25 November 2021 Afternoon Session Analysis
Pound sterling remains weak on Brexit woes.
The pound sterling which traded against the dollar and other currency pairs remain depressed and fell as insufficient progress in Brexit talks continue to shake the market. According to reports from Politico, Brexit talks were currently stalled and achieve no progress. European Commission’s Brexit negotiator Maros Sefcovic marks his disappointment and stated that he may had been “too ambitious” about discussion could wrapped up before Christmas. Sefcovic stressed that he was hoping the UK and the EU could still make ‘decisive progress this week’ on the issue of medicines trade between Great Britain and Northern Ireland, which would ‘generate positive momentum’ for the rest of the talks”. The lack of positive progress in Brexit negotiations further worsened investor’s sentiment towards the pound sterling, thus dragging its value lower. At the time of writing, GBP/USD fell 0.06% to 1.3345.
In the commodities market, crude oil price edge higher 0.03% to $78.47 per barrel as of writing after OPEC stated that a planned coordinated release of reserves may swell a crude surplus expected early next year. According to reports, some of the cartel’s delegates warned this week that releasing strategic reserves may lead to the alliance holding back crude supply in January. On the other hand, gold price rebounds 0.23% to $1792.82 a troy ounce at the time of writing following dollar retreat.
Today’s Holiday Market Close
Time Market Event
All Day USD Thanksgiving Day
Today’s Highlight Events
Time Market Event
20:30 EUR ECB Publishes Account of Monetary Policy Meeting
21:30 EUR ECB President Lagarde Speaks
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 15:00 | EUR – German GDP (QoQ) (Q3) | 1.80% | 1.80% | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from the resistance level 96.80. MACD which illustrate diminishing bullish momentum signal suggest the dollar to extend its retracement towards the support level 96.15.
Resistance level: 96.80, 97.55
Support level: 96.15, 95.50
GBPUSD, H4: GBPUSD was traded higher following prior rebound from the support level 1.3315. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its rebound towards the resistance level 1.3430.
Resistance level: 1.3430, 1.3550
Support level: 1.3315, 1.3195
EURUSD, H4: EURUSD was traded higher following prior rebound from the support level 1.3315. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its rebound towards the resistance level 1.3430.
Resistance level: 1.3430, 1.3555
Support level: 1.3315, 1.3195
USDJPY, H4: USDJPY was traded higher following recent breakout above the previous resistance level 114.60. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to experience a technical correction in short term towards the support level 114.60.
Resistance level: 115.85, 116.95
Support level: 114.60, 113.20
AUDUSD, H4: AUDUSD was traded lower while currently testing near the support level 0.7175. However, MACD which illustrate diminishing bearish momentum signal with the formation of golden cross suggest the pair to experience a technical correction in short term towards the resistance level 0.7260.
Resistance level: 0.7260, 0.7365
Support level: 0.7175, 0.7105
NZDUSD, H4: NZDUSD was traded lower following prior breakout below the previous support level 0.6905. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to experience a technical correction in short term back towards the level 0.6905.
Resistance level: 0.6905, 0.6980
Support level: 0.6815, 0.6725
USDCAD, H4: USDCAD was traded lower while currently testing near the support level 1.2615. MACD which illustrate bearish momentum signal suggest the pair to extend its losses after it breaks below the support level.
Resistance level: 1.2765, 1.2865
Support level: 1.2615, 1.2505
USDCHF, H4: USDCHF was traded lower following prior retracement from the resistance level 0.9360. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its retracement towards the support level 0.9300.
Resistance level: 0.9360, 0.9410
Support level: 0.9300, 0.9225
CrudeOIL, H4: Crude oil price was traded flat while currently testing near the resistance level 79.15. However, MACD which illustrate diminishing bullish momentum signal suggest the commodity to be traded lower towards the support level 76.30.
Resistance level: 79.15, 81.40
Support level: 76.30, 73.40
GOLD_, H4: Gold price was traded higher following prior rebound from the support level 1778.60. MACD which illustrate diminishing bearish momentum signal with the formation of golden cross suggest the commodity to extend its rebound towards the resistance level 1807.85.
Resistance level: 1807.85, 1831.50
Support level: 1778.60, 1748.55