Daily Analysis

26 November 2021                            Morning Session Analysis

Euro dipped amid dovish stance from ECB.

The Euro was traded lower amid dovish tones from European Central Bank (ECB). According to the account of ECB’s monetary policy meeting, the inflation remains view as temporary but the current volatile in general price of goods sold will be more last longer, while the raising of wages could potentially increase the risk of boosting the price of goods to be higher. According to Reuters, ECB is certain to agree on winding down a total of $2.08 trillion pandemic emergency bond-buying programme from March but will contemplate ramping up other purchases to pick up the slack. On the economic data front, Germany Gross Domestic Product (GDP) in third quarter came at the reading of 1.7%, lower than market forecast at 1.8%. The data suggested that the economic recovery momentum from the second quarter of this year flattened significantly in most areas due to supply bottlenecks. As of writing, the pair of EUR/USD was down 0.04% to 1.1210.

In the commodities market, the crude oil price slumped 0.48% to $77.73 per barrel as of writing amid fear of oversupplying. According to Reuters, OPEC was not currently discussing any plan to pause its increases of oil output despite the United States and others releasing their oil reserves. On the other hand, the gold price slumped 0.03% to $1791.80 per troy ounces amid strengthening US dollar.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

16:00                      EUR                      ECB President Lagarde Speaks

Today’s Highlight Economic Data

N/A

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher following prior rebound from lower level. MACD which illustrate diminished downward momentum suggests the index to be traded higher in short-term.

Resistance level: 96.85, 97.20

Support level: 96.50, 96.15

GBPUSD, H4: GBPUSD was traded lower following prior retracement from higher level. MACD which illustrate downward momentum suggests the pair to be traded lower in short-term.

Resistance level: 1.3355, 1.3410

Support level: 1.3290, 1.3220

EURUSD, H4: EURUSD was traded higher following prior rebound from lower level. MACD which illustrate diminished downward momentum suggests the pair to be traded higher after closing above 1.1210.

Resistance level: 1.1210, 1.1285

Support level: 1.1140, 1.1065

USDJPY, H4: USDJPY was traded lower following prior retracement from higher levels. MACD which illustrate bearish signal suggests the pair to be traded lower in short-term as technical correction.

Resistance level: 115.70, 116.20

Support level: 114.90, 114.25

AUDUSD, Daily: AUDUSD was traded lower following prior closure below 0.7210. MACD which illustrate bearish signal suggests the pair to be traded lower after closing below 0.7170.

Resistance level: 0.7210, 0.7275

Support level: 0.7170, 0.7105

NZDUSD, H1: NZDUSD was traded lower following prior closure below 0.6900. MACD which begins to form bearish signal suggests the pair to be traded lower in short-term.

Resistance level: 0.6865, 0.6900

Support level: 0.6835, 0.6805

USDCAD, H4: USDCAD was traded higher following prior rebound from lower level. MACD which illustrate diminished downward momentum suggests the pair to be traded higher after closing above 1.2660.

Resistance level: 1.2660, 1.2725

Support level: 1.2590, 1.2535

USDCHF, H1: USDCHF was traded lower following prior closure below 0.9345. MACD which diminished upward momentum suggests the pair to be traded lower in short-term as technical correction.

Resistance level: 0.9365, 0.9380

Support level: 0.9345, 0.9325

CrudeOIL, H4: Crude oil price was traded lower following prior retrace from higher level. MACD which illustrate diminished upward momentum suggests its price to be traded lower in short-term after closing below 77.40.

Resistance level: 78.80, 79.95

Support level: 77.40, 76.30

GOLD_, H4: Gold price was traded higher following prior rebound from lower level. MACD which illustrate diminished bearish momentum suggests the pair to be traded higher in short-term.

Resistance level: 1799.70, 1817.15

Support level: 1782.25, 1760.65

25 November 2021                            Afternoon Session Analysis

Pound sterling remains weak on Brexit woes.

The pound sterling which traded against the dollar and other currency pairs remain depressed and fell as insufficient progress in Brexit talks continue to shake the market. According to reports from Politico, Brexit talks were currently stalled and achieve no progress. European Commission’s Brexit negotiator Maros Sefcovic marks his disappointment and stated that he may had been “too ambitious” about discussion could wrapped up before Christmas. Sefcovic stressed that he was hoping the UK and the EU could still make ‘decisive progress this week’ on the issue of medicines trade between Great Britain and Northern Ireland, which would ‘generate positive momentum’ for the rest of the talks”. The lack of positive progress in Brexit negotiations further worsened investor’s sentiment towards the pound sterling, thus dragging its value lower. At the time of writing, GBP/USD fell 0.06% to 1.3345.

In the commodities market, crude oil price edge higher 0.03% to $78.47 per barrel as of writing after OPEC stated that a planned coordinated release of reserves may swell a crude surplus expected early next year. According to reports, some of the cartel’s delegates warned this week that releasing strategic reserves may lead to the alliance holding back crude supply in January. On the other hand, gold price rebounds 0.23% to $1792.82 a troy ounce at the time of writing following dollar retreat.

Today’s Holiday Market Close

Time                       Market                  Event

All Day                   USD                      Thanksgiving Day

Today’s Highlight Events

Time                       Market                  Event

20:30                     EUR                       ECB Publishes Account of Monetary Policy Meeting

21:30                     EUR                        ECB President Lagarde Speaks

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from the resistance level 96.80. MACD which illustrate diminishing bullish momentum signal suggest the dollar to extend its retracement towards the support level 96.15.

Resistance level: 96.80, 97.55

Support level: 96.15, 95.50

GBPUSD, H4: GBPUSD was traded higher following prior rebound from the support level 1.3315. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its rebound towards the resistance level 1.3430.

Resistance level: 1.3430, 1.3550

Support level: 1.3315, 1.3195

EURUSD, H4: EURUSD was traded higher following prior rebound from the support level 1.3315. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its rebound towards the resistance level 1.3430.

Resistance level: 1.3430, 1.3555

Support level: 1.3315, 1.3195

USDJPY, H4: USDJPY was traded higher following recent breakout above the previous resistance level 114.60. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to experience a technical correction in short term towards the support level 114.60.

Resistance level: 115.85, 116.95

Support level: 114.60, 113.20

AUDUSD, H4: AUDUSD was traded lower while currently testing near the support level 0.7175. However, MACD which illustrate diminishing bearish momentum signal with the formation of golden cross suggest the pair to experience a technical correction in short term towards the resistance level 0.7260.

Resistance level: 0.7260, 0.7365

Support level: 0.7175, 0.7105

NZDUSD, H4: NZDUSD was traded lower following prior breakout below the previous support level 0.6905. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to experience a technical correction in short term back towards the level 0.6905.

Resistance level: 0.6905, 0.6980

Support level: 0.6815, 0.6725

USDCAD, H4: USDCAD was traded lower while currently testing near the support level 1.2615. MACD which illustrate bearish momentum signal suggest the pair to extend its losses after it breaks below the support level.

Resistance level: 1.2765, 1.2865

Support level: 1.2615, 1.2505

USDCHF, H4: USDCHF was traded lower following prior retracement from the resistance level 0.9360. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its retracement towards the support level 0.9300.

