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23 November 2022                            Afternoon Session Analysis

Euro rose as hefty rate hike was suggested.

The EUR/USD, which widely traded by global investors extended its gains on yesterday over the hawkish statement from the European Central Bank (ECB) members. According to Bloomberg, the Governing Council member Gediminas Simkus claimed on Tuesday that the central bank was suggested to take at least 50 basis point rate hike in December meeting in order to tamp down inflationary risk, while a higher rate increase is still on the table. Starting from July, ECB had raised its interest rate by 200 basis points – the most aggressive hike in ECB’s history. Furthermore, with the Eurozone inflation running in double digits of 10.6%, it dialed up the hopes of aggressive contractionary monetary implementation by ECB. In addition, Bundesbank President Joachim Nagel appeared a speech on yesterday that Eurozone’s interest rate were still so low as to stimulate the economy and “relatively far” from restricting it, which sparkling the appeal of Euro currency. Though, the gains experienced by EUR/USD was limited following the Organisation for Economic Cooperation and Development (OECD) anticipated that the Europe economy would be hit by hard recession. As of writing, the EUR/USD appreciated by 0.19% to 1.0322.

 

In the commodities market, the crude oil price edged up by 0.04% to $80.98 per barrel as of writing following OPEC+ remained its output cuts plan. On the other hand, the gold price depreciated by 0.04% to $1739.20 per troy ounce as of writing over the strengthening of 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
16:30 EUR – German Manufacturing PMI (Nov) 45.1 45.2
17:30 GBP – Composite PMI 48.2 47.2
17:30 GBP – Manufacturing PMI 46.2 45.7
17:30 GBP – Services PMI 48.8 48.0
21:00 USD – Building Permits 1.526M
21:30 USD – Core Durable Goods Orders (MoM) (Oct) -0.5% 0.1%
21:30 USD – Initial Jobless Claims 222K 225K
23:00 USD – New Home Sales (Oct) 603K 570K
23:30 CrudeOIL – Crude Oil Inventories -5.400M -1.055M

 

 

 

Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded lower following prior breakout below the previous support level. However, MACD which illustrated decreasing bearish momentum suggest the index to be traded higher as technical correction.

 

Resistance level: 107.05, 108.45

Support level: 105.20, 103.45

 

GBPUSD, H4: GBPUSD was traded higher following prior breakout above the previous resistance level. MACD which illustrated decreasing bearish momentum suggest the pair to extend its gains.

 

Resistance level: 1.2040, 1.2245

Support level: 1.1835, 1.1635

 

EURUSD, H4: EURUSD was traded higher while currently testing the resistance level. MACD which illustrated decreasing bearish momentum suggest the pair to extend its gains if successfully breakout the resistance level.

 

Resistance level: 1.0335, 1.0465

Support level: 1.0210, 1.0090

 

USDJPY, Daily: USDJPY was traded lower following prior retracement from the resistance level. However, MACD which illustrated decreasing bearish momentum suggest the pair to be traded higher as technical correction.

 

Resistance level: 142.10, 145.75

Support level: 139.00, 135.35

 

AUDUSD, H4: AUDUSD was traded higher following prior rebound from the support level. MACD which illustrated decreasing bearish momentum suggest the pair to extend its gains.

 

Resistance level: 0.6705, 0.6830

Support level: 0.6590, 0.6500

 

 

NZDUSD, H4: NZDUSD was traded higher following prior breakout above the previous resistance level. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains.

 

Resistance level: 0.6260, 0.6345

Support level: 0.6150, 0.6025

 

USDCAD, H4: USDCAD was traded lower following prior breakout below the previous support level. However, MACD which illustrated decreasing bearish momentum suggest the pair to be traded lower as technical correction.

 

Resistance level: 1.3455, 1.3635

Support level: 1.3320, 1.3155

 

USDCHF, H4: USDCHF was traded lower following prior breakout below the previous support level. However, MACD which illustrated decreasing bearish momentum suggest the pair to be traded higher as technical correction.

 

Resistance level: 0.9550, 0.9680

Support level: 0.9400, 0.9235

 

CrudeOIL, H4: Crude oil price was traded higher following prior breakout above the previous resistance level. However, MACD which illustrated decreasing bullish momentum suggest the commodity to be traded lower as technical correction.

 

Resistance level: 83.55, 86.25

Support level: 80.15, 77.40

 

GOLD_, H4: Gold price was traded lower following prior breakout below the previous support level. However, MACD which illustrated decreasing bearish momentum suggest the commodity to be traded higher as technical correction.

 

Resistance level: 1756.05, 1783.50

Support level: 1725.65, 1700.05