25 November 2021 Morning Session Analysis
Dollar surged amid positive economic data.
The Dollar Index which traded against a basket of six major currency pairs surged significantly amid upbeat economic data. According to Department of Labor, US Initial Jobless Claims last week eased from the previous reading of 270K to 199K, better than the market forecast at 260K. The fell of new claims filed for unemployment benefits to the lowest level since 1969 indicated that momentum of economy remains sustain despite encountering supply shortages and unending pandemic winds down. According to Reuters, the plunge in jobless claims is consistent with data on retail sales and manufacturing production hence suggested the economy was regaining its momentum in the fourth quarter. Otherwise, US GDP in third quarter showed a moderate growth pace, with the figures came at the reading of 2.1%, lower than the market forecast at 2.2%. However, market speculated that the consumer spending appears to have regained its momentum as the retail sales surged last month as consumers kicked off their holiday shopping earlier to avoid shortages and paying even more for scarce goods. As of writing, the Dollar Index appreciated by 0.01% to 96.80.
In the commodities market, the crude oil price slumped 0.16% to $78.35 as of writing amid bearish oil inventory data. According to Energy Information Administration, U.S. Crude Oil Inventories came at the reading of 1.017M, worse than the market forecast at -0.481M. On the other hand, the gold price slumped 0.05% to $1787.95 per troy ounces amid strengthening US dollar.
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 higher following closure above 96.50. However, MACD which illustrate diminished upward momentum suggests the index to be traded lower in short-term.
Resistance level: 96.85, 97.20
Support level: 96.50, 96.15
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: 1.3355, 1.3410
Support level: 1.3290, 1.3220
EURUSD, H4: EURUSD was traded higher following prior rebound from lower level. MACD which illustrate diminished downward momentum suggests the pair to be traded higher after closing above 1.1210.
Resistance level: 1.1210, 1.1285
Support level: 1.1140, 1.1065
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, Daily: AUDUSD was traded lower following prior closure below 0.7210. However, MACD which illustrate bullish signal suggests the pair to be traded higher in short-term as technical correction.
Resistance level: 0.7210, 0.7275
Support level: 0.7170, 0.7105
NZDUSD, Daily: NZDUSD was traded lower following prior closure below 0.6900. However, MACD which illustrate diminished bearish momentum suggests the pair to be traded higher in short-term.
Resistance level: 0.6900, 0.6955
Support level: 0.6865, 0.6805
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, H1: USDCHF was traded lower following prior closure below 0.9345. MACD which illustrate bearish signal suggests the pair to be traded lower in short-term as technical correction.
Resistance level: 0.9345, 0.9365
Support level: 0.9325, 0.9305
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: 78.80, 79.95
Support level: 77.40, 76.30
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