09 November 2021 Morning Session Analysis
NZD surged amid hopes for border reopening.
The New Zealand Dollar surged over the backdrop of positive prospect for the economic momentum in New Zealand following Prime Minister Jacinda Ardern eased the Covid-19 restrictions on yesterday. According to Reuters, she announced that the Aucklanders will shift to step two of level 3, allowing retail and some public spaces including libraries to reopen and outdoor gatherings to increase to 25 people. Beyond this week’s minor relaxations, the cabinet will consider to reopen the border on 29th November from the current system of lockdowns to a vaccine certificate system. As on Monday, 89% of people are currently at least partially vaccinated, and 78% are double-dosed with the Pfizer vaccine. Meanwhile, Auckland is at 92% partially vaccinated, and 83% double-dosed. Nonetheless, as for now investors would continue to scrutinize the latest updates with regards of Covid-19 updates to gauge the likelihood movement for the New Zealand Dollar. As of writing, NZD/USD appreciated by 0.03% to 0.7165.
In the commodities market, the crude oil price surged 0.12% to 82.35 per barrel as of writing amid positive outlook of Covid-19 vaccination program had insinuated hopes for reopening borders around the world, which increasing the appeal for this black-commodity. On the other hand, the gold price appreciated by 0.03% to $1824.70 per troy ounces as of writing amid high inflation risk in future had prompted market participants to shift their portfolio to safe-haven gold in order to hedge against the inflation risk.
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 |
| 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 following prior retracement from the resistance level at 94.50. MACD which illustrated increasing bearish momentum suggest the index to extend its losses toward support level at 93.80.
Resistance level: 94.50, 95.15
Support level: 93.80, 93.25
GBPUSD, H4: GBPUSD was traded higher following prior rebound from the support level at 1.3425. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.3615.
Resistance level: 1.3615, 1.3815
Support level: 1.3425, 1.3305
EURUSD, Daily: EURUSD was traded lower while currently testing the support level at 1.1530. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 1.1680, 1.1875
Support level: 1.1530, 1.1370
USDJPY, H4: USDJPY was traded lower while currently testing the support level at 113.35. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 114.55, 115.40
Support level: 113.15, 112.05
AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level at 0.7435. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 0.7435, 0.7530
Support level: 0.7380, 0.7305
NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level at 0.7165. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 0.7165, 0.7210
Support level: 0.7110, 0.7055
USDCAD, H4: USDCAD was traded higher while currently near the resistance level at 1.2465. However, MACD which illustrated increasing bearish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 1.2465, 1.2525
Support level: 1.2400, 1.2335
USDCHF, H4: USDCHF was traded lower following prior retracement from the resistance level at 0.9155. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 0.9075.
Resistance level: 0.9155, 0.9225
Support level: 0.9075, 0.9005
CrudeOIL, H4: Crude oil price was traded higher following prior breakout above the previous resistance level at 81.50. However, MACD which illustrated diminishing bullish momentum suggest the commodity be traded lower in short-term as technical correction.
Resistance level: 83.30, 85.85
Support level: 81.50, 79.15
GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1830.65. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.
Resistance level: 1830.65, 1855.00
Support level: 1809.10, 1792.45
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.