26 November 2021 Morning Session Analysis
Euro dipped amid dovish stance from ECB.
The Euro was traded lower amid dovish tones from European Central Bank (ECB). According to the account of ECB’s monetary policy meeting, the inflation remains view as temporary but the current volatile in general price of goods sold will be more last longer, while the raising of wages could potentially increase the risk of boosting the price of goods to be higher. According to Reuters, ECB is certain to agree on winding down a total of $2.08 trillion pandemic emergency bond-buying programme from March but will contemplate ramping up other purchases to pick up the slack. On the economic data front, Germany Gross Domestic Product (GDP) in third quarter came at the reading of 1.7%, lower than market forecast at 1.8%. The data suggested that the economic recovery momentum from the second quarter of this year flattened significantly in most areas due to supply bottlenecks. As of writing, the pair of EUR/USD was down 0.04% to 1.1210.
In the commodities market, the crude oil price slumped 0.48% to $77.73 per barrel as of writing amid fear of oversupplying. According to Reuters, OPEC was not currently discussing any plan to pause its increases of oil output despite the United States and others releasing their oil reserves. On the other hand, the gold price slumped 0.03% to $1791.80 per troy ounces amid strengthening US dollar.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
16:00 EUR ECB President Lagarde Speaks
Today’s Highlight Economic Data
N/A
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher following prior rebound from lower level. MACD which illustrate diminished downward momentum suggests the index to be traded higher in short-term.
Resistance level: 96.85, 97.20
Support level: 96.50, 96.15
GBPUSD, H4: GBPUSD was traded lower following prior retracement from higher level. MACD which illustrate downward momentum suggests the pair to be traded lower in short-term.
Resistance level: 1.3355, 1.3410
Support level: 1.3290, 1.3220
EURUSD, H4: EURUSD was traded higher following prior rebound from lower level. MACD which illustrate diminished downward momentum suggests the pair to be traded higher after closing above 1.1210.
Resistance level: 1.1210, 1.1285
Support level: 1.1140, 1.1065
USDJPY, H4: USDJPY was traded lower following prior retracement from higher levels. MACD which illustrate bearish signal suggests the pair to be traded lower in short-term as technical correction.
Resistance level: 115.70, 116.20
Support level: 114.90, 114.25
AUDUSD, Daily: AUDUSD was traded lower following prior closure below 0.7210. MACD which illustrate bearish signal suggests the pair to be traded lower after closing below 0.7170.
Resistance level: 0.7210, 0.7275
Support level: 0.7170, 0.7105
NZDUSD, H1: NZDUSD was traded lower following prior closure below 0.6900. MACD which begins to form bearish signal suggests the pair to be traded lower in short-term.
Resistance level: 0.6865, 0.6900
Support level: 0.6835, 0.6805
USDCAD, H4: USDCAD was traded higher following prior rebound from lower level. MACD which illustrate diminished downward momentum suggests the pair to be traded higher after closing above 1.2660.
Resistance level: 1.2660, 1.2725
Support level: 1.2590, 1.2535
USDCHF, H1: USDCHF was traded lower following prior closure below 0.9345. MACD which diminished upward momentum suggests the pair to be traded lower in short-term as technical correction.
Resistance level: 0.9365, 0.9380
Support level: 0.9345, 0.9325
CrudeOIL, H4: Crude oil price was traded lower following prior retrace from higher level. MACD which illustrate diminished upward momentum suggests its price to be traded lower in short-term after closing below 77.40.
Resistance level: 78.80, 79.95
Support level: 77.40, 76.30
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: 1799.70, 1817.15
Support level: 1782.25, 1760.65