27 November 2020 Morning Session Analysis
Dollar index lingered during Thanksgiving holiday.
Dollar index which gauges its value against a basket of six major currencies was traded flat near the lowest level in 3 months amid trading volume was relatively thin as US financial markets was closed for the Thanksgiving holiday. Nevertheless, heightening of Covid-19 cases in US still riding on the market sentiment of US dollar, pressuring the dollar from recovering its losses. According to the Worldometer Statistics, the number of total confirmed cases in US has breakthrough the threshold of 13 million, while the death tolls has risen close to 270k since the outbreak of Covid-19. With the backdrop of pandemic’s exacerbating, US economy failed to reignite from the fallout of virus which have been shown by the recent economic data, such as an obvious spike up in Initial Jobless Claims data. In US labour market, the number of Americans filing for jobless benefits increased tremendously last week, indicating that the re-implementation of lockdown measures in some states have boosted up the layoff of company and undermining the labour market recovery. Besides, difficulties of transition as Trump refuses to concede power has increased the market concern over the political tensions in US. During Asian early trading session, dollar index rose 0.04% to 92.05.
In the commodities market, the crude oil price surged by 0.24% to $45.00 per barrel as this black commodity market sentiment remain scented backed by positive news of vaccine’s development. Besides, traders are putting all their attention over the upcoming OPEC+ meeting in order to gauge the further direction of oil price. Besides, gold price depreciated by 0.04% to $1809.00 a troy ounce amid weakening of dollar index.
Today’s Holiday Market Close
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Today’s Highlight Events
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Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from the resistance level at 92.10. However, MACD which illustrate diminishing bearish momentum suggest the dollar to undergo technical rebound in short term.
Resistance level: 92.10, 92.55
Support level: 91.75, 91.45
GBPUSD, H4: GBPUSD was traded lower following prior retracement from the resistance level at 1.3385. MACD which illustrates bearish bias momentum suggest the pair to extend its losses toward the support level at 1.3255.
Resistance level: 1.3385, 1.3480
Support level: 1.3255, 1.3175
EURUSD, H4: EURUSD was traded higher following prior rebound from the support level at 1.1890. However, MACD which illustrate diminishing bullish momentum suggest the pair to undergo technical retracement toward the support level at 1.1890.
Resistance level: 1.1955, 1.2010
Support level: 1.1890, 1.1855
USDJPY, H4: USDJPY was traded lower following prior breakout below the previous support level at 104.35. MACD which illustrate bearish bias momentum suggest the pair to extend its losses toward the support level at 104.00.
Resistance level: 104.35, 104.70
Support level: 104.00, 103.65
AUDUSD, H4: AUDUSD was traded lower following prior retracement from the resistance level at 0.7375. MACD which illustrate bearish bias momentum suggest the pair to extend its losses toward the support level at 0.7330.
Resistance level: 0.7375, 0.7410
Support level: 0.7330, 0.7290
NZDUSD, Daily: NZDUSD was traded higher following prior breakout above the previous resistance level at 0.6900. MACD which illustrate bullish bias momentum signal suggest the pair to extend its gains toward the resistance level at 0.7035.
Resistance level: 0.7035, 0.7175
Support level: 0.6900, 0.6760
USDCAD, H1: USDCAD was traded higher following prior rebound from the support level at 1.2995. MACD which illustrate bullish bias momentum signal suggest the pair to extend its gains toward the resistance level at 1.3055.
Resistance level: 1.3055, 1.3105
Support level: 1.2995, 1.2960
USDCHF, H4: USDCHF was traded lower following prior breakout below the previous support level at 0.9090. MACD which display bearish bias momentum signal suggest the pair to extend its losses toward the support level at 0.9055.
Resistance level: 0.9090, 0.9110
Support level: 0.9055, 0.9030
CrudeOIL, Daily: Crude oil price was traded lower following prior retracement from the resistance level at 46.55. MACD which illustrate diminishing bullish momentum signal suggest the commodity to extend its losses toward the support level at 43.35.
Resistance level: 46.55, 49.60
Support level: 43.35, 41.40
GOLD_, Daily: Gold price was traded following prior breakout below the previous support level at 1855.95. MACD which illustrate bearish bias momentum signal suggest the commodity to extend its losses toward the support level at 1796.20.
Resistance level: 1855.95, 1910.30
Support level: 1796.20, 1759.25