22 November 2021 Morning Session Analysis
Pound Sterling dipped amid stronger US dollar.
The Pound Sterling was traded lower amid firmer US dollar. Previously, the better-than-expected US retail sales data has spurred a positive prospect toward US dollar as investors strongly speculated that Fed will initiate its interest rate hike earlier. On the other hand, according to Office for National Statistics, U.K. Retail Sales in October came at the reading of 0.8%, exceeding market forecast at 0.5%. According to TheEdgeMarkets, the higher British retail sales were driven by sale of Auction houses and purchases of new clothes for the Christmas holidays. As for now, the inflation in British has risen to a 10-year high while the labor data has not pointed towards higher unemployment after the end of the furlough scheme. Investor would continue to scrutinize on further UK labor data since overall wage growth after furlough scheme is the key concern by BOE to initiate its contractionary monetary policy. As of writing, the pair of GBP/USD slumped 0.08% to 1.3430.
In the commodities market, the crude oil price was down 0.56% to $75.32 per barrel as of writing amid negative demand outlook. Domestic fuel retails reported that they may slash their oil prices as international crude oil prices declined over demand concerns due to the resurgence of Covid-19 cases in Europe. On the other hand, the gold price slumped 0.14% to $1843.60 per troy ounces amid strengthening 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 |
| 16:30 | GBP – Composite PMI (Oct) | 54.1 | 54.1 | – |
| 23:00 | USD – Existing Home Sales (Oct) | 6.29M | 6.20M |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher following prior rebound from 95.75. MACD which shows diminished downward momentum suggests the index to be traded higher in short-term.
Resistance level: 96.15, 96.50
Support level: 95.75, 95.35
GBPUSD, H4: GBPUSD was traded lower following prior closure below 1.3470. MACD which illustrate bearish signal suggests the pair to extend its losses in short-term.
Resistance level: 1.3470, 1.3540
Support level: 1.3410, 1.3360
EURUSD, H4: EURUSD was traded lower following prior closure below 1.1285. MACD which begins to form bearish signal suggests the pair to be traded lower in short-term.
Resistance level: 1.1285, 1.1370
Support level: 1.1210, 1.1140
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: 114.25, 114.90
Support level: 113.60, 112.80
AUDUSD, H4: AUDUSD was traded lower following prior closure below 0.7260. MACD which illustrate bearish signal suggests the pair to be traded lower after closing below 0.7220.
Resistance level: 0.7260, 0.7320
Support level: 0.7220, 0.7170
NZDUSD, H4: NZDUSD was traded lower following prior closure below 0.7030. MACD which illustrate bearish signal suggests the pair to be traded lower after closing below 0.6985.
Resistance level: 0.7030, 0.7070
Support level: 0.6985, 0.6935
USDCAD, H4: USDCAD was traded higher following prior rebound from lower level. However, MACD which illustrate diminished upward momentum suggests the pair to be traded lower in short-term as technical correction.
Resistance level: 1.2660, 1.2725
Support level: 1.2590, 1.2535
USDCHF, H1: USDCHF was traded higher following prior rebound from lower level. MACD which illustrate bullish signal suggests the pair to extend its gains after closing above 0.9295.
Resistance level: 0.9295, 0.9325
Support level: 0.9260, 0.9230
CrudeOIL, H4: Crude oil price was traded lower following prior closure below 76.35. However, MACD which illustrate diminished downward momentum suggests its price to be traded higher in short-term as technical correction.
Resistance level: 76.35, 78.35
Support level: 76.35, 71.90
GOLD_, H4: Gold price was traded higher following prior rebound from lower level. MACD which illustrate diminished bearish momentum suggests the pair to be traded higher in short-term.
Resistance level: 1847.00, 1863.30
Support level: 1835.75, 1813.50