30 October 2020 Afternoon Session Analysis
Euro plunged amid signals of further easing from ECB.
During late Asian session, the euro which traded against the dollar and other currency pair continue its decline after ECB signalled further monetary easing by the end of the year. As expected, the ECB maintains its interest rate steady at the level of 0.0%. However, the central have expressed its concerns towards the worsening coronavirus and may ramp up bond purchase to contain the economic fallout. According to its statement, the central bank stated that the economic risk in the European Zone are increasing due to rising cases in coronavirus cases. At the same time, they also mention to review the predictions that have made to determine whether any further action is required. The dovish statement have raised speculation that the ECB may likely to increase bond purchase to curb the economic risk triggered by the second wave coronavirus, thus dragging the value of Euro currency lower. At the time of writing, EUR/USD slips 0.09% to 1.1683.
In the commodities market, crude oil price remains weak and fell 0.12% to $36.45 per barrel as of writing amid coronavirus fears continue to pummel the market. The demand outlook for oil remains fragile as Germany and France recently re-imposed lockdowns and also rising cases in countries such as U.S and Russia. At the same time, market also spooked by increasing stockpiles which confirmed by EIA recently. On the other hand, gold price plunged slips 0.13% to $1873.15 as of writing following dollar surge.
Today’s Holiday Market Close
Time Market Event
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Today’s Highlight Events
Time Market Event
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Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 15:00 | EUR – German GDP (QoQ) (Q3) | -9.7% | 7.2% | – |
| 18:00 | EUR – CPI (YoY) (Oct) | -0.3% | -0.3% | – |
| 20:30 | CAD – GDP (MoM) (Aug) | 3.0% | 0.9% | – |
Technical Analysis
DOLLAR_INDX, Daily: Dollar index was traded higher following prior breakout above the previous resistance level 93.50. MACD which illustrate bullish momentum signal suggest the dollar to extend its gains toward the resistance level at 94.10.
Resistance level: 94.10, 94.90
Support level: 93.50, 92.70
GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level at 1.2935. MACD which illustrates diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level at 1.2935.
Resistance level: 1.2935, 1.2980
Support level: 1.2875, 1.2785
EURUSD, H4: EURUSD was traded higher following prior rebound from the support level at 1.1655. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its gains toward the resistance level at 1.1700.
Resistance level: 1.1700, 1.1735
Support level: 1.1655, 1.1615
USDJPY, H4: USDJPY was traded lower while currently testing the support level at 104.50. MACD which illustrate diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the previous support level at 104.50.
Resistance level: 104.90, 105.15
Support level: 104.50, 104.10
AUDUSD, H4: AUDUSD was traded higher following prior rebound from the support level at 0.7010. MACD which illustrate diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 0.7075.
Resistance level: 0.7075, 0.7140
Support level: 0.7010, 0.6930
NZDUSD, H4: NZDUSD was traded higher following prior rebound from the support level at 0.6610. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its gains toward the resistance level at 0.6660.
Resistance level: 0.6660, 0.6725
Support level: 0.6610, 0.6555
USDCAD, H4: USDCAD was traded lower following prior breakout below the previous support level at 1.3315. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses toward the support level at 1.3245.
Resistance level: 1.3315, 1.3420
Support level: 1.3245, 1.3175
USDCHF, H4: USDCHF was traded lower while currently testing the support level at 0.9150. MACD which display diminishing bullish momentum suggest the pair to extend its losses after its candle closed below the support level at 0.9150.
Resistance level: 0.9180, 0.9225
Support level: 0.9150, 0.9115
CrudeOIL, Daily: Crude oil price was traded lower while currently testing the support level at 35.95. MACD which illustrate bearish momentum suggest the commodity to extend its losses after it successfully breakout below the support level at 35.95.
Resistance level: 43.25, 49.25
Support level: 35.95, 31.45
GOLD_, H1: Gold price was traded higher while currently testing the resistance level at 1876.00. MACD which illustrate bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level at 1876.00.
Resistance level: 1876.00, 1882.95
Support level: 1870.10, 1863.65