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071221 Afternoon Session Analysis

7 December 2021                              Afternoon Session Analysis

 

Euro remains weak on recent downbeat data.

The Euro which traded against the dollar and other currency pairs have fell amid disappointing release of German manufacturing data recently. According to Deutsche Bundesbank, German Manufacturing Orders have fell much more than expectation in October and decline -6.9% against market expectation of -0.5%. The data further clouding the growth outlook for manufacturers in Europe’s largest economy. Elsewhere, Eurozone Sentix Investor Confidence also receive a huge blow in its reading, dropping to 13.5 from 18.3 last month, its lowest level since April. Besides that, news of IMF to downgrade forecast for the Eurozone also triggered pressure for the pair. According to reports, The International Monetary Fund could be about to cut growth forecasts for the euro area as concerns over the Omicron Covid variant and persistently higher inflation grow. The institution has now warned about the possibility of revision after it previously said the Eurozone economy grow by 4.3%. At the time of writing, EUR/USD fell 0.05% to 1.1290.

 

In the commodities market, crude oil price rose 0.04% to $70.08 per barrel as of writing following easing fears of Omicron and Iran delay. Following latest development, a South African health official reported over the weekend that Omicron cases there had only shown mild symptoms. Also, the top U.S. infectious disease official, Anthony Fauci, has told CNN “it does not look like there’s a great degree of severity” so far. On the other hand, lack of progression in indirect U.S – Iran nuclear talks also help crude oil price. Germany urged Iran to present realistic proposals over its nuclear program. On the other hand, gold price fell 0.03% to $1779.10 a troy ounce following dollar strength.

 

Today’s Holiday Market Close

Time                       Market                  Event

N/A

 

Today’s Highlight Events

Time                       Market                  Event

11:30                     AUD                       RBA Rate Statement

 

Today’s Highlight Economic Data

Time Nation & Data Previous Forecast Actual
11:30 AUD – RBA Interest Rate Decision (Dec) 0.10% 0.10%
18:00 EUR – German ZEW Economic Sentiment (Dec) 31.7 25.3
23:00 CAD – Ivey PMI (Nov) 59.3

 

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded flat near the support level 96.05. However, MACD which illustrate bullish momentum signal suggest the dollar to be traded higher towards the resistance level 96.80.

 

Resistance level: 96.80, 97.60

Support level: 96.05, 95.50

 

GBPUSD, H4: GBPUSD was traded higher while currently testing near the resistance level 1.3315. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to extend its gains after it breaks above the resistance level.

 

Resistance level: 1.3315, 1.3430

Support level: 1.3195, 1.3055

 

EURUSD, H4: EURUSD remain traded in sideway channel while currently testing the support level 1.1275. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to be traded higher in short term towards the resistance level 1.1375.

 

Resistance level: 1.1375, 1.1455

Support level: 1.1275, 1.1185

 

USDJPY, H4: USDJPY was traded higher following prior breakout above the previous resistance level 114.60. MACD which illustrate bullish bias signal suggest the pair to extend its gains towards the resistance level 114.60.

 

Resistance level: 114.60, 115.85

Support level: 113.20, 112.00

 

AUDUSD, H4: AUDUSD was traded higher following prior rebound from the support level 0.7005. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to extend its rebound towards the resistance level 0.7105.

 

Resistance level: 0.7105, 0.7190

Support level: 0.7005, 0.6925

 

NZDUSD, H4: NZDUSD was traded flat while currently testing the support level 0.6725. However, MACD which illustrate diminishing bearish momentum signal with the formation of golden cross suggest the pair to be traded higher as a technical correction towards the resistance level 0.6815.

 

Resistance level: 0.6815, 0.6905

Support level: 0.6725, 0.6630

 

USDCAD, H4: USDCAD remain traded in a sideway channel while currently testing the support level 1.2735. MACD which illustrate bearish bias signal suggest the pair to extend its losses after it breaks below the support level 1.2735.

 

Resistance level: 1.2865, 1.2955

Support level: 1.2735, 1.2615

 

USDCHF, H4: USDCHF was traded lower following prior retracement from its high level. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its retracement in short term towards the support level 0.7225.

 

Resistance level: 0.9300, 0.9360

Support level: 0.9225, 0.9145

 

CrudeOIL, H4: Crude oil price was traded higher following prior breakout above the previous resistance level 69.15. MACD which illustrate persistent bullish momentum signal suggest the commodity to extend its gains towards the resistance level 72.10.

 

Resistance level: 72.10, 75.25

Support level: 69.20, 65.25

 

GOLD_, H4: Gold price was traded flat near the resistance level 1781.35. However, MACD which illustrate diminishing bullish momentum signal suggest the commodity to be traded lower towards the support level 1748.55.

 

Resistance level: 1781.35, 1807.85

Support level: 1748.55, 1725.70

071221 Morning Session Analysis

07 December 2021                            Morning Session Analysis

Pound slumped as dovish expectation.

The Pound Sterling extend its losses over the backdrop of dovish stance from the Bank of England. The new Omicron variant in the U.K. regions had spurred the uncertainty toward the economic progression in the United Kingdom. The Bank of England Governor Andrew Bailey acknowledged after the November policy meeting that the inflation rate would consistently run above 3%, significantly exceeding the target of the central bank. Though, Bailey suggested the central bank to continue scrutinize the implication of Omicron variant to gauge the likelihood decision for monetary policy. Economists expect majority of Monetary Policy Committee (MPC) would decide to maintain their current low interest rate in long-term basis in order to stabilize the economic momentum. High inflation risk as well as continuing expansionary monetary policy would be dragging down the appeal for the Pound Sterling, which prompting investors to shift their portfolio toward other assets. As of writing, GBP/USD depreciated by 0.05% to 1.3260.

 

In the commodities market, the crude oil price surged 0.10% to $70.15 per barrel as of writing. The crude oil price rebounded significantly following the top U.S. Infectious disease official, Anthony Fauci claimed that the infections cases in South Africa had only shown mild symptoms. Despite that, investors would wait for further data from WHO with regards of the Omicron virus to gauge the likelihood movement for the crude oil. On the other hand, the gold price slumped 0.05% to $1780.60 per troy ounces as of writing amid positive sentiment on the Covid-19 variant had spurred risk-on sentiment in the FX market, diminishing the demand on the safe-haven commodity.

 

 

Today’s Holiday Market Close

Time                       Market                  Event

N/A

 

Today’s Highlight Events

Time                       Market                  Event

11:30                     AUD                                       RBA Rate Statement

 

Today’s Highlight Economic Data

Time Nation & Data Previous Forecast Actual
11:30 AUD – RBA Interest Rate Decision (Dec) 0.10% 0.10%
18:00 EUR – German ZEW Economic Sentiment (Dec) 31.7 25.3
23:00 CAD – Ivey PMI (Nov) 59.3

 

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher while currently testing the resistance level at 96.20. However, MACD which illustrated diminishing bullish momentum suggest the index to be traded lower in short-term as technical correction.

 

Resistance level: 96.20, 96.75

Support level: 95.50, 94.90

 

GBPUSD, H4: GBPUSD was traded lower while currently testing the support level at 1.3195. However, MACD which illustrated increasing bullish momentum suggest the pair to be traded higher in short-term as technical correction.

 

Resistance level: 1.3355, 1.3505

Support level: 1.3195, 1.3050

 

EURUSD, H4: EURUSD was traded lower following prior retracement from the resistance level at 1.1370. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

 

Resistance level: 1.1370, 1.1530

Support level: 1.1175, 1.1010

 

USDJPY, Daily: USDJPY was traded higher following prior rebound from the support level at 112.80. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 114.40.

 

Resistance level: 114.40, 115.40

Support level: 112.80, 112.05

 

AUDUSD, H4: AUDUSD was traded higher following prior rebound from the support level at 0.7000. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.7150.

