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29 November 2022                            Afternoon Session Analysis

Aussie dived as Australia economic outlook remain clouded.

The AUD/USD, which widely traded by global investors slumped on yesterday after the downbeat economic data has been unleashed. According to Australian Bureau of Statistics, the Australia Retail Sales MoM in October notched down from the previous reading of 0.6% to -0.2%, lower than the market forecast of 0.5%. The diminishing of retail sales in Australia shown that the consumer spending of the nation has lowered, which brought negative prospects toward economic progression in Australia. Besides that, Australia Dollar extended its losses amid the exacerbating of pandemic Covid-19 in China. According to Reuters, China reported a new high record of 40,347 new infections on Monday, whereas 3,822 were symptomatic and 36,525 asymptomatic infections. As China Covid-19 cases did not show a sign of easing, the China government would likely to implement the “zero-Covid policy” again, that restrict the movement of citizens forcefully. With that, China economy would face the recession issues as well as the Australia economy might also be affected, since China was the trading partner for Australia. As of writing, the AUDUSD appreciated by 0.83% to 0.6701.

 

In the commodities market, the crude oil price raised by 0.96% to $77.98 per barrel as of writing following the market participants anticipated that the weakened oil demand might lead to more supply cuts by OPEC+. On the other hand, the gold price rose by 0.47% to $1748.70 per troy ounce as of writing over the weakening of US Dollar.

 

 

Today’s Holiday Market Close

Time                       Market                  Event

N/A

 

Today’s Highlight Events

Time                       Market                  Event

23:00                     GBP                                        BoE Gov Bailey Speaks

 

Today’s Highlight Economic Data

Time Nation & Data Previous Forecast Actual
21:00 EUR – German CPI (YoY) (Nov) 10.4% 10.4%
21:30 CAD – GDP (MoM) (Sep) 0.1% 0.1%
23:00 USD – CB Consumer Confidence (Nov) 102.5 100.0

 

 

 

 

Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded lower following prior breakout below the previous 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 lower following prior breakout below the previous support level. However, MACD which illustrated decreasing bearish momentum suggest the pair to be traded higher as technical correction.

 

Resistance level: 1.2040, 1.2245

Support level: 1.1835, 1.1635

 

EURUSD, H4: EURUSD 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: 1.0465, 1.0600

Support level: 1.0335, 1.0210

 

USDJPY, Daily: USDJPY was traded lower following prior breakout below the previous support level. However, MACD which illustrated decreasing bearish momentum suggest the pair to be traded higher as technical correction.

 

Resistance level: 139.00, 142.10

Support level: 135.35, 131.30

 

AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level. MACD which illustrated decreasing bearish momentum suggest the pair to extend its gains if successfully breakout the resistance level.

 

Resistance level: 0.6705, 0.6830

Support level: 0.6590, 0.6500

 

 

NZDUSD, H4: NZDUSD 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: 0.6260, 0.6360

Support level: 0.6150, 0.6025

 

USDCAD, H4: USDCAD was traded lower following prior breakout below the previous support level. MACD which illustrated decreasing bullish momentum suggest the pair to extend its losses.

 

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. However, MACD which illustrated decreasing bullish momentum suggest the pair to be traded lower as technical correction.

 

Resistance level: 0.9550, 0.9680

Support level: 0.9400, 0.9235

 

CrudeOIL, H4: Crude oil price was traded higher following prior breakout above the previous resistance 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 lower following prior retracement from the resistance level. However, MACD which illustrated decreasing bearish momentum suggest the commodity to be traded higher as technical correction.

 

Resistance level: 1756.05, 1783.50

Support level: 1725.65, 1700.05