Daily Analysis

16 November 2021                            Afternoon Session Analysis

Pound Sterling dipped amid downbeat economic outlook.

The pound sterling was traded lower against US dollar and other currency pairs over the backdrop of downbeat economic outlook. According to Reuters, productivity of UK’s economic activities were reported underperformed due to lower business investment, weaker management and fewer commercial patents. According to the researchers at the London School of Economics and the Resolution Foundation, they highlighted that business investment in UK were relatively lower as compared with US, Germany and France. In addition, research director at the Resolution Foundation, Greg Thwaites urged that UK firms require some additional investment funding and human resources management in order to boost the overall productivity in the region. Likewise, the overall sentiment toward Pound Sterling remained bleak after Bank of England (BoE) voiced out their concern regarding their current condition of labor market. According to Bank of England (BoE) Governor Andrew Bailey, he said that the policymakers are awaiting for more official labor data as around 1 million number of workers who were still on furlough when the government’s jobs protection programme. As of writing, the pair of GBP/USD was down 0.2% to 1.3416.

In the commodities market, the crude oil price was down 0.25% to $80.24 per barrel as of writing amid fears of supply boost. According to Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman, oil inventories are expected to be risen starting from next month as the increase of 400,000 bpd are sufficient to meet the global demand of oil. On the other hand, the gold price surged 0.15% to $1865.45 per troy ounces amid risk off sentiment.

Today’s Holiday Market Close

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Today’s Highlight Events

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Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower while currently testing near the support level 95.20. MACD which illustrate diminishing bullish momentum signal suggest the dollar to extend its retracement after it breaks below the support level.

Resistance level: 95.75, 96.25

Support level: 95.20, 94.45

GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level 1.3435. MACD which illustrate persistent bullish momentum signal suggest the pair to extend its gains after it breaks above the resistance level 1.3435.

Resistance level: 1.3435, 1.3545

Support level: 1.3300, 1.3160

EURUSD, H4: EURUSD was traded lower while currently testing the support level 1.1375. MACD which illustrate bearish bias signal suggest the pair to extend its losses after it breaks below the support level.

Resistance level: 1.1455, 1.1535

Support level: 1.1375, 1.1265

USDJPY, H4: USDJPY remain traded in a sideway channel. However, MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to be traded higher in short term towards the resistance level 114.60.

Resistance level: 114.60, 115.85

Support level: 113.20, 112.00

AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level 0.7365. MACD which illustrate bullish momentum signal suggest the pair to extend its gains after it breaks above the resistance level 0.7365.

Resistance level: 0.7365, 0.7455

Support level: 0.7285, 0.7175

NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level 0.7075. MACD which illustrate bullish momentum signal suggest the pair to extend its gains after it breaks above the resistance level.

Resistance level: 0.7075, 0.7145

Support level: 0.6980, 0.6910

USDCAD, H4: USDCAD was traded lower following prior breakout below the previous support level 1.2515. MACD which illustrate ongoing bearish momentum signal suggest the pair to extend its losses towards the support level 1.2410.

Resistance level: 1.2515, 1.2620

Support level: 1.2410, 1.2295

USDCHF, H4: USDCHF was traded lower following prior retracement from its high level. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its retracement after it breaks below the support level 0.9225.

Resistance level: 0.9295, 0.9370

Support level: 0.9225, 0.9145

CrudeOIL, H4: Crude oil price was traded higher while currently testing near the resistance level 81.10. MACD which illustrate diminishing bearish momentum signal with the formation of golden cross suggest the commodity to extend its gains after it breaks above the resistance level.

Resistance level: 81.10, 84.75

Support level: 78.40, 75.85

GOLD_, H4: Gold price was traded higher while currently testing the resistance level 1867.50. However, MACD which illustrate bearish momentum signal suggest the commodity to extend its retracement towards the support level 1831.50.

Resistance level: 1867.50, 1898.40

Support level: 1831.50, 1805.60

16 November 2021                           Morning Session Analysis

Euro slumped amid dovish tone from ECB.

 The Euro slumped following the European Central Bank unleashed their dovish tone toward the economic progression in the Europe region. According to Reuters, European Central Bank President Christine Lagarde claimed on yesterday that the Eurozone inflation will continue to persist for longer than previously expected, while reiterated that the inflation rate will still likely to drop below the central bank’s 2 percent target over the medium term. She argued that the current high inflation rate will only transitory, signaling that the contractionary monetary policy from the ECB is unlikely to be met next year. Indeed, high inflation rate as well as continuing expansionary monetary will likely to increase the money circulation in European market, which spurring negative prospect for the Euro. As of writing, EUR/USD depreciated by 0.04% to 1.1370.

In the commodities market, the crude oil price was slumped 0.05% to $80.85 per barrel as of writing. The spiking numbers of the Covid-19 cases in the European region had continue to prompt the government to consider re-imposing lockdowns, which dialing down the market optimism toward the demand for this black-commodity. On the other hand, the gold price appreciated by 0.06% to $1863.90 per troy ounces as of writing amid high stagflation risk in future had continue to stoke a shift in sentiment toward the safe-haven asset, increasing the appeal for the gold.

Today’s Holiday Market Close

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Today’s Highlight Events

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Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher while currently testing the resistance level at 95.50. MACD which illustrated increasing bullish momentum suggest the index to extend its gains after it successfully breakout above the resistance level.

Resistance level: 95.50, 96.45

Support level: 94.50, 93.50

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, Daily: EURUSD was traded lower while currently testing the support level at 1.1370. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.1530, 1.1680

Support level: 1.1370, 1.1180

USDJPY, H4: USDJPY was traded higher following prior breakout above the previous resistance level at 113.30. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 114.55.

Resistance level: 114.55, 115.40

Support level: 113.30, 112.05

AUDUSD, H4: AUDUSD was traded higher following prior rebound from the support level at 0.7290. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

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 0.6995.

Resistance level: 0.7075, 0.7110

Support level: 0.6995, 0.6955

USDCAD, H4: USDCAD was traded lower following prior breakout below the previous support level at 1.2525. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.2465.

Resistance level: 1.2525, 1.2595

Support level: 1.2465, 1.2400

USDCHF, Daily: USDCHF was traded higher following prior breakout above the previous resistance level at 0.9225. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.9305.

Resistance level: 0.9305, 0.9355

Support level: 0.9255, 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 higher while currently testing the resistance level at 1870.40. However, MACD which illustrated increasing bearish momentum suggest the commodity to be traded lower in short-term as technical correction.