 

Resistance level: 0.7150, 0.7300

Support level: 0.7000, 0.6860

 

NZDUSD, Daily: NZDUSD was traded lower following prior breakout below the previous support level at 0.6810. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

 

Resistance level: 0.6810, 0.6935

Support level: 0.6640, 0.6530

 

USDCAD, H4: USDCAD was traded lower while currently testing the support level at 1.2720. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

 

Resistance level: 1.2825, 1.2950

Support level: 1.2720, 1.2610

 

USDCHF, H4: USDCHF was traded higher following prior breakout above the previous resistance level at 0.9225. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.9315.

 

Resistance level: 0.9315, 0.9370

Support level: 0.9225, 0.9155

 

CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level at 71.35. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.

 

Resistance level: 71.35, 76.10

Support level: 66.95, 61.75

 

GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1783.80. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.

 

Resistance level: 1783.80, 1809.10

Support level: 1762.20, 1729.60

 

 

061221 Afternoon Session Analysis

6 December 2021                              Afternoon Session Analysis

 

Aussie remains weak amid cautious optimism, Omicron.

The Australian dollar which traded against the dollar and other currency pairs have fell following cautious mood towards Australia economy and fears towards Omicron virus. The risk sensitive currency was continue to be battered by the emerging Omicron variant as Australia reported its first community transmission of Omicron recently. New South Wales health authorities are now investigating an outbreak linked to Regents Park Christian School and there are now a total of 13 new Omicron cases linked to the cluster. The ongoing risk of Omicron spread will potential lead to lockdown that will dent local growth and affect economic recovery. On the other hand, investors also cautious ahead of RBA rate decision. RBA Governor Phillip Lowe have been reiterating that data and forecast currently do not warrant a rate hike in 2022. At the time of writing, AUD/USD rose 0.21% to $0.7014.

 

In the commodities market, crude oil price rebound 1.89% to $67.57 a troy ounce as of writing following latest development of Iran denuclearization talks. According to reports, Iran has withdrawn from negotiations denuclearization with France, Germany and the UK recently. Countries involved with negotiations such as the UK and the EU are concerned that they are running out of time to reach a consensus. Therefore, failure to reach an agreement denuclearization means that trade sanctions will be continued on Iran and crude oil exports to another country is prohibited. On the other hand, gold price rose 0.09% to $1784.93 a troy ounce amid dollar retracement.

 

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
17:30 GBP – Construction PMI (Nov) 54.6 52.0

 

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher following prior rebound from the support level 96.05. MACD which illustrate bullish momentum signal suggest the pair to extend its rebound towards the resistance level 96.80.

 

Resistance level: 96.80, 97.60

Support level: 96.05, 95.50

 

GBPUSD, H4: GBPUSD was traded lower while currently testing the support level 1.3195. MACD which illustrate bearish momentum signal suggest the pair to extend its losses after it breaks below the support level 1.3195.

 

Resistance level: 1.3315, 1.3430

Support level: 1.3195, 1.3055

 

EURUSD, H4: EURUSD remain traded in sideway channel while currently testing near the support level 1.1275. However, MACD which illustrate ongoing bearish bias signal suggest the pair to extend its losses after it breaks below the support level.

 

Resistance level: 1.1375, 1.1455

Support level: 1.1275, 1.1170

 

USDJPY, H4: USDJPY was traded lower following prior breakout below the support level 113.20. MACD which illustrate bearish momentum signal suggest the pair to extend its losses after it breaks below the support level 112.00.

 

Resistance level: 113.20, 114.60

Support level: 112.00, 110.85

 

AUDUSD, H4: AUDUSD was traded higher following prior rebound from the support level 0.7005. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its rebound towards the resistance level 0.7105.

 

Resistance level: 0.7105, 0.7190

Support level: 0.7005, 0.6925

 

NZDUSD, H4: NZDUSD was traded lower while currently testing near the support level 0.6725. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its rebound towards the resistance level 0.6815.

 

Resistance level: 0.6815, 0.6905

Support level: 0.6725, 0.6630

 

USDCAD, H4: USDCAD was traded flat in a sideway channel while currently testing near the resistance level 1.2865. However, MACD which illustrate bearish momentum signal suggest the pair to be traded lower towards the support level 1.2735.

 

Resistance level: 1.2865, 1.2955

Support level: 1.2735, 1.2615

 

USDCHF, H4: USDCHF remain traded in a sideway channel while currently testing near the resistance level 0.9225. However, MACD which illustrate bullish momentum signal suggest the pair to be traded higher after it breaks above the resistance level 0.9225.

 

Resistance level: 0.9225, 0.9300

Support level: 0.9145, 0.9085

 

CrudeOIL, H4: Crude oil price was traded higher following recent rebound from the support level 65.25. MACD which illustrate bullish momentum signal suggest the commodity to extend its rebound towards the resistance level 69.20.

 

Resistance level: 69.20, 72.10

Support level: 65.25, 61.95

 

GOLD_, H4: Gold price was traded higher following prior breakout above the previous resistance level 1781.35. MACD which illustrate bullish momentum signal suggest commodity to extend its gains towards the resistance level 1807.85.

 

Resistance level: 1807.85, 1831.50

Support level: 1781.35, 1748.55

061221 Morning Session Analysis

06 December 2021                            Morning Session Analysis

Dollar traded flat amid mixed economic data.

The Dollar Index which traded against a basket of six major currency pairs was traded within a range over the backdrop of mixed economic data from the United States last week. According to Bureau of Labor Statistics, U.S. Unemployment Rate notched down significantly from the previous reading of 4.6% to 4.2%, better than the market forecast at 4.5%. Though, U.S. Nonfarm Payrolls came in at 210K, worse than the market forecast at 550K. The overall economic prospect for the United States as for now remained vague amid uncertainty with regards of Omicron variant as well as mixed economic data, thus investors would continue to scrutinize the latest updates of further data to gauge the likelihood movement for the US Dollar. On the monetary policy front, the Federal funds rate futures, which track short-term interest rate expectations, was priced in a 74% chance of a 25-basis point increase in the benchmark overnight interest rate by May 2022 following the released of the jobs report. Contractionary monetary policy and rising interest rate would decrease the money circulation in the market, which spurring bullish momentum for the US Dollar. As of writing, the Dollar Index appreciated by 0.08% to 96.20.

 

In the commodities market, the crude oil price slumped 0.05% to $67.95 per barrel as of writing amid rising numbers of Covid-19 variant around the world had continue to limit the prospect for this black-commodity in future. On the other hand, the gold price surged 0.03% to $1782.65 per troy ounces as of writing amid uncertainty of the Covid-19 pandemic had stoked a shift in sentiment toward the safe-haven asset.

 

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
17:30 GBP – Construction PMI (Nov) 54.6 52.0

 

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher while currently testing the resistance level at 96.15. However, MACD which illustrated diminishing bullish momentum suggest the index to be traded lower in short-term as technical correction.

 

Resistance level: 96.10, 96.75

Support level: 95.50, 94.90

 

GBPUSD, H4: GBPUSD was traded lower while currently testing the support level at 1.3195. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

 

Resistance level: 1.3355, 1.3505

Support level: 1.3195, 1.3050

 

EURUSD, H4: EURUSD was traded lower following prior retracement from the resistance level at 1.1370. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

 

Resistance level: 1.1370, 1.1530

Support level: 1.1175, 1.1010

 

USDJPY, H4: USDJPY was traded lower while currently testing the support level at 112.80. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

 

Resistance level: 114.40, 115.40

Support level: 112.80, 112.05

 

AUDUSD, Daily: AUDUSD was traded lower following prior breakout below the previous support level at 0.7115. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.6915.

