20 November 2020 Morning Session Analysis
US Dollar slumped following the stimulus talks resumed.
The Dollar index which traded against a basket of six major currencies extend its losses amid the positive hopes upon the Covid-19 stimulus talks surged. According to CNBC, the top Senate Democrat Chuck Schumer said on Thursday that the Republican Majority Leader Mitch McConnell has agreed to resume the Covid-19 stimulus talks amid the infections spiked up significantly across the United States. Massive stimulus plans would be normally spurring inflation risk, which sapping the demand on the currency. Besides that, the US Dollar received further bearish momentum following few states from U.S. region to impose new restrictions to curb the alarming spiking spread. According to Reuters, the number of patients hospitalized with Covid-19 in the United States has jumped nearly 50% in the last two weeks. Nearly 79,000 people were being treated for the disease in hospitals across the country on yesterday. The spiking cases of the Covid-19 had forced a spate of new school and business closings in order to slow the community spread. As of writing, the Dollar Index depreciated by 0.03% to 92.25.
In the commodities market, the crude oil price slumped 0.29% to $41.70 per barrel as of writing. The oil market was traded lower on yesterday amid the fears of the spiking numbers of the Covid-19 infections had outweighed the positive vaccine development. Though, investors would continue to scrutinize the latest updates with regards of the Covid-19 vaccine development in order to gauge the likelihood movement for the commodity. On the other hand, the gold price appreciated by 0.18% to $1862.50 per troy ounces as of writing amid weakening US Dollar.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
16:15 EUR ECB President Lagarde Speaks
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 15:00 | Retail Sales (MoM) (Oct) | 1.5% | 0.1% | – |
| 21:30 | Core Retail Sales (MoM) (Sep) | 0.5% | 0.9% | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from the resistance level at 92.60. MACD which illustrated diminishing bullish momentum suggest the index to extend its losses toward support level at 92.10.
Resistance level: 92.60, 93.00
Support level: 92.10, 91.75
GBPUSD, H1: GBPUSD was traded lower following prior retracement from the resistance level at 1.3270. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 1.3220.
Resistance level: 1.3270, 1.3310
Support level: 1.3220, 1.3160
EURUSD, H1: EURUSD was traded lower following prior retracement from the resistance level at 1.1885. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 1.1855.
Resistance level: 1.1885, 1.1925
Support level: 1.1855, 1.1810
USDJPY, H4: USDJPY was traded within a range while currently testing the resistance level at 103.85. MACD which illustrated increasing bullish momentum suggest the pair to be traded higher after it successfully breakout above the resistance level.
Resistance level: 103.85, 104.30
Support level: 103.45, 103.15
AUDUSD, H4: AUDUSD was traded lower following prior retracement from the resistance level at 0.7320. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.7220.
Resistance level: 0.7320, 0.7430
Support level: 0.7220, 0.7100
NZDUSD, Weekly: NZDUSD was traded higher while currently testing the resistance level at 0.6915. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 0.6915, 0.7110
Support level: 0.6760, 0.6510
USDCAD, H4: USDCAD was traded higher while currently testing the resistance level at 1.3095. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1.3095, 1.3165
Support level: 1.3030, 1.2960
USDCHF, H4: USDCHF was traded lower while currently testing the support level at 0.9100. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 0.9140, 0.9175
Support level: 0.9100, 0.9055
CrudeOIL, Daily: Crude oil price was traded higher while currently testing the resistance level at 41.70. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.
Resistance level: 41.70, 43.70
Support level: 39.45, 37.05
GOLD_, H4: Gold price was traded lower while currently testing the support level at 1862.50. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.
Resistance level: 1875.45, 1894.85
Support level: 1862.50, 1851.15