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.

15 November 2021                            Afternoon Session Analysis

Japanese Yen flattens amid downbeat inflation data.

The Japanese Yen remains pressured and traded flat against US dollar over the backdrop of downbeat economic data. According to Cabinet Office, Japan Gross Domestic Product (GDP) in third quarter eased lower from the previous reading of 1.5% to -3.0%, worse than the forecasted reading of -0.8%. According to Takeshi Minami, chief economist at Norinchukin Research Institute, both production output and capital spending was hit by the recent supply-chain disruption. Moreover, Bank of Japan (BoJ) was reported to initiate its economic stimulus package through fiscal expenditure worth $350 billion, according to Nikkei business daily. Based on the draft of the stimulus package, the Japan government will focus on sectors which require high consumption of fuel energy to operate such as agriculture, forestry and fisheries as well as logistics firms. As of writing, the pair of USD/JPY traded flat at around 113.836.

In the commodities market, the crude oil price was down 0.97% to $78.85 per barrel as of writing amid fears of supply boost. US energy firms have added their oil rigs by 6 in total while the soaring oil have prompted some oil drillers to increase their production. On the other hand, the gold price surged 0.35% to $1858.95 per troy ounces amid risk off sentiment.

Today’s Holiday Market Close

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Today’s Highlight Events

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Today’s Highlight Economic Data

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Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from the resistance level 95.20. MACD which illustrate bearish bias signal with the formation of death cross suggest the dollar to extend its retracement towards the support level 94.45.

Resistance level: 95.20, 95.75

Support level: 94.45, 93.85

GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level 1.3435. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to extend its gains after it breaks above the resistance level.

Resistance level: 1.3435, 1.3545

Support level: 1.3300, 1.3160

EURUSD, H4: EURUSD was traded higher following prior rebound from the support level 1.1455. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to extend its gains towards the resistance level 1.5335.

Resistance level: 1.5335, 1.1615

Support level: 1.1455, 1.1365

USDJPY, H4: USDJPY remain traded in a sideway channel. MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to be traded lower towards the support level 113.20

Resistance level: 114.60, 115.85

Support level: 113.20, 112.00

AUDUSD, H4: AUDUSD was traded higher following prior rebound from the support level 0.7320. MACD which illustrate bullish bias signal with the formation of golden cross suggest the pair to extend its rebound towards the resistance level 0.7385.

Resistance level: 0.7385, 0.7455

Support level: 0.7320, 0.7220

NZDUSD, H4: NZDUSD was traded higher following prior rebound from its low level. 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 lower while currently testing near the support level 1.2515. 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: 1.2620, 1.2765

Support level: 1.2515, 1.2410

USDCHF, H4: USDCHF was traded lower following prior retracement from the resistance level 0.9225. MACD which illustrate bearish bias signal with the formation of death cross suggest the pair to extend its retracement towards the support level 0.9145.

Resistance level: 0.9225, 0.9295

Support level: 0.9145, 0.9085

CrudeOIL, H4: Crude oil price was traded lower while currently testing the support level 78.80. MACD which illustrate persistent bearish momentum signal suggest the commodity to extend its losses after it breaks below the support level.

Resistance level: 81.10, 84.75

Support level: 78.80, 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, 1898.40

Support level: 1831.50, 1805.60

15 November 2021                           Morning Session Analysis

Dollar remained bullish amid rising US Treasury yield.

 The Dollar Index which traded against a basket of six major currency pairs hovered on its recent high amid surprisingly strong U.S. inflation had prompted investors to advance their bets for U.S. rate hike in short-term basis, spurring bullish momentum on the US Treasury yields. As for now, investors speculated that a first-rate increase by July and a high likelihood of another by November. CME data indicated that a 50% probability of a rate hike by then, compared to lower than 30% in the previous month. Contractionary monetary policy and a rate hike would diminish the money circulation and the inflation risk in the financial market, which dialed up the market optimism toward the appeal of US Dollar. Though, the overall statement from Federal Reserve as for now remained vague, hence investors should continue to scrutinize the latest updates from the Federal Reserve as well as crucial economic data to gauge the likelihood movement for the US Dollar. As of writing, the Dollar Index appreciated by 0.04% to 95.15.

In the commodities market, the crude oil price depreciated by 0.66% to $79.55 as of writing. The oil market slumped as market participants anticipated that US President Joe Biden will order the release of oil from the U.S. Strategic Petroleum Reserve (SPR) to curb the high oil price and inflation risk in future. On the other hand, the gold price extends its gains at 0.05% to $1865.00 per troy ounces as of writing amid high inflation risk in future had continue to increase the appeal for the safe-haven gold.

Today’s Holiday Market Close

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Today’s Highlight Events

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Today’s Highlight Economic Data

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Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher while currently testing the resistance level at 95.15. However, MACD which illustrated diminishing bullish momentum suggest the index to be traded lower in short-term as technical correction.

Resistance level: 95.15, 95.90

Support level: 94.50, 93.80

GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level at 1.3435. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.3435, 1.3500

Support level: 1.3355, 1.3255

EURUSD, Daily: EURUSD was traded lower following prior breakout below the previous support level at 1.1530. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.1370.

Resistance level: 1.1530, 1.1680

Support level: 1.1370, 1.1180

USDJPY, H4: USDJPY was traded higher following prior breakout above the previous resistance level at 113.30. However, MACD which illustrated diminishing bullish momentum suggest the index to be traded lower in short-term as technical correction.

Resistance level: 114.55, 115.40

Support level: 113.30, 112.05

AUDUSD, H4: AUDUSD was traded higher following prior rebound from the support level at 0.7290. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.7380.

Resistance level: 0.7380, 0.7435

Support level: 0.7290, 0.7220

NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level at 0.7055. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.7055, 0.7110

Support level: 0.6995, 0.6940

USDCAD, H4: USDCAD was traded lower following prior retracement from the resistance level at 1.2590. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.2525.

Resistance level: 1.2590, 1.2645

Support level: 1.2525, 1.2465

USDCHF, H4: USDCHF was traded higher while currently testing the resistance level at 0.9225. However, MACD which illustrated diminishing bullish momentum suggest the index to be traded lower in short-term as technical correction.

Resistance level: 0.9225, 0.9305

Support level: 0.9155, 0.9075

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, 77.55

GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1870.40. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1870.40, 1887.00

Support level: 1852.00, 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.

