27 October 2021 Afternoon Session Analysis
New Zealand dollar slips following downbeat economic data.
New Zealand dollar was traded lower against US dollar amid downbeat economic data. According to Statistics New Zealand, New Zealand Trade Balance in September eased from the previous reading of -2139M to -2171M. The higher trade deficit figures was driven by the higher consumer spending and stronger demand for imported capital goods such as machinery to be used in construction, as well as electric vehicles. Nevertheless, the bearish momentum of New Zealand dollar was limited amid optimisms over the coronavirus woes. According to Deputy Prime Minister Grant Robertson, he expected Counties Manukau to hit the 90 per cent first vaccination target within this week. Robertson also confident that the coronavirus-led lockdown restriction in Auckland could be lifted by the end of November once the Counties Manukau and the region’s two other districts completed their vaccination doses. As of writing, the pair of NZD/USD was down 0.03% to 0.7161.
In the commodities market, the crude oil price slumped 0.24% to $84.30 per barrel as of writing amid bearish US oil inventory data. As of now, the crude oil market continue to experience pressure after recent API data reported a surprise build in crude oil inventory. Investors are now looking towards EIA for further confirmation. On the other hand, the gold price was down 0.01% to $1792.92 se troy ounce amid strengthening US dollar.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
22:00 CAD BoC Monetary Policy Report
23:00 CAD BOC Press Conference
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 20:30 | USD – Core Durable Goods Orders (MoM) (Sep) | 0.30% | 0.40% | – |
| 22:00 | CAD – BoC Interest Rate Decision | 0.25% | 0.25% | – |
| 22:30 | CrudeOIL – Crude Oil Inventories | -0.431M | 1.857M | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from the resistance level 93.85. MACD which illustrate diminishing bullish momentum signal suggest the dollar to extend its retracement towards the support level 93.40.
Resistance level: 93.85, 94.45
Support level: 93.40, 93.00
GBPUSD, H4: GBPUSD was traded flat while currently testing the support level 1.3755. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to be traded higher towards the resistance level 1.3880.
Resistance level: 1.3880, 1.4005
Support level: 1.3755, 1.3650
EURUSD, H4: EURUSD was traded flat while currently testing near the resistance level 1.1615. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to be traded higher after it breaks above the resistance level 1.1615.
Resistance level: 1.1615, 1.1680
Support level: 1.1530, 1.1455
USDJPY, H4: USDJPY was traded lower following prior retracement from its high level. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its retracement towards the support level 113.20.
Resistance level: 114.60, 115.85
Support level: 111.20, 112.00
AUDUSD, H4: AUDUSD was traded higher following prior rebound from the support level 0.7485. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to extend its gains towards the resistance level 0.7565.
Resistance level: 0.7565, 0.7660
Support level: 0.7485, 0.7410
NZDUSD, H4: NZDUSD was traded flat while currently testing the support level 0.7155. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to be traded higher towards the resistance level 0.7230.
Resistance level: 0.7230, 0.7300
Support level: 0.7155, 0.7080
USDCAD, H4: USDCAD was traded flat while currently testing near the resistance level 1.2410. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to be traded lower towards the support level 1.2295.
Resistance level: 1.2410, 1.2500
Support level: 1.2295, 1.2200
USDCHF, H4: USDCHF was traded lower following prior retracement from the resistance level 0.9215. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses towards the support level 0.9140.
Resistance level: 0.9215, 0.9295
Support level: 0.9140, 0.9080
CrudeOIL, H4: Crude oil was traded higher while currently testing near the resistance level 84.55. However, MACD which illustrate bearish momentum signal suggest the commodity to extend its retracement towards the support level 79.35.
Resistance level: 84.00, 88.40
Support level: 79.35, 75.85
GOLD_, H4: Gold price was traded lower while currently testing near the support level 1781.40. MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to extend its losses after it breaks below the support level.
Resistance level: 1812.80, 1831.50
Support level: 1791.40, 1748.55