23 November 2020 Morning Session Analysis
New Zealand Kiwi takes bid on positive Retail Sales.
During early Asian session, the New Zealand Kiwi which traded against the dollar and other currency pairs have continue to extend its gains after a surprising upbeat results on NZ Retail Sales continue to favour the buyers. According to Statistics New Zealand, retail sales that represent the consumer spending in retail in New Zealand have unexpectedly rebound 28% in Q3, surpassed market expectation of 20% and also previous reading of -14.8%. Fourteen of 16 regions saw an increase in sales on September 2020 quarter. The data comes during the period when level 3 restriction is placed on Auckland region while other regions placed under level 2 which showed strong rebound in recovery despite coronavirus restrictions that could affect business and consumer spending. Following the data, Kiwi bounced and jumped. At the time of writing, NZD/USD rose 0.14% to 0.6932.
In the commodities market, crude oil price remains supported and climbs 0.16% to $42.44 per barrel at the time of writing following a decline in oil rigs. According to Bakers Hughes, the U.S. oil rig count falls for the first time in 10 weeks by 5 to 231 from 236 in the week to Nov. 20. At the same time, vaccine hopes also continue to boost its future consumption outlook which in turn continue to support the price. On the other hand, gold price slips 0.02$ to $1870.61 a troy ounce at the time of writing following dollar rebound.
Today’s Holiday Market Close
Time Market Event
All Day Japan Workers Day
Today’s Highlight Events
Time Market Event
N/A
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual | |
| 16.30 | EUR – German Manufacturing PMI (Nov) | 58.2 | 56.5 | – | |
| 17.30 | GBP – Composite PMI | 52.1 | 42.5 | – | |
| 17.30 | GBP – Manufacturing PMI (Nov) | 53.3 | 53.3 | – | |
| 17.30 | GBP – Services PMI (Nov) | 52.3 | 52.3 | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher following prior rebound from its low levels while currently testing near the resistance level 92.45. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the dollar to extend its gains after it breaks above the resistance level.
Resistance level: 92.45, 93.00
Support level: 91.75, 91.00
GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level 1.3295. MACD which illustrate bullish bias signal suggest the pair to extend its gains after it breaks above the resistance level.
Resistance level: 1.3295, 1.3470
Support level: 1.3150, 1.2895
EURUSD, H4: EURUSD was traded flat near the resistance level 1.1875. However, MACD which illustrate bearish bias signal suggest the pair to be traded lower in short term towards the support level 1.1760.
Resistance level: 1.1875, 1.1995
Support level: 1.1760, 1.1615
USDJPY, H4: USDJPY remain traded flat in a tight range. However, MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to be traded higher in short term towards the resistance level 104.25.
Resistance level: 104.25, 105.10
Support level: 103.20, 102.15
AUDUSD, H4: AUDUSD was traded higher while currently testing near the resistance level 0.7340. MACD which display bullish bias signal suggest the pair to extend its gains after it breaks above the resistance level.
Resistance level: 0.7340, 0.7410
Support level: 0.7200, 0.7105
NZDUSD, H4: NZDUSD was traded higher following recent breakout above the previous resistance level 0.6915. MACD which display bullish bias signal suggest the pair to extend its gains towards the resistance level 0.6985.
Resistance level: 0.6985, 0.7035
Support level: 0.6915, 0.6835
USDCAD, H4: USDCAD remain traded flat near the resistance level 1.3100. However, MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to be traded higher after it breaks above the resistance level.
Resistance level: 1.3100, 1.3240
Support level: 1.2995, 1.2890
USDCHF, H4: USDCHF remain traded flat while currently testing the support level 0.9105. However, due to lack of clear direction and momentum from MACD, it is suggested to wait until further signal appear before entering the market.
Resistance level: 0.9185, 0.9295
Support level: 0.9105, 0.8990
CrudeOIL, H4: Crude oil price was traded higher following prior rebound from support level 41.60. MACD which illustrate bullish bias signal suggest the commodity to extend its gains towards the resistance level 43.95
Resistance level: 43.95, 46.20
Support level: 41.60, 39.25
GOLD_, H4: Gold price remain traded in a sideway channel. However, MACD which illustrate bullish momentum signal suggested the commodity to be traded higher in short term towards the resistance level 1885.70.
Resistance level: 1885.70, 1908.60
Support level: 1853.90, 1814.40