19 November 2020 Afternoon Session Analysis
Aussie held steady on upbeat jobs data.
During late Asian session, the Australian dollar which traded against the greenback and other currency pairs have manage to pick up some bid after data showed improvement on Australia’s jobs market. According to Australian Bureau of Statistics, the employment change surprise the market with the reading of 178.8K, far better than market expectation of -30K. On top of that, Unemployment Rate also exceeds market expectation with the reading of 7.0% against the expectation of 7.2% while participation rate boosted to 65.8%. Following the surprise positive data, Aussie manage to limit its previous losses. Still, issues such as increasing coronavirus cases and straining relationship between Australia and China may continue to challenge the risk sentiment and could restrict its appeal towards the market. At the time of writing, AUD/USD edge higher 0.02% to 0.7290.
In the commodities market, crude oil price remains buoyed and rose 0.07% to $41.79 per barrel as of writing following further positive news on vaccine continue to boost market hopes. Pfizer Inc. stated a final analysis of clinical-trial data indicated its Covid-19 vaccine was 95% effective, spurring hopes for an eventual rebound in consumption. On the other hand, gold price extend losses and slips 0.07% to $1871.38 a troy ounce at the time of writing following optimism on vaccine further diminishing the appeal of safe-haven market.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
16:00 EUR ECB President Lagarde Speaks
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 21:30 | USD – Initial Jobless Claims | 709K | 705K | – |
| 21:30 | USD – Philadelphia Fed Manufacturing Index (Nov) | 32.3 | 24.0 | – |
| 23:00 | USD – Existing Home Sales (Oct) | 6.54M | 6.45M | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher following prior breakout above the previous resistance level at 92.35. MACD which illustrate diminishing bearish momentum signal suggest the dollar to extend its gains toward the resistance level at 92.55.
Resistance level: 92.55, 92.75
Support level: 92.35, 92.10
GBPUSD, H4: GBPUSD was traded lower while currently testing the support level at 1.3230. MACD which illustrates diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level at 1.3230.
Resistance level: 1.3290, 1.3350
Support level: 1.3230, 1.3185
EURUSD, H4: EURUSD was traded lower while currently testing the support level at 1.1840. MACD which illustrate bearish bias momentum signal suggest the pair to extend its losses after it successfully breakout below the support level at 1.1840.
Resistance level: 1.1895, 1.1960
Support level: 1.1840, 1.1795
USDJPY, H1: USDJPY was traded lower following prior retracement from the resistance level at 103.90. MACD which illustrate diminishing bullish momentum suggest the pair to extend its losses toward the support level at 103.65.
Resistance level: 103.90, 104.20
Support level: 103.65, 103.20
AUDUSD, H4: AUDUSD was traded lower following prior retracement from the resistance level at 0.7330. MACD which illustrate bearish bias momentum suggest the pair to extend its losses toward the support level at 0.7265.
Resistance level: 0.7330, 0.7405
Support level: 0.7265, 0.7205
NZDUSD, H4: NZDUSD was traded lower while currently testing the support level at 0.6905. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses after it successfully breakout below the support level at 0.6905.
Resistance level: 0.6935, 0.6955
Support level: 0.6905, 0.6865
USDCAD, H4: USDCAD was traded higher while currently testing the resistance level at 1.3095. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its gains after it successfully breakout above the resistance level at 1.3095.
Resistance level: 1.3095, 1.3170
Support level: 1.3035, 1.2960
USDCHF, H4: USDCHF was traded higher following prior rebound from the support level near 0.9100. MACD which display diminishing bearish momentum signal suggest the pair to extend its rebound toward resistance level at 0.9135.
Resistance level: 0.9135, 0.9175
Support level: 0.9100, 0.9075
CrudeOIL, H1: Crude oil price was traded higher following prior rebound from upward trendline. MACD which illustrate diminishing bearish momentum suggest the commodity to extend its gains toward the resistance level at 42.15.
Resistance level: 42.15, 43.00
Support level: 40.80, 40.05.
GOLD_, H1: Gold price was traded lower while currently testing the support level at 1869.45. Due to lack of signal from MACD, it is suggested to wait for further confirmation such as breakout below before entering into the market.
Resistance level: 1883.90, 1896.15
Support level: 1869.45, 1858.00