Resistance level: 0.9360, 0.9410

Support level: 0.9300, 0.9225

CrudeOIL, H4: Crude oil price was traded flat while currently testing near the resistance level 79.15. However, MACD which illustrate diminishing bullish momentum signal suggest the commodity to be traded lower towards the support level 76.30.

Resistance level: 79.15, 81.40

Support level: 76.30, 73.40

GOLD_, H4: Gold price was traded higher following prior rebound from the support level 1778.60. MACD which illustrate diminishing bearish momentum signal with the formation of golden cross suggest the commodity to extend its rebound towards the resistance level 1807.85.

Resistance level: 1807.85, 1831.50

Support level: 1778.60, 1748.55

25 November 2021                            Morning Session Analysis

Dollar surged amid positive economic data.

The Dollar Index which traded against a basket of six major currency pairs surged significantly amid upbeat economic data. According to Department of Labor, US Initial Jobless Claims last week eased from the previous reading of 270K to 199K, better than the market forecast at 260K. The fell of new claims filed for unemployment benefits to the lowest level since 1969 indicated that momentum of economy remains sustain despite encountering supply shortages and unending pandemic winds down. According to Reuters, the plunge in jobless claims is consistent with data on retail sales and manufacturing production hence suggested the economy was regaining its momentum in the fourth quarter. Otherwise, US GDP in third quarter showed a moderate growth pace, with the figures came at the reading of 2.1%, lower than the market forecast at 2.2%. However, market speculated that the consumer spending appears to have regained its momentum as the retail sales surged last month as consumers kicked off their holiday shopping earlier to avoid shortages and paying even more for scarce goods. As of writing, the Dollar Index appreciated by 0.01% to 96.80.

In the commodities market, the crude oil price slumped 0.16% to $78.35 as of writing amid bearish oil inventory data. According to Energy Information Administration, U.S. Crude Oil Inventories came at the reading of 1.017M, worse than the market forecast at -0.481M. On the other hand, the gold price slumped 0.05% to $1787.95 per troy ounces amid strengthening US dollar.

Today’s Holiday Market Close

Time                       Market                  Event

All Day                    USD                      Thanksgiving Day

Today’s Highlight Events

Time                       Market                  Event

20:30                      EUR                       ECB Publishes Account of Monetary Policy Meeting

21:30                      EUR                       ECB President Lagarde Speaks

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher following closure above 96.50. However, MACD which illustrate diminished upward momentum suggests the index to be traded lower in short-term.

Resistance level: 96.85, 97.20

Support level: 96.50, 96.15

GBPUSD, H4: GBPUSD was traded higher following prior rebound from lower level. MACD which illustrate diminished downward momentum suggests the pair to be traded higher in short-term as technical correction.

Resistance level: 1.3355, 1.3410

Support level: 1.3290, 1.3220

EURUSD, H4: EURUSD was traded higher following prior rebound from lower level. MACD which illustrate diminished downward momentum suggests the pair to be traded higher after closing above 1.1210.

Resistance level: 1.1210, 1.1285

Support level: 1.1140, 1.1065

USDJPY, H4: USDJPY was traded higher following prior rebound from lower level. MACD which illustrate bullish signal suggests the pair to be traded higher in mid-term.

Resistance level: 115.70, 116.20

Support level: 114.90, 114.25

AUDUSD, Daily: AUDUSD was traded lower following prior closure below 0.7210. However, MACD which illustrate bullish signal suggests the pair to be traded higher in short-term as technical correction.

Resistance level: 0.7210, 0.7275

Support level: 0.7170, 0.7105

NZDUSD, Daily: NZDUSD was traded lower following prior closure below 0.6900. However, MACD which illustrate diminished bearish momentum suggests the pair to be traded higher in short-term.

Resistance level: 0.6900, 0.6955

Support level: 0.6865, 0.6805

USDCAD, H4: USDCAD was traded lower following prior retracement from higher level. MACD which forms bearish signal suggests the pair to be traded lower after a closure below 1.2660.

Resistance level: 1.2725, 1.2775

Support level: 1.2660, 1.2590

USDCHF, H1: USDCHF was traded lower following prior closure below 0.9345. MACD which illustrate bearish signal suggests the pair to be traded lower in short-term as technical correction.

Resistance level: 0.9345, 0.9365

Support level: 0.9325, 0.9305

CrudeOIL, H4: Crude oil price was traded lower following prior retrace from higher level. MACD which illustrate diminished upward momentum suggests its price to be traded lower in short-term.

Resistance level: 78.80, 79.95

Support level: 77.40, 76.30

GOLD_, H4: Gold price was traded higher following prior rebound from lower level. MACD which illustrate diminished bearish momentum suggests the pair to be traded higher in short-term.

Resistance level: 1799.70, 1817.15

Support level: 1782.25, 1760.65

24 November 2021                            Afternoon Session Analysis

Dollar remain steady amid increasing expectation of hawkish Fed.

The dollar index which traded against a basket of six major currency pairs held steady and rose as market continue to react towards the nomination of U.S. Federal Reserve Chair Jerome Powell to a second term which increase the expectation of rate hike from Fed. Recently, U.S President Joe Biden has formally nominated Jerome Powell for second term as the Fed chairman. His renomination has help reinforced market expectations that the Fed is likely to raise interest rate hikes in 2022 compared to his opponent, Lael Brainard which is more dovish. Fed Bank of Atlanta President Raphael Bostic stated that the U.S. central bank may need to speed up the removal of monetary stimulus in response to strong employment gains and surging inflation, which could lead to a quicker-than-expected interest rate hike. His comment further increasing the market confidence, thus bring more demand towards the greenback. At the time of writing, dollar index rose 0.07% to 96.50.

In the commodities market, crude oil price rose 0.08% to $78.48 per barrel at the time of writing as investors continue to digest the news of U.S release oil stocks from its strategic reserves. The U.S. announced that it will release 50 million barrels from the Strategic Petroleum Reserve (SPR) on Tuesday. While the move could potentially create the threat of more supply in short term, empty storage will put even more strain on the already low oil stockpiles, thus providing some relief. On the other hand, gold price remains weak and fell 0.08% to $1792.72 a troy ounce as of writing amid ongoing dollar strength.

Today’s Holiday Market Close

Time                       Market                  Event

All Day                    JPY                       Public Holiday

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded flat near the support level 96.25. However, MACD which illustrate diminishing bullish momentum signal with the starting formation of death cross suggest the dollar to be traded lower as a technical correction after it breaks below the support level.

Resistance level: 96.90, 97.55

Support level: 96.25, 95.50

GBPUSD, H4: GBPUSD was traded lower following recent breakout below the previous support level 1.3430. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to experience a technical correction back towards the level 1.3430.

Resistance level: 1.3430, 1.3555

Support level: 1.3315, 1.3185

EURUSD, H4: EURUSD was traded flat near the resistance level 1.1275. However, MACD which illustrate bullish momentum signal suggest the pair to be traded higher as a technical correction after it breaks above the level.

Resistance level: 1.1275, 1.1375

Support level: 1.1170, 1.1090

USDJPY, H4: USDJPY was traded flat near the support level 114.60. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to be traded lower as a technical correction after it breaks below the support level.

