate at night in areas where Coronavirus infection rates are high. Other than that, investors also put their attention on the latest development of Brexit’s talk between EU and UK in order to gauge the direction of Euro. As of now, the pair of EUR/USD plunged 0.02% to 1.1745.
In the commodities market, the crude oil price surged 0.19% to $41.10 per barrel amid weaker-than-expected inventories data continue boosted the positive sentiment of oil market. Hence, market participants are eyeing on the upcoming EIA inventory data in order to scrutinize the oil market’s trend. Besides, gold price dropped 0.20% to $1898.00 per troy ounce amid strengthening of US Dollar.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
Tentative GBP Autumn Budget
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 20.30 | USD – Initial Jobless Claims | 840K | 825K | – |
| 20.30 | USD – Philadelphia Fed Manufacturing Index (Oct) | 15.0 | 14.0 | – |
| 23.00 | CrudeOIL – Crude Oil Inventories | 0.501M | -2.835M | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from the resistance level at 93.55. However, MACD which illustrated diminishing bullish momentum suggest the index to extend its losses toward support level at 92.95.
Resistance level: 93.55, 93.90
Support level: 92.95, 92.55
GBPUSD, H4: GBPUSD was traded lower following prior retracement from the resistance level at 1.3070. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 1.3070, 1.3150
Support level: 1.2990, 1.2880
EURUSD, H4: EURUSD was traded within a range while currently near the support level at 1.1725. MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 1.1775, 1.1830
Support level: 1.1725, 1.1675
USDJPY, Daily: USDJPY was traded lower following prior retracement from the resistance level at 106.20. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 104.50.
Resistance level: 106.20, 107.95
Support level: 104.50, 102.95
AUDUSD, H4: AUDUSD was traded lower following prior breakout below the previous support level at 0.7160. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.7100.
Resistance level: 0.7160, 0.7210
Support level: 0.7100, 0.7030
NZDUSD, H4: NZDUSD was traded lower following prior retracement form the resistance level at 0.6665. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.6615.
Resistance level: 0.6665, 0.6710
Support level: 0.6615, 0.6575
USDCAD, H1: USDCAD was traded higher while currently testing the resistance level at 1.3150. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 1.3150, 1.3220
Support level: 1.3100, 1.3045
USDCHF, H4: USDCHF was traded lower following prior retracement from the resistance level at 0.9150. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 0.9095.
Resistance level: 0.9150, 0.9190
Support level: 0.9095, 0.9055
CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level at 41.45. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.
Resistance level: 41.45, 43.05
Support level: 40.55, 39.25
GOLD_, H1: Gold price was traded lower while currently testing the support level at 1891.60. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.
Resistance level: 1912.15, 1930.15
Support level: 1891.60, 1873.50