17 November 2021 Afternoon Session Analysis
Pound sterling fell amid positive data from U.S.
The pair of GBP/USD was traded lower against the dollar and other currency pairs amid upbeat economic data from U.S. Yesterday, US has released its better-than-expected retails sale data which has reflected the combined effects of Halloween and early holiday shopping. The rising consumer spending could be resulted in soaring inflation pressure hence fuelled market speculation that Fed will initiate its early interest rate hike. Nonetheless, the bearish momentum of GBP/USD was limited amid upbeat UK employment data. According to Office for National Statistics, U.K. Average Earnings Index in September came at the reading of 5.8%, exceeding the forecasted reading of 5.6%. The rising wage level in UK was expected to boost the inflation pressure due to the increasing consumer spending. In addition, U.K. Claimant Count Change edged higher from the previous reading of -51.1K to -14.9K. The Office for National Statistics were optimistic that it was possible that workers whom made redundant at the end of the furlough scheme would continue to appear at their workplace. As for now, investors would continue to scrutinize on the latest update regarding BoE’s next monetary policy announcement which is scheduled at the mid of December. As of writing, GBP/USD fell 0.2% to 1.3405.
In the commodities market, the crude oil price was down 0.25% to $79.12 per barrel as of writing amid fears of supply boost. According to the International Energy Agency (IEA), it claimed that the soaring oil prices could provide a strong incentive for US oil producers to their production. On the other hand, the gold price slumped 0.15% to $1853.70 per troy ounces amid strengthening US dollar.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
N/A
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 15:00 | GBP – CPI (YoY) (Oct) | 3.10% | 3.90% | – |
| 18:00 | EUR – CPI (YoY) (Oct) | 4.10% | 4.10% | – |
| 21:30 | USD – Building Permits (Oct) | 1.586M | 1.630M | – |
| 21:30 | CAD – Core CPI (MoM) (Oct) | 0.30% | – | |
| 23:30 | CrudeOIL – Crude Oil Inventories | 1.001M | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher while currently testing near the resistance level 96.25. MACD which illustrate ongoing bullish momentum signal suggest the dollar to extend its gains after it breaks above the resistance level.
Resistance level: 96.25, 96.90
Support level: 95.75, 95.20
GBPUSD, H4: GBPUSD was traded lower following prior retracement from the resistance level 1.3435. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its retracement towards the support level 1.3300.
Resistance level: 1.3435, 1.3545
Support level: 1.3300, 1.3160
EURUSD, H4: EURUSD was traded lower while currently testing the support level 1.1265. MACD which illustrate ongoing bearish momentum signal suggest the pair to extend its losses after it breaks below the support level.
Resistance level: 1.1375, 1.1455
Support level: 1.1265, 1.1200
USDJPY, H4: USDJPY was traded higher following prior breakout above the previous resistance level 114.60. MACD which illustrate bullish momentum signal suggest the pair to extend its gains towards the resistance level 115.85.
Resistance level: 115.85, 116.95
Support level: 114.60, 113.20
AUDUSD, H4: AUDUSD was traded lower following prior breakout below the previous support level 0.7285. MACD which illustrate bearish momentum signal suggest the pair to extend its losses towards the support level 0.7175.
Resistance level: 0.7285, 0.7365
Support level: 0.7175, 0.7105
NZDUSD, H4: NZDUSD was traded lower while currently testing the support level 0.6980. 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: 0.7075, 0.7145
Support level: 0.6980, 0.6910
USDCAD, H4: USDCAD was traded higher following prior rebound from the support level 1.2510. MACD which illustrate bullish bias signal with the formation of golden cross suggest the pair to extend its rebound towards the resistance level 1.2620.
Resistance level: 1.2620, 1.2765
Support level: 1.2505, 1.2410
USDCHF, H4: USDCHF was traded higher following prior breakout above the previous resistance level 0.9295. MACD which illustrate bullish momentum signal suggest the pair to extend its gains towards the resistance level 0.9370.
Resistance level: 0.9370, 0.9455
Support level: 0.9295, 0.9225
CrudeOIL, H4: Crude oil price was traded lower while currently testing near the support level 78.40. MACD which illustrate diminishing bullish momentum signal suggest the commodity to extend its losses after it breaks below the support level.
Resistance level: 81.10, 84.75
Support level: 78.40, 75.85
GOLD_, H4: Gold price was traded lower following prior retracement from the resistance level 1867.50. MACD which illustrate persistent bearish momentum signal suggest the commodity to extend its losses towards the support level 1831.50.
Resistance level: 1867.50, 1900.05
Support level: 1831.50, 1805.60