Resistance level: 115.85, 116.95

Support level: 114.60, 113.20

AUDUSD, H4: AUDUSD was traded lower while currently testing near the support level 0.7175. MACD which illustrate bearish bias signal suggest the pair to extend its losses after it breaks below the support level.

Resistance level: 0.7260, 0.7365

Support level: 0.7175, 0.7105

NZDUSD, H4: NZDUSD was traded lower while currently testing the support level 0.6905. MACD which illustrate persistent bearish momentum signal suggest the pair to extend its losses after it breaks below the support level.

Resistance level: 0.6980, 0.7075

Support level: 0.6905, 0.6815

USDCAD, H4: USDCAD was traded lower following recent retracement from its high level. MACD which illustrate bearish momentum signal suggest the pair to extend its retracement towards the support level 1.2625.

Resistance level: 1.2765, 1.2865

Support level: 1.2625, 1.2505

USDCHF, H4: USDCHF was traded higher following prior rebound from the support level 0.9300. MACD which illustrate bullish momentum signal suggest the pair to extend its gains towards the resistance level 0.9370.

Resistance level: 0.9370, 0.9455

Support level: 0.9300, 0.9225

CrudeOIL, H4: Crude oil price was traded higher following prior breakout above the previous resistance level 76.50. MACD which illustrate bullish momentum signal suggest the commodity to extend its gains towards the resistance level 80.55.

Resistance level: 80.55, 84.75

Support level: 76.50, 73.40

GOLD_, H4: Gold price was traded higher following prior rebound from the support level 1779.00. MACD which illustrate diminishing bearish momentum signal suggest the commodity to extend its rebound towards the resistance level 1805.60.

Resistance level: 1805.60, 1831.50

Support level: 1779.00, 1748.55

24 November 2021                            Morning Session Analysis

Pound Sterling surged amid upbeat economic data.

The Pound Sterling was traded higher amid upbeat economic data. According to Markit Economics, UK Composite Purchasing Managers’ Index (PMI) in October came at the reading of 57.7, exceeding the market forecast at 54.1. Both manufacturing and service sectors reported significant recovery due to easing of lockdown restriction despite encountering increasing cost pressure. In addition, according to Reuters, UK businesses continued to hire strongly and vacancies rose to a record high, however the drop in net hiring from PMI reflecting the difficulties in recruitment. According to chief business economist at financial data provider IHS Markit Chris Williamson, he said the combination of sustained buoyant business growth, growing job market and soaring inflationary pressures could act as catalysts to push the Bank of England (BoE) to increase their lending rate in December. As of writing, the pair of GBP/USD surged 0.04% to 1.3380.

In the commodities market, the crude oil price surged 0.48% to $78.40 per barrel as of writing amid reaction of OPEC on the release of Strategic Petroleum Reserve (SPR) from AS. According to ING strategists Warren Patterson and Wenyu Yao, OPEC could pause its planned increase of oil supply in response to US’s decision to release its SPR. On the other hand, the gold price slumped 0.03% to $1789.25 per troy ounces amid strengthening US dollar.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher following closure above 96.15. However, MACD which illustrate diminished upward momentum suggests the index to be traded lower in short-term.

Resistance level: 96.50, 97.00

Support level: 96.15, 95.75

GBPUSD, H4: GBPUSD was traded higher following prior rebound from lower level. MACD which illustrate diminished downward momentum suggests the pair to be traded higher in short-term as technical correction.

Resistance level: 1.3410, 1.3470

Support level: 1.3355, 1.3290

EURUSD, H4: EURUSD was traded lower following prior closure below 1.1285. MACD which illustrate diminished upward momentum suggests the pair to be traded lower in short-term.

Resistance level: 1.1285, 1.1370

Support level: 1.1210, 1.1140

USDJPY, H4: USDJPY was traded higher following prior rebound from lower level. MACD which illustrate bullish signal suggests the pair to be traded higher in mid-term.

Resistance level: 115.70, 116.20

Support level: 114.90, 114.25

AUDUSD, H4: AUDUSD was traded lower following prior closure below 0.7260. However, MACD which illustrate bullish signal suggests the pair to be traded higher in short-term as technical correction.

Resistance level: 0.7260, 0.7320

Support level: 0.7220, 0.7170

NZDUSD, H4: NZDUSD was traded higher following prior rebound from lower level. MACD which illustrate diminished bearish momentum suggests the pair to be traded higher in short-term.

Resistance level: 0.6985, 0.7030

Support level: 0.6935, 0.6905

USDCAD, H4: USDCAD was traded lower following prior retracement from higher level. MACD which forms bearish signal suggests the pair to be traded lower after a closure below 1.2660.

Resistance level: 1.2725, 1.2775

Support level: 1.2660, 1.2590

USDCHF, Daily: USDCHF was traded higher following prior rebound from lower level. MACD which illustrate bullish signal suggests the pair to extend its gains after closing above 0.9340.

Resistance level: 0.9340, 0.9400

Support level: 0.9260, 0.9200

CrudeOIL, H4: Crude oil price was traded lower following prior retrace from higher level. MACD which illustrate diminished upward momentum suggests its price to be traded lower in short-term.

Resistance level: 78.35, 80.80

Support level: 76.35, 74.35

GOLD_, H4: Gold price was traded higher following prior rebound from lower level. MACD which illustrate diminished bearish momentum suggests the pair to be traded higher in short-term.

Resistance level: 1799.70, 1817.15

Support level: 1782.25, 1760.65

23 November 2021                            Afternoon Session Analysis

Euro fell amid Covid fears.

The Euro which traded against the dollar and other currency pairs remain pressured and plunge as the pandemic continue to worsen in the Eurozone especially in Germany. Following latest data from Robert Koch health agency, Germany added another 30,643 cases on Monday. According to reports from Reuters, Germany Chancellor Angela Merkel stated that the coronavirus situation in Germany is worse than anything they have seen so far. She added that tougher restrictions are required. The move could add more reason for ECB to remain dovish and continue to loosen its policy in order to support the economy. Some members are calling for the PEPP QE program to be extended in March, given that the emergency phase of the pandemic will not yet be deemed over. At the time of writing, EUR/USD fell 0.06% to 1.1235.

In the commodities market, crude oil price rebound 0.07% to $76.29 per barrel as of writing following reports of OPEC could alter output plans. According to reports from Bloomberg, OPEC+ adjust plans to raise oil production if large consuming countries release crude from their reserves or if the coronavirus pandemic dampens demand. On the other hand, gold price fell 0.16% to $1808.96 a troy ounce at the time of writing amid dollar strength.

Today’s Holiday Market Close

Time                       Market                  Event

All Day                   JPY                                          Public Holiday

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher following prior breakout above the previous resistance level 96.25. MACD which illustrate bullish momentum signal suggest the dollar to extend its gains towards the resistance level 96.90.

Resistance level: 96.90, 97.55

Support level: 96.25, 95.50

GBPUSD, H4: GBPUSD was traded lower following recent breakout below the previous support level 1.3430. MACD which illustrate bearish bias signal suggest the pair to extend its losses towards the support level 1.3315.

Resistance level: 1.3430, 1.3555

Support level: 1.3315, 1.3185

EURUSD, H4: EURUSD was traded lower following prior breakout below the previous support level 1.1275. MACD which illustrate bearish bias signal suggest the pair to extend its losses towards the support level 1.1170.