12 November 2021                            Afternoon Session Analysis

USD/JPY surged amid risk off sentiment.

The Japanese Yen which traded against the US dollar and other currency pairs have fell following risk-off sentiment and firmer US dollar. The recent release of better-than-expected US Core Consumer Price Index suggested a soaring inflation pressure while spurring market speculation that Fed will increase its lending rate earlier than expected. On the other hand, according to Bank of Japan (BoJ), Japan Producer Price Index (PPI) came at the reading of 1.2%, while exceeding the forecasted reading of 0.4%. The data suggested a rising cost of input prices, coupled with weaker purchasing power of Japanese Yen that inflated the price of imported goods, have hampered the overall economic growth in the region. Moreover, Japanese Yen also extend its losses following dovish stances from Bank of Japan (BoJ). According to Reuters, BoJ Governor Haruhiko Kuroda mentioned that the central bank set to keep its accommodative monetary policy unchanged until the inflation to hit the elusive 2% target. The accommodative monetary policy would increase the money circulation of Japanese Yen in the financial market hence boosted the pair of USD/JPY. As of writing, the pair of USD/JPY surged 0.27% to 114.055.

In the commodities market, the crude oil price was down 0.06% to $81.45 per barrel as of writing amid weaker demand outlook of oil. According to the report, OPEC cut its oil demand forecast in the fourth quarter of year 2021 as it expected that the soaring inflation pressure could slow down the economy recovery in large oil importer countries such as China and India. On the other hand, the gold price surged 0.11% to $1862.15 per troy ounces amid rising inflation risk which boosted the demand for the commodity as an inflation hedge.

Today’s Holiday Market Close

Time                       Market                  Event

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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 the resistance level 95.20. However, MACD which illustrate diminishing bullish momentum signal suggest the dollar to be traded lower as a technical correction towards the support level 94.45.

Resistance level: 95.20, 95.75

Support level: 94.45, 93.85

GBPUSD, H4: GBPUSD was traded lower following prior breakout below the previous support level 1.3425. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to experience a technical correction in short term back towards the level 1.3425.

Resistance level: 1.3425, 1.3545

Support level: 1.3300, 1.3160

EURUSD, H4: EURUSD was traded lower following prior breakout below the previous support level 1.1455. MACD which illustrate persistent bearish momentum signal suggest the pair to extend its losses towards the support level 1.1355.

Resistance level: 1.1455, 1.1535

Support level: 1.1355, 1.1200

USDJPY, H4: USDJPY remain traded in a sideway channel. However, MACD which illustrate bullish 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 prior breakout below the previous support level 0.7320. MACD which illustrate ongoing bearish momentum signal suggest the pair to extend its losses towards the support level 0.7220.

Resistance level: 0.7320, 0.7385

Support level: 0.7220, 0.7105

NZDUSD, H4: NZDUSD was traded lower while currently testing the support level 0.6985. MACD which illustrate persistent bearish momentum signal suggest the pair to extend its losses after it breaks below the support level.

Resistance level: 0.7075, 0.7145

Support level: 0.6985, 0.6910

USDCAD, H4: USDCAD was traded higher while currently testing near 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.

Resistance level: 1.2620, 1.2765

Support level: 1.2515, 1.2410

USDCHF, H4: USDCHF was traded higher following prior breakout above the previous resistance level 0.9205. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its gains towards the resistance level 0.9295.

Resistance level: 0.9295, 0.9370

Support level: 0.9205, 0.9145

CrudeOIL, H4: Crude oil price was traded flat while currently testing the support level 81.10. However, MACD which illustrate diminishing bearish momentum signal suggest the commodity to be traded higher towards the resistance level 84.75.

Resistance level: 84.75, 88.40

Support level: 81.30, 78.80

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

Resistance level: 1867.50, 1898.40

Support level: 1831.50, 1805.60

12 November 2021                           Morning Session Analysis

Pound slumped amid downbeat data.

The Pound Sterling slumped on yesterday over the backdrop of a string of downbeat economic data. According to Office for National Statistics, U.K. Gross Domestic Product (GDP) for last quarter had slumped significantly from the previous reading of 5.5% to 1.3%, missing the market forecast at 1.5%. Meanwhile, U.K. Manufacturing Production for last month declined from the preliminary reading of 0.3% to 0.1%, which also fared worse-than-expectation at 0.2%. Staff shortages, supply constraints as well as poorer trade performance influenced by more expensive imports of oil had continued to weigh down the trade performance for the United Kingdom. According to theGuardian, the ONS figures indicate that the Britain’s economic recovery to have been slower than the other developed nations, with the U.S. 1.4% above its pre-pandemic peak. Economists expected that despite the economic growth had picked up in September, the U.K. economy is now still below the pre-pandemic level. As of writing, GBP/USD depreciated by 0.03% to 1.3365.

In the commodities market, the crude oil price depreciated by 0.05% to $81.55 per barrel as of writing. The oil market edged lower following the OPEC+ alliances trimmed its forecast for the year’s demand growth by 160,000 bpd to 5.65 million bpd. On the other hand, the gold price extends its gains by 0.04% to $1861.50 per troy ounces as of writing amid high stagflation risk in future continue to increase the appeal for the safe-haven gold.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

18:00                     EUR                                        ECB Forecast

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher following prior breakout above the previous resistance level at 94.50. However, MACD which illustrated diminishing bullish momentum suggest the index to be traded lower in short-term as technical correction.

Resistance level: 95.15, 95.90

Support level: 94.50, 93.80

GBPUSD, H4: GBPUSD was traded lower following prior breakout below the previous support level at 1.3425. However, MACD which illustrated diminishing bearish momentum suggest the index to be traded higher in short-term as technical correction.

Resistance level: 1.3425, 1.3615

Support level: 1.3305, 1.3175

EURUSD, Daily: EURUSD was traded lower following prior breakout below the previous support level at 1.1530. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.1370.

Resistance level: 1.1530, 1.1680

Support level: 1.1370, 1.1175

USDJPY, H4: USDJPY was traded higher following prior breakout above the previous resistance level at 113.30. However, MACD which illustrated diminishing bullish momentum suggest the index to be traded lower in short-term as technical correction.

Resistance level: 114.55, 115.40

Support level: 113.30, 112.05

AUDUSD, Daily: 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: 0.7395, 0.7530

Support level: 0.7290, 0.72180

NZDUSD, H4: NZDUSD was traded lower following prior breakout below the previous support level at 0.7055. However, MACD which illustrated diminishing bearish momentum suggest the index to be traded higher in short-term as technical correction.

