04 November 2020 Morning Session Analysis
Dollar plunged following signs of Biden victory.
During early Asian session, the dollar index which traded against a basket of six major currency pairs have slumped following with surveys shows that Donald Trump is lagging behind Joe Biden in key battleground states. According to New York Times and Sienna College poll, Former Vice President is currently leading over Trump across key states such as Arizona, Florida, Pennsylvania, and Wisconsin. As the possibility of Biden’s victory soars, the dollar suffered huge selling losses due to the former vice president is unlikely to continue with Trump’s trade war against China and EU and boosting more imports from overseas. On top of that, a Biden administration will also likely to push for even more stimulus that would added into the global supply of dollar, thus adding further pressure for the greenback. At the time of writing, dollar index fell 0.84% to 93.35.
In the commodities market, crude oil price extend rebound and rose 1.20% to $38.53 per barrel as of writing following optimism on economic stimulus. With the election key results are expected to be known soon, expectation of whoever wins the election will try and push forth an urgently needed financial relief package for the Covid-19 have help boosted the commodity sentiment. On the other hand, gold price jumps 0.21% to $1913.26 a troy ounce at the time of writing as the uncertainty in U.S election amid delayed results and possible legal challenges continue to triggered bid for the safe-haven metal.
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 |
| 17.30 | GBP – Composite PMI (Oct) | 56.5 | 52.9 | – |
| 17.30 | GBP – Services PMI (Oct) | 56.1 | 52.3 | – |
| 21.15 | USD – ADP Nonfarm Employment Change (Oct) | 749K | 650K | – |
| 23.00 | USD – ISM Non-Manufacturing PMI (Oct) | 57.8 | 57.5 | – |
| 23.30 | CrudeOIL – Crude Oil Inventories | 4.30M | 0.890M | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower following prior breakout below the previous support level 93.80. MACD which illustrate ongoing bearish momentum signal suggest the dollar to extend its losses towards the support level 93.00.
Resistance level: 93.80, 94.65
Support level: 93.00, 92.45
GBPUSD, H4: GBPUSD was traded higher following prior breakout above the previous resistance level 1.3060. MACD which illustrate ongoing bullish momentum signal suggest the pair to extend its gains towards the resistance level 1.3230.
Resistance level: 1.3230, 1.3500
Support level: 1.3060, 1.2870
EURUSD, H4: EURUSD was traded higher while currently testing the resistance level 1.1765. MACD which illustrate ongoing bullish momentum signal suggest the pair to extend its gains after it breaks above the resistance level.
Resistance level: 1.1765, 1.1880
Support level: 1.1615, 1.1455
USDJPY, H4: USDJPY remain traded in a sideway channel. However, MACD which illustrate bearish bias signal signal suggest the pair to be traded lower towards the support level 104.25.
Resistance level: 105.10, 105.80
Support level: 104.25, 103.65
AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level 0.7200. MACD which illustrate persistent bullish bias signal suggest the pair to extend its gains after it breaks above the resistance level.
Resistance level: 0.7200, 0.7340
Support level: 0.7105, 0.7005
NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level 0.6725. MACD which illustrate persistent bullish momentum signal suggest the pair to extend its gains after it breaks above the resistance level.
Resistance level: 0.6725, 0.6775
Support level: 0.6670, 0.6595
USDCAD, H4: USDCAD was traded lower while currently testing the support level 1.3105. MACD which illustrate ongoing bearish momentum signal suggest the pair to extend its losses after it breaks below the support level.
Resistance level: 1.3240, 1.3335
Support level: 1.3105, 1.2995
USDCHF, H4: USDCHF was traded lower while currently testing near the support level 0.9085. MACD which illustrate bearish bias signal suggest the pair to extend its losses after it breaks below the support level.
Resistance level: 0.9185, 0.9295
Support level: 0.9085, 0.9000
CrudeOIL, H4: Crude oil price was traded higher while currently testing near the resistance level 39.25. MACD which illustrate persistent bullish momentum signal suggest the commodity to extend its gains after it breaks above the resistance level.
Resistance level: 39.25, 41.55
Support level: 36.55, 34.10
GOLD_, H4: Gold price remain traded in sideway channel while currently testing near the resistance level 1919.00. However, MACD which illustrate persistent bullish momentum signal suggest the commodity to extend its gains after it breaks above the resistance level.
Resistance level: 1919.00, 1970.55
Support level: 1879.05, 1847.70