Resistance level: 1.1275, 1.1375

Support level: 1.1170, 1.1010

USDJPY, H4: USDJPY was traded higher following prior breakout above the previous resistance level 114.60. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to extend its gains towards the resistance level 115.85.

Resistance level: 115.85, 116.95

Support level: 114.60, 113.20

AUDUSD, H4: AUDUSD was traded lower following recent retracement from the resistance level 0.7260. MACD which illustrate bearish momentum signal suggest the pair to extend its losses towards the support level 0.7175.

Resistance level: 0.7260, 0.7365

Support level: 0.7175, 0.7105

NZDUSD, H4: NZDUSD was traded lower while currently testing near the support level 0.6910. MACD which illustrate bearish bias signal suggest the pair to extend its losses after it breaks below the support level.

Resistance level: 0.6980, 0.7075

Support level: 0.6910, 0.6815

USDCAD, H4: USDCAD was traded higher following prior rebound from the support level 1.2625. MACD which illustrate bullish bias signal suggest the pair to extend its gains towards the resistance level 1.2765.

Resistance level: 1.2765, 1.2865

Support level: 1.2625, 1.2505

USDCHF, H4: USDCHF was traded higher following prior breakout above the previous resistance level 0.9300. MACD which illustrate bullish bias signal with the formation of golden cross suggest the pair to extend its gains towards the resistance level 0.9370.

Resistance level: 0.9370, 0.9455

Support level: 0.9300, 0.9225

CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level 76.50. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the commodity to extend its rebound towards the resistance level 80.55.

Resistance level: 76.50, 80.55

Support level: 73.40, 70.00

GOLD_, H4: Gold price was traded lower while currently testing the support level 1805.60. MACD which illustrate persistent bearish momentum signal suggest the commodity to extend its losses after it breaks below the support level 1805.60.

Resistance level: 1831.50, 1867.50

Support level: 1805.60, 1779.00

23 November 2021                            Morning Session Analysis

Dollar surged amid nomination of Powell as Fed Chair.

The Dollar Index which traded against a basket of six major currency pairs surged significantly amid nomination of Jerome Powell to extend his service as Chair of Fed by President Joe Biden. According to Reuters, with the robust economic growth and creation of about 5.6 million jobs with lower unemployment rate, the US economy is said to be outstripping the rest of the developed world. These are considered as the testament to decisive actions by Chair Powell and the Federal Reserve to cushion the impact of the pandemic and get America’s economy back on track. In addition, according to the statement from President Biden, he voiced out his trust toward Jerome Powell is the best candidate to create a stable and independence Fed to handle the current inflation crisis. The nomination of Powell by Biden to continue his service as Chair of Fed has fueled up market optimism toward US dollar as the investors believe that Powell is ready to stick to his initiate plan by tapering monetary policy as the current US inflation pressure fulfill his consideration for hiking the lending rate earlier. As of writing, the Dollar Index appreciated by 0.07% to 96.45.

In the commodities market, the crude oil price slumped 0.11% to $76.35 as of writing. The oil market extended its losses after Japanese Prime Minister Fumio Kishida signaled his readiness to release his oil reserve over the weekend while the Indian government was rumored to have discussion with US on the release of oil from strategic reserves. On the other hand, the gold price slumped 0.25% to $1809.30 per troy ounces amid strengthening US dollar.

Today’s Holiday Market Close

Time                       Market                  Event

All Day                   JPY                        Public Holiday

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher following closure above 96.15. MACD which shows bullish signal suggests the index to be traded higher after closing above 96.50.

Resistance level: 96.50, 97.00

Support level: 96.15, 95.75

GBPUSD, H4: GBPUSD was traded lower following prior closure below 1.3410. MACD which illustrate bearish signal suggests the pair to extend its losses in short-term.

Resistance level: 1.3410, 1.3465

Support level: 1.3355, 1.3300

EURUSD, H4: EURUSD was traded lower following prior closure below 1.1285. MACD which forms bearish signal suggests the pair to be traded lower in short-term.

Resistance level: 1.1285, 1.1370

Support level: 1.1210, 1.1140

USDJPY, H4: USDJPY was traded higher following prior rebound from lower level. However, MACD which illustrate diminished upward momentum suggests the pair to be traded lower in short-term as technical correction.

Resistance level: 114.90, 115.70

Support level: 114.25, 113.60

AUDUSD, H4: AUDUSD was traded lower following prior closure below 0.7260. MACD which illustrate bearish signal suggests the pair to be traded lower after closing below 0.7220.

Resistance level: 0.7260, 0.7320

Support level: 0.7220, 0.7170

NZDUSD, H4: NZDUSD was traded lower following prior closure below 0.6985. MACD which illustrate bearish signal suggests the pair to be traded lower in short-term.

Resistance level: 0.6985, 0.7030

Support level: 0.6935, 0.6905

USDCAD, H4: USDCAD was traded higher following prior rebound from lower level. However, MACD which illustrate diminished upward momentum suggests the pair to be traded lower in short-term as technical correction.

Resistance level: 1.2725, 1.2775

Support level: 1.2660, 1.2590

USDCHF, Daily: USDCHF was traded higher following prior rebound from lower level. MACD which illustrate bullish signal suggests the pair to extend its gains in mid-term.

Resistance level: 0.9340, 0.9400

Support level: 0.9260, 0.9200

CrudeOIL, H4: Crude oil price was traded lower following prior retrace from higher level. MACD which illustrate diminished upward momentum suggests its price to be traded lower in short-term after closing below 76.35.

Resistance level: 78.35, 80.80

Support level: 76.35, 74.35

GOLD_, H4: Gold price was traded higher following prior rebound from lower level. MACD which illustrate diminished bearish momentum suggests the pair to be traded higher in short-term.

Resistance level: 1813.50, 1835.75

Support level: 1791.20, 1763.60

22 November 2021                            Afternoon Session Analysis

Euro extend losses amid rising Covid fears, dovish ECB.

The Euro which traded against the dollar and other currency pairs have fell amid growing anxiety over rising Covid-19 infections in Europe. Following latest development, Europe has once again become the epicenter of the pandemic, accounting for half of global cases and death.  Due to surging cases, Austria becomes the first country in Western Europe to reimpose a full COVID-19 lockdown from Monday. On top of that, Germany also facing record COVID-19 cases where the country reported 331,944 cases in the past week. A fourth wave of infections has plunged Germany, into a national emergency which Health Minister Jens Spahn warned that that vaccinations alone will not reduce case numbers. The increase in coronavirus cases in Germany has prompted the central government to ban individuals who have not received any vaccines into public places. On the other hand, dovish comments from ECB president Christine Lagarde also triggered further pressure for the pair. ECB President Christine Lagarde emphasized that the current economic conditions are still not enough for the central to consider raising interest rates. At the time of writing, EUR/USD fell 0.19% to 1.1266.

