2 November 2021 Afternoon Session Analysis
Pound Sterling fell despite positive economic data.
The pound sterling which traded against the dollar and other currency pairs have fell despite with recent upbeat economic data from the U.K. According to Markit, UK Manufacturing Purchasing Managers Index (PMI) in October came at the reading of 57.8, slightly higher than the forecasted reading of 57.7. Many of the factories in UK experienced slowdown in production growth and spiking input prices as the producers struggled to cope with supply bottlenecks, according to Reuters. Markit also found that the prices charged by majority UK factories jumped higher than 20 years historically peek as they were forced to pay more for a wide range of inputs. Despite that, the pound sterling remain pressured amid latest development of Brexit woes. According to the Reuters, rising tensions between France and British over the post-Brexit fishing right continued as both authorities refused to back down from the dispute while signaling a warning flag to exert sanction to counterparties. As for now, high level of uncertainty in the development of Brexit has dampened the market optimism towards Pound Sterling. As of writing, the pair of GBP/USD slumped 0.08% to 1.3650.
In the commodities market, the crude oil price was up 0.31% to $84.15 per barrel as of writing amid positive oil demand outlook. According to report, OPEC and its member has forecasted that the oil demand in 2021 will be grew higher than International Energy Agency (IEA)’s forecast. On the other hand, the gold price was up 0.02% to $1790.50 per troy ounces amid weakening of US dollar.
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 (Nov) | 0.10% | 0.10% | – |
| 16:55 | EUR – German Manufacturing PMI (Oct) | 58.2 | 58.2 | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower while currently testing the support level 93.85. MACD which illustrate diminishing bullish momentum signal with the starting formation of death cross suggest the dollar to extend its losses after it breaks below the support level.
Resistance level: 94.45, 95.20
Support level: 93.85, 93.35
GBPUSD, H4: GBPUSD was traded lower while currently testing the support level 1.3650. MACD which illustrate ongoing bearish momentum signal suggest the pair to extend its losses after it breaks below the support level.
Resistance level: 1.3735, 1.3815
Support level: 1.3650, 1.3550
EURUSD, H4: EURUSD was traded higher while currently testing near the resistance level 1.1615. MACD which illustrate diminishing bearish momentum signal with the formation of golden cross suggest the pair to extend its gains after it breaks above the resistance level.
Resistance level: 1.1615, 1.1680
Support level: 1.1535, 1.1455
USDJPY, H4: USDJPY remain traded in a sideway channel following recent retracement from the resistance level 114.60. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its retracement in short term towards the support level 113.20.
Resistance level: 114.60, 115.85
Support level: 113.20, 112.00
AUDUSD, H4: AUDUSD remain traded flat in a sideway channel. However, MACD which illustrate bearish bias signal suggest the pair to be traded lower towards the support level 0.7455.
Resistance level: 0.7550, 0.7660
Support level: 0.7455, 0.7385
NZDUSD, H4: NZDUSD remain traded flat in a sideway channel while currently testing near the support level 0.7155. However, MACD which illustrate bearish bias signal suggest the pair to be traded lower after it breaks below the support level.
Resistance level: 0.7230, 0.7300
Support level: 0.7155, 0.7080
USDCAD, H4: USDCAD remain traded in a sideway channel while currently testing near the resistance level 1.2410. However, MACD which illustrate bullish bias signal suggest the pair to be traded higher after it breaks above the resistance level.
Resistance level: 1.2410, 1.2500
Support level: 1.2295, 1.2200
USDCHF, H4: USDCHF traded higher following prior rebound from the support level 0.9060. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its rebound towards the resistance level 0.9140.
Resistance level: 0.9140, 0.9215
Support level: 0.9060, 0.8990
CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level 84.75. MACD which illustrate ongoing bullish momentum signal suggest the commodity to extend its gains after it breaks above the resistance level.
Resistance level: 84.75, 88.40
Support level: 81.20, 79.10
GOLD_, H4: Gold price was traded higher following prior rebound from the support level 1779.95. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the commodity to extend its rebound towards the resistance level 1808.30.
Resistance level: 1808.30, 1831.50
Support level: 1779.95, 1748.55