30 October 2020 Morning Session Analysis
US Dollar surged amid upbeat economic data.
the backdrop of a string of positive economic data, which dialled up the market optimism toward the economic progression in United States while increasing the market demand on the US Dollar. According to Bureau of Economic Analysis, the U.S. Gross Domestic Product for last quarter notched up significantly from the previous reading of -31.4% to 33.1%, confounding market forecast for a reading up to 31.0%. Meanwhile, the Department of Labour reported that the U.S. Initial Jobless Claims came in at 751K, better than the market forecast at 775K. Besides, US Dollar received further bullish momentum amid the risk-off sentiment in the FX market. As for now, market sentiment remains fragile with four days to go before the presidential election while spiking numbers of coronavirus infections and tougher lockdowns had also diminished the risk appetite in the FX market, which provided further bullish momentum for the safe-haven currency such as US Dollar. Nonetheless, as for now investors would continue to scrutinize the latest updates with regards of the U.S. election in order to receive further trading signal. As of writing, the dollar index appreciated by 0.57% to 93.90.
In the commodities market, the crude oil price slumped 0.10% to $36.10 per barrel as of writing amid spiking numbers of the coronavirus and new measures of lockdown from the European region had continue to weigh the market demand on this black-commodity. On the other hand, the gold price depreciated by 0.01% to $1867.67 per troy ounces as of writing amid strengthening US Dollar.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
N/A
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 15:00 | EUR – German GDP (QoQ) (Q3) | -9.7% | 7.2% | – |
| 18:00 | EUR – CPI (YoY) (Oct) | -0.3% | -0.3% | – |
| 20:30 | CAD – GDP (MoM) (Aug) | 3.0% | 0.9% | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher while currently testing the resistance level at 94.00. However, MACD which illustrated diminishing bullish momentum suggest the index to be traded lower in short-term as technical correction.
Resistance level: 94.00, 94.70
Support level: 93.45, 93.00
GBPUSD, H1: GBPUSD was traded higher while currently testing the resistance level at 1.2940. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1.2940, 1.3010
Support level: 1.2880, 1.2815
EURUSD, H4: EURUSD was traded higher following prior rebound from the support level at 1.1655. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 1.1705.
Resistance level: 1.1705, 1.1765
Support level: 1.1655, 1.1610
USDJPY, H4: USDJPY was traded lower following prior retracement from the resistance level at 104.70. However, MACD which illustrated increasing bullish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 104.70, 105.10
Support level: 104.35, 104.00
AUDUSD, H1: AUDUSD was traded higher while currently testing the resistance level at 0.7040. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 0.7040, 0.7075
Support level: 0.7005, 0.6955
NZDUSD, H4: NZDUSD was traded higher following prior breakout above the previous resistance level at 0.6620. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 0.6655.
Resistance level: 0.6655, 0.6690
Support level: 0.6620, 0.6580
USDCAD, H4: USDCAD was traded lower while currently testing the support level at 1.3315. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 1.3365, 1.3420
Support level: 1.3315, 1.3255
USDCHF, H4: USDCHF was traded lower while currently testing the support level at 0.9150. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 0.9180, 0.9215
Support level: 0.9150, 0.9090
CrudeOIL, Daily: Crude oil price was traded lower while currently testing the support level at 36.05. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses after it successfully breakout below the support level.
Resistance level: 43.05, 52.95
Support level: 36.05, 29.10
GOLD_, Daily: Gold price was traded lower following prior breakout below the previous support level at 1882.15. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses toward support level at 1850.30.
Resistance level: 1882.15, 1908.75
Support level: 1850.30, 1815.35