In the commodities market, crude oil price slip 0.10% to $75.65 as of writing amid concerns over weak demand and rising supply. According to Kyodo News, Japanese Prime Minister Fumio Kishida stated that they considered to release oil from their reserve to curb rising oil prices. In addition, the movement restriction announced by the European Union also affecting the demand prospect for crude oil. On the other hand, gold price also fell 0.09% to 1845.95 a troy ounce at the of writing following dollar strength.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher while currently testing near the resistance level 96.25. MACD which illustrate bullish bias signal with the formation of golden cross suggest the dollar to extend its gains after it breaks above the resistance level.

Resistance level: 96.25, 96.90

Support level: 95.50, 94.90

GBPUSD, H4: GBPUSD was traded lower while currently testing the support level 1.3430. MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to extend it losses after it breaks below the support level 1.3430.

Resistance level: 1.3555, 1.3650

Support level: 1.3430, 1.3315

EURUSD, H4: EURUSD was traded lower while currently testing the support level 1.1265. MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to extend its losses after it breaks below the support level.

Resistance level: 1.1375, 1.1455

Support level: 1.1265, 1.1200

USDJPY, H4: USDJPY remain traded in a sideway channel. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to be traded higher towards the resistance level 114.60.

Resistance level: 114.60, 115.85

Support level: 113.20, 112.00

AUDUSD, H4: AUDUSD was traded lower following recent breakout below the previous support level 0.7260. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to experience a short term technical correction back towards the level 0.7260.

Resistance level: 0.7260, 0.7365

Support level: 0.7175, 0.7105

NZDUSD, H4: NZDUSD was traded lower while currently testing the support level 0.6980. MACD which illustrate bearish momentums signal with the formation of death cross suggest the pair to extend its losses after it breaks below the support level.

Resistance level: 0.7075, 0.7145

Support level: 0.6980, 0.6910

USDCAD, H4: USDCAD was traded flat near the support level 1.2625. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to be traded lower after it breaks below the support level.

Resistance level: 1.2765, 1.2865

Support level: 1.2625, 1.2505

USDCHF, H4: USDCHF was traded higher while currently testing the resistance level 0.9300. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its gains after it breaks above the resistance level.

Resistance level: 0.9300, 0.9370

Support level: 0.9225, 0.9145

CrudeOIL, H4: Crude oil price was traded lower following recent breakout below the previous support level 76.50. MACD which illustrate bearish momentum signal suggest the commodity to extend its losses towards the support level 73.40.

Resistance level: 76.50, 80.55

Support level: 73.40, 70.00

GOLD_, H4: Gold price remain traded flat in a sideway channel following recent retracement from the resistance level 1867.50. However, MACD which illustrate bearish bias signal suggest the commodity to be traded lower in short term towards the support level 1831.50.

Resistance level: 1867.50, 1900.05

Support level: 1831.50, 1805.60

22 November 2021                            Morning Session Analysis

Pound Sterling dipped amid stronger US dollar.

The Pound Sterling was traded lower amid firmer US dollar. Previously, the better-than-expected US retail sales data has spurred a positive prospect toward US dollar as investors strongly speculated that Fed will initiate its interest rate hike earlier. On the other hand, according to Office for National Statistics, U.K. Retail Sales in October came at the reading of 0.8%, exceeding market forecast at 0.5%. According to TheEdgeMarkets, the higher British retail sales were driven by sale of Auction houses and purchases of new clothes for the Christmas holidays. As for now, the inflation in British has risen to a 10-year high while the labor data has not pointed towards higher unemployment after the end of the furlough scheme. Investor would continue to scrutinize on further UK labor data since overall wage growth after furlough scheme is the key concern by BOE to initiate its contractionary monetary policy. As of writing, the pair of GBP/USD slumped 0.08% to 1.3430.

In the commodities market, the crude oil price was down 0.56% to $75.32 per barrel as of writing amid negative demand outlook. Domestic fuel retails reported that they may slash their oil prices as international crude oil prices declined over demand concerns due to the resurgence of Covid-19 cases in Europe. On the other hand, the gold price slumped 0.14% to $1843.60 per troy ounces amid strengthening US dollar.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher following prior rebound from 95.75. MACD which shows diminished downward momentum suggests the index to be traded higher in short-term.

Resistance level: 96.15, 96.50

Support level: 95.75, 95.35

GBPUSD, H4: GBPUSD was traded lower following prior closure below 1.3470. MACD which illustrate bearish signal suggests the pair to extend its losses in short-term.

Resistance level: 1.3470, 1.3540

Support level: 1.3410, 1.3360

EURUSD, H4: EURUSD was traded lower following prior closure below 1.1285. MACD which begins to form bearish signal suggests the pair to be traded lower in short-term.

Resistance level: 1.1285, 1.1370

Support level: 1.1210, 1.1140

USDJPY, H4: USDJPY was traded higher following prior rebound from lower level. MACD which illustrate diminished downward momentum suggests the pair to be traded higher in short-term.

Resistance level: 114.25, 114.90

Support level: 113.60, 112.80

AUDUSD, H4: AUDUSD was traded lower following prior closure below 0.7260. MACD which illustrate bearish signal suggests the pair to be traded lower after closing below 0.7220.

Resistance level: 0.7260, 0.7320

Support level: 0.7220, 0.7170

NZDUSD, H4: NZDUSD was traded lower following prior closure below 0.7030. MACD which illustrate bearish signal suggests the pair to be traded lower after closing below 0.6985.

Resistance level: 0.7030, 0.7070

Support level: 0.6985, 0.6935

USDCAD, H4: USDCAD was traded higher following prior rebound from lower level. However, MACD which illustrate diminished upward momentum suggests the pair to be traded lower in short-term as technical correction.

Resistance level: 1.2660, 1.2725

Support level: 1.2590, 1.2535

USDCHF, H1: USDCHF was traded higher following prior rebound from lower level. MACD which illustrate bullish signal suggests the pair to extend its gains after closing above 0.9295.

Resistance level: 0.9295, 0.9325

Support level: 0.9260, 0.9230

CrudeOIL, H4: Crude oil price was traded lower following prior closure below 76.35. However, MACD which illustrate diminished downward momentum suggests its price to be traded higher in short-term as technical correction.

Resistance level: 76.35, 78.35

Support level: 76.35, 71.90

GOLD_, H4: Gold price was traded higher following prior rebound from lower level. MACD which illustrate diminished bearish momentum suggests the pair to be traded higher in short-term.

Resistance level: 1847.00, 1863.30

Support level: 1835.75, 1813.50

19 November 2021                            Afternoon Session Analysis

New Zealand Kiwi rose following expectation of rate hike.

The New Zealand Kiwi which traded against the dollar and other currency pairs have rose following increasing expectation of rate hike in the upcoming monetary policy meeting from RBNZ. According to the latest survey conducted by RBNZ, two-year inflation expectations have rose to 2.96% from 2.27% last. The central bank announced that the country’s inflation expectation had also jumped 3.7%, the highest since 2021 and added that interest rate expectations may continue to rise in short and medium term. Following the situation, experts believe that the coming week is likely to bring some good news for the investors in the form of another rate hike, targeting to limit the country’s inflation between 1-3%, with a central target of 2%. At the time of writing, NZD/USD rose 0.08% to 0.7037.

