30 November 2020 Afternoon Session Analysis
China’s data propelled market optimism.
Australian and New Zealand dollar extended its gains during Asian trading session following the release of economic data from China. For the month of November, China’s Manufacturing PMI rose to 52.1, substantially higher than forecast of 51.5. The data shows that China’s industrial activity expanded at its fastest pace in more than three years, keeping track to be the first major economy to fully recover from coronavirus crisis. However, surging infections and fresh lockdowns in many of China’s key trading partners may damp the demand for Chinese exports. The data has refreshed the demand for China-reliant currencies such as Australia and New Zealand dollar. As of writing, the pair of AUD/USD was up 0.20% to 0.7399 while NZD/USD rose 0.26% to 0.7041. On the other hand, Trump administration announced their decision to add China’s top chipmaker SMIC and national offshore oil and gas producer CNOOC to defense blacklist. The decision was made after US accuses both companies to have possible ties with China’s military while citing the motive to be a national security concern. The announcement escalated tensions with Beijing week before President-elect Joe Biden assumes office. As of writing, pair of USD/JPY slumped 0.19% to 103.87.
In the commodities market, crude oil price slumped 0.79% to $45.20 per barrel. Oil futures continues to retreat from its previous high levels following risk aversion in the market due to escalating US-China tensions. On the other hand, gold price depreciates by 0.30% to $1,782.22 a troy ounce as imminent vaccine approval in major economies such as US and UK invigorated market’s demand for equities.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
18:00 EUR ECB President Lagarde Speaks
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 21:30 | CAD – GDP (MoM) | 1.2% | – | – |
| 23:00 | USD – Pending Home Sales (MoM) (Oct) | 1.0% | -2.2% | – |
Technical Analysis
DOLLAR_INDX, Weekly: Dollar index was traded lower following prior closure below 91.85. MACD which begins to form bearish signal suggests the index to extend its losses to 90.25.
Resistance level: 91.85, 94.30
Support level: 90.25, 88.75
GBPUSD, H4: GBPUSD was traded higher following prior rebound from the lower level. MACD which portrays diminished downward momentum suggests the pair to extend its gains towards the resistance level of 1.3390.
Resistance level: 1.3390, 1.3500
Support level: 1.3275, 1.3190
EURUSD, H4: EURUSD was traded higher following prior closure above 1.1950. MACD which illustrate bullish signal suggest the pair to extend its gains towards 1.2000.
Resistance level: 1.2000, 1.2065
Support level: 1.1950, 1.1890
USDJPY, H4: USDJPY was traded lower following prior retrace from its prior resistance level. MACD which illustrate bearish signal suggests the pair to extend its losses towards the support of 103.65.
Resistance level: 104.15, 104.65
Support level: 103.65, 103.20
AUDUSD, H1: AUDUSD was traded higher following prior closure above 0.7390. However, MACD which illustrate diminished upward momentum suggests the pair to be traded lower in short-term as technical correction.
Resistance level: 0.7430, 0.7480
Support level: 0.7390, 0.7325
NZDUSD, H4: NZDUSD was traded higher following prior rebound from the lower level. MACD which illustrate bullish signal suggests the pair to extend its gains after closing above 0.7050.
Resistance level: 0.7050, 0.7140
Support level: 0.6965, 0.6885
USDCAD, H4: USDCAD was traded lower following prior retrace from its higher level. MACD which begins to form bearish signal suggests the pair to extend its losses after closing below 1.2965.
Resistance level: 1.3045, 1.3100
Support level: 1.2965, 1.2890
USDCHF, H4: USDCHF was traded lower while currently testing near 0.9035. MACD which illustrate bearish signal suggests the pair to extend its losses after closing below the support level.
Resistance level: 0.9070, 0.9095
Support level: 0.9035, 0.9005
CrudeOIL, H1: Crude oil price was traded lower following prior retrace from its higher level. MACD which begins to form bearish signal suggest its price to extend its losses after closing below 44.70.
Resistance level: 46.05, 47.00
Support level: 44.70, 43.30
GOLD_, Daily: Gold price was traded lower while currently testing near 1772.00. MACD which illustrate bearish signal suggest its price to extend its losses after closing below the support level.
Resistance level: 1842.95, 1930.75
Support level: 1772.00, 1701.00