18 November 2020 Afternoon Session Analysis
Aussie slips on downbeat data, RBA Lowe comment.
During late Asian session, the Australian dollar which traded against the greenback and other currency pairs have fell following dismal data from Australia and recent comments from RBA Governor Philip Lowe. On data front, Australia Wage Price Index have fell below market expectation of 0.2% which came in at the reading of 0.1%. The reading was also the lowest record in terms of increment. Furthermore, the pair also reacted to RBA Philip comments on Aussie-China tussle and the importance of solving the issue. He stated that the Australia need to keep a strong trade relationship with China. At the same time, Australia have announced new restriction for six days due to coronavirus resurgence which could further weigh on the pair. On the time of writing, AUD/USD fell 0.12% to 0.7290.
In the commodities market, crude oil price remains stable and edge higher 0.05% to $41.54 per barrel as of writing amid market clinging their hopes on vaccine. Recently, API have reported an increase in inventory stock, but the hopes of vaccine and economic recovery have help offset the pressure while market awaits for further catalyst. On the other hand, gold price slips 0.06% to $1879.32 a troy ounce following vaccine optimism continue to diminish risk-aversion sentiment.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
23:00 EUR ECB President Lagarde Speaks
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 15:00 | GBP – CPI (YoY) (Oct) | 0.5% | 0.6% | – |
| 18:00 | EUR – CPI (YoY) (Oct) | -0.3% | -0.3% | – |
| 21:30 | USD – Building Permits (Oct) | 1.545M | 1.560M | – |
| 21:30 | CAD – Core CPI (MoM) (Oct) | 0.1% | – | – |
| 23:30 | CrudeOIL – Crude Oil Inventories | 4.278M | -0.913M | – |
Technical Analysis
DOLLAR_INDX, H1: Dollar index was traded lower following prior retracement from the higher level. MACD which illustrate diminishing bullish momentum signal suggest the dollar to undergo technical correction toward the support level at 92.35.
Resistance level: 92.55, 92.75
Support level: 92.35, 92.10
GBPUSD, H1: GBPUSD was traded higher following prior breakout above the previous resistance level at 1.3230. MACD which illustrates diminishing bearish bias momentum suggest the pair to extend its gains toward the resistance level at 1.3290.
Resistance level: 1.3290, 1.3350
Support level: 1.3230, 1.3185
EURUSD, H4: EURUSD was traded lower following prior retracement from the resistance level at 1.1895. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses toward the support level at 1.1840.
Resistance level: 1.1895, 1.1960
Support level: 1.1840, 1.1795
USDJPY, H4: USDJPY was traded lower following prior breakout below the previous support level at 104.20. MACD which illustrate bearish bias momentum suggest the pair to extend its losses toward the support level at 103.90.
Resistance level: 104.20, 104.50
Support level: 103.90, 103.20
AUDUSD, H4: AUDUSD was traded lower following prior retracement from the resistance level at 0.7330. MACD which illustrate diminishing bullish momentum suggest the pair to extend its losses toward the support level at 0.7265.
Resistance level: 0.7330, 0.7405
Support level: 0.7265, 0.7205
NZDUSD, H4: NZDUSD was traded lower following prior retracement from the resistance level at 0.6900. MACD which illustrate bearish momentum signal suggest the pair to extend its losses toward the support level at 0.6865.
Resistance level: 0.6905, 0.6935
Support level: 0.6865, 0.6835
USDCAD, H4: USDCAD was traded higher following prior breakout above the previous resistance level at 1.3095. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its gains toward the resistance level at 1.3170.
Resistance level: 1.3170, 1.3240
Support level: 1.3095, 1.3035
USDCHF, H4: USDCHF was traded higher following prior rebound from the support level at 0.9100. MACD which display diminishing bearish momentum signal suggest the pair to extend its rebound toward resistance level at 0.9135.
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 20 moving average line (Red). 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: 42.05, 43.05
Support level: 40.80, 40.10
GOLD_, H1: Gold price was traded lower following prior breakout below the previous support level at 1883.90. MACD which illustrate bearish bias momentum suggest the commodity to extend its losses toward the support level at 1869.45.
Resistance level: 1883.90, 1896.15
Support level: 1869.45, 1858.00