1 November 2021 Afternoon Session Analysis
Australian dollar fell following mixed economic data.
The Australia dollar was traded lower against the US dollar and other currency pairs over the backdrop of mixed economic data. According to China Logistics Information Center, China Manufacturing Purchasing Managers Index (PMI) in October came at the reading of 49.2, lower than the forecasted reading of 49.7. The downbeat China economic data had reflected contraction in China’s manufacturing sectors amid shortage of power supply and soaring price of raw materials. The slowdown in China’s industrial production activities could result in lower demand of raw materials from Australia hence potentially jeopardizing the trade revenue of Australia. The pair was also pressured by better-than-expected US Personal Consumption Expenditures (PCE) figures that has further fuelled up market speculative that the official announcement of monetary policy tapering might be taking place during its November’s meeting. However, Australian Bureau of Statistic reported that Australia Retail Sales in September had fared a better-than-expected reading as the figures came at reading of 1.3%, exceeding the forecasted reading of 0.2%. The positive data was largely due to lockdown restriction in New South Wales has been lifted hence recorded a rise in buying activities of retails goods. As of writing, the pair of AUD/USD fell 0.03% to 0.7508.
In the commodities market, the crude oil price was up 0.01% to $83.14 per barrel as of writing amid positive demand outlook. Oil price extended its gains due to the recovery of global economic momentum which has resulted in growing demand of oil. On the other hand, the gold price was down 0.02% to $1784.92 per troy ounces amid strengthening of US dollar.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
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Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 17:30 | GBP – Manufacturing PMI (Oct) | 57.7 | 57.7 | – |
| 23:00 | USD – ISM Manufacturing PMI (Oct) | 61.1 | 60.5 | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher following prior breakout above the previous resistance level 93.85. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the dollar to extend its gains towards the resistance level 94.45.
Resistance level: 94.45, 95.20
Support level: 93.85, 93.40
GBPUSD, H4: GBPUSD was traded lower while currently testing the support level 1.3665. MACD which illustrate bearish bias signal suggest the pair to extend its losses after it breaks below the support level 1.3665.
Resistance level: 1.3805, 1.3880
Support level: 1.3665, 1.3555
EURUSD, H4: EURUSD was traded lower while currently testing near the support level 1.1535. MACD which illustrate bearish momentum signal suggest the pair to extend its losses after it breaks below the support level.
Resistance level: 1.1615, 1.1680
Support level: 1.1535, 1.1455
USDJPY, H4: USDJPY was traded higher while currently testing near the resistance level 114.60. MACD which illustrate bullish momentum signal suggest the pair to extend its gains after it breaks above the resistance level114.60.
Resistance level: 114.60, 115.85
Support level: 113.20, 112.00
AUDUSD, H4: AUDUSD remain traded in a sideway channel while currently testing near the support level 0.7485. However, MACD which illustrate bearish momentum signal suggest the pair to be traded lower after it breaks below the support level.
Resistance level: 0.7565, 0.7660
Support level: 0.7485, 0.7410
NZDUSD, H4: NZDUSD remain traded in a sideway channel while currently testing the support level 0.7155. However, MACD which illustrate bearish bias signal suggest the pair to be traded lower after it breaks below the support level.
Resistance level: 0.7230, 0.7300
Support level: 0.7155, 0.7080
USDCAD, H4: USDCAD remain traded in a sideway channel while currently testing the resistance level 1.2410. However, MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to be traded higher after it breaks above the resistance level.
Resistance level: 1.2410, 1.2500
Support level: 1.2295, 1.2200
USDCHF, H4: USDCHF was traded higher following prior breakout above the previous resistance level 0.9140. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to extend its gains towards the resistance level 0.9215.
Resistance level: 0.9215, 0.9295
Support level: 0.9140, 0.9060
CrudeOIL, H4: Crude oil price was traded higher following recent rebound from the support level 81.20. MACD which illustrate bullish momentum signal suggest the commodity to extend its gains towards the resistance level 84.55.
Resistance level: 84.55, 88.40
Support level: 81.20, 79.10
GOLD_, H4: Gold price was traded higher following prior rebound from the support level 1779.95. MACD which illustrate diminishing bearish momentum signal suggest the commodity to extend its rebound towards the resistance level 1808.30.
Resistance level: 1808.30, 1831.50
Support level: 1779.95, 1748.55