25 October 2021 Afternoon Session Analysis
Euro surged despite downbeat economic data.
Euro which traded against the dollar and other currency pairs have rose despite with downbeat economic data from the region. According to Markit Economics, Eurozone Markit Composite Purchasing Managers Index (PMI) figures eased from the previous reading of 56.2 to 54.3, lower than the forecasted reading of 55.2. The manufacturing sector in Eurozone was dented as supply shortages and transportation problems worsen. In services sector, the concerns over coronavirus have dented optimism in travel, tourism and recreation industries. Nonetheless, the pair remain supported due to risk on sentiment. The rallying equity market has prompted investors to shift their portfolio into risker assets. According to Refinitiv, majority of the companies have reported better-than-expected earnings per shares (EPS) as well as an increase of 33.7% profits in the third quarter of earnings season. As of writing, the pair of EUR/USD was up 0.05% to 1.1661
In the commodities market, the crude oil price surged 0.78% to $84.65 per barrel as of writing amid supply shortage. According to Bloomberg, analysts found that the current number of oil drilling rigs recorded 30% lesser as compared to the beginning of 2020. On the other hand, the gold price was down 0.02% to $1795.14 per troy ounces as investors shift their portfolio to riskier asset.
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 |
| 16:00 | EUR – German Ifo Business Climate Index (Oct) | 98.8 | 97.9 | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from the resistance level 93.70. MACD which illustrate diminishing bullish momentum signal suggest the dollar to extend its retracement towards the support level 93.00.
Resistance level: 93.70, 94.45
Support level: 93.00, 92.10
GBPUSD, H4: GBPUSD was traded higher following prior rebound from the support level 1.3755. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its rebound towards the resistance level 1.3880.
Resistance level: 1.3880, 1.4005
Support level: 1.3755, 1.3650
EURUSD, H4: EURUSD was traded higher following prior rebound from the support level 1.1615. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its rebound towards the resistance level 1.1680.
Resistance level: 1.1680, 1.1760
Support level: 1.1615, 1.1530
USDJPY, H4: USDJPY was traded higher following prior rebound from the support level 113.20. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its rebound towards the resistance level 114.60.
Resistance level: 114.60, 115.85
Support level: 113.20, 112.00
AUDUSD, H4: AUDUSD was traded flat while currently testing the resistance level 0.7485. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to be traded higher after it breaks above the resistance level 0.7485.
Resistance level: 0.7485, 0.7565
Support level: 0.7410, 0.7310
NZDUSD, H4: NZDUSD was traded flat while currently testing the resistance level 0.7155. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to be traded higher after it breaks above the resistance level.
Resistance level: 0.7155, 0.7230
Support level: 0.7080, 0.6990
USDCAD, H4: USDCAD was traded lower while currently testing the support level 1.2235. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses after it breaks below the support level 1.2235.
Resistance level: 1.2500, 1.2620
Support level: 1.2335, 1.2200
USDCHF, H4: USDCHF was traded lower while currently testing near the support level 0.9140. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to experience a technical correction towards the resistance level 0.9215.
Resistance level: 0.9215, 0.9295
Support level: 0.9140, 0.9080
CrudeOIL, H4: Crude oil was traded higher following prior breakout above the previous resistance level 83.80. MACD which illustrate bullish bias signal with the formation of golden cross suggest the commodity to extend its gains towards the resistance level 88.40.
Resistance level: 88.40, 92.65
Support level: 83.80, 79.35
GOLD_, H4: Gold price was traded higher following prior breakout above the previous resistance level 1793.30. MACD which illustrate bullish momentum signal suggest the commodity to extend its gains towards the resistance level 1812.80.
Resistance level: 1812.80, 1831.50
Support level: 1793.30, 1769.10