In the commodities market, crude oil price rebounds 0.03% to $79.24 per barrel at the time of writing as market takes a breather are now wondering how much crude major economies would release from their strategic reserves. Recently, Reuters report that the United States had asked China, Japan and other big buyers to join a release of crude stocks from Strategic Petroleum Reserves. On the other hand, gold price remains supported and edge higher 0.05% to $1862.50 a troy ounce at the time of writing following dollar weakness.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

16:30                     EUR                       ECB President Lagarde Speaks 

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following recent breakout below the previous support level 95.70. MACD which illustrate bearish bias signal suggest the dollar to extend its losses towards the support level 95.20.

Resistance level: 95.70, 96.25

Support level: 95.20, 94.45

GBPUSD, H4: GBPUSD was traded higher following recent breakout above the previous resistance level 1.3435. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to be traded lower as a short term technical correction back towards the level 1.3435.

Resistance level: 1.3545, 1.3650

Support level: 1.3435, 1.3300

EURUSD, H4: EURUSD was traded higher while currently testing the resistance level 1.1375. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to experience a technical correction towards the support level 1.1265.

Resistance level: 1.1375, 1.1455

Support level: 1.1265, 1.1200

USDJPY, H4: USDJPY remain traded in a sideway channel while currently testing near the resistance level 114.60. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to be traded higher after it breaks above the resistance level 114.60.

Resistance level: 114.60, 115.85

Support level: 113.20, 112.00

AUDUSD, H4: AUDUSD was traded lower while currently testing the support level 0.7260. MACD which illustrate bullish bias signal with the formation of golden cross suggest the pair to be traded higher as a technical correction towards the resistance level 0.7365.

Resistance level: 0.7365, 0.7455

Support level: 0.7260, 0.7175

NZDUSD, H4: NZDUSD was traded higher following prior rebound from the support level 0.6980. MACD which illustrate bullish momentum signal suggest the pair to extend its rebound towards the resistance level 0.7075.

Resistance level: 0.7075, 0.7145

Support level: 0.6980, 0.6910

USDCAD, H4: USDCAD was traded lower following prior retracement from the resistance level 1.2625. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its retracement towards the support level 1.2505.

Resistance level: 1.2625, 1.2765

Support level: 1.2505, 1.2410

USDCHF, H4: USDCHF was traded lower following prior retracement from the resistance level 0.9300. MACD which illustrate bearish momentum signal suggest the pair to extend its retracement towards the support level 0.9225.

Resistance level: 0.9300, 0.9370

Support level: 0.9225, 0.9145

CrudeOIL, H4: Crude oil price was traded higher following recent rebound from the support level 75.85. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the commodity to extend its rebound towards the resistance level 80.55.

Resistance level: 80.55, 84.75

Support level: 75.85, 73.45

GOLD_, H4: Gold price remain traded flat near the resistance level 1867.50. However, MACD which illustrate bearish momentum signal suggest the commodity to be traded lower towards the support level 1831.50.

Resistance level: 1867.50, 1900.05

Support level: 1831.50, 1805.60

19 November 2021                            Morning Session Analysis

Dollar dipped amid mixed economic data.

The Dollar Index which traded against a basket of six major currency pairs slumped significantly over the backdrop of mixed economic data. According to Department of Labor, the U.S. Initial Jobless Claims in the previous week came at the reading of 268K, higher than the market forecast of 260K. The data suggested a contractionary in the labor market while the economy is overcoming the soaring inflation pressure. This has stoked the fear of potential stagflation woes to be happened in US hence diminishing market optimism toward US dollar. Nonetheless, the bearish momentum of US dollar was limited amid upbeat U.S. Philadelphia Fed Manufacturing Index. According to Federal Reserve Bank of Philadelphia, the Philadelphia Fed Manufacturing Index in November came at the reading of 39.0, while exceeding market forecast of 24.0. The regional manufacturing activity was reported growing at a faster pace driven by growth in new factory orders while facing sharp increases in prices of inputs and goods sold. As of writing, the Dollar Index depreciated by 0.04% to 95.45.

In the commodities market, the crude oil price surged 0.45% to $78.20 as of writing. The oil market received its bullish momentum amid global economic recovery. According to President and Chief executive of Occidental Petroleum, he stated his belief that global oil demand will grow beyond pre-pandemic levels of 100 million bps in 2023, in view of economic recovery in India and China. On the other hand, the gold price was down 0.05% to $1858.95 per troy ounces due to technical correction.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

16:30                       EUR                     ECB President Lagarde Speaks

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded lower following prior retrace from 95.90. MACD which diminished upward momentum suggests the index to be traded lower in short-term.

Resistance level: 95.90, 97.00

Support level: 94.90, 93.85

GBPUSD, H4: GBPUSD was traded higher following prior closure above 1.3470. MACD which illustrate bullish signal suggests the pair to extend its gains in short-term.

Resistance level: 1.3540, 1.3595

Support level: 1.3470, 1.3410

EURUSD, H4: EURUSD was traded higher following prior rebound from 1.1285. MACD which begins to form bullish signal suggests the pair to be traded higher after breaking 1.1370.

Resistance level: 1.1370, 1.1440

Support level: 1.1285, 1.1210

USDJPY, H4: USDJPY was traded higher following prior rebound from lower level. MACD which illustrate diminished downward momentum suggests the pair to be traded higher in short-term.

Resistance level: 114.90, 115.70

Support level: 114.25, 113.60

AUDUSD, H4: AUDUSD was traded higher following prior rebound from 0.7260. MACD which illustrate bullish signal suggests the pair to be traded higher in short-term.

Resistance level: 0.7320, 0.7365

Support level: 0.7260, 0.7220

NZDUSD, H4: NZDUSD was traded higher following prior rebound from the lower level. MACD which illustrate bullish signal suggests the pair to be traded higher in short-term.

Resistance level: 0.7075, 0.7100

Support level: 0.7030, 0.6990

USDCAD, H4: USDCAD was traded lower following prior retrace from higher level. MACD which begin to form bearish signal suggests the pair to be traded lower after breaking the support of 1.2590.

Resistance level: 1.2660, 1.2725

Support level: 1.2590, 1.2535

USDCHF, H4: USDCHF was traded lower following prior retracement from 0.9325. MACD which illustrate bearish signal suggests the pair to be traded lower in short-term after closing below 0.9260.

Resistance level: 0.9295, 0.9325

Support level: 0.9260, 0.9230

CrudeOIL, H4: Crude oil price was traded higher following prior rebound from 76.35. MACD which illustrate bullish signal suggests its price to be traded higher after closing above 78.35.

Resistance level: 78.35, 80.80

Support level: 76.35, 74.35

GOLD_, H4: Gold price was traded lower following prior retracement from higher level. MACD which illustrate bearish signal suggests the pair to be traded lower in short-term.

Resistance level: 1863.30, 1873.85

Support level: 1847.00, 1835.75

18 November 2021                            Afternoon Session Analysis

Pound sterling rose following upbeat CPI data.

The pound sterling which traded against the dollar and other currency pairs have rose following recent release of positive U.K CPI data. For October, the U.K CPI rose to 4.2%, much higher than the forecast of 3.9%. The increase in inflation was due to rising commodity prices such as gasoline, crude oil and natural gas which increased the costs of the manufacturing, industrial and transmission sectors. As inflation levels in the UK continue to rise, investors are speculating that the Bank of England is likely to implement an interest rate hike soon. According to economists, they expect the BoE to raise interest rates as early as next month. At the time of writing, GBP/USD rose 0.10% to 1.3491.

