20 November 2020 Afternoon Session Analysis
Aussie rose on upbeat retail sales.
The Australian dollar which traded against the dollar and other currency pairs have managed to erase earlier losses and rose during late Asian after the release of Australia’s retail sales data. According to the Australian Bureau of Statistics, retail sales that represent consumer spending have increased to 1.6% in October, surpassed market expectation of 0.3%. On the other, earlier interest decision from China’s central bank also help boosted the confidence. The People’s Bank of China (PBOC) continue to maintain its rates unchanged at 3.85%, showing signs of confidence in its economic recovery. As China is the largest trading partner to Australia, the data also help Aussie to pick up some bid. At the time of writing, AUD/USD edge higher 0.04% to $0.7278.
In the commodities market, crude oil price was traded flat and fell 0.09% to $41.85 per barrel as of writing following surging coronavirus cases starting to dampen market optimism. Despite with positive vaccine development, longer-term hopes for a COVID vaccine have been replaced by the weak short-term fundamentals and oil market prospects such as renewed lockdowns in EU countries and worsening condition in U.S and could affect oil demand. On the other hand, gold price remains weak and slips 0.12% to $1863.80 a troy ounce at the time of writing following dollar rebound.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
16:15 EUR ECB President Lagarde Speaks
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower following prior breakout below the previous support level at 92.35. MACD which illustrate diminishing bullish momentum signal suggest the dollar to extend its losses toward the support level at 92.10.
Resistance level: 92.35, 92.55
Support level: 92.10, 91.75
GBPUSD, H4: GBPUSD was traded higher following prior rebound from the support level at 1.3225. MACD which illustrates diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 1.3300.
Resistance level: 1.3300, 1.3350
Support level: 1.3225, 1.3145
EURUSD, H4: EURUSD was traded higher following prior rebound from the support level at 1.1845. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its gains toward the resistance level at 1.1895.
Resistance level: 1.1895, 1.1960
Support level: 1.1840, 1.1795
USDJPY, H1: USDJPY was traded lower following prior retracement from the resistance level at 103.90. MACD which illustrate bearish signal suggest the pair to extend its losses toward the support level at 103.65.
Resistance level: 103.90, 104.20
Support level: 103.65, 103.20
AUDUSD, H4: AUDUSD was traded higher following prior rebound from the support level at 0.7265. MACD which illustrate diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 0.7330.
Resistance level: 0.7330, 0.7405
Support level: 0.7265, 0.7205
NZDUSD, H1: NZDUSD was traded higher following prior rebound from the support level at 0.6905. 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: 0.6905, 0.6865
USDCAD, H4: USDCAD was traded lower following prior retracement from the resistance 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 while currently testing the support level at 0.9100. MACD which display diminishing bullish momentum signal suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 0.9135, 0.9175
Support level: 0.9100, 0.9075
CrudeOIL, H1: Crude oil price was traded higher following prior rebound from upward trend line. MACD which illustrate bullish bias momentum suggest the commodity to extend its gains toward the resistance level at 42.15.
Resistance level: 42.15, 43.00
Support level: 40.80, 40.05.
GOLD_, H1: Gold price was traded lower following prior retracement from the resistance level at 1869.45. MACD which illustrate diminishing bullish momentum suggest the commodity to extend its losses toward the support level at 1858.00.
Resistance level: 1869.45, 1883.90
Support level: 1858.00, 1851.15