051121 DOLLAR_INDX-Noon
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
051121 Morning Session Aanlysis
05 November 2021 Morning Session Analysis
Dollar surged following Fed confirms beginning of contractionary monetary policy.
The Dollar Index which traded against a basket of six major currency pairs surged following the Federal Reserve claimed that they would begin scaling back tis massive $120 billion monthly bond-buying program this month in order to contend the surging inflation rate. Soaring consumer demand in United States has collided with supply chain disruptions, prompting the prices to jump significantly in some sectors for longer than central bank had anticipated. Against the backdrop of robust recovery, the Monetary Policy Committee (MPC) pledged to reduce its purchases of Treasury securities by $10 billion a month while reduce the purchases of agency mortgage-back securities by $5 billion a month. Bond tapering program would likely to reduce the money circulation in the global financial market, which spurring bullish momentum on the US Dollar. Nonetheless, the gains experienced by the US Dollar was limited over the backdrop of dovish tone from Chair of the Federal Reserve of the United States Jerome Powell. He claimed that the upward pressure on price is “expected to be transitory”, while maintaining the US interest rate at nearly 0% rate in order to maintain the economic stability. As of writing, the Dollar Index appreciated by 0.50% to 94.35.
In the commodities market, the crude oil price slumped 0.05% to $80.00 per barrel as of writing. The oil market edged lower following the OPEC and its allies decided to increase the oil output by 400,000 barrels per day from December. On the other hand, the gold price appreciated by 0.05% to $1792.25 per troy ounces as of writing amid market participants remained the fears toward the stagflation risk in future, which prompting them to shift their portfolio toward the safe-haven gold.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
11:30 AUD RBA Rate Statement
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 17:30 | USD – Nonfarm Payrolls (Oct) | 194k | 450K | – |
| 17:30 | USD – Unemployment Rate (Oct) | 4.7% | 4.8% | – |
| 20:15 | CAD – Employment Change (Oct) | 157.1K | 50.0k | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher while currently testing the resistance level at 94.50. MACD which illustrated increasing bullish momentum suggest the index to extend its gains after it successfully breakout above the resistance level.
Resistance level: 94.50, 95.15
Support level: 93.80, 93.25
GBPUSD, Daily: GBPUSD was traded lower following prior breakout below the previous support level at 1.3615. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.3425.
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 113.45. 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: 113.45, 112.05
AUDUSD, H4: AUDUSD was traded lower while currently testing the support level at 0.7380. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
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. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 0.7155, 0.7240
Support level: 0.7110, 0.7015
USDCAD, H1: 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 higher while currently testing the resistance level at 0.9155. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 0.9155, 0.9225
Support level: 0.9075, 0.9005
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: 81.50, 83.30
Support level: 79.15, 76.10
GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1798.25. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1798.25, 1808.90
Support level: 1787.55, 1778.15
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.
031121 Afternoon Session Analysis
3 November 2021 Afternoon Session Analysis
Swiss Franc dropped despite upbeat economic data.
Swiss Franc was traded lower against US dollar despite with upbeat economic data. According to Federal Statistical Office, Switzerland Retail Sales figures has ticked up to 2.5% from the previous reading of 0.8%. In addition, Switzerland Consumer Price Index (CPI) edged higher from the previous reading of 0.2% to 0.3%, exceeding the forecasted reading of 0.1%. The rising inflation pressure was boosted by surge of both oil and gas prices while coupled with strong consumer spending in the region. Otherwise, the pair of USD/CHF extended its gains ahead announcement of interest rate decision from Fed. The recent inflation pressure in US which was driven by global supply shortages has fueled up market speculation that Fed will taper its monetary policy tomorrow. As for now, investors would continue to scrutinize on latest update from Fed and further economic data to gauge the trend movement of US dollar. As of writing, the pair of USD/CHF rose 0.08% to 0.9140.
