25 November 2022 Afternoon Session Analysis
Euro stayed strong as data shown Europe economy recession was easing.
The EUR/USD, which widely traded by global investors edged up on yesterday after the upbeat economic data has been released. According to Ifo Institute for Economic Research, the Germany Ifo Business Climate Index in November notched up from the previous reading of 84.5 to 86.3, exceeding the market forecast of 85.0. With that, it might hinted that the economic recession that driven by energy crisis with Russia and supply chain headwinds could prove less severe than consensus expectation, which dialed up the market optimism toward economic progression in the Eurozone. Besides that, the overall trend of Euro currency remained bullish over the hawkish stance from European Central Bank (ECB) member. According to Reuters, the ECB board member Isabel Schnabel had denied the suggestion of smaller rate hike, as well as reiterating that the softer move would likely to hamper effort to bring down the spiking inflation risk. She argued that expectations for a shallower rate path are even working against the ECB, taking the actual policy stance further away from what is required to bring inflation back to its 2% target. As of writing, the EUR/USD raised by 0.02% to 1.0410.
In the commodities market, the crude oil price appreciated by 0.32% to $78.19 per barrel as of writing following the G7 price cap and the EU ban on imports are aimed at cutting the revenue Russia receives from its exports of crude oil and products. In addition, the gold price appreciated by 0.15% to $1757.75 per troy ounce as of writing over the weakening of US Dollar.
Today’s Holiday Market Close
Time Market Event
All Day USD Thanksgiving Day
Today’s Highlight Events
Time Market Event
N/A
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 15:00 | EUR – German GDP (QoQ) (Q3) | 0.3% | 0.3% | – |
Technical Analysis
DOLLAR_INDX, Daily: Dollar index was traded lower while currently testing the 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. However, MACD which illustrated decreasing bullish momentum suggest the pair to be traded lower as technical correction.
Resistance level: 1.2245, 1.2485
Support level: 1.2040, 1.1835
EURUSD, H4: EURUSD was traded higher following prior breakout above the previous resistance level. However, MACD which illustrated decreasing bullish momentum suggest the pair to be traded lower as technical correction.
Resistance level: 1.0465, 1.0600
Support level: 1.0335, 1.0210
USDJPY, Daily: USDJPY was traded lower following prior breakout below the previous support level. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses.
Resistance level: 139.00, 142.10
Support level: 135.35, 131.30
AUDUSD, H4: AUDUSD was traded higher following prior breakout above the previous resistance level. However, MACD which illustrated decreasing bullish momentum suggest the pair to be traded lower as technical correction.
Resistance level: 0.6830, 0.6960
Support level: 0.6705, 0.6590
NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level. However, MACD which illustrated decreasing bullish momentum suggest the pair to be traded lower as technical correction.
Resistance level: 0.6260, 0.6360
Support level: 0.6150, 0.6025
USDCAD, H4: USDCAD was traded lower while currently testing the support level. Hoiwever, MACD which illustrated decreasing bearish momentum suggest the pair to be traded higher as technical correction.
Resistance level: 1.3455, 1.3635
Support level: 1.3320, 1.3155
USDCHF, H4: USDCHF 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: 0.9550, 0.9680
Support level: 0.9400, 0.9235
CrudeOIL, H4: Crude oil price was traded higher following prior rebound from the support level. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains.
Resistance level: 80.15, 83.55
Support level: 77.40, 75.15
GOLD_, H4: Gold 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: 1783.50, 1808.55
Support level: 1756.05, 1725.65