11 November 2021 Afternoon Session Analysis
Australian dollar dipped due to weak employment data.
The Australian dollar was traded lower against the dollar and other currency pairs over the backdrop of downbeat economic data. According to Australian Bureau of Statistic, Australia Employment Change in October came at the reading of -46.3K, lower than the forecasted reading of 50.0K. In addition, Australia Unemployment Rate in October came at the reading of 5.2%, worse than the forecasted reading of 4.8%. Both employment data indicated a plagued labor market in Australia which has dampened the consumer spending in the region. Likewise, the softer Australia employment data has diminished possibility for an early rate hike from Reserve Bank of Australia (RBA). Furthermore, the pair also extend its losses amid worries over spiking inflation. The release of better-than-expected US Core Consumer Price Index suggested a soaring inflation pressure which improving market speculation that Fed will initiate its lending rate earlier than expected. As of writing, the pair of AUD/USD slumped 0.27% to 0.7305.
In the commodities market, the crude oil price was down 0.06% to $81.45 per barrel as of writing amid intervention of US government to curb the spiking oil price. According to Reuters, the White House has tiptoed around the possibility of releasing oil from the US Strategic Petroleum Reserve (SPR) amid concern over recent soaring gasoline prices. On the other hand, the gold price surged 0.11% to $1850.37 per troy ounces amid risk off sentiment.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
18:00 EUR ECB Forecast
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 15:00 | GBP – GDP (YoY) (Q3) | 23.60% | 6.80% | – |
| 15:00 | GBP – GDP (QoQ) (Q3) | 5.50% | 1.50% | – |
| 15:00 | GBP – Manufacturing Production (MoM) (Sep) | 0.50% | 0.2% |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher following prior breakout above the resistance level 95.20. MACD which illustrate bullish momentum signal suggest the dollar to extend its gains towards the resistance level 95.20.
Resistance level: 95.20, 95.75
Support level: 94.45, 93.85
GBPUSD, H4: GBPUSD was traded lower following prior breakout below the previous support level 1.3425. MACD which illustrate bearish bias signal with the formation of death cross suggest the pair to extend its losses towards the support level 1.3300.
Resistance level: 1.3650, 1.3735
Support level: 1.3545, 1.3420
EURUSD, H4: EURUSD was traded lower while currently testing near the support level 1.1455. MACD which illustrate persistent bearish momentum signal suggest the pair to extend its losses after it breaks below the support level.
Resistance level: 1.1535, 1.1615
Support level: 1.1455, 1.1355
USDJPY, H4: USDJPY remain traded in a sideway channel. MACD. However, MACD which illustrate bullish momentum signal suggest the pair to be traded higher towards the resistance level 114.60.
Resistance level: 114.60, 115.85
Support level: 113.20, 112.00
AUDUSD, H4: AUDUSD was traded lower following prior breakout below the previous support level 0.7320. MACD which illustrate ongoing bearish momentum signal suggest the pair to extend its losses towards the support level 0.7220.
Resistance level: 0.7320, 0.7385
Support level: 0.7220, 0.7105
NZDUSD, H4: NZDUSD was traded lower following prior breakout below the previous support level 0.7075. MACD which illustrate ongoing bearish momentum signal suggest the pair to extend its losses towards the support level 0.6985.
Resistance level: 0.7075, 0.7145
Support level: 0.6985, 0.6910
USDCAD, H4: USDCAD was traded higher while currently testing the resistance level 1.2515. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to extend its gains after it breaks above the resistance level.
Resistance level: 1.2515, 1.2620
Support level: 1.2410, 1.2295
USDCHF, H4: USDCHF was traded higher following prior breakout above the previous resistance level 0.9145. MACD which illustrate bullish momentum signal suggest the pair to extend its gains towards the resistance level 0.9215.
Resistance level: 0.9215, 0.9295
Support level: 0.9145, 0.9085
CrudeOIL, H4: Crude oil price was traded lower while currently testing the support level 81.30. MACD which illustrate bearish momentum signal with the formation of death cross suggest the commodity to extend its losses after it breaks below the support level.
Resistance level: 84.75, 88.40
Support level: 81.30, 78.80
GOLD_, H4: Gold price was traded higher while currently testing the resistance level 1857.75. MACD which illustrate bullish momentum signal suggest the commodity to extend its gains after it breaks above the resistance level.
Resistance level: 1857.75, 1875.65
Support level: 1831.50, 1805.60