17 November 2021 Morning Session Analysis
Dollar surged amid upbeat economic data.
The Dollar Index which traded against a basket of six major currency pairs extend its gains over the backdrop of bullish economic data, which dialed up the market optimism toward the economic progression in the United States. According to Census Bureau, U.S. Core Retail Sales for last month had notched up significantly from the previous reading of 0.7% to 1.7%, exceeding the market forecast at 1.0%. Such upbeat economic data had increased the odds for the Federal Reserve to implement contractionary monetary policy in order to stabilize the US economic, prompting the US Treasury yields extend its gains on yesterday. Besides, Contractionary monetary policy would also decrease the money circulation for the US Dollar in the global financial market, which diminishing the inflation risk for the United States and also spurring positive prospect toward the US Dollar. As of writing, the Dollar Index appreciated by 0.54% to 95.95.
In the commodities market, the crude oil price surged 0.05% to $80.65 per barrel as of writing over the backdrop of bullish inventory data. According to American Petroleum Institute, U.S. API Weekly Crude Oil Stock came in at 0.655M, better than the market forecast at 1.550M. On the other hand, the gold price slumped 0.02% to $1850.10 per troy ounces as of writing amid strengthening US Dollar.
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 |
| 15:00 | GBP – CPI (YoY) (Oct) | 3.10% | 3.90% | – |
| 18:00 | EUR – CPI (YoY) (Oct) | 4.10% | 4.10% | – |
| 21:30 | USD – Building Permits (Oct) | 1.586M | 1.630M | – |
| 21:30 | CAD – Core CPI (MoM) (Oct) | 0.30% | – | |
| 23:30 | CrudeOIL – Crude Oil Inventories | 1.001M | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher following prior breakout above the previous resistance level at 95.50. MACD which illustrated increasing bullish momentum suggest the index to extend its gains toward resistance level at 96.45.
Resistance level: 96.45, 97.50
Support level: 95.50, 94.50
GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level at 1.3440. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 1.3440, 1.3615
Support level: 1.3305, 1.3180
EURUSD, H4: EURUSD was traded lower following prior breakout below the previous support level at 1.1370. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.1175.
Resistance level: 1.1370, 1.1530
Support level: 1.1175, 1.1010
USDJPY, H4: USDJPY was traded higher following prior breakout above the previous resistance level at 114.40. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 115.40
Resistance level: 115.40, 116.80
Support level: 114.40, 113.30
AUDUSD, H4: AUDUSD was traded lower while currently testing the support level at 0.7290. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 0.7380, 0.7435
Support level: 0.7290, 0.7220
NZDUSD, H4: NZDUSD was traded lower following prior retracement form the resistance level at 0.7075. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 0.6955.
Resistance level: 0.7075, 0.7110
Support level: 0.6955, 0.6880
USDCAD, H4: USDCAD was traded higher following prior rebound from the support level at 1.2505. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 1.2595.
Resistance level: 1.2595, 1.2650
Support level: 1.2505, 1.2460
USDCHF, H4: USDCHF was traded higher while currently testing the resistance level at 0.9305. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 0.9305, 0.9355
Support level: 0.9225, 0.9155
CrudeOIL, H4: Crude oil price was traded lower while currently testing the support level at 79.15. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.
Resistance level: 81.25, 83.30
Support level: 79.51, 76.10
GOLD_, H4: Gold price was traded lower while currently testing the support level at 1848.30. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses after it successfully breakout below the support level.
Resistance level: 1870.40, 1889.20
Support level: 1848.30, 1830.65
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.