24 November 2021 Morning Session Analysis
Pound Sterling surged amid upbeat economic data.
The Pound Sterling was traded higher amid upbeat economic data. According to Markit Economics, UK Composite Purchasing Managers’ Index (PMI) in October came at the reading of 57.7, exceeding the market forecast at 54.1. Both manufacturing and service sectors reported significant recovery due to easing of lockdown restriction despite encountering increasing cost pressure. In addition, according to Reuters, UK businesses continued to hire strongly and vacancies rose to a record high, however the drop in net hiring from PMI reflecting the difficulties in recruitment. According to chief business economist at financial data provider IHS Markit Chris Williamson, he said the combination of sustained buoyant business growth, growing job market and soaring inflationary pressures could act as catalysts to push the Bank of England (BoE) to increase their lending rate in December. As of writing, the pair of GBP/USD surged 0.04% to 1.3380.
In the commodities market, the crude oil price surged 0.48% to $78.40 per barrel as of writing amid reaction of OPEC on the release of Strategic Petroleum Reserve (SPR) from AS. According to ING strategists Warren Patterson and Wenyu Yao, OPEC could pause its planned increase of oil supply in response to US’s decision to release its SPR. On the other hand, the gold price slumped 0.03% to $1789.25 per troy ounces amid strengthening US dollar.
Today’s Holiday Market Close
Time Market Event
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Today’s Highlight Events
Time Market Event
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Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 17:00 | EUR – German Ifo Business Climate Index (Nov) | 97.7 | 96.6 | – |
| 21:30 | USD – Core Durable Goods Orders (MoM) (Oct) | 0.50% | 0.50% | – |
| 21:30 | USD – GDP (QoQ) (Q3) | 2.00% | 2.20% | – |
| 21:30 | USD – Initial Jobless Claims | 268K | 260K | – |
| 23:00 | USD – New Home Sales (Oct) | 800K | 800K | – |
| 23:30 | CrudeOIL – Crude Oil Inventories | -2.101M | -0.481M | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher following closure above 96.15. However, MACD which illustrate diminished upward momentum suggests the index to be traded lower in short-term.
Resistance level: 96.50, 97.00
Support level: 96.15, 95.75
GBPUSD, H4: GBPUSD was traded higher following prior rebound from lower level. MACD which illustrate diminished downward momentum suggests the pair to be traded higher in short-term as technical correction.
Resistance level: 1.3410, 1.3470
Support level: 1.3355, 1.3290
EURUSD, H4: EURUSD was traded lower following prior closure below 1.1285. MACD which illustrate diminished upward momentum suggests the pair to be traded lower in short-term.
Resistance level: 1.1285, 1.1370
Support level: 1.1210, 1.1140
USDJPY, H4: USDJPY was traded higher following prior rebound from lower level. MACD which illustrate bullish signal suggests the pair to be traded higher in mid-term.
Resistance level: 115.70, 116.20
Support level: 114.90, 114.25
AUDUSD, H4: AUDUSD was traded lower following prior closure below 0.7260. However, MACD which illustrate bullish signal suggests the pair to be traded higher in short-term as technical correction.
Resistance level: 0.7260, 0.7320
Support level: 0.7220, 0.7170
NZDUSD, H4: NZDUSD was traded higher following prior rebound from lower level. MACD which illustrate diminished bearish momentum suggests the pair to be traded higher in short-term.
Resistance level: 0.6985, 0.7030
Support level: 0.6935, 0.6905
USDCAD, H4: USDCAD was traded lower following prior retracement from higher level. MACD which forms bearish signal suggests the pair to be traded lower after a closure below 1.2660.
Resistance level: 1.2725, 1.2775
Support level: 1.2660, 1.2590
USDCHF, Daily: USDCHF was traded higher following prior rebound from lower level. MACD which illustrate bullish signal suggests the pair to extend its gains after closing above 0.9340.
Resistance level: 0.9340, 0.9400
Support level: 0.9260, 0.9200
CrudeOIL, H4: Crude oil price was traded lower following prior retrace from higher level. MACD which illustrate diminished upward momentum suggests its price to be traded lower in short-term.
Resistance level: 78.35, 80.80
Support level: 76.35, 74.35
GOLD_, H4: Gold price was traded higher following prior rebound from lower level. MACD which illustrate diminished bearish momentum suggests the pair to be traded higher in short-term.
Resistance level: 1799.70, 1817.15
Support level: 1782.25, 1760.65