 

Resistance level: 0.7115, 0.7300

Support level: 0.6915, 0.6715

 

NZDUSD, Daily: NZDUSD was traded lower following prior breakout below the previous support level at 0.6810. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

 

Resistance level: 0.6810, 0.6935

Support level: 0.6640, 0.6495

 

USDCAD, H4: USDCAD was traded higher while currently testing the resistance level at 1.2825. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

 

Resistance level: 1.2825, 1.2950

Support level: 1.2720, 1.2610

 

USDCHF, H4: USDCHF was traded lower while currently testing the support level at 0.9155. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

 

Resistance level: 0.9225, 0.9315

Support level: 0.9155, 0.9090

 

CrudeOIL, H4: Crude oil price was traded lower while currently testing the support level at 66.95. However, MACD which illustrated increasing bullish momentum suggest the pair to be traded higher in short-term as technical correction.

 

Resistance level: 71.35, 76.10

Support level: 66.95, 61.75

 

GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1783.80. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.

 

Resistance level: 1783.80, 1809.10

Support level: 1762.20, 1729.60

 

 

 

 

 

 

 

 

 

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031221 Afternoon Session Analysis

3 December 2021                              Afternoon Session Analysis

 

Aussie extend losses amid dismal China data.

The Australian dollar which traded against the dollar and other currency pairs have fell following the release of downbeat data from China. According to a private survey from Reuters, activity in China’s services sector have expanded at a slower pace in November due to rising inflation and COVID-19 outbreaks. China Caixin Services PMI came in at 52.1, weaker than previous reading of 53.8. At the same time, the Composite PMI which include both services and manufacturing activity from the previous reading from 51.5 to 51.2. Besides that, adding further to the pressure was the renewed U.S-China tension where Didi Global Inc prepares to delist from the U.S stock exchange and China ambassador called U.S for the abolition of tariffs on Chinese goods. On the other hand, rising cases of Omicron in the world also dampened market sentiment which further weigh on the Aussie. At the time of writing, AUD/USD fell 0.27% to $0.7075.

 

In the commodities market, crude oil price rebounds 0.44% to $67.67 per barrel as of writing following OPEC planning to meet if Omicron affect fuel demand. According to reports, OPEC and its allies stated that they would meet again and review supply additions ahead of its next scheduled meeting if the Omicron variant hit fuel demand. On the other hand, gold price rebound 0.24% to $1773.19 a troy ounce at the time of writing following dollar retracement.

 

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
17:30 GBP – Composite PMI (Nov) 57.7 57.6
17:30 GBP – Services PMI (Nov) 58.6 58.6
21:30 USD – Nonfarm Payrolls (Nov) 531K 550K
21:30 USD – Unemployment Rate (Nov) 4.60% 4.50%
21:30 CAD – Employment Change (Nov) 31.2K 40.0K

 

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded flat after it breaks above the previous resistance level 96.05. However, MACD which illustrate bullish momentum signal with the formation of golden cross suggest the dollar to be traded higher in short term towards the resistance level 96.80.

 

Resistance level: 96.80, 97.55

Support level: 95.50, 94.90

 

GBPUSD, H4: GBPUSD was traded flat near the resistance level 1.3315. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to be traded lower in short term towards the support level 1.3195.

 

Resistance level: 1.3315, 1.3430

Support level: 1.3195, 1.3055

 

EURUSD, H4: EURUSD remain traded in sideway channel while currently testing near the support level 1.1275. However, MACD which illustrate bearish bias signal with the formation of death cross suggest the pair to extend its losses after it breaks below the support level.

 

Resistance level: 1.1375, 1.1455

Support level: 1.1275, 1.1170

 

USDJPY, H4: USDJPY was traded flat while currently testing the resistance level 113.20. However, MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to be traded higher after it breaks above the resistance level.

 

Resistance level: 113.20, 114.60

Support level: 112.00, 110.85

 

AUDUSD, H4: AUDUSD was traded lower following prior breakout below the previous support level 0.7105. MACD which illustrate beaish bias signal suggest the pair to extend its losses towards the support level 0.7005.

 

Resistance level: 0.7105, 0.7190

Support level: 0.7005, 0.6925

 

NZDUSD, H4: NZDUSD was traded flat near the resistance level 0.6815. However, MACD which illustrate diminishing bullish momentum signal with the formation of death cross suggest the pair to extend its losses toward the support level 0.6725.

 

Resistance level: 0.6815, 0.6905

Support level: 0.6725, 0.6630

 

USDCAD, H4: USDCAD was traded flat in a sideway channel. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to be traded lower in short term towards the support level 1.2765.

 

Resistance level: 1.2835, 1.2955

Support level: 1.2765, 1.2615

 

USDCHF, H4: USDCHF remain traded flat in a sideway channel while currently testing near the resistance level 0.9225. However, MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to be traded higher after it breaks above the resistance level 0.9225.

 

Resistance level: 0.9225, 0.9300

Support level: 0.9145, 0.9085

 

CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level 68.25. MACD which illustrate bullish momentum signal suggest the pair to extend its gains after it breaks above the resistance level 68.25.

 

Resistance level: 68.25, 72.10

Support level: 65.25, 61.70

 

GOLD_, H4: Gold price was traded higher following prior rebound from its low level and currently testing near the resistance level 1781.35. However, MACD which illustrate diminishing bearish momentum signal with the formation of golden cross suggest commodity to extend its rebound after it breaks above the resistance level.

 

Resistance level: 1781.35, 1807.85

Support level: 1748.55, 1725.70

031221 Morning Session Analysis

03 December 2021                            Morning Session Analysis

Dollar traded flat ahead of crucial NFP data.

 The Dollar Index which traded against a basket of six major currency pairs was traded flat on yesterday amid investors are still waiting crucial jobs data from United States tonight before entering the Dollar market. Nonetheless, the overall long-term momentum for the US Dollar remained bullish amid market participants anticipated the Federal Reserve would consider at its December meeting in order to faster tapering its bond-buying program, which could lead to earlier interest rates hikes in next year. Besides, Cleveland Fed President Loretta Mester claimed that she expects two 25 basis point hikes next year from Fed to combat the recent high inflation risk. On the Omicron virus front, the overall information with regards of the virus remained unknown, though the World Health Organization (WHO) claimed that they expect to have more information on its transmissibility within days. Besides, Australia’s Chief Medical Officer Paul Kelly was quoted as for now there was no evidence to suggest it was more dangerous than the Delta variant. As for now, investors would continue to scrutinize the latest updates with regards of tonight’s jobs data as well as Covid-19 development to receive further trading signal. As of writing, the Dollar Index appreciated by 0.11% to 96.15.

 

In the commodities market, the crude oil price slumped 0.28% to $67.72 per barrel as of writing following the OPEC+ decided to boost output monthly by 400,000 barrels per day. On the other hand, the gold price depreciated by 0.04% to $1769.50 per troy ounces as of writing amid the hawkish expectation from the Federal Reserve.

 

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
17:30 GBP – Composite PMI (Nov) 57.7 57.6
17:30 GBP – Services PMI (Nov) 58.6 58.6
21:30 USD – Nonfarm Payrolls (Nov) 531K 550K
21:30 USD – Unemployment Rate (Nov) 4.60% 4.50%
21:30 CAD – Employment Change (Nov) 31.2K 40.0K
23:00 USD – ISM Non-Manufacturing PMI (Nov) 66.7 65

 

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher while currently testing the resistance level at 96.10. MACD which illustrated increasing bullish momentum suggest the index to extend its gains after it successfully breakout above the resistance level.

 

Resistance level: 96.10, 96.75

Support level: 95.50, 94.90

 

GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level at 1.3355. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

 

Resistance level: 1.3355, 1.3505

Support level: 1.3195, 1.3050

 

EURUSD, H4: EURUSD was traded lower following prior retracement from the resistance level at 1.1370. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.1175.