Resistance level: 0.7055, 0.7110

Support level: 0.6995, 0.6960

USDCAD, H4: USDCAD was traded higher following prior breakout above the previous resistance level at 1.2525. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.2635.

Resistance level: 1.2635, 1.2705

Support level: 1.2525, 1.2465

USDCHF, H4: USDCHF was traded higher while currently testing the resistance level at 0.9225. However, MACD which illustrated diminishing bullish momentum suggest the index to be traded lower in short-term as technical correction.

Resistance level: 0.9225, 0.9305

Support level: 0.9155, 0.9075

CrudeOIL, H4: Crude oil price was traded lower while currently testing the support level at 81.10. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.

Resistance level: 83.30, 85.85

Support level: 81.10, 79.15

GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1870.00 However, MACD which illustrated diminishing bullish momentum suggest the index to be traded lower in short-term as technical correction.

Resistance level: 1870, 1887.00

Support level: 1852.00, 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.

11 November 2021                            Afternoon Session Analysis

Australian dollar dipped due to weak employment data.

The Australian dollar was traded lower against the dollar and other currency pairs over the backdrop of downbeat economic data. According to Australian Bureau of Statistic, Australia Employment Change in October came at the reading of -46.3K, lower than the forecasted reading of 50.0K. In addition, Australia Unemployment Rate in October came at the reading of 5.2%, worse than the forecasted reading of 4.8%. Both employment data indicated a plagued labor market in Australia which has dampened the consumer spending in the region. Likewise, the softer Australia employment data has diminished possibility for an early rate hike from Reserve Bank of Australia (RBA). Furthermore, the pair also extend its losses amid worries over spiking inflation. The release of better-than-expected US Core Consumer Price Index suggested a soaring inflation pressure which improving market speculation that Fed will initiate its lending rate earlier than expected. As of writing, the pair of AUD/USD slumped 0.27% to 0.7305.

In the commodities market, the crude oil price was down 0.06% to $81.45 per barrel as of writing amid intervention of US government to curb the spiking oil price. According to Reuters, the White House has tiptoed around the possibility of releasing oil from the US Strategic Petroleum Reserve (SPR) amid concern over recent soaring gasoline prices. On the other hand, the gold price surged 0.11% to $1850.37 per troy ounces amid risk off sentiment.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

18:00                     EUR                       ECB Forecast

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher following prior breakout above the resistance level 95.20. MACD which illustrate bullish momentum signal suggest the dollar to extend its gains towards the resistance level 95.20.

Resistance level: 95.20, 95.75

Support level: 94.45, 93.85

GBPUSD, H4: GBPUSD was traded lower following prior breakout below the previous support level 1.3425. MACD which illustrate bearish bias signal with the formation of death cross suggest the pair to extend its losses towards the support level 1.3300.

Resistance level: 1.3650, 1.3735

Support level: 1.3545, 1.3420

EURUSD, H4: EURUSD was traded lower while currently testing near the support level 1.1455. MACD which illustrate persistent bearish momentum signal suggest the pair to extend its losses after it breaks below the support level.

Resistance level: 1.1535, 1.1615

Support level: 1.1455, 1.1355

USDJPY, H4: USDJPY remain traded in a sideway channel. MACD. However, MACD which illustrate bullish 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 prior breakout below the previous support level 0.7320. MACD which illustrate ongoing bearish momentum signal suggest the pair to extend its losses towards the support level 0.7220.

Resistance level: 0.7320, 0.7385

Support level: 0.7220, 0.7105

NZDUSD, H4: NZDUSD was traded lower following prior breakout below the previous support level 0.7075. MACD which illustrate ongoing bearish momentum signal suggest the pair to extend its losses towards the support level 0.6985.

Resistance level: 0.7075, 0.7145

Support level: 0.6985, 0.6910

USDCAD, H4: USDCAD was traded higher while currently testing the resistance level 1.2515. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to extend its gains after it breaks above the resistance level.

Resistance level: 1.2515, 1.2620

Support level: 1.2410, 1.2295

USDCHF, H4: USDCHF was traded higher following prior breakout above the previous resistance level 0.9145. MACD which illustrate bullish momentum signal suggest the pair to extend its gains towards the resistance level 0.9215.

Resistance level: 0.9215, 0.9295

Support level: 0.9145, 0.9085

CrudeOIL, H4: Crude oil price was traded lower while currently testing the support level 81.30. MACD which illustrate bearish momentum signal with the formation of death cross suggest the commodity to extend its losses after it breaks below the support level.

Resistance level: 84.75, 88.40

Support level: 81.30, 78.80

GOLD_, H4: Gold price was traded higher while currently testing the resistance level 1857.75. MACD which illustrate bullish momentum signal suggest the commodity to extend its gains after it breaks above the resistance level.

Resistance level: 1857.75, 1875.65

Support level: 1831.50, 1805.60

11 November 2021                           Morning Session Analysis

Dollar surged amid rate hike speculation.

The Dollar Index which traded against a basket of six major currency pairs surged significantly following the U.S. Consumer Prices Index increased to their highest rate since 1990, insinuating hopes for the Federal Reserve to increase the interest rate sooner than expected. According to Bureau of Labor Statistics, U.S. Core Consumer Price Index (CPI) notched up significantly from the previous reading of 0.2% to 0.6%, exceeding the market forecast at 0.4%. Despite the Federal Reserve last week restated its belief that the current inflation hike would only be transitory, many investors fear that underestimating price increases could prove to be a costly policy mistake. Contractionary monetary policy as well as rising interest rate would decrease the money circulation in the financial market, which increasing the appeal for the US Dollar. Nonetheless, the gains experienced by the US Dollar was limited by the bearish job data. Department of Labor reported that the U.S. Initial Jobless Claims came in at 267K, missing the market forecast at 265K. As of writing, the Dollar Index appreciated by 1.01% to 94.90.

In the commodities market, the crude oil price depreciated by 3.87% to 81.50 per barrel as of writing amid technical correction following it reached the recent high. Nonetheless, the losses experienced by the crude oil was limited over the backdrop of bullish inventory data. U.S. Crude Oil Inventories came in at 1.001M, lower than the market forecast at 2.125M, according to Energy Information Administration (EIA). On the other hand, the gold price surged 1.05% to $1851.10 per troy ounces as of writing amid high inflation risk in future continue to increase the appeal for the safe-haven gold.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

18:00                     EUR                                        ECB Forecast

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher following prior breakout above the previous resistance level at 94.50. MACD which illustrated increasing bullish momentum suggest the index to extend its gains toward resistance level at 95.15.

