18 November 2021 Morning Session Analysis
Euro dipped due to high inflation pressure.
The Euro was traded lower as the economy has been hampered by the higher inflation pressure. According to Eurostat, Eurozone Consumer Price Index (CPI) came at the reading of 4.1%, matching with the market forecast. Eurostat claimed that the surge of inflation was mainly driven by the spiking energy prices. However, the soaring inflation failed to push the policymakers of European Central Bank (ECB) to initiate its contractionary monetary policy in order to tackle price growth that is eroding households’ purchasing power. According to speech from ECB President Christine Lagarde, she refused to tighten the monetary policy as it could jeopardize post-pandemic economic recovery of the region. Likewise, the pair of EUR/USD extended its losses amid recent upbeat economic data released from US. The better-than-expected US retails data has fueled up market speculation that Fed will initiate its interest rate hike earlier. As of writing, the pair of EUR/USD slumped 0.05% to 1.1318.
In the commodities market, the crude oil price was down 0.16% to $77.61 per barrel as of writing amid negative demand outlook. Oil prices extended its losses as both OPEC and the International Energy Agency warned of impending oversupply, while rising COVID-19 cases in Europe increased downside risks to demand recovery. On the other hand, the gold price surged 0.01% to $1867.15 per troy ounces amid risk off sentiment.
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 |
| 21:30 | USD – Initial Jobless Claims | 267K | 260K | – |
| 21:30 | USD – Philadelphia Fed Manufacturing Index (Nov) | 23.8 | 24.0 |
Technical Analysis
DOLLAR_INDX, Daily: Dollar index was traded higher following prior rebound from 93.85. MACD which illustrate bullish signal suggests the index to extend its gains after closing above 95.90.
Resistance level: 95.90, 97.00
Support level: 94.90, 93.85
GBPUSD, H4: GBPUSD was traded higher following prior closure above 1.3470. MACD which illustrate bullish signal suggests the pair to extend its gains in short-term.
Resistance level: 1.3540, 1.3595
Support level: 1.3470, 1.3410
EURUSD, H4: EURUSD was traded higher following prior rebound from 1.1285. MACD which begins to form bullish signal suggests the pair to be traded higher in short-term.
Resistance level: 1.1365, 1.1440
Support level: 1.1285, 1.1210
USDJPY, H4: USDJPY was traded lower following prior retracement from 114.90. MACD which forms bearish signal suggests the pair to extend its losses in short-term.
Resistance level: 114.25, 114.90
Support level: 113.60, 112.80
AUDUSD, H4: AUDUSD was traded higher following prior rebound from 0.7260. MACD which illustrate diminished downward momentum suggests the pair to be traded higher in short-term.
Resistance level: 0.7320, 0.7365
Support level: 0.7260, 0.7220
NZDUSD, H4: NZDUSD was traded higher following prior rebound from the lower level. MACD which begins to form bullish signal suggests the pair to be traded higher in short-term.
Resistance level: 0.7030, 0.7075
Support level: 0.6990, 0.6940
USDCAD, H4: USDCAD was traded higher following prior breakout at 1.2590. MACD which illustrate bullish signal suggests the pair to extend its gains in short-term.
Resistance level: 1.2660, 1.2725
Support level: 1.2590, 1.2535
USDCHF, H4: USDCHF was traded lower following prior retracement from 0.9325. MACD which begins to form bearish signal suggests the pair to be traded lower in short-term as technical correction.
Resistance level: 0.9295, 0.9325
Support level: 0.89260, 0.9230
CrudeOIL, H4: Crude oil price was traded lower following prior breakout from the support level of 78.35. MACD which begins to form bearish signal suggests its price to extend its losses in short-term.
Resistance level: 78.35, 80.80
Support level: 76.35, 74.35
GOLD_, H4: Gold price was traded higher following prior rebound from 1847.00. MACD which begins to form bullish signal suggests its price to be traded higher in short-term.
Resistance level: 1873.85, 1887.50
Support level: 1863.30, 1847.00