 

Resistance level: 1.1370, 1.1530

Support level: 1.1175, 1.1010

 

USDJPY, Daily: USDJPY was traded lower while currently testing the support level at 112.80. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

 

Resistance level: 114.40, 115.40

Support level: 112.80, 112.05

 

AUDUSD, Daily: AUDUSD was traded lower while currently testing the support level at 0.7085. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

 

Resistance level: 0.7300, 0.7435

Support level: 0.7085, 0.6915

 

NZDUSD, Daily: NZDUSD was traded lower while currently testing the support level at 0.6810. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

 

Resistance level: 0.6935, 0.7075

Support level: 0.6810, 0.6640

 

USDCAD, H4: USDCAD was traded higher while currently testing the resistance level at 1.2825. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

 

Resistance level: 1.2825, 1.2950

Support level: 1.2720, 1.2610

 

USDCHF, H4: USDCHF was traded higher while currently testing the resistance level at 0.9225. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

 

Resistance level: 0.9225, 0.9315

Support level: 0.9155, 0.9090

 

CrudeOIL, Daily: Crude oil price was traded lower while currently testing the support level at 66.95. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.

 

Resistance level: 71.35, 76.10

Support level: 66.95, 61.75

 

GOLD_, H4: Gold price was traded lower while currently testing the support level at 1762.20. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses after it successfully breakout below the support level.

 

Resistance level: 1783.80, 1809.10

Support level: 1762.20, 1729.60

 

 

 

 

 

 

 

 

 

Risk Statement:
Forex, Gold, Crude Oil, Commodities, CFD and all other margin trading investment products involve high level of risk and may not be suitable for all investors. Your previous investment success in stock, futures or any other investment achieved does not mean that all your future investment will obtain the same results. You should carefully consider your investment objectives; risk associated and seek professional advice before deciding to trade or if you have any doubts.

021221 Afternoon Session Analysis

2 December 2021                              Afternoon Session Analysis

 

Aussie fell amid mixed trade data and virus.

The Australian dollar which traded against the dollar and other currency pairs remains weak and fell amid mixed trade data from Australia. On data front, Australia Trade Balance grew past market forecast of 11000m to 11220M in October. However, the details suggest that the Imports shrank more than -2.0% previous release to -3.0% whereas Exports improved to -3.0% from -6.0% prior. On top of that, Home Loans also dropped below -1.0% market expectation to -4.1% where Investment Lending for Homes also eased to 1.1% from previous reading of 1.4%. On the other hand, fears of Omicron virus and potential lockdown also weigh on the Aussie dollar. Australia are currently on alert after authorities recently discovered an international traveler who was most likely infected with the Omicron variant has spent time in the community. At the time of writing, AUD/USD fell 0.11% to $0.7113.

 

In the commodities market, crude oil price rebound 0.51% to $66.57 per barrel as of writing following expectation of OPEC may pause supply addition due to Omicron virus. OPEC and its allies, together known as OPEC+, will likely decide on Thursday whether to release more oil into the market. Some investors are anticipate that the OPEC may decide to maintain supply in order to sustain negative effect on demand from the Omicron spread. On the other hand, gold price edge higher 0.05% to $1779.80 a troy ounce at the time of writing amid dollar retreat.

 

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 199K 250K

 

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded flat while currently testing near the resistance level 96.05. MACD which illustrate diminishing bearish momentum signal with the formation of golden cross suggest the dollar to extend its gains after it breaks above the resistance level.

 

Resistance level: 96.05, 96.80

Support level: 95.50, 94.90

 

GBPUSD, H4: GBPUSD was traded flat while currently testing the resistance level 1.3315. However, MACD which illustrate bullish momentum signal suggest the pair to extend its gains after it breaks above the resistance level 1.3315.

 

Resistance level: 1.3315, 1.3430

Support level: 1.3195, 1.3055

 

EURUSD, H4: EURUSD remain traded in sideway channel. However, MACD which illustrate diminishing bullish momentum signal with the starting formation of death cross suggest the pair to be traded lower in short term towards the support level 1.1275.

 

Resistance level: 1.1375, 1.1455

Support level: 1.1275, 1.1170

 

USDJPY, H4: USDJPY was traded higher while currently testing the resistance level 113.20. MACD which illustrate bullish bias signal with the starting formation of golden cross suggest the pair to extend its rebound after it breaks above the resistance level.

 

Resistance level: 113.20, 114.60

Support level: 112.00, 110.85

 

AUDUSD, H4: AUDUSD was traded lower while currently testing the support level 0.7105. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses after it breaks below the support level.

 

Resistance level: 0.7190, 0.7260

Support level: 0.7105, 0.7005

 

NZDUSD, H4: NZDUSD was traded lower while currently testing the support level 0.6815. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend it losses after it breaks below the support level.

 

Resistance level: 0.6905, 0.6980

Support level: 0.6815, 0.6725

 

USDCAD, H4: USDCAD was traded higher while currently testing near the resistance level 1.2835. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to extend its gains after it breaks above the resistance level 1.2835.

 

Resistance level: 1.2835, 1.2955

Support level: 1.2835, 1.2955

 

USDCHF, H4: USDCHF was traded flat while currently testing near the resistance level 0.9225. However, MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to be traded higher after it breaks above the resistance level 0.9225.

 

Resistance level: 0.9225, 0.9300

Support level: 0.9145, 0.9085

 

CrudeOIL, H4: Crude oil price was traded lower while currently testing near the support level 65.25. MACD which illustrate diminishing bullish momentum signal suggest the commodity to extend its losses after it breaks below the support level.

 

Resistance level: 68.25, 72.10

Support level: 65.25, 61.70

 

GOLD_, H4: Gold price remain traded in a sideway channel while currently testing the support level 1781.35. However, MACD which illustrate diminishing bullish momentum signal suggest the commodity to be traded lower after it breaks below the support level 1781.35.

 

Resistance level: 1807.85, 1831.50

Support level: 1781.35, 1748.55

021221 Morning Session Analysis

02 December 2021                            Morning Session Analysis

Dollar surged amid bullish data.

The Dollar Index which traded against a basket of six major currency pairs surged over the backdrop bullish economic data from the US region yesterday. According to Automatic Data Processing (ADP), U.S. ADP Nonfarm Employment Change came in at 534K, exceeding the market forecast at 525K. Such upbeat data was released just days ahead of the monthly nonfarm payrolls due Friday, heightening the expectations for the Federal Reserve to step up the pace of bond tapering program. Nonetheless, the gains experienced by the US Dollar was limited following the U.S. confirmed its first case of the new Omicron Covid-19 strain, triggering a fresh wave of uncertainty across the US economy. According to Reuters, U.S. health officials confirmed Wednesday that the first case of Omicron variant was identified in California. As for now, investors would continue to scrutinize the latest updates with regards of the latest variant development as well as the economic data in order to gauge the likelihood movement for the US Dollar. As of writing, the Dollar Index appreciated by 0.05% to 96.05.

In the commodities market, the crude oil price slumped 0.05% to $66.65 per barrel as of writing. The oil market continues to edge lower amid uncertainty with regards of the Covid-19 variant had continued to spur negative prospect for this black-commodity in future. On the other hand, the gold price slumped 0.04% to $1781.35 per troy ounces as of writing 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
21:30 USD – Initial Jobless Claims 199K 250K

 

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher while currently testing the resistance level at 96.05. MACD which illustrated diminishing bearish momentum suggest the index to extend its gains after it successfully breakout above the resistance level.

 

Resistance level: 96.05, 96.75

Support level: 95.50, 94.90

 

GBPUSD, H4: GBPUSD was traded lower following prior retracement from the resistance level at 1.3355. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 1.3195.