Resistance level: 95.15, 95.60

Support level: 94.50, 93.80

GBPUSD, H4: GBPUSD was traded lower while currently testing the support level at 1.3405. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.3615, 1.3815

Support level: 1.3405, 1.3305

EURUSD, H4: EURUSD was traded lower following prior breakout below the previous support level at 1.1530. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.1370.

Resistance level: 1.1530, 1.1680

Support level: 1.1370, 1.1220

USDJPY, H4: USDJPY was traded higher following prior breakout above the previous resistance level at 113.40. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 114.55.

Resistance level: 114.55, 115.40

Support level: 113.40, 112.80

AUDUSD, H4: AUDUSD was traded lower while currently testing the support level at 0.7305. 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: 0.7305, 0.7220

NZDUSD, H4: NZDUSD was traded lower while currently testing the support level at 0.7055. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.7110, 0.7165

Support level: 0.7055, 0.6995

USDCAD, H4: USDCAD was traded higher following prior breakout above the previous resistance level at 1.2465. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.2525.

Resistance level: 1.2525, 1.2590

Support level: 1.2465, 1.2400

USDCHF, H4: USDCHF was traded higher following prior breakout above the previous resistance level at 0.9155. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.9225.

Resistance level: 0.9225, 0.9305

Support level: 0.9155, 0.9075

CrudeOIL, H4: Crude oil price was traded lower while currently testing the support level at 81.25. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses after it successfully breakout below the support level.

Resistance level: 83.30, 85.85

Support level: 81.25, 79.15

GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1855.00. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1855.00, 1870.40

Support level: 1830.65, 1809.10

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.

10 November 2021                            Afternoon Session Analysis

Euro flattens amid mixed economic data.

The Euro was traded flat over the backdrop of mixed economic data. According to Zentrum für Europäische Wirtschaftsforschung, Germany ZEW Economic Sentiment figures in November has ticked from previous reading of 22.3 to 31.7, while exceeding forecasted reading of 20.0. The data suggested that financial market analysts in Eurozone were optimism that the inflation pressure to be eased off over the next six months. However, Germany ZEW Current Conditions data in November came at the reading of 12.5, worse than the forecasted reading of 18.0. According to ZEW president Achim Wambach, experts were expecting the current supply bottlenecks as well as high inflation pressure will pose negative impact on the economic development in the current quarter. However, he also added that the experts expect that Eurozone economy will rebound once inflation depreciate during the first quarter of 2022. As of writing, the pair of EUR/USD was traded flat at around 1.1585.

In the commodities market, the crude oil price was up 0.04% to $84.34 per barrel as of writing amid positive oil demand outlook. According to chief executive of Saudi Aramco, he expected the oil demand might be returned back to pre-pandemic level since many countries are gradually lifting off their travel restriction. He warned that the level of spare oil production capacity to be narrower next year which could result in soaring fuel prices. On the other hand, the gold price surged 0.29% to $1827.35 per troy ounces amid weakening 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 lower while currently testing near the support level 93.85. However, MACD which illustrate diminishing bearish momentum signal suggest the dollar to experience a technical correction towards the resistance level 94.45.

Resistance level: 94.45, 95.20

Support level: 93.85, 93.35

GBPUSD, H4: GBPUSD was traded flat while currently testing the support level 1.3545. However, MACD which illustrate diminishing bullish momentum signal suggest pair to be traded lower after it breaks below the support level.

Resistance level: 1.3650, 1.3735

Support level: 1.3545, 1.3420

EURUSD, H4: EURUSD remain traded in a sideway channel. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to be traded lower in short term towards the support level 1.1535.

Resistance level: 1.1615, 1.1685

Support level: 1.1535, 1.1455

USDJPY, H4: USDJPY was traded flat while currently testing near the resistance level 113.20. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to be traded higher after it breaks above the resistance level.

Resistance level: 113.20, 114.60

Support level: 112.00, 110.85

AUDUSD, H4: AUDUSD was traded lower following prior breakout below the previous support level 0.7385. MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to extend its losses towards the support level 0.7310.

Resistance level: 0.7385, 0.7455

Support level: 0.7310, 0.7200

NZDUSD, H4: NZDUSD was traded lower following recent retracement from the resistance level 0.7145. MACD which illustrate bearish bias signal with the formation of death cross suggest the pair to extend its losses towards the support level 0.7080.

Resistance level: 0.7145, 0.7230

Support level: 0.7080, 0.6990

USDCAD, H4: USDCAD remain traded flat in a sideway channel while currently testing near the support level 1.2410. However, MACD which illustrate bearish momentum signal suggest the pair to be traded lower after it breaks below the support level.

Resistance level: 1.2500, 1.2620

Support level: 1.2410, 1.2295

USDCHF, H4: USDCHF was traded lower following prior retracement from the resistance level 0.9145. MACD which illustrate bearish momentum signal suggest the pair to extend its losses towards the support level 0.9060.

Resistance level: 0.9145, 0.9215

Support level: 0.9060, 0.8990

CrudeOIL, H4: Crude oil price traded higher while currently testing the resistance level 84.75. MACD which illustrate ongoing bullish momentum signal suggest the commodity to extend its gains after it breaks above the resistance level 84.75.

Resistance level: 84.75, 88.40

Support level: 81.65, 79.10

GOLD_, H4: Gold price was traded higher while currently testing the resistance level 1831.50. However, MACD which illustrate diminishing bullish momentum signal suggest the commodity to experience a technical correction towards the support level 1805.60.

Resistance level: 1831.50, 1857.75

Support level: 1805.60, 1779.00

10 November 2021                           Morning Session Analysis

Dollar slumped amid falling US Treasury yield.

