10 November 2021 Afternoon Session Analysis
Euro flattens amid mixed economic data.
The Euro was traded flat over the backdrop of mixed economic data. According to Zentrum für Europäische Wirtschaftsforschung, Germany ZEW Economic Sentiment figures in November has ticked from previous reading of 22.3 to 31.7, while exceeding forecasted reading of 20.0. The data suggested that financial market analysts in Eurozone were optimism that the inflation pressure to be eased off over the next six months. However, Germany ZEW Current Conditions data in November came at the reading of 12.5, worse than the forecasted reading of 18.0. According to ZEW president Achim Wambach, experts were expecting the current supply bottlenecks as well as high inflation pressure will pose negative impact on the economic development in the current quarter. However, he also added that the experts expect that Eurozone economy will rebound once inflation depreciate during the first quarter of 2022. As of writing, the pair of EUR/USD was traded flat at around 1.1585.
In the commodities market, the crude oil price was up 0.04% to $84.34 per barrel as of writing amid positive oil demand outlook. According to chief executive of Saudi Aramco, he expected the oil demand might be returned back to pre-pandemic level since many countries are gradually lifting off their travel restriction. He warned that the level of spare oil production capacity to be narrower next year which could result in soaring fuel prices. On the other hand, the gold price surged 0.29% to $1827.35 per troy ounces amid weakening US dollar.
Today’s Holiday Market Close
Time Market Event
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Today’s Highlight Events
Time Market Event
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Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 21:30 | USD – Core CPI (MoM) (Oct) | 0.2% | 0.4% | – |
| 21:30 | USD – Initial Jobless Claims | 269K | 265K | – |
| 23:30 | USD – Crude Oil Inventories | 3.291M | 2.125M | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower while currently testing near the support level 93.85. However, MACD which illustrate diminishing bearish momentum signal suggest the dollar to experience a technical correction towards the resistance level 94.45.
Resistance level: 94.45, 95.20
Support level: 93.85, 93.35
GBPUSD, H4: GBPUSD was traded flat while currently testing the support level 1.3545. However, MACD which illustrate diminishing bullish momentum signal suggest pair to be traded lower after it breaks below the support level.
Resistance level: 1.3650, 1.3735
Support level: 1.3545, 1.3420
EURUSD, H4: EURUSD remain traded in a sideway channel. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to be traded lower in short term towards the support level 1.1535.
Resistance level: 1.1615, 1.1685
Support level: 1.1535, 1.1455
USDJPY, H4: USDJPY was traded flat while currently testing near the resistance level 113.20. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to be traded higher after it breaks above the resistance level.
Resistance level: 113.20, 114.60
Support level: 112.00, 110.85
AUDUSD, H4: AUDUSD was traded lower following prior breakout below the previous support level 0.7385. MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to extend its losses towards the support level 0.7310.
Resistance level: 0.7385, 0.7455
Support level: 0.7310, 0.7200
NZDUSD, H4: NZDUSD was traded lower following recent retracement from the resistance level 0.7145. MACD which illustrate bearish bias signal with the formation of death cross suggest the pair to extend its losses towards the support level 0.7080.
Resistance level: 0.7145, 0.7230
Support level: 0.7080, 0.6990
USDCAD, H4: USDCAD remain traded flat in a sideway channel while currently testing near the support level 1.2410. However, MACD which illustrate bearish momentum signal suggest the pair to be traded lower after it breaks below the support level.
Resistance level: 1.2500, 1.2620
Support level: 1.2410, 1.2295
USDCHF, H4: USDCHF was traded lower following prior retracement from the resistance level 0.9145. MACD which illustrate bearish momentum signal suggest the pair to extend its losses towards the support level 0.9060.
Resistance level: 0.9145, 0.9215
Support level: 0.9060, 0.8990
CrudeOIL, H4: Crude oil price traded higher while currently testing the resistance level 84.75. MACD which illustrate ongoing bullish momentum signal suggest the commodity to extend its gains after it breaks above the resistance level 84.75.
Resistance level: 84.75, 88.40
Support level: 81.65, 79.10
GOLD_, H4: Gold price was traded higher while currently testing the resistance level 1831.50. However, MACD which illustrate diminishing bullish momentum signal suggest the commodity to experience a technical correction towards the support level 1805.60.
Resistance level: 1831.50, 1857.75
Support level: 1805.60, 1779.00