19 November 2021 Morning Session Analysis
Dollar dipped amid mixed economic data.
The Dollar Index which traded against a basket of six major currency pairs slumped significantly over the backdrop of mixed economic data. According to Department of Labor, the U.S. Initial Jobless Claims in the previous week came at the reading of 268K, higher than the market forecast of 260K. The data suggested a contractionary in the labor market while the economy is overcoming the soaring inflation pressure. This has stoked the fear of potential stagflation woes to be happened in US hence diminishing market optimism toward US dollar. Nonetheless, the bearish momentum of US dollar was limited amid upbeat U.S. Philadelphia Fed Manufacturing Index. According to Federal Reserve Bank of Philadelphia, the Philadelphia Fed Manufacturing Index in November came at the reading of 39.0, while exceeding market forecast of 24.0. The regional manufacturing activity was reported growing at a faster pace driven by growth in new factory orders while facing sharp increases in prices of inputs and goods sold. As of writing, the Dollar Index depreciated by 0.04% to 95.45.
In the commodities market, the crude oil price surged 0.45% to $78.20 as of writing. The oil market received its bullish momentum amid global economic recovery. According to President and Chief executive of Occidental Petroleum, he stated his belief that global oil demand will grow beyond pre-pandemic levels of 100 million bps in 2023, in view of economic recovery in India and China. On the other hand, the gold price was down 0.05% to $1858.95 per troy ounces due to technical correction.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
16:30 EUR ECB President Lagarde Speaks
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 15:00 | GBP – Retail Sales (MoM) (Oct) | -0.2% | 0.5% | – |
| 21:30 | CAD – Core Retail Sales (MoM) (Sep) | 2.8% | -1.0% | – |
Technical Analysis
DOLLAR_INDX, Daily: Dollar index was traded lower following prior retrace from 95.90. MACD which diminished upward momentum suggests the index to be traded lower in short-term.
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 after breaking 1.1370.
Resistance level: 1.1370, 1.1440
Support level: 1.1285, 1.1210
USDJPY, H4: USDJPY was traded higher following prior rebound from lower level. MACD which illustrate diminished downward momentum suggests the pair to be traded higher in short-term.
Resistance level: 114.90, 115.70
Support level: 114.25, 113.60
AUDUSD, H4: AUDUSD was traded higher following prior rebound from 0.7260. MACD which illustrate bullish signal 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 illustrate bullish signal suggests the pair to be traded higher in short-term.
Resistance level: 0.7075, 0.7100
Support level: 0.7030, 0.6990
USDCAD, H4: USDCAD was traded lower following prior retrace from higher level. MACD which begin to form bearish signal suggests the pair to be traded lower after breaking the support of 1.2590.
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 illustrate bearish signal suggests the pair to be traded lower in short-term after closing below 0.9260.
Resistance level: 0.9295, 0.9325
Support level: 0.9260, 0.9230
CrudeOIL, H4: Crude oil price was traded higher following prior rebound from 76.35. MACD which illustrate bullish signal suggests its price to be traded higher after closing above 78.35.
Resistance level: 78.35, 80.80
Support level: 76.35, 74.35
GOLD_, H4: Gold price was traded lower following prior retracement from higher level. MACD which illustrate bearish signal suggests the pair to be traded lower in short-term.
Resistance level: 1863.30, 1873.85
Support level: 1847.00, 1835.75