The Dollar Index which traded against a basket of six major currency pairs extend its losses over the backdrop of dropping U.S Treasury yields pullback on yesterday following the producer price inflation data was released. According to U.S. Bureau of Labor Statistics, the U.S. Producer Price Index (PPI) rose by 0.6% from September, align with the market expectation. Economists predicted that such inflation rate would consider to be acceptable in short-term basis, while lowering the probability for the Federal Reserve to increase interest rate in order to combat high inflation risk. Though, Fed Vice Chairman Richard Clarida claimed on Monday that the central bank would continue to focus on the inflation, employment, and gross domestic product to determine the monetary policy in future. Nonetheless, the overall movement for the US Dollar remained subdued as investors were holding back on big moves ahead of consumer price index data which would be released today. Economists predicted that the monthly CPI data would increase to 0.4% from the previous month’s 0.2% rise, well above the Fed’s average annual 2% target. As of writing, the Dollar Index depreciated by 0.08% to 93.95.

In the commodities market, the crude oil price appreciated by 0.05% to $84.75 per barrel as of writing. The oil market surged over the backdrop of bullish inventory data. According to American Petroleum Institute (API), U.S. API Weekly Crude Oil Stock came in at -2.485M, lower than the market expectation at 1.900M. On the other hand, the gold price surged 0.05% to $1831.95 per troy ounces as of writing amid weakening 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 lower while currently testing the support level at 93.75. However, MACD which illustrated diminishing bearish momentum suggest the index to be traded higher in short-term as technical correction.

Resistance level: 94.40, 94.75

Support level: 93.75, 93.30

GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level at 1.3565. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 1.3565, 1.3640

Support level: 1.3435, 1.3305

EURUSD, H4: EURUSD was traded higher following prior breakout above the previous resistance level at 1.1575. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 1.1630, 1.1675

Support level: 1.1575, 1.1525

USDJPY, H4: USDJPY was traded lower following prior breakout below the previous support level at 113.35. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 113.35, 114.50

Support level: 112.40, 111.60

AUDUSD, H4: AUDUSD was traded lower while currently testing the support level at 0.7375. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.7455, 0.7545

Support level: 0.7375, 0.7300

NZDUSD, H4: NZDUSD was traded lower while currently testing the support level at 0.7105. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.7210, 0.7275

Support level: 0.7105, 0.7030

USDCAD, H4: USDCAD was traded higher while currently testing the resistance level at 1.2460. However, MACD which illustrated increasing bearish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 1.2460, 1.2580

Support level: 1.2310, 1.2170

USDCHF, Daily: USDCHF was traded lower while currently testing the support level at 0.9100. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 0.9215, 0.9305

Support level: 0.9100, 0.9020

CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level at 84.50. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.

Resistance level: 84.50, 87.90

Support level: 81.30, 79.00

GOLD_, Daily: Gold price was traded higher while currently testing the resistance level at 1830.70. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1830.70, 1907.90

Support level: 1725.25, 1726.10

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.

9 November 2021                              Afternoon Session Analysis

Risk off sentiment keeps Australian dollar down.

The Australian dollar was traded lower against US dollar and other currency pairs amid risk off sentiment. According to Reuters, China Evergrande’s subsidiary company, Scenery Journey was reported failing to repay a semi-annual coupon payments which due on last Saturday amounted $82.49 million. Moreover, China Evergrande is facing another upcoming coupon payment which is about to expire on this Wednesday as the payment had been due in October. The concern of spillover risk over financial market continued to hamper market optimism hence prompted investors to shift their portfolio into safe haven assets. Nonetheless, the bearish momentum of AUD/USD was limited following growing China industrial activities. Industrial activities in China received its recovery momentum under heavy China government intervention to as some supply constraints have started to ease in recent weeks. The expansion of China industrial sectors were expected to boost the demand of raw material supply from Australia. As of writing, the pair of AUD/USD slumped 0.42% to 0.7395.

In the commodities market, the crude oil price was up 0.55% to $81.82 per barrel as of writing amid limited oil supply. Despite OPEC made its decision to increase its oil supply, but some of its members unable to increase their oil output as planned due to infrastructure and limited capacity. It could result in potential global oil shortage hence pushed the oil price to be higher. On the other hand, the gold price surged 0.09% to $1822.00 per troy ounces amid weakening 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 lower while currently testing near the support level 93.85. MACD which illustrate ongoing bearish momentum signal suggest the dollar to extend its losses after it breaks below the support level.

Resistance level: 94.45, 95.20

Support level: 93.85, 93.35

GBPUSD, H4: GBPUSD was traded higher following recent breakout above the previous resistance level 1.3545. MACD which illustrate bullish bias signal with the formation of golden cross suggest the pair to extend its gains towards the resistance level 1.3650.

Resistance level: 1.3650, 1.3735

Support level: 1.3545, 1.3420

EURUSD, H4: EURUSD was traded higher following recent rebound from the support level 1.1535. MACD which illustrate bullish momentum signal suggest the pair to extend its rebound towards the resistance level 1.1615.

Resistance level: 1.1615, 1.1685

Support level: 1.1535, 1.1455

USDJPY, H4: USDJPY was traded lower following prior breakout below the previous support level 113.20. MACD which illustrate ongoing bearish momentum signal suggest the pair to extend its losses towards the support level 112.00.

Resistance level: 114.20, 114.60

Support level: 112.00, 110.85

AUDUSD, H4: AUDUSD was traded lower while currently testing near the support level 0.7385. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses after it breaks below the support level.

Resistance level: 0.7455, 0.7550

Support level: 0.7385, 0.7310

NZDUSD, H4: NZDUSD was traded flat while currently testing the support level 0.7145. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to be traded lower after it breaks below the support level.

Resistance level: 0.7230, 0.7300

Support level: 0.7145, 0.7080

USDCAD, H4: USDCAD was traded flat in a sideway channel. However, MACD which illustrate bearish momentum signal suggest the pair to be traded lower in short term towards the support level 1.2410.

Resistance level: 1.2500, 1.2620

Support level: 1.2410, 1.2295

USDCHF, H4: USDCHF was traded lower following prior retracement from the resistance level 0.9145. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its retracement towards the support level 0.9060.

Resistance level: 0.9145, 0.9215

Support level: 0.9060, 0.8990

CrudeOIL, H4: Crude oil price was traded flat while currently testing the support level 81.65. However, MACD which illustrate diminishing bullish momentum signal suggest the commodity to be traded lower after it breaks below the support level.

Resistance level: 84.75, 88.40

Support level: 81.65, 79.10

GOLD_, H4: Gold price was traded higher while currently testing near the resistance level 1831.50. However, MACD which illustrate diminishing bullish momentum signal suggest the commodity to experience a technical correction towards the support level 1805.60.

Resistance level: 1831.50, 1857.75

Support level: 1805.60, 1779.00

09 November 2021                           Morning Session Analysis

NZD surged amid hopes for border reopening.

