08 November 2021 Morning Session Analysis
Dollar jumped amid inflation fears persisted.
The Dollar Index which traded against a basket of six major currency pairs retrace from its highest level in more than a year despite bullish economic data amid market participants remained concerns over the inflation risk in future, which diminishing the appeal for the US Dollar. In earlier, the Federal Reserve had announced to taper the bond buying program later this month, but it stuck to its long-held view that the surge in inflation is only transitory while maintaining their interest rate at nearly 0%. On the economic data front, most of the crucial economic data from US last week had fared better-than-expectation, which limiting the losses experienced by the US Dollar. According to Bureau of Labor Statistics, U.S. Nonfarm Payrolls notched up significantly from the previous reading of 312K to 531K, exceeding the market forecast at 450K. Meanwhile, U.S. Unemployment rate came in at 4.6%, which also better than the market expectation at 4.7%. As of writing, the Dollar Index depreciated by 0.09% to 94.25.
In the commodities market, the crude oil price surged 0.44% to $81.85 per barrel as of writing. The oil market edged higher amid positive prospect for the Covid-19 vaccination program as well as global economic recovery process had continued to increase the appeal for this black-commodity. On the other hand, the gold price surged 0.05% to $1,817.00 per troy ounces as of writing amid weakening US Dollar.
Today’s Holiday Market Close
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Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from the resistance level at 94.50. MACD which illustrated increasing bearish momentum suggest the index to extend its losses toward support level at 93.80.
Resistance level: 94.50, 95.15
Support level: 93.80, 93.25
GBPUSD, H4: GBPUSD was traded lower following prior breakout below the previous support level at 1.3615. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 1.3615, 1.3815
Support level: 1.3425, 1.3305
EURUSD, Daily: EURUSD was traded lower while currently testing the support level at 1.1530. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 1.1680, 1.1875
Support level: 1.1530, 1.1370
USDJPY, H4: USDJPY was traded lower while currently testing the support level at 113.35. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 114.55, 115.40
Support level: 113.35, 112.05
AUDUSD, H4: AUDUSD was traded lower while currently testing the support level at 0.7380. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 0.7435, 0.7530
Support level: 0.7380, 0.7305
NZDUSD, H4: NZDUSD was traded lower while currently testing the support level at 0.7110. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 0.7155, 0.7240
Support level: 0.7110, 0.7015
USDCAD, H4: USDCAD was traded higher while currently near the resistance level at 1.2460. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 1.2460, 1.2525
Support level: 1.2400, 1.2335
USDCHF, H4: USDCHF was traded lower following prior retracement from the resistance level at 0.9155. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 0.9075.
Resistance level: 0.9155, 0.9225
Support level: 0.9075, 0.9005
CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level at 81.50. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.
Resistance level: 81.50, 83.30
Support level: 79.15, 76.10
GOLD_, H1: Gold price was traded higher while currently testing the resistance level at 1816.85. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1816.85, 1829.00
Support level: 1807.50, 1796.95
Risk Statement:
Forex, Gold, Crude Oil, Commodities, CFD and all other margin trading investment products involve high level of risk and may not be suitable for all investors. Your previous investment success in stock, futures or any other investment achieved does not mean that all your future investment will obtain the same results. You should carefully consider your investment objectives; risk associated and seek professional advice before deciding to trade or if you have any doubts.