In the commodities market, crude oil price fell 0.78% to $76.85 per barrel as of writing following news of U.S and other countries to use oil reserves. According to reports from Reuters, the United States was asking major oil consumers like China and Japan to consider a coordinated release of oil reserves in order to lower prices. On the other hand, gold price edge higher 0.06% to $1865.89 a troy ounce at the time of writing following dollar retreat.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower while currently testing the support level 95.70. MACD which illustrate bearish momentum signal with the formation of death cross suggest the dollar to extend its losses after it breaks below the support level.

Resistance level: 96.25, 96.90

Support level: 95.70, 95.20

GBPUSD, H4: GBPUSD was traded higher following recent rebound from the support level 1.3435. MACD which illustrate bullish momentum signal suggest the pair to extend its rebound towards the resistance level 1.3545.

Resistance level: 1.3545, 1.3650

Support level: 1.3435, 1.3300

EURUSD, H4: EURUSD was traded higher following prior rebound from the support level 1.1265. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to extend its rebound towards the resistance level 1.1375.

Resistance level: 1.1375, 1.1455

Support level: 1.1265, 1.1200

USDJPY, H4: USDJPY remain traded in a sideway channel following recent retracement from the resistance level 114.60. However, MACD which illustrate bearish bias signal with the formation of death cross suggest the pair to be traded lower in short term towards the support level 113.20.

Resistance level: 114.60, 115.85

Support level: 113.20, 112.00

AUDUSD, H4: AUDUSD was traded lower while currently testing the support level 0.7260. MACD which illustrate ongoing bearish momentum signal suggest the pair to extend its losses after it breaks below the support level.

Resistance level: 0.7365, 0.7455

Support level: 0.7260, 0.7175

NZDUSD, H4: NZDUSD was traded higher following prior rebound from the support level 0.6980. MACD which illustrate bullish bias signal with the formation of golden cross suggest the pair to extend its rebound towards the resistance level 0.7075.

Resistance level: 0.7075, 0.7145

Support level: 0.6980, 0.6910

USDCAD, H4: USDCAD was traded higher while currently testing the resistance level 1.2620. MACD which illustrate bullish momentum signal suggest the pair to extend its gains after it breaks above the resistance level 1.2620.

Resistance level: 1.2620, 1.2765

Support level: 1.2505, 1.2410

USDCHF, H4: USDCHF was traded lower following prior retracement from the resistance level 0.9300. MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to extend its retracement towards the support level 0.9225.

Resistance level: 0.9300, 0.9370

Support level: 0.9225, 0.9145

CrudeOIL, H4: Crude oil price was traded lower while currently testing near the support level 75.85. MACD which illustrate bearish momentum signal suggest the commodity to extend its losses after it breaks below the support level.

Resistance level: 78.40, 81.10

Support level: 75.85, 73.45

GOLD_, H4: Gold price was traded higher while currently testing the resistance level 1867.50. MACD which illustrate diminishing bearish momentum signal suggest the commodity to extend its gains after it breaks above the resistance level.

Resistance level: 1867.50, 1900.05

Support level: 1831.50, 1805.60

18 November 2021                            Morning Session Analysis

Euro dipped due to high inflation pressure.

The Euro was traded lower as the economy has been hampered by the higher inflation pressure. According to Eurostat, Eurozone Consumer Price Index (CPI) came at the reading of 4.1%, matching with the market forecast. Eurostat claimed that the surge of inflation was mainly driven by the spiking energy prices. However, the soaring inflation failed to push the policymakers of European Central Bank (ECB) to initiate its contractionary monetary policy in order to tackle price growth that is eroding households’ purchasing power. According to speech from ECB President Christine Lagarde, she refused to tighten the monetary policy as it could jeopardize post-pandemic economic recovery of the region. Likewise, the pair of EUR/USD extended its losses amid recent upbeat economic data released from US. The better-than-expected US retails data has fueled up market speculation that Fed will initiate its interest rate hike earlier. As of writing, the pair of EUR/USD slumped 0.05% to 1.1318.

In the commodities market, the crude oil price was down 0.16% to $77.61 per barrel as of writing amid negative demand outlook. Oil prices extended its losses as both OPEC and the International Energy Agency warned of impending oversupply, while rising COVID-19 cases in Europe increased downside risks to demand recovery. On the other hand, the gold price surged 0.01% to $1867.15 per troy ounces amid risk off sentiment.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded higher following prior rebound from 93.85. MACD which illustrate bullish signal suggests the index to extend its gains after closing above 95.90.

Resistance level: 95.90, 97.00

Support level: 94.90, 93.85

GBPUSD, H4: GBPUSD was traded higher following prior closure above 1.3470. MACD which illustrate bullish signal suggests the pair to extend its gains in short-term.

Resistance level: 1.3540, 1.3595

Support level: 1.3470, 1.3410

EURUSD, H4: EURUSD was traded higher following prior rebound from 1.1285. MACD which begins to form bullish signal suggests the pair to be traded higher in short-term.

Resistance level: 1.1365, 1.1440

Support level: 1.1285, 1.1210

USDJPY, H4: USDJPY was traded lower following prior retracement from 114.90. MACD which forms bearish signal suggests the pair to extend its losses in short-term.

Resistance level: 114.25, 114.90

Support level: 113.60, 112.80

AUDUSD, H4: AUDUSD was traded higher following prior rebound from 0.7260. MACD which illustrate diminished downward momentum suggests the pair to be traded higher in short-term.

Resistance level: 0.7320, 0.7365

Support level: 0.7260, 0.7220

NZDUSD, H4: NZDUSD was traded higher following prior rebound from the lower level. MACD which begins to form bullish signal suggests the pair to be traded higher in short-term.

Resistance level: 0.7030, 0.7075

Support level: 0.6990, 0.6940

USDCAD, H4: USDCAD was traded higher following prior breakout at 1.2590. MACD which illustrate bullish signal suggests the pair to extend its gains in short-term.

Resistance level: 1.2660, 1.2725

Support level: 1.2590, 1.2535

USDCHF, H4: USDCHF was traded lower following prior retracement from 0.9325. MACD which begins to form bearish signal suggests the pair to be traded lower in short-term as technical correction.

Resistance level: 0.9295, 0.9325

Support level: 0.89260, 0.9230

CrudeOIL, H4: Crude oil price was traded lower following prior breakout from the support level of 78.35. MACD which begins to form bearish signal suggests its price to extend its losses in short-term.

Resistance level: 78.35, 80.80

Support level: 76.35, 74.35

GOLD_, H4: Gold price was traded higher following prior rebound from 1847.00. MACD which begins to form bullish signal suggests its price to be traded higher in short-term.

Resistance level: 1873.85, 1887.50

Support level: 1863.30, 1847.00

17 November 2021                            Afternoon Session Analysis

Pound sterling fell amid positive data from U.S.