 

Resistance level: 1.3355, 1.3505

Support level: 1.3195, 1.3050

 

EURUSD, H4: EURUSD was traded higher while currently testing the resistance level at 1.1370. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

 

Resistance level: 1.1370, 1.1530

Support level: 1.1175, 1.1010

 

USDJPY, H4: USDJPY was traded lower while currently testing the support level at 112.80. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

 

Resistance level: 114.40, 115.40

Support level: 112.80, 112.05

 

AUDUSD, H4: AUDUSD was traded lower while currently testing the support level at 0.7110. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

 

Resistance level: 0.7225, 0.7335

Support level: 0.7110, 0.7000

 

NZDUSD, Daily: NZDUSD was traded lower while currently testing the support level at 0.6810. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

 

Resistance level: 0.6935, 0.7075

Support level: 0.6810, 0.6640

 

USDCAD, H1: USDCAD was traded higher while currently testing the resistance level at 1.2815. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

 

Resistance level: 1.2815, 1.2895

Support level: 1.2745, 1.2645

 

USDCHF, H4: USDCHF was traded higher while currently testing the resistance level at 0.9225. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

 

Resistance level: 0.9225, 0.9315

Support level: 0.9155, 0.9100

 

CrudeOIL, Daily: Crude oil price was traded lower while currently testing the support level at 66.60. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses after it successfully breakout below the support level.

 

Resistance level: 71.35, 76.10

Support level: 66.60, 61.75

 

GOLD_, H1: Gold price was traded lower following prior breakout below the previous support level at 1783.80. MACD which illustrated diminishing bullish momentum suggest the commodity to extend its losses toward support level at 1762.20.

 

Resistance level: 1783.80, 1809.10

Support level: 1762.20, 1729.60

 

 

 

 

Risk Statement:
Forex, Gold, Crude Oil, Commodities, CFD and all other margin trading investment products involve high level of risk and may not be suitable for all investors. Your previous investment success in stock, futures or any other investment achieved does not mean that all your future investment will obtain the same results. You should carefully consider your investment objectives; risk associated and seek professional advice before deciding to trade or if you have any doubts.

011221 Afternoon Session Analysis

1 December 2021                              Afternoon Session Analysis

 

Aussie rebound on upbeat GDP data.

The Australian dollar which traded against the dollar and other currency pairs have manage to recoup its losses and rebound following the release of positive Australia’s GDP data. According to the Australian Bureau of Statistics, Australia’s GDP for the 3rd quarter came in at to -1.9%, surpassed market expectation of -2.7%. The results were likely to reinforce views that the RBA may taper or potentially even remove its bond buying program early next year. Goldman Sachs stated that the Australia is well positioned for recovery into the year-end and 2022. Besides that, the pair also gains on comments from China Vice Premier. China Vice Premier Liu He stated that he expects strong GDP for 2021 in the mainland. As of writing, AUD/USD rose 0.41% to 0.7151.

 

In the commodities market, crude oil price also rebounds 0.80% to $67.45 per barrel as of writing following market currently assessing the potential response from OPEC towards the threat of Omicron variant. The OPEC is expected to meet on Wednesday and Thursday in order to discuss about Omicron and fuel demand. Some analysts expect OPEC+ will pause plans to add 400,000 barrels per day of supply in January while several other OPEC minister stated that there was no need for a change. On the other hand, gold price fell 0.09% to $1778.51 at the time of writing amid dollar strength.

 

Today’s Holiday Market Close

Time                       Market                  Event

N/A

 

Today’s Highlight Events

Time                       Market                  Event

22:00                     GBP                       BoE Gov Bailey Speaks

23:00                     USD                       Fed Chair Powell Testifies

 

Today’s Highlight Economic Data

Time Nation & Data Previous Forecast Actual
16:55 EUR – German Manufacturing PMI (Nov) 57.6 57.6
17:30 GBP – Manufacturing PMI (Nov) 58.2 58.2
21:15 USD – ADP Nonfarm Employment Change (Nov) 571K 525K
23:00 ISM Manufacturing PMI (Nov) 60.8 61
23:30 Crude Oil Inventories 1.017M -1.237M

 

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher while currently testing near the resistance level 96.05. However, MACD which illustrate diminishing bearish momentum signal suggest the dollar to extend its rebound after it breaks above the resistance level 96.05.

 

Resistance level: 96.05, 96.80

Support level: 95.30, 94.90

 

GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level 1.3315. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its rebound after it breaks above the resistance level 1.3315.

 

Resistance level: 1.3315, 1.3430

Support level: 1.3195, 1.3055

 

EURUSD, H4: EURUSD was traded in a sideway channel. However, MACD which illustrate bullish bias signal suggest the pair to be traded higher after it breaks above the resistance level 1.1375.

 

Resistance level: 1.1375, 1.1455

Support level: 1.1275, 1.1170

 

USDJPY, H4: USDJPY was traded higher following prior rebound from the support level 113.20. MACD which illustrate diminishing bearish momentum signal with the formation of golden cross suggest the pair to extend its rebound towards the resistance level 114.60.

 

Resistance level: 114.60, 115.85

Support level: 113.20, 112.00

 

AUDUSD, H4: AUDUSD remain traded in a sideway channel following recent rebound from the support level 0.7105. However, MACD which illustrate bullish momentum signal suggest the pair to extend its rebound towards the resistance level 0.7190.

 

Resistance level: 0.7190, 0.7260

Support level: 0.7105, 0.7005

 

NZDUSD, H4: NZDUSD was traded higher following prior rebound from the support level 0.6815. MACD which illustrate bullish momentum signal suggest the pair to extend its rebound toward the resistance level 0.6905.

 

Resistance level: 0.6905, 0.6980

Support level: 0.6815, 0.6725

 

USDCAD, H4: USDCAD was traded lower following prior breakout below the previous support level 1.2765. MACD which illustrate bearish momentum signal suggest the pair to extend its losses towards the support level 1.2615.

 

Resistance level: 1.2765, 1.2865

Support level: 1.2615, 1.2505

 

USDCHF, H4: USDCHF was traded higher while currently testing near the resistance level 0.9225. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its rebound after it breaks above the resistance level 0.9225.

 

Resistance level: 0.9225, 0.9300

Support level: 0.9145, 0.9085

 

CrudeOIL, H4: Crude oil price was traded higher while currently testing near the resistance level 68.25. MACD which illustrate diminishing bearish momentum signal suggest the commodity to extend its rebound after it breaks above the resistance level.

 

Resistance level: 68.25, 72.10

Support level: 65.25, 61.70

 

GOLD_, H4: Gold price was traded lower following prior breakout below the previous support level 1781.35. MACD which illustrate bearish momentum signal with the formation of death cross suggest the commodity to extend its losses towards the support level 1748.55.

 

Resistance level: 1781.35, 1807.85

Support level: 1748.55, 1725.70

011221 Morning Session Analysis

01 December 2021                            Morning Session Analysis

Dollar surged amid hawkish tone from Fed.

The Dollar Index which traded against a basket of six major currency pairs surged over the backdrop of hawkish statement from the Federal Reserve yesterday. According to Reuters, US Federal Reserve Chair Jerome Powell claimed on Tuesday that the Monetary Policy Committee (MPC) will start to discuss whether to diminish their bond purchases a few months earlier than had been anticipated, citing that a strong economy, stalled workforce growth as well as high inflation pressure would be expected to last until mid-2022. The inflation had jumped to its highest level in three decades and new Covid-19 variant, Omicron, continue to spur negative prospect toward the global economic growth. Besides, the concerns over the supply and demand mismatches remain and increase the stagflation risk in future. In earlier, the central bank had been buying $120 billion in government-backed securities each month throughout the pandemic in order to boost up the economy by stabilizing the money circulation in the financial market. As of writing, the Dollar Index appreciated by 0.03% to 95.95.

In the commodities market, the crude oil price slumped 0.05% to 67.55 per barrel as of writing. The oil market edged lower following the Moderna’s CEO claimed that he believes that the current Covid-19 vaccines will not be as effective against the Omicron Variant, dragging down the appeal for this black-commodity. On the other hand, the gold price depreciated by 0.04% to $1775.45 per troy ounces as of writing amid strengthening US Dollar.

