08 November 2017 Daily Analysis
Greenback retracing while investors awaiting Trump’s speech.
Dollar index pared some of its gains by 0.22% to 94.67 as of writing despite data showing an uptick in labor market strength in U.S. as investors awaiting for President Donald Trump’s speech to wrap up his South Korea visit in Beijing, China on this Wednesday. Overnight, according to Job Openings and Labor Turnover Survey (JOLTs) report released by the U.S. Labor Department, job openings in the month of September has improved to about 6.1 million versus the expected 6.091 million. All in all, the losses of the Greenback was limited amid signs of progress on tax reform after Republic lawmakers started to revise their proposed overhaul of the U.S. tax system on Monday. In addition, market sentiment toward the Greenback remained positive as data showed traders continued to abandon their bearish bets on the dollar. On the other hand, EUR/USD fell 0.23% to $1.1583 despite the upbeat retail sales data in Europe.
In the commodities market, crude oil price remained on its foot with slight losses of 0.19% to $57.09 per barrel, following report as released by the American Petroleum Institute (API) that revealed a fall in U.S. crude oil stocks by 1.562 million barrels last week, much less than the expected to fall by 2.100 million barrels. Otherwise, gold price achieved gains of 0.23% to $1276.63 a troy ounce following retracement of the Greenback from its session high.
Today’s Holiday Market Close
Time Market Event
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Today’s Highlight Events
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Today’s Highlight Economy Data
| Time | Nation & Data | Previous | Forecast | Actual |
| Tentative | CNY – Trade Balance (USD) (Oct) | 28.47B | 39.50B | – |
| 21:15 | CAD – Housing Starts (Oct) | 217.1K | 211.0K | – |
| 21:30 | CAD – Building Permits (MoM) (Sep) | -5.5% | -1.0% | – |
| 23:30 | CrudeOIL – Crude Oil Inventories | -2.435M | – | – |
GBPUSD
GBPUSD, H4: GBPUSD was traded higher prior its rebound from support level at 1.3115. Formation of pin bar candlestick and hidden positive divergence as shown by MACD histogram suggest the pair to extend higher toward the resistance level at 1.3220.
Resistance level: 1.3220, 1.3315
Support level: 1.3115, 1.2985
EURUSD
EURUSD, H4: EURUSD was traded higher prior its failure to break support level at 1.1570. Formation of modified morning star candlestick pattern and golden-cross by MACD signal line suggest the pair to undergo short-term technical correction to trade higher toward the resistance level at 1.1670.
Resistance level: 1.1670, 1.1750
Support level: 1.1570, 1.1480
USDJPY
USDJPY, H4: USDJPY was traded within ascending triangle and it is currently testing the trend line of the triangle. It is suggested to wait for breakout to occur at support level 113.70 for a clearer indication to short the pair.
Resistance level: 114.40, 115.30
Support level: 113.70, 112.95
CrudeOIL
CrudeOIL, Daily: Crude oil price was traded higher prior gaining its support at 55.90. Formation of a long bullish candlestick and upward slope of MACD signal line suggest ongoing bullish momentum for the commodity price to trade higher toward the resistance level at 58.10.
Resistance level: 58.10, 62.55
Support level: 55.90, 54.75
GOLD
GOLD_, H1: Gold price was traded higher after breaking the trend line of descending triangle. Golden-cross as formed by MACD signal line suggests gold price to extend higher toward the resistance level at 1280.00.
Resistance level: 1280.00, 1282.60
Support level: 1274.00, 1269.00