The New Zealand Dollar surged over the backdrop of positive prospect for the economic momentum in New Zealand following Prime Minister Jacinda Ardern eased the Covid-19 restrictions on yesterday. According to Reuters, she announced that the Aucklanders will shift to step two of level 3, allowing retail and some public spaces including libraries to reopen and outdoor gatherings to increase to 25 people. Beyond this week’s minor relaxations, the cabinet will consider to reopen the border on 29^th November from the current system of lockdowns to a vaccine certificate system. As on Monday, 89% of people are currently at least partially vaccinated, and 78% are double-dosed with the Pfizer vaccine. Meanwhile, Auckland is at 92% partially vaccinated, and 83% double-dosed. Nonetheless, as for now investors would continue to scrutinize the latest updates with regards of Covid-19 updates to gauge the likelihood movement for the New Zealand Dollar. As of writing, NZD/USD appreciated by 0.03% to 0.7165.

In the commodities market, the crude oil price surged 0.12% to 82.35 per barrel as of writing amid positive outlook of Covid-19 vaccination program had insinuated hopes for reopening borders around the world, which increasing the appeal for this black-commodity. On the other hand, the gold price appreciated by 0.03% to $1824.70 per troy ounces as of writing amid high inflation risk in future had prompted market participants to shift their portfolio to safe-haven gold in order to hedge against the inflation risk.

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 following prior retracement from the resistance level at 94.50. MACD which illustrated increasing bearish momentum suggest the index to extend its losses toward support level at 93.80.

Resistance level: 94.50, 95.15

Support level: 93.80, 93.25

GBPUSD, H4: GBPUSD was traded higher following prior rebound from the support level at 1.3425. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.3615.

Resistance level: 1.3615, 1.3815

Support level: 1.3425, 1.3305

EURUSD, Daily: EURUSD was traded lower while currently testing the support level at 1.1530. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.1680, 1.1875

Support level: 1.1530, 1.1370

USDJPY, H4: USDJPY was traded lower while currently testing the support level at 113.35. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 114.55, 115.40

Support level: 113.15, 112.05

AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level at 0.7435. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 0.7435, 0.7530

Support level: 0.7380, 0.7305

NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level at 0.7165. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 0.7165, 0.7210

Support level: 0.7110, 0.7055

USDCAD, H4: USDCAD was traded higher while currently near the resistance level at 1.2465. However, MACD which illustrated increasing bearish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 1.2465, 1.2525

Support level: 1.2400, 1.2335

USDCHF, H4: USDCHF was traded lower following prior retracement from the resistance level at 0.9155. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 0.9075.

Resistance level: 0.9155, 0.9225

Support level: 0.9075, 0.9005

CrudeOIL, H4: Crude oil price was traded higher following prior breakout above the previous resistance level at 81.50. However, MACD which illustrated diminishing bullish momentum suggest the commodity be traded lower in short-term as technical correction.

Resistance level: 83.30, 85.85

Support level: 81.50, 79.15

GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1830.65. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.

Resistance level: 1830.65, 1855.00

Support level: 1809.10, 1792.45

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.

8 November 2021                              Afternoon Session Analysis

Pound remains weak amid Brexit risk.

The pound sterling which traded against the dollar and other currency pairs have fell amid increasing risk of Brexit between U.K and E.U. According to the latest development, the UK government is ready to trigger article 16 in the Brexit agreement after recent negotiations on the Northern Ireland Protocol failed to achieve any positive progress. Irish Foreign Minister Simon Coveney commented that the triggering of article 16 will further worsen the relationship between the UK and the EU is likely to lead to trade war. He stated that the EU will respond in a very serious way and that Ireland needs to prepare a contingency plan in order they can reduce the risk to the economy if the article 16 is triggered in the future. Economist stressed that such action would bring higher economic risks to the UK given their economy depends on the EU. With the potential collapse of U.K – EU trade deal, the pound sterling continue to suffer losses. At the time of writing, GBP/USD fell 0.13% to $1.3474.

In the commodities market, crude oil price rose 1.29% to $82.49 per barrel as of writing following Aramco raising its selling price on its oil. According to reports, Aramco have raised its December official selling price to Asia for its Arab light crude oil. The move by Aramco suggests that “the demand for crude oil remains strong”. On the other hand, gold price rose 0.01% to $1817.81 a troy ounce at the time of writing amid dollar weakness.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

N/A

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from the resistance level at 94.50. MACD which illustrated increasing bearish momentum suggest the index to extend its losses toward support level at 93.80.

Resistance level: 94.50, 95.15

Support level: 93.80, 93.25

GBPUSD, H4: GBPUSD was traded lower following prior breakout below the previous support level at 1.3615. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.3615, 1.3815

Support level: 1.3425, 1.3305

EURUSD, Daily: EURUSD was traded lower while currently testing the support level at 1.1530. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses after it successfully breakout below the support level.

Resistance level: 1.1680, 1.1875

Support level: 1.1530, 1.1370

USDJPY, H4: USDJPY was traded lower while currently testing the support level at 113.35. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 114.55, 115.40

Support level: 113.35, 112.05

AUDUSD, H4: AUDUSD was traded lower while currently testing the support level at 0.7380. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 0.7435, 0.7530

Support level: 0.7380, 0.7305

NZDUSD, H4: NZDUSD was traded lower while currently testing the support level at 0.7110. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 0.7155, 0.7240

Support level: 0.7110, 0.7015

USDCAD, H4: USDCAD was traded higher while currently near the resistance level at 1.2465. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 1.2465, 1.2525

Support level: 1.2400, 1.2335

USDCHF, H4: USDCHF was traded lower following prior retracement from the resistance level at 0.9155. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 0.9075.

Resistance level: 0.9155, 0.9225

Support level: 0.9075, 0.9005

CrudeOIL, H4: Crude oil price was traded higher following prior breakout above the previous resistance level at 81.50. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains toward resistance level at 83.30.

Resistance level: 83.30, 85.85

Support level: 81.50, 79.15

GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1819.75. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1819.75, 1830.60

Support level: 1807.50, 1796.95

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.

08 November 2021                           Morning Session Analysis

Dollar jumped amid inflation fears persisted.