The pair of GBP/USD was traded lower against the dollar and other currency pairs amid upbeat economic data from U.S. Yesterday, US has released its better-than-expected retails sale data which has reflected the combined effects of Halloween and early holiday shopping. The rising consumer spending could be resulted in soaring inflation pressure hence fuelled market speculation that Fed will initiate its early interest rate hike. Nonetheless, the bearish momentum of GBP/USD was limited amid upbeat UK employment data. According to Office for National Statistics, U.K. Average Earnings Index in September came at the reading of 5.8%, exceeding the forecasted reading of 5.6%. The rising wage level in UK was expected to boost the inflation pressure due to the increasing consumer spending. In addition, U.K. Claimant Count Change edged higher from the previous reading of -51.1K to -14.9K. The Office for National Statistics were optimistic that it was possible that workers whom made redundant at the end of the furlough scheme would continue to appear at their workplace. As for now, investors would continue to scrutinize on the latest update regarding BoE’s next monetary policy announcement which is scheduled at the mid of December. As of writing, GBP/USD fell 0.2% to 1.3405.

In the commodities market, the crude oil price was down 0.25% to $79.12 per barrel as of writing amid fears of supply boost. According to the International Energy Agency (IEA), it claimed that the soaring oil prices could provide a strong incentive for US oil producers to their production. On the other hand, the gold price slumped 0.15% to $1853.70 per troy ounces amid strengthening US dollar.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher while currently testing near the resistance level 96.25. MACD which illustrate ongoing bullish momentum signal suggest the dollar to extend its gains after it breaks above the resistance level.

Resistance level: 96.25, 96.90

Support level: 95.75, 95.20

GBPUSD, H4: GBPUSD was traded lower following prior retracement from the resistance level 1.3435. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its retracement towards the support level 1.3300.

Resistance level: 1.3435, 1.3545

Support level: 1.3300, 1.3160

EURUSD, H4: EURUSD was traded lower while currently testing the support level 1.1265. MACD which illustrate ongoing bearish momentum signal suggest the pair to extend its losses after it breaks below the support level.

Resistance level: 1.1375, 1.1455

Support level: 1.1265, 1.1200

USDJPY, H4: USDJPY was traded higher following prior breakout above the previous resistance level 114.60. MACD which illustrate bullish momentum signal suggest the pair to extend its gains towards the resistance level 115.85.

Resistance level: 115.85, 116.95

Support level: 114.60, 113.20

AUDUSD, H4: AUDUSD was traded lower following prior breakout below the previous support level 0.7285. MACD which illustrate bearish momentum signal suggest the pair to extend its losses towards the support level 0.7175.

Resistance level: 0.7285, 0.7365

Support level: 0.7175, 0.7105

NZDUSD, H4: NZDUSD was traded lower while currently testing the support level 0.6980. MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to extend its losses after it breaks below the support level.

Resistance level: 0.7075, 0.7145

Support level: 0.6980, 0.6910

USDCAD, H4: USDCAD was traded higher following prior rebound from the support level 1.2510. MACD which illustrate bullish bias signal with the formation of golden cross suggest the pair to extend its rebound towards the resistance level 1.2620.

Resistance level: 1.2620, 1.2765

Support level: 1.2505, 1.2410

USDCHF, H4: USDCHF was traded higher following prior breakout above the previous resistance level 0.9295. MACD which illustrate bullish momentum signal suggest the pair to extend its gains towards the resistance level 0.9370.

Resistance level: 0.9370, 0.9455

Support level: 0.9295, 0.9225

CrudeOIL, H4: Crude oil price was traded lower while currently testing near the support level 78.40. MACD which illustrate diminishing bullish momentum signal suggest the commodity to extend its losses after it breaks below the support level.

Resistance level: 81.10, 84.75

Support level: 78.40, 75.85

GOLD_, H4: Gold price was traded lower following prior retracement from the resistance level 1867.50. MACD which illustrate persistent bearish momentum signal suggest the commodity to extend its losses towards the support level 1831.50.

Resistance level: 1867.50, 1900.05

Support level: 1831.50, 1805.60

17 November 2021                           Morning Session Analysis

Dollar surged amid upbeat economic data.

 The Dollar Index which traded against a basket of six major currency pairs extend its gains over the backdrop of bullish economic data, which dialed up the market optimism toward the economic progression in the United States. According to Census Bureau, U.S. Core Retail Sales for last month had notched up significantly from the previous reading of 0.7% to 1.7%, exceeding the market forecast at 1.0%. Such upbeat economic data had increased the odds for the Federal Reserve to implement contractionary monetary policy in order to stabilize the US economic, prompting the US Treasury yields extend its gains on yesterday. Besides, Contractionary monetary policy would also decrease the money circulation for the US Dollar in the global financial market, which diminishing the inflation risk for the United States and also spurring positive prospect toward the US Dollar. As of writing, the Dollar Index appreciated by 0.54% to 95.95.

In the commodities market, the crude oil price surged 0.05% to $80.65 per barrel as of writing over the backdrop of bullish inventory data. According to American Petroleum Institute, U.S. API Weekly Crude Oil Stock came in at 0.655M, better than the market forecast at 1.550M. On the other hand, the gold price slumped 0.02% to $1850.10 per troy ounces as of writing amid strengthening US Dollar.

Today’s Holiday Market Close

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Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher following prior breakout above the previous resistance level at 95.50. MACD which illustrated increasing bullish momentum suggest the index to extend its gains toward resistance level at 96.45.

Resistance level: 96.45, 97.50

Support level: 95.50, 94.50

GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level at 1.3440. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 1.3440, 1.3615

Support level: 1.3305, 1.3180

EURUSD, H4: EURUSD was traded lower following prior breakout below the previous support level at 1.1370. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.1175.

Resistance level: 1.1370, 1.1530

Support level: 1.1175, 1.1010

USDJPY, H4: USDJPY was traded higher following prior breakout above the previous resistance level at 114.40. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 115.40

Resistance level: 115.40, 116.80

Support level: 114.40, 113.30

AUDUSD, H4: AUDUSD was traded lower while currently testing the support level at 0.7290. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.7380, 0.7435

Support level: 0.7290, 0.7220

NZDUSD, H4: NZDUSD was traded lower following prior retracement form the resistance level at 0.7075. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 0.6955.

Resistance level: 0.7075, 0.7110

Support level: 0.6955, 0.6880

USDCAD, H4: USDCAD was traded higher following prior rebound from the support level at 1.2505. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 1.2595.

Resistance level: 1.2595, 1.2650

Support level: 1.2505, 1.2460

USDCHF, H4: USDCHF was traded higher while currently testing the resistance level at 0.9305. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.9305, 0.9355

Support level: 0.9225, 0.9155

CrudeOIL, H4: Crude oil price was traded lower while currently testing the support level at 79.15. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.

Resistance level: 81.25, 83.30

Support level: 79.51, 76.10

GOLD_, H4: Gold price was traded lower while currently testing the support level at 1848.30. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses after it successfully breakout below the support level.

Resistance level: 1870.40, 1889.20

Support level: 1848.30, 1830.65

Risk Statement:
Forex, Gold, Crude Oil, Commodities, CFD and all other margin trading investment products involve high level of risk and may not be suitable for all investors. Your previous investment success in stock, futures or any other investment achieved does not mean that all your future investment will obtain the same results. You should carefully consider your investment objectives; risk associated and seek professional advice before deciding to trade or if you have any doubts.