 

Today’s Holiday Market Close

Time                       Market                  Event

N/A

 

Today’s Highlight Events

Time                       Market                  Event

22:00                     GBP                                        BoE Gov Bailey Speaks

23:00                     USD                                        Fed Chair Powell Testifies

 

Today’s Highlight Economic Data

Time Nation & Data Previous Forecast Actual
16:55 EUR – German Manufacturing PMI (Nov) 57.6 57.6
17:30 GBP – Manufacturing PMI (Nov) 58.2 58.2
21:15 USD – ADP Nonfarm Employment Change (Nov) 571K 525K
23:00 ISM Manufacturing PMI (Nov) 60.8 61
23:30 Crude Oil Inventories 1.017M -1.237M

 

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from the resistance level at 96.05. However, MACD which illustrated diminishing bearish momentum suggest the index to be traded higher in short-term as technical correction.

 

Resistance level: 96.05, 96.75

Support level: 95.50, 94.90

 

GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level at 1.3355. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

 

Resistance level: 1.3355, 1.3505

Support level: 1.3195, 1.3050

 

EURUSD, H4: EURUSD was traded higher while currently testing the resistance level at 1.1370. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

 

Resistance level: 1.1370, 1.1530

Support level: 1.1175, 1.1010

 

USDJPY, H4: USDJPY was traded lower while currently testing the support level at 113.15. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

 

Resistance level: 114.40, 115.40

Support level: 113.15, 112.05

 

AUDUSD, H4: AUDUSD was traded lower while currently testing the support level at 0.7110. However. MACD which illustrated increasing bullish momentum suggest the pair to be traded higher in short-term as technical correction.

 

Resistance level: 0.7225, 0.7335

Support level: 0.7110, 0.7000

 

NZDUSD, Daily: NZDUSD was traded lower while currently testing the support level at 0.6820. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

 

Resistance level: 0.6935, 0.7075

Support level: 0.6820, 0.6640

 

USDCAD, Daily: USDCAD was traded higher while currently testing the resistance level at 1.2780. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

 

Resistance level: 1.2780, 1.2895

Support level: 1.2630, 1.2520

 

USDCHF, H4: USDCHF was traded lower while currently testing the support level at 0.9155. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

 

Resistance level: 0.9225, 0.9315

Support level: 0.9155, 0.9090

 

CrudeOIL, Daily: Crude oil price was traded lower while currently testing the support level at 66.95 MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses after it successfully breakout below the support level.

 

Resistance level: 71.35, 76.10

Support level: 66.95, 61.75

 

GOLD_, H4: Gold price was traded lower following prior breakout below the previous support level at 1783.80. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses toward support level at 1762.20.

 

Resistance level: 1783.80, 1809.10

Support level: 1762.20, 1729.60

 

 

 

 

 

 

 

 

 

Risk Statement:
Forex, Gold, Crude Oil, Commodities, CFD and all other margin trading investment products involve high level of risk and may not be suitable for all investors. Your previous investment success in stock, futures or any other investment achieved does not mean that all your future investment will obtain the same results. You should carefully consider your investment objectives; risk associated and seek professional advice before deciding to trade or if you have any doubts.

301121 Afternoon Session Analysis

30 November 2021                            Afternoon Session Analysis

 

Euro flatten amid upbeat economic data.

The Euro was traded flat amid upbeat economic data. According to the Federal Statistical Office Germany, Germany Consumer Price Index (CPI) in November edged higher from the previous reading of 4.5% to 5.2%, exceeding the market forecast at 5.0%. The data suggested that the soaring inflation pressure was driven by higher demand after the easing of coronavirus-led restrictions which eventually pushed up energy prices and led to shortages of key materials and labor around the world. Chief of Bundesbank Jens Weidmann has warned that the price hikes could last longer than expected. Likewise, the Euro extended its losses amid risk off sentiment. The widespread of Omicron virus in the Europe region could lead to sell-off of the currency in financial market while reiterated the appeal of US dollar as safe haven. As of writing, the pair of EUR/USD flattened around 1.1295.

 

In the commodities market, the crude oil price slumped 0.35% to $70.60 per barrel as of writing amid fear of oversupplying. According to report, Iran is determined to return to its pre-sanction oil production level of 5 million barrels per day despite there is lack of progress on nuclear talk. On the other hand, the gold price was up 0.21% to $1787.20 per troy ounces amid risk off sentiment.

 

Today’s Holiday Market Close

Time                       Market                  Event

N/A

 

Today’s Highlight Events

Time                       Market                  Event

23:00                     USD                       Fed Chair Powell Testifies

 

Today’s Highlight Economic Data

Time Nation & Data Previous Forecast Actual
16:55 EUR – German Unemployment Change (Nov) -39K -25K
18:00 EUR – CPI (YoY)(Nov) 4.10% 4.50%
21:30 CAD – GDP (MoM)(Sep) 0.40% 0.10%
23:00 USD – CB Consumer Confidence (Nov) 113.8 110.9

 

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower while currently testing the support level 96.05. MACD which illustrate ongoing bearish momentum signal suggest the dollar to extend its losses after it breaks below the support level.

 

Resistance level: 96.80, 97.55

Support level: 96.05, 95.50

 

GBPUSD, H4: GBPUSD remain traded in a sideway channel following prior rebound the support level 1.3305. However, MACD which illustrate bullish momentum signal suggest the pair to extend its rebound in short term towards the resistance level 1.3430.

 

Resistance level: 1.3430, 1.3555

Support level: 1.3305, 1.3195

 

EURUSD, H4: EURUSD was traded higher following prior rebound from the support level 1.1275. MACD which illustrate bullish bias signal suggest the pair to extend its gains towards the resistance level 1.1375.

 

Resistance level: 1.1375, 1.1455

Support level: 1.1275, 1.1170

 

USDJPY, H4: USDJPY was traded higher following prior rebound from the support level 113.20. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its rebound towards the resistance level 114.60.

 

Resistance level: 114.60, 115.85

Support level: 113.20, 112.00

 

AUDUSD, H4: AUDUSD was traded higher following prior rebound from the support level 0.7105. MACD which illustrate bullish momentum signal suggest the pair to extend its rebound towards the resistance level 0.7190.

 

Resistance level: 0.7190, 0.7260

Support level: 0.7105, 0.7005

 

NZDUSD, H4: NZDUSD was traded higher following prior rebound from the support level 0.6815. MACD which illustrate bullish momentum signal suggest the pair to extend its rebound towards the resistance level 0.6905.

 

Resistance level: 0.6905, 0.6980

Support level: 0.6815, 0.6725

 

USDCAD, H4: USDCAD was traded lower following prior retracement from the resistance level 1.2765. MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to extend its losses towards the support level 1.2615.

 

Resistance level: 1.2765, 1.2865

Support level: 1.2615, 1.2505

 

USDCHF, H4: USDCHF was traded lower while currently testing the support level 0.9225. MACD which illustrate ongoing bearish momentum signal suggest the pair to extend its losses after it breaks below the support level.

 

Resistance level: 0.9300, 0.9360

Support level: 0.9225, 0.9145

 

CrudeOIL, H4: Crude oil price was traded higher following prior rebound from the support level 69.90. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its rebound towards the resistance level 73.40.

 

Resistance level: 73.40, 76.35

Support level: 69.95, 67.65

 

GOLD_, H4: Gold price remain traded in a sideway channel while currently testing the support level 1778.60. However, MACD which illustrate diminishing bullish momentum signal suggest the commodity to be traded lower after it breaks below the support level 1778.60.

 

Resistance level: 1807.80, 1831.50

Support level: 1778.60, 1748.55

301121 Morning Session Analysis

30 November 2021                           Morning Session Analysis

Dollar remained bullish amid risk-off sentiment.

