17 November 2020 Afternoon Session Analysis
Aussie extend gains following RBA minutes.
During late Asian session, the Australian dollar which traded against the greenback and other currency pairs continue to taking bid and rose as the pair benefited from the bullish tone in RBA meeting minutes. According to the minutes, RBA policymakers are prepared to offer further easy money if required, but they giving out a strict tone on rate cuts and have no plans to implement negative interest rates after recently cutting its rates to record lows of 0.10%. Any further easing will involve on increasing bond purchases. Besides that, positive news about Moderna’s vaccine also help boosting the pair value where the news have increase market risk appetite and drive investors to riskier market. At the time of writing, AUD/USD rose 0.05% to 0.7320.
In the commodities market, crude oil price remain supported and gains 0.36% to $41.79 per barrel as of writing amid vaccine hopes. The commodity rose on hopes of a quicker economy after Moderna Inc stated that its experimental COVID-19 vaccine was 94.5% effective in preventing infection based on data. This comes after Pfizer Inc also reported its vaccine was more than 90% effective. On the other hand, gold price also jumped 0.13% to $1891.35 a troy ounce at the time of writing following dollar weakness.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
22:00 GBP BoE Gov Bailey Speaks
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 21:30 | USD – Core Retail Sales (MoM) (Oct) | 1.5% | 0.6% | – |
| 21:30 | USD – Retail Sales (MoM) (Oct) | 1.9% | 0.5% |
Technical Analysis
DOLLAR_INDX, H1: Dollar index was traded lower following prior breakout below the previous support level at 92.55. MACD which illustrate bearish bias momentum signal suggest the dollar to extend its losses toward the support level at 92.30.
Resistance level: 92.55, 92.75
Support level: 92.30, 92.10
GBPUSD, H1: GBPUSD was traded higher while currently testing the resistance level near 1.3230. MACD which illustrates bullish bias momentum suggest the pair to extend its gains after it successfully breakout above the resistance level at 1.3230.
Resistance level: 1.3230, 1.3290
Support level: 1.3185, 1.3110
EURUSD, H4: EURUSD was traded higher following prior breakout above the previous resistance level at 1.1845. MACD which illustrate bullish bias momentum signal suggest the pair to extend its gains toward the resistance level at 1.1895.
Resistance level: 1.1895, 1.1960
Support level: 1.1845, 1.1795
USDJPY, H4: USDJPY was traded lower while currently testing the support level at 104.50. MACD which illustrate bearish bias momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 104.95, 105.40
Support level: 104.50, 104.30
AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level at 0.7330. MACD which illustrate bullish bias momentum suggest the pair to extend its gains after it successfully breakout above the resistance level at 0.7330.
Resistance level: 0.7330, 0.7405
Support level: 0.7265, 0.7205
NZDUSD, H4: NZDUSD was traded higher following prior breakout above the previous resistance level at 0.6900. MACD which illustrate bullish bias momentum signal suggest the pair to extend its gains toward the resistance level at 0.6935.
Resistance level: 0.6935, 0.6955
Support level: 0.6900, 0.6865
USDCAD, H4: USDCAD was traded lower following prior breakout below the previous support level at 1.3095. MACD which illustrate bearish bias momentum signal suggest the pair to extend its losses toward the support level at 1.3035.
Resistance level: 1.3095, 1.3170
Support level: 1.3035, 1.2960
USDCHF, H4: USDCHF was traded lower following prior retracement from the resistance level at 0.9135. However, MACD which display diminishing bearish momentum signal suggest the pair to undergo technical correction in short term toward higher level.
Resistance level: 0.9135, 0.9175
Support level: 0.9100, 0.9075
CrudeOIL, H4: Crude oil price was traded higher following prior rebound from the lower level. MACD which illustrate bullish bias momentum signal suggest the commodity to extend its gains toward the resistance level at 42.05.
Resistance level: 42.05, 43.05
Support level: 40.80, 40.10
GOLD_, H1: Gold price was traded higher following prior rebound from the support level at 1883.45. Due to lack of signal from MACD, it is suggested to wait for further confirmation such as breakout before entering into the market.
Resistance level: 1897.40, 1905.15
Support level: 1883.45, 1867.70