27 November 2020 Afternoon Session Analysis
Yen gains amid Japan’s stimulus extension.
During late Asian session, the Japanese Yen continue to extend its gains against the dollar and other currency pairs following Japanese government’s announcement on coronavirus (COVID-19) relief stimulus. According to Reuters, Yoshihide Suga-led government stated that it will extend its compensation scheme for firms that impacted by COVID-19 to February. The deadline for the scheme was to expire in December previously. At the same time, the safe-haven Yen also boosted further by AstraZeneca’s vaccine scepticism. AstraZeneca Plc and the University of Oxford face mounting questions about their Covid-19 vaccine trial results after acknowledging a manufacturing error. The details released by the company have now sparked concerns, with some expressing doubts about whether U.S. regulators would clear it. At the time of writing, USD/JPY slips 0.17% to 104.06.
In the commodities market, crude oil price mixed but remains steady and rose 0.47% to $45.00 per barrel at the time of writing. As of now, concerns about oversupply and doubts towards vaccine have started to give pressure towards the commodity. Despite that, overall sentiment remains supported by market optimism on OPEC plans to extend output cut and recovering demand outlook. On the other hand, gold price remains lingering and slips 0.07% to $1808.02 a troy ounce at the time of writing as risk-off mood remains low following market optimism.
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Technical Analysis
DOLLAR_INDX, Daily: Dollar index was traded lower while currently testing the support level at 91.75. MACD which illustrated increasing bearish momentum suggest the index to extend its losses after it successfully breakout below the support level.
Resistance level: 94.00, 95.85
Support level: 91.75, 90.15
GBPUSD, H4: GBPUSD was traded higher following prior rebound from the support level at 1.3310. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 1.3400.
Resistance level: 1.3400, 1.3475
Support level: 1.3310, 1.3220
EURUSD, H1: EURUSD was traded higher while currently near the resistance level at 1.1925. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1.1925, 1.1965
Support level: 1.1885, 1.1855
USDJPY, H4: USDJPY was traded lower following prior breakout below the previous support level at 104.30. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 103.85.
Resistance level: 104.30, 104.65
Support level: 103.85, 103.15
AUDUSD, H1: AUDUSD was traded within a range while currently testing the resistance level at 0.7365. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 0.7365, 0.7415
Support level: 0.7320, 0.7270
NZDUSD, H4: NZDUSD was traded higher while currently near the resistance level at 0.7035. However, MACD which illustrated increasing bearish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 0.7035, 0.7110
Support level: 0.6915, 0.6820
USDCAD, H4: USDCAD was traded higher while currently testing the resistance level at 1.3030. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1.3030, 1.3095
Support level: 1.2960, 1.2875
USDCHF, H4: USDCHF was traded lower while currently testing the support level at 0.9055. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 0.9100, 0.9140
Support level: 0.9055, 0.8980
CrudeOIL, H1: Crude oil price was traded within a range while currently testing the support level at 44.80. MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term.
Resistance level: 46.25, 47.85
Support level: 44.80, 42.95
GOLD_, H1: Gold price was traded within a range while currently testing the resistance level at 1815.60. MACD which illustrated increasing bearish momentum suggest the commodity to be traded lower toward the support level at 1782.00.
Resistance level: 1835.15, 1862.90
Support level: 1782.00, 1761.80