The Dollar Index which traded against a basket of six major currency pairs was traded lower on yesterday amid technical correction, though the overall momentum for the US Dollar was still remained bullish over the backdrop of risk-off sentiment following the market participants anticipated the latest Omicron variant would continue to affect the global economic. The World Health Organization (WHO) designated Omicron as a variant of concern on 26th November due to the number of mutations that can affect how it spreads and its health effects. The possibility of new variant might be prompting the government to re-implement the highly stringent nationwide lockdown in order to combat the spiking numbers of the Covid-19, which diminishing the growth effects on the global economic. Nonetheless, the scientist still required significant data to determine whether Omicron is more transmissible than other variants, including Delta, according to WHO. As of writing, the Dollar Index appreciated by 0.11% to 96.20.

 

In the commodities market, the crude oil price surge 0.80% to $71.25 per barrel as of writing. Nonetheless, the overall volatility for the crude oil price remained significant high as investors still waited for further data from the latest Omicron variant. On the other hand, the gold price appreciated by 0.20% to $1787.10 per troy ounces as of writing as market participants speculated the global central bank would start to begin to raise the interest rate to stabilize the inflation risk in next year, diminishing the appeal for the safe-haven gold.

 

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
16:55 EUR – German Unemployment Change (Nov) -39K -25K
18:00 EUR – CPI (YoY) (Nov) 4.10% 4.40%
21:30 CAD – GDP (MoM) (Sep) 0.40% 0.10%
23:00 USD – CB Consumer Confidence (Nov) 113.8 110.9

 

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from the resistance level at 96.75. MACD which illustrated increasing bearish momentum suggest the index to extend its losses toward support level at 95.50.

 

Resistance level: 96.75, 97.50

Support level: 95.50, 94.50

 

GBPUSD, H4: GBPUSD was traded lower while currently testing the support level at 1.3305. However, MACD which illustrated increasing bullish momentum suggest the pair to be traded higher in short-term as technical correction.

 

Resistance level: 1.3440, 1.3615

Support level: 1.3305, 1.3180

 

EURUSD, H4: EURUSD was traded higher following prior rebound from the support level at 1.1175. However, MACD illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

 

Resistance level: 1.1370, 1.1530

Support level: 1.1175, 1.1010

 

USDJPY, H4: USDJPY was traded higher following prior rebounded from the support level at 113.15. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 114.40.

 

Resistance level: 114.40, 115.40

Support level: 113.15, 112.05

 

AUDUSD, H4: AUDUSD was traded lower while currently testing the support level at 0.7110. However. MACD which illustrated increasing bullish momentum suggest the pair to be traded higher in short-term as technical correction.

 

Resistance level: 0.7225, 0.7335

Support level: 0.7110, 0.7000

 

NZDUSD, Daily: NZDUSD was traded lower while currently testing the support level at 0.6810. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

 

Resistance level: 0.6935, 0.7075

Support level: 0.6810, 0.6640

 

USDCAD, Daily: USDCAD was traded higher while currently testing the resistance level at 1.2765. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

 

Resistance level: 1.2765, 1.2885

Support level: 1.2630, 1.2520

 

USDCHF, H4: USDCHF was traded lower while currently testing the support level at 0.9225. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

 

Resistance level: 0.9315, 0.9370

Support level: 0.9225, 0.9155

 

CrudeOIL, Daily: Crude oil price was traded higher while currently testing the resistance level at 72.15. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.

 

Resistance level: 72.15, 76.30

Support level: 67.50, 61.80

 

GOLD_, H4: Gold price was traded lower while currently testing the support level at 1783.80. However, MACD which illustrated diminishing bullish momentum suggest the commodity to extend its losses after it successfully breakout below the support level.

 

Resistance level: 1809.10, 1830.65

Support level: 1783.80, 1762.20

 

 

 

 

 

Risk Statement:
Forex, Gold, Crude Oil, Commodities, CFD and all other margin trading investment products involve high level of risk and may not be suitable for all investors. Your previous investment success in stock, futures or any other investment achieved does not mean that all your future investment will obtain the same results. You should carefully consider your investment objectives; risk associated and seek professional advice before deciding to trade or if you have any doubts.

291121 Afternoon Session Analysis

29 November 2021                            Afternoon Session Analysis

 

Pound sterling fell following news of Omicron virus in U.K.

The pound sterling which traded against the dollar and other currency pairs remain pressured and fell amid the spread of newfound virus Omicron in the U.K. According to the U.K Health Security Agency, a third case of Omicron coronavirus variant has been detected in the U.K. After the Omicron incident, British Prime Minister Boris Johnson announcing the mandatory use of masks in public places to curb its spread. Scientists said that the spread of the new coronavirus is 5 times that of the Delta virus and it can also avoid the immune system. Investors are worried that the variant of Omicron will be widely spread in the UK and prompted the British central government to implement a comprehensive movement control order, thus potentially affect economic recovery and causing economic recession in the future. As of writing, GBP/USD fell 0.03% to 1.3336.

 

In the commodities market, crude oil price rebound 5.15% to $72.39 barrel at the time of writing following technical correction. However, overall sentiment remains weak as the spread of the new highly mutated Omicron may jeopardize the global economy and also crude oil demand. On the other hand, gold price rose 0.44% to $1795.93 a troy ounce as of writing amid rising demand for safe-haven due to Omicron virus.

 

Today’s Holiday Market Close

Time                       Market                  Event

N/A

 

Today’s Highlight Events

Time                       Market                  Event

23:00                       USD                      Fed Chair Powell Testifies

 

Today’s Highlight Economic Data

Time Nation & Data Previous Forecast Actual
23:00 USD – Pending Home Sales (MoM) (Oct) -2.30% 1.00%

 

Technical Analysis

DOLLAR_INDX, H4: Dollar was traded higher following prior rebound from the support level 96.05. MACD which illustrate diminishing bearish momentum signal suggest the dollar to extend its rebound toward the resistance level 96.80.

 

Resistance level: 96.80, 97.55

Support level: 96.05, 95.50

 

GBPUSD, H4: GBPUSD was traded higher following prior rebound from the support level 1.3305. MACD which illustrate bullish momentum signal suggest the pair to extend its rebound towards the resistance level 1.3430.

 

Resistance level: 1.3430, 1.3555

Support level: 1.3305, 1.3195

 

EURUSD, H4: EURUSD was traded lower while currently testing the support level 1.1275. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its retracement after it breaks below the support level.

 

Resistance level: 1.1375, 1.1455

Support level: 1.1275, 1.1170

 

USDJPY, H4: USDJPY was traded higher following prior rebound from the support level 113.20. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its rebound towards the resistance level 114.60.

 

Resistance level: 114.60, 115.85

Support level: 113.20, 112.00

 

AUDUSD, H4: AUDUSD was traded higher following prior rebound from the support level 0.7105. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its rebound towards the resistance level 0.7190.

 

Resistance level: 0.7190, 0.7260

Support level: 0.7105, 0.7005

 

NZDUSD, H4: NZDUSD was traded flat while currently testing the support level 0.6815. However, MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to extend its rebound towards the resistance level 0.6905.

 

Resistance level: 0.6905, 0.6980

Support level: 0.6815, 0.6725

 

USDCAD, H4: USDCAD was traded lower following prior retracement from the resistance level 1.2765. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its retracement towards the support level 1.2615.

 

Resistance level: 1.2765, 1.2865

Support level: 1.2615, 1.2505

 

USDCHF, H4: USDCHF was traded higher following prior rebound from the support level 0.9225. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its rebound towards the resistance level 0.9300.

 

Resistance level: 0.9300, 0.9360

Support level: 0.9225, 0.9145

 

CrudeOIL, H4: Crude oil price was traded higher following prior breakout above the previous resistance level 69.95. MACD which illustrate diminishing bearish momentum signal suggest the commodity to extend rebound towards the resistance level 73.40.

 

Resistance level: 73.40, 76.35

Support level: 69.95, 67.65

 

GOLD_, H4: Gold price remain traded in a sideway channel. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses towards the support level 1778.60.

