05 November 2020 Morning Session Analysis
Dollar fell as Biden close to victory.
During early Asian session, the dollar index which traded against a basket of six major currency pairs have fell from its high following signs of former Vice President Joe Biden gathers momentum to the White House. According to latest development, President Donald Trump’s path to maintain in the White House has suffered a blow after previous VP Joe Biden expanded his lead over the president following a success in Wisconsin. Biden now leads Trump with the score of 264-214 with only 6 left needed for Biden to secure victory. Following the increasing prospect of Biden administration, the dollar suffered selling pressure led by bets of Democrats taking the White House and Congress would increase debt and deficit levels. At the time of writing, dollar index fell 0.08% to 93.39.
In the commodities market, crude oil price remain strong and gains 0.09% to $39.03 per barrel as of writing following a decline in stockpiles. According to EIA, U.S crude stockpiles have fell 8 million last week, better than market expectation with the increase of 890,000 barrels. The decline was caused by Hurrricane Zeta that made landfall on Oct 26 and became the third storm in six weeks to disrupt productions. On the other hand, gold price rose 0.12% to $1905.45 a troy ounce at the time of writing following dollar weakness caused by confidence towards Biden presidency.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
19.00 GBP BoE MPC Meeting Minutes
20.30 GBP BoE Gov Bailey Speaks
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 15.00 | GBP – BoE Interest Rate Decision (Nov) | 0.10% | 0.10% | – |
| 17.30 | GBP – Construction PMI (Oct) | 56.8 | 55.0 | – |
| 21.00 | USD – Initial Jobless Claims | 751K | 732K | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower following recent retracement from the resistance level 93.80. MACD which illustrate bearish momentum signal suggest the dollar to extend its losses towards the support level 93.00.
Resistance level: 93.80, 94.65
Support level: 93.00, 92.45
GBPUSD, H4: GBPUSD was traded lower following prior retracement from its high level. MACD which illustrate bearish bias signal with the starting formation of death cross suggest the pair to extend its losses towards the support level 1.2870.
Resistance level: 1.3060, 1.3230
Support level: 1.2870, 1.2700
EURUSD, H4: EURUSD was traded higher while currently testing near the resistance level 1.1765. MACD which illustrate ongoing bullish momentum signal suggest the pair to extend its gains after it breaks above the resistance level.
Resistance level: 1.1765, 1.1880
Support level: 1.1615, 1.1455
USDJPY, H4: USDJPY remain traded in a sideway channel while testing near the support level 104.25. However, MACD which illustrate bearish momentum signal suggest the pair to be traded lower after it breaks below the support level.
Resistance level: 105.10, 105.80
Support level: 104.25, 103.65
AUDUSD, H4: AUDUSD was traded higher while currently testing near the resistance level 0.7200. MACD which illustrate bullish bias signal suggest the pair to extend its gains after it breaks above the resistance level.
Resistance level: 0.7200, 0.7340
Support level: 0.7105, 0.7005
NZDUSD, H4: NZDUSD was traded higher following prior breakout above the previous resistance level 0.6670. MACD which illustrate ongoing bullish momentum signal suggest the pair to extend its gains towards the resistance level 0.6725.
Resistance level: 0.6725, 0.6775
Support level: 0.6670, 0.6595
USDCAD, H4: USDCAD was traded lower while currently testing the support level 1.3105. MACD which illustrate ongoing bearish momentum signal suggest the pair to extend its losses after it breaks below the support level.
Resistance level: 1.3240, 1.3335
Support level: 1.3105, 1.2995
USDCHF, H4: USDCHF was traded lower while currently testing near the support level 0.9085. MACD which illustrate bearish bias signal suggest the pair to extend its losses after it breaks below the support level.
Resistance level: 0.9185, 0.9295
Support level: 0.9085, 0.9000
CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level 39.25. However, MACD which illustrate diminishing bullish momentum signal suggest the commodity to experience a technical correction towards the support level 36.55.
Resistance level: 39.25, 41.55
Support level: 36.55, 34.10
GOLD_, H4: Gold price remain traded in sideway channel. However, MACD which illustrate diminishing bullish momentum signal suggest the commodity to be traded lower in short term towards the support level 1879.05.
Resistance level: 1919.00, 1970.55
Support level: 1879.05, 1847.70