30 November 2020 Morning Session Analysis
Dollar slumped amid risk-on sentiment.
The Dollar Index which traded against a basket of six major currencies slumped amid the positive Covid-19 vaccine development and also Biden’s victory in the U.S. Presidential election had signalled a better international relations toward more favourable global trade conditions, which spurring risk appetite in the FX market while prompting investors to selloff the safe-haven US Dollar and shifting their portfolio toward riskier asset. Besides, US Dollar received further bearish momentum amid investors speculated that the Federal Reserve would expand its QE programme during the FOMC meeting at 16th December 2020 if the economic outlook deteriorates further due to the Covid-19 restrictions. On the Covid-19 front, the U.S. had reported an all-time high of 205,460 new Covid-19 cases in single day on last Friday, according to data from the New York Times. On average, the country has reported more than 162,000 cases a day for the last week. As of writing, the US Dollar Index depreciated by 0.04% to 91.75.
In the commodities market, the crude oil price slumped 1.31% to $45.05 per barrel as of writing. The oil market edged lower in today’s early trading session following the OPEC and allies led by Russia claimed that they have yet to reach any consensus on oil output policy for 2021, after an initial round talks on Sunday. Nonetheless, investors would continue to scrutinize the latest update with regards of the OPEC crucial meetings on Monday and Tuesday in order to gauge the likelihood movement for the commodity. On the other hand, the gold price slumped 0.04% to $1787.30 per troy ounces as of writing amid risk-on sentiment in the FX market.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
18:00 EUR ECB President Lagarde Speaks
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 21:30 | CAD – GDP (MoM) | 1.2% | – | – |
| 23:00 | USD – Pending home Sales (MoM) (Oct) | 1.0% | -2.2% | – |
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 lower while currently testing the support level at 1.3310. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 1.3400, 1.3475
Support level: 1.3310, 1.3220
EURUSD, H4: EURUSD was traded higher while currently testing the resistance level at 1.1970. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1.1970, 1.2010
Support level: 1.1925, 1.1885
USDJPY, H4: USDJPY was traded higher following prior rebound from the support level at 103.85. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 104.30.
Resistance level: 104.30, 104.65
Support level: 103.85, 103.15
AUDUSD, H1: AUDUSD was traded higher while currently near the resistance level at 0.7415. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 0.7415, 0.7475
Support level: 0.7365, 0.7320
NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level at 0.7035. Due to lack of signal from MACD, it is suggested to wait for further confirmation before entering into the market.
Resistance level: 0.7035, 0.7110
Support level: 0.6915, 0.6820
USDCAD, H4: USDCAD was traded lower while currently testing the support level at 1.2960. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support 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 0.9035. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 0.9065, 0.9095
Support level: 0.9035, 0.9010
CrudeOIL, H1: Crude oil price was traded lower while currently near the support level at 44.60. MACD which illustrated diminishing bullish momentum suggest the commodity to extend its losses after it successfully breakout below the support level.
Resistance level: 46.15, 47.85
Support level: 44.55, 42.90
GOLD_, Daily: Gold price was traded lower while currently testing the support level at 1787.30. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.
Resistance level: 1815.55, 1835.15
Support level: 1787.30, 1761.80