 

Resistance level: 1807.85, 1831.50

Support level: 1778.60, 1748.55

291121 Morning Session Analysis

29 November 2021                            Morning Session Analysis

 

Dollar slumped amid dovish market repricing.

The Dollar Index which traded against a basket of six major currency pairs slumped significantly amid dovish repricing from the market. Despite Fed’s contractionary monetary policy expectation had been being brought forward amid strong US data, high inflation and hawkish talk by Fed members, the strike of new Covid-19 variant known as Omicron leaves the US dollar more vulnerable to a dovish repricing in Fed policy expectations. The discovery of Omicron by the World Health Organization has caused worries around the world as it could resist vaccinations and is potentially more contagious than previous variants of the disease. Likewise, risks of the new variant of Covid-19 are hampering expectations for rate hike next year from the world’s major central banks, hence resulting in a potential setback for the US dollar. According to Reuters, market has no longer fully price a 25-basis-point interest rate rise by the Federal Reserve by June 2022 amid the fear of coronavirus. As of writing, the Dollar Index depreciated by 0.81% to 96.05.

 

In the commodities market, the crude oil price slumped 0.34% to $70.80 as of writing amid bearish oil demand outlook. According to Reuters, the large oil importer countries such as UK, India and EU have imposed travel ban on Southern Africa in order to stem the spread of coronavirus. On the other hand, the gold price was up 0.24% to $1792.35 per troy ounces amid weakening US dollar.

 

Today’s Holiday Market Close

Time                       Market                  Event

N/A

 

Today’s Highlight Events

Time                       Market                  Event

23:00                       USD                      Fed Chair Powell Testifies

 

Today’s Highlight Economic Data

Time Nation & Data Previous Forecast Actual
23:00 USD – Pending Home Sales (MoM) (Oct) -2.30% 1.00%

 

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from higher levels. MACD which illustrate downward momentum suggests the index to be traded lower in short-term.

 

Resistance level: 96.15, 96.50

Support level: 95.75, 95.35

 

GBPUSD, H4: GBPUSD was traded lower following prior retracement from higher level. MACD which illustrate diminished upward 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 lower following prior retrace from higher level. MACD which illustrate diminished upward momentum suggests the pair to be traded lower after closing below 1.1285.

 

Resistance level: 1.1370, 1.1440

Support level: 1.1285, 1.1210

 

USDJPY, H4: USDJPY was traded higher following prior rebound from lower levels. MACD which illustrate diminished bearish 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 higher following rebound from lower level. MACD which illustrate diminished bearish momentum suggests the pair to be traded loin short-term as technical correction.

 

Resistance level: 0.7170, 0.7210

Support level: 0.7105, 0.7025

 

NZDUSD, Weekly: NZDUSD was traded lower following prior closure below 0.6905. MACD which begins to form bearish signal suggests the pair to be traded lower after closing below 0.6810.

 

Resistance level: 0.6905, 0.7065

Support level: 0.6810, 0.6660

 

USDCAD, H4: USDCAD was traded lower following prior retrace from higher levels. MACD which illustrate diminished upward momentum suggests the pair to be traded lower after closing below 1.2720.

 

Resistance level: 1.2775, 1.2820

Support level: 1.2720, 1.2660

 

USDCHF, H1: USDCHF was traded higher following prior rebound from lower level. MACD which illustrate bullish signal suggests the pair to be traded higher in short-term.

 

Resistance level: 0.9255, 0.9280

Support level: 0.9230, 0.9210

 

CrudeOIL, Daily: Crude oil price was traded lower following prior closure below 72.40. MACD which illustrate bearish signal suggests its price to be traded lower in short-term.

 

Resistance level: 72.80, 76.30

Support level: 67.80, 61.70

 

GOLD_, H4: Gold price was traded lower following prior retrace from higher level. MACD which illustrate diminished upward momentum suggests the pair to be traded lower in short-term.

 

Resistance level: 1799.70, 1817.15

Support level: 1782.25, 1760.65

 

261121 Afternoon Session Analysis

26 November 2021                            Afternoon Session Analysis

 

Pound sterling extend loss amid Brexit uncertainty.

The pound sterling which traded against the dollar and other currency pairs remain pressured and fell amid lack of positive progress in Brexit. Following latest development, U.K government spokesperson stated that the UK PM had told the Irish PM that he was concerned about a substantial gap that remained between the UK and EU on the implementation of the Northern Ireland Protocol. On the other hand, the French Fishing Association Body stated that they still haven’t get the licensed they want, therefore the association said that French fishermen would be taking action on Friday to block French ports and the Channel tunnel. The blockades will disrupt UK/EU trade and are likely to exacerbate the supply chain disruptions already plaguing the UK economy. At the time of writing, GBP/USD fell 0.13% to $1.3301.

 

In the commodities market, crude oil price plunged 1.98% to $76.50 per barrel as of writing following concerns of oversupply in Q1 next year. U.S. President Joe Biden’s administration recently announced plan to release millions of barrels of oil from strategic reserves in coordination with other large consuming nations, including China, India and Japan in effort to cooling down price. Several OPEC sources stated that the release is likely to inflate supply in the coming months. On the other hand, gold price 0.48% to $1797.08 a troy ounce at the time of writing following dollar retracement.

 

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 flat while currently testing near the resistance level 96.80. However, MACD which illustrate bearish momentum signal with the formation of death cross suggest the dollar to be traded lower towards the support level 96.15.

 

Resistance level: 96.80, 97.55

Support level: 96.15, 95.50

 

GBPUSD, H4: GBPUSD was traded lower while currently testing the support level 1.3305. MACD which illustrate persistent bearish momentum signal suggest the pair to extend its losses after it breaks below the support level.

 

Resistance level: 1.3430, 1.3555

Support level: 1.3305, 1.3195

 

EURUSD, H4: EURUSD was traded higher following recent rebound from its low level. MACD which illustrate bullish momentum signal suggest the pair to extend its rebound towards the resistance level 1.1275.

 

Resistance level: 1.1275, 1.1375

Support level: 1.1170, 1.1090

 

USDJPY, H4: USDJPY was traded lower while currently testing the support level 114.60. 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 114.60.

 

Resistance level: 115.85, 116.95

Support level: 114.60, 113.20

 

AUDUSD, H4: AUDUSD was traded lower while currently testing near the support level 0.7105. MACD which illustrate bearish bias signal suggest the pair to extend its losses after it breaks below the support level 0.7105.

 

Resistance level: 0.7175, 0.7260

Support level: 0.7105, 0.7005

 

NZDUSD, H4: NZDUSD was traded lower while currently testing the support level 0.6815. MACD which illustrate persistent bearish momentum signal suggest the pair to extend its losses after it break below the support level 0.6815.

 

Resistance level: 0.6905, 0.6980

Support level: 0.6815, 0.6725

 

USDCAD, H4: USDCAD was traded higher following prior rebound form the support level 1.2615. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its gains towards the resistance level 1.2765.

 

Resistance level: 1.2765, 1.2865

Support level: 1.2615, 1.2505

 

USDCHF, H4: USDCHF was traded lower following prior retracement from the resistance level 0.9360. MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to extend its losses towards the support level 0.9300.

 

Resistance level: 0.9360, 0.9410

Support level: 0.9300, 0.9225

 

CrudeOIL, H4: Crude oil price was traded lower while currently testing the support level 76.35. MACD which illustrate bearish bias signal with the formation of death cross suggest the pair to extend its losses after it breaks below the support level.

 

Resistance level: 79.15, 81.40

Support level: 76.30, 73.40

 

GOLD_, H4: Gold price remain traded in a sideway channel. However, MACD which illustrate bullish momentum signal with the formation of golden cross suggest the commodity to be traded higher in short term towards the resistance level 1807.85.

 

Resistance level: 1807.85, 1831.50

Support level: 1778.60, 1748.55