The Dollar Index which traded against a basket of six major currency pairs retrace from its highest level in more than a year despite bullish economic data amid market participants remained concerns over the inflation risk in future, which diminishing the appeal for the US Dollar. In earlier, the Federal Reserve had announced to taper the bond buying program later this month, but it stuck to its long-held view that the surge in inflation is only transitory while maintaining their interest rate at nearly 0%. On the economic data front, most of the crucial economic data from US last week had fared better-than-expectation, which limiting the losses experienced by the US Dollar. According to Bureau of Labor Statistics, U.S. Nonfarm Payrolls notched up significantly from the previous reading of 312K to 531K, exceeding the market forecast at 450K. Meanwhile, U.S. Unemployment rate came in at 4.6%, which also better than the market expectation at 4.7%. As of writing, the Dollar Index depreciated by 0.09% to 94.25.

In the commodities market, the crude oil price surged 0.44% to $81.85 per barrel as of writing. The oil market edged higher amid positive prospect for the Covid-19 vaccination program as well as global economic recovery process had continued to increase the appeal for this black-commodity. On the other hand, the gold price surged 0.05% to $1,817.00 per troy ounces as of writing amid weakening US Dollar.

Today’s Holiday Market Close

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Today’s Highlight Economic Data

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Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from the resistance level at 94.50. MACD which illustrated increasing bearish momentum suggest the index to extend its losses toward support level at 93.80.

Resistance level: 94.50, 95.15

Support level: 93.80, 93.25

GBPUSD, H4: GBPUSD was traded lower following prior breakout below the previous support level at 1.3615. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.3615, 1.3815

Support level: 1.3425, 1.3305

EURUSD, Daily: EURUSD was traded lower while currently testing the support level at 1.1530. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.1680, 1.1875

Support level: 1.1530, 1.1370

USDJPY, H4: USDJPY was traded lower while currently testing the support level at 113.35. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 114.55, 115.40

Support level: 113.35, 112.05

AUDUSD, H4: AUDUSD was traded lower while currently testing the support level at 0.7380. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 0.7435, 0.7530

Support level: 0.7380, 0.7305

NZDUSD, H4: NZDUSD was traded lower while currently testing the support level at 0.7110. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 0.7155, 0.7240

Support level: 0.7110, 0.7015

USDCAD, H4: USDCAD was traded higher while currently near the resistance level at 1.2460. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 1.2460, 1.2525

Support level: 1.2400, 1.2335

USDCHF, H4: USDCHF was traded lower following prior retracement from the resistance level at 0.9155. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 0.9075.

Resistance level: 0.9155, 0.9225

Support level: 0.9075, 0.9005

CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level at 81.50. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.

Resistance level: 81.50, 83.30

Support level: 79.15, 76.10

GOLD_, H1: Gold price was traded higher while currently testing the resistance level at 1816.85. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1816.85, 1829.00

Support level: 1807.50, 1796.95

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.

5 November 2021                              Afternoon Session Analysis

BoE’s dovish stances pushes pound sterling lower.

The Pound Sterling was traded lower against US dollar amid dovish stances from Bank of England (BoE). Bank of England (BoE) has made its decision by maintaining the interest rate at 0%, while keeping its bond buying programme amounted at 895 billion pounds. Yesterday’s interest rate announcement from BoE has faded hopes of investors whom placed their bet on the central bank to be one of the world’s central bank for hiking lending rates. BoE’s policymakers added that they worry about the fall of UK inflation well below of their 2% target in 2023 and 2024 due to projection of drop-off in energy prices in the second half of 2022. In addition, Bank of England also concerned about the post-Covid wage growth in the region. According to BoE Governor Andrew Bailey, he would like to find more clue from future labour market data due to the recent abolishment of furlough scheme prior. As of writing, the pair of GBP/USD slumped 0.02% to 1.3499.

In the commodities market, crude oil price was up 0.37% to $79.67 per barrel as of writing amid positive oil demand outlook. Oil prices rebounded as the OPEC and its members agreed to stick to their plan to raise their oil output by 400,000 barrels per day (bpd) from December, while ignoring request from US for extra output to cool rising prices. On the other hand, the gold price surged 0.07% to $1792.84 per troy ounces amid risk off sentiment.

Today’s Holiday Market Close

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Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher while currently testing near the resistance level 94.45. However, MACD which illustrate diminishing bullish momentum signal suggest the dollar to experience a technical correction in short term towards the support level 93.85.

Resistance level: 94.45, 95.20

Support level: 93.85, 93.35

GBPUSD, H4: GBPUSD was traded lower following prior breakout below the previous support level 1.3545. MACD which illustrate ongoing bearish momentum signal suggest the pair to extend its losses towards the support level 1.3420.

Resistance level: 1.3545, 1.3650

Support level: 1.3420, 1.3300

EURUSD, H4: EURUSD was traded lower while currently testing near the support level 1.1535. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to experience a technical correction towards the resistance level 1.1615.

Resistance level: 1.1615, 1.1680

Support level: 1.1535, 1.1455

USDJPY, H4: USDJPY remain traded in a sideway channel. However, MACD which illustrate bearish bias signal 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 0.7385. MACD which illustrate persistent bearish momentum signal suggest the pair to extend its losses after it breaks below the support level 0.7385.

Resistance level: 0.7455, 0.7550

Support level: 0.7385, 0.7310

NZDUSD, H4: NZDUSD was traded lower while currently testing the support level 0.7080. MACD which illustrate bearish bias signal suggest the pair to extend its losses after it breaks below the support level.

Resistance level: 0.7155, 0.7230

Support level: 0.7080, 0.6990

USDCAD, H4: USDCAD was traded higher following recent breakout above the previous resistance level 1.2410. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to experience a short term technical correction back towards the level 1.2410.

Resistance level: 1.2410, 1.2500

Support level: 1.2295, 1.2200

USDCHF, H4: USDCHF was traded flat near the resistance level 0.9145. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to be traded lower towards the support level 0.9060.

Resistance level: 0.9145, 0.9215

Support level: 0.9060, 0.8990

CrudeOIL, H4: Crude oil price was traded lower while currently testing the support level 79.10. However, MACD which illustrate diminishing bearish momentum signal suggest the commodity to experience a technical correction towards the resistance level 81.65.

Resistance level: 81.65, 84.75

Support level: 79.10, 75.85

GOLD_, H4: Gold price was traded higher following prior breakout above the previous resistance level 1779.00. MACD which illustrate persistent bullish momentum signal suggest the commodity to extend its gains towards the resistance level 1808.30.

Resistance level: 1808.30, 1831.50

Support level: 1779.95, 1748.55