In the commodities market, the crude oil price slumped 0.74% to $82.40 per barrel as of writing amid growing oil supply. According to Chief Financial Officer Murray Auchinclos, BP sets to ramp up its investments in its U.S. shale oil field from $1 billion to $1.5 billion in year 2022. On the other hand, the gold price slumped 0.46% to $1780.10 per troy ounces amid strengthening of US dollar.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
18:15 EUR ECB President Lagarde Speaks
02:00 (4th) USD FOMC Statement
03:30 USD FOMC Press Conference
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 17:30 | GBP – Composite PMI (Oct) | 56.8 | 56.8 | – |
| 17:30 | GBP – Services PMI (Oct) | 58 | 58 | – |
| 20:15 | USD – ADP Nonfarm Employment Change (Oct) | 568K | 400K | – |
| 22:00 | USD – ISM Non-Manufacturing PMI (Oct) | 61.9 | 62.0 | |
| 22:30 | CrudeOIL – Crude Oil Inventories | 4.267M | – | – |
| 02:00 | USD – Fed Interest Rate Decision | 0.25% | – | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher following prior rebound from the support level 93.85. MACD which illustrate bullish momentum signal suggest the dollar to extend its rebound towards the resistance level 94.45.
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 1.3650. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to experience a technical correction after it breaks back above the level.
Resistance level: 1.3650, 1.3735
Support level: 1.3450, 1.3420
EURUSD, H4: EURUSD was traded lower following prior retracement from the resistance level 1.1615. MACD which illustrate bullish momentum signal suggest the pair to extend its retracement towards the support level 1.1535.
Resistance level: 1.1615, 1.1680
Support level: 1.1535, 1.1455
USDJPY, H4: USDJPY remain traded in a sideway channel following recent retracement from the resistance level 114.60. However, MACD which illustrate bearish momentum signal suggest the pair to extend its retracement 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 following prior breakout below the previous support level 0.7455. MACD which illustrate ongoing bearish momentum signal suggest the pair to extend its losses towards the support level 0.7385.
Resistance level: 0.7455, 0.7550
Support level: 0.7385, 0.7310
NZDUSD, H4: NZDUSD was traded lower following recent breakout below the previous support level 0.7080. MACD which illustrate ongoing bearish momentum signal suggest the pair to extend its losses towards the support level 0.7080.
Resistance level: 0.7155, 0.7230
Support level: 0.7080, 0.6990
USDCAD, H4: USDCAD remain traded in sideway channel while currently testing the resistance level 1.2410. However, MACD which illustrate ongoing bullish momentum signal suggest the pair to be traded higher after it breaks above the resistance level.
Resistance level: 1.2410, 1.2500
Support level: 1.2295, 1.2200
USDCHF, H4: USDCHF was traded higher while currently testing the resistance level 0.9145. MACD which illustrate bullish momentum signal suggest the pair to extend its gains after it breaks above the resistance level 0.9145.
Resistance level: 0.9145, 0.9215
Support level: 0.9060, 0.8990
CrudeOIL, H4: Crude oil price was traded lower while currently testing near the support level 81.20. 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: 81.20, 79.10
GOLD_, H4: Gold price was traded lower while currently testing the support level 1779.95. 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: 1808.30, 1831.50
Support level: 1779.95, 1748.55
031121 Morning Session Analysis
03 November 2021 Morning Session Analysis
Euro slumped amid downbeat data.
The Euro slumped over the backdrop of bearish economic data from European region yesterday. According to Markit Economics, Germany Manufacturing Purchasing Managers Index (PMI) notched down significantly from the previous reading of 58.4 to 57.8, missing the market forecast at 58.2. Ongoing disruptions caused by the Covid-19 pandemic, alongside with Brexit tensions between the European Union and UK, has caused supply shortage and left factories struggling to get the raw materials they need. Economist expected that input shortages and transportation issues would continue to harm the manufacturing sector in European region and stay for foreseeable future. Supply chain issues and also rising inflation would continue to be dialing down the market optimism toward the economic progression. Nonetheless, European Central Bank President Christine Lagarde acknowledged that if inflation continue to persist, the ECB would likely to announce an ECB interest rate hike as soon as next year in order to combat such risk. As of writing, EUR/USD depreciated by 0.01% to 1.1575.
In the commodities market, the crude oil price depreciated by 0.18% to $83.15 per barrel as of writing. The oil market edged lower following bearish inventory data was released. According to American Petroleum Institute (API), U.S. API Weekly Crude Oil Stock came in at 3.594M, exceeding the market forecast at 1.567M. On the other hand, the gold price slumped 0.