21 November 2018 Afternoon Session Analysis
Dollar firmed amid investor await for further sentiment.
Greenback traded firm against its six major peer currencies after hitting one week high amid sentiment souring and global equities rout forced risk averse traders transfer their capital from stock market to liquid dollar. Recently, Dollar index had been received a lot of pressure due to dovish comments by Federal Reserve where they might slow down the pace of monetary policy tightening. Anyhow, Investors are currently keeping their eyes on the coming announcement of US major October data which included Core Durable Goods Order and Existing Home Sales. A higher than economist forecast of reading will be favorable toward the US Dollar. As of writing, Dollar dipped 0.05% to 96.60. On the other hand, pair of EUR/USD notched up 0.07% to 1.1375 despite EU decided to take steps to discipline Italy. According to Reuters, European Commission will publish its opinions on the drafts of all the countries that sharing Euro today while the commission will therefore also publish a report that Italy is in breach of the EU law. In the EU law, a country public debt cannot be higher than 60 percent of GDP, otherwise it has to be falling towards 60 percent at a satisfactory pace.
In the commodities market, crude oil notched up 1.43% to $54.10 per barrel amid unexpected decline in U.S. commercial crude inventories and increase in Indian crude imports record. Next, gold notched down 0.04% to $1221.00 a troy ounce amid Dollar’s recovery.
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 | Market & Data | Previous | Forecast | Actual |
| 21:30 | USD – Core Durable Goods Order (MoM) (Oct) | 0.1% | 0.4% | – |
| 23:00 | USD – Existing Home Sales (Oct) | 5.15M | 5.20M | – |
| 23:30 | Crude Oil – Crude Oil Inventories | 10.270M | 2.941M | – |
Technical Analysis
DOLLAR_INDX, H1: Dollar index was traded lower following prior retracement from the resistance level at 96.70. MACD which illustrate diminishing bullish momentum suggest the index to be traded lower toward its support level at 96.25.
Resistance level: 96.70, 97.00
Support level: 96.25, 95.95
GBPUSD, H4: GBPUSD was traded lower following retracement from the resistance level at 1.2870. MACD which illustrate diminished bullish momentum and the starting formation of death cross suggest the pair to extend its losses towards the support level 1.2765.
Resistance level: 1.2870, 1.2915
Support level: 1.2765, 1.2690
EURUSD, H4: EURUSD was traded higher following prior rebound from the support level at 1.1365. However, MACD which display bearish momentum and formation of death cross suggest the pair to be traded lower in short term towards the support level at 1.1365.
Resistance level: 1.1415, 1.1455
Support level: 1.1365, 1.1310
USDJPY, H1: USDJPY was traded lower following prior retracement from the upper channel line at 112.90. MACD which illustrate diminishing bullish momentum suggest the pair to be traded lower toward its support level at 112.65.
Resistance level: 112.90, 113.25
Support level: 112.65, 112.30
AUDUSD, H1: AUDUSD was traded higher following prior rebound from the support level 0.7205. MACD which illustrate bullish momentum and the starting formation of golden cross suggest the pair to extend its rebound towards the resistance level 0.7250.
Resistance level: 0.7250, 0.7290
Support level: 0.7205, 0.7175
NZDUSD, H1: NZDUSD was traded higher following prior rebound from the support level at 0.6785. MACD which illustrate bullish momentum and the formation of golden cross suggest the pair to extend its gain toward the resistance level at 0.6835.
Resistance level: 0.6835, 0.6880
Support level: 0.6785, 0.6715
USDCAD, H1: USDCAD was traded lower following prior retracement from the resistance level at 1.3315. MACD which illustrate bearish momentum and the formation of death cross suggest the pair to extend its losses towards the support level 1.3285.
Resistance level: 1.3315, 1.3365
Support level: 1.3285, 1.3255
USDCHF, H4: USDCHF was traded higher following prior rebound from the support level at 0.9920. MACD which display bearish momentum and the formation of golden cross suggest the pair to extend its gains toward the resistance level at 0.9970.
Resistance level: 0.9970, 1.0020
Support level: 0.9920, 0.9865
CrudeOIL, H1: Crude oil price was traded higher following prior rebound from the support level at 53.20. MACD which illustrate bullish momentum suggest the commodity to extend its gains toward the resistance level at 55.15.
Resistance level: 55.15, 57.65
Support level: 53.20, 51.65
GOLD_, H4: Gold was traded lower following prior retracement from the resistance level at 1224.25. MACD which display hidden negative divergence suggest the commodity to extend its losses toward the support level at 1215.40.
Resistance level: 1224.25, 1228.45
Support level: 1215.40, 1209.00