9 November 2021 Afternoon Session Analysis
Risk off sentiment keeps Australian dollar down.
The Australian dollar was traded lower against US dollar and other currency pairs amid risk off sentiment. According to Reuters, China Evergrande’s subsidiary company, Scenery Journey was reported failing to repay a semi-annual coupon payments which due on last Saturday amounted $82.49 million. Moreover, China Evergrande is facing another upcoming coupon payment which is about to expire on this Wednesday as the payment had been due in October. The concern of spillover risk over financial market continued to hamper market optimism hence prompted investors to shift their portfolio into safe haven assets. Nonetheless, the bearish momentum of AUD/USD was limited following growing China industrial activities. Industrial activities in China received its recovery momentum under heavy China government intervention to as some supply constraints have started to ease in recent weeks. The expansion of China industrial sectors were expected to boost the demand of raw material supply from Australia. As of writing, the pair of AUD/USD slumped 0.42% to 0.7395.
In the commodities market, the crude oil price was up 0.55% to $81.82 per barrel as of writing amid limited oil supply. Despite OPEC made its decision to increase its oil supply, but some of its members unable to increase their oil output as planned due to infrastructure and limited capacity. It could result in potential global oil shortage hence pushed the oil price to be higher. On the other hand, the gold price surged 0.09% to $1822.00 per troy ounces amid weakening US dollar.
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 |
| 18:00 | EUR – German ZEW Economic Sentiment (Nov) | 22.3 | 20 | – |
| 21:30 | USD – PPI (MoM) (Oct) | 0.50% | 0.60% | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower while currently testing near the support level 93.85. MACD which illustrate ongoing bearish momentum signal 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 higher following recent breakout above the previous resistance level 1.3545. MACD which illustrate bullish bias signal with the formation of golden cross suggest the pair to extend its gains towards the resistance level 1.3650.
Resistance level: 1.3650, 1.3735
Support level: 1.3545, 1.3420
EURUSD, H4: EURUSD was traded higher following recent rebound from the support level 1.1535. MACD which illustrate bullish momentum signal suggest the pair to extend its rebound towards the resistance level 1.1615.
Resistance level: 1.1615, 1.1685
Support level: 1.1535, 1.1455
USDJPY, H4: USDJPY was traded lower following prior breakout below the previous support level 113.20. MACD which illustrate ongoing bearish momentum signal suggest the pair to extend its losses towards the support level 112.00.
Resistance level: 114.20, 114.60
Support level: 112.00, 110.85
AUDUSD, H4: AUDUSD was traded lower while currently testing near the support level 0.7385. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses after it breaks below the support level.
Resistance level: 0.7455, 0.7550
Support level: 0.7385, 0.7310
NZDUSD, H4: NZDUSD was traded flat while currently testing the support level 0.7145. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to be traded lower after it breaks below the support level.
Resistance level: 0.7230, 0.7300
Support level: 0.7145, 0.7080
USDCAD, H4: USDCAD was traded flat in a sideway channel. However, MACD which illustrate bearish momentum signal suggest the pair to be traded lower in short term towards the support level 1.2410.
Resistance level: 1.2500, 1.2620
Support level: 1.2410, 1.2295
USDCHF, H4: USDCHF was traded lower following prior retracement from the resistance level 0.9145. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its retracement towards the support level 0.9060.
Resistance level: 0.9145, 0.9215
Support level: 0.9060, 0.8990
CrudeOIL, H4: Crude oil price was traded flat while currently testing the support level 81.65. However, MACD which illustrate diminishing bullish momentum signal suggest the commodity to be traded lower after it breaks below the support level.
Resistance level: 84.75, 88.40
Support level: 81.65, 79.10
GOLD_, H4: Gold price was traded higher while currently testing near the resistance level 1831.50. However, MACD which illustrate diminishing bullish momentum signal suggest the commodity to experience a technical correction towards the support level 1805.60.
Resistance level: 1831.50, 1857.75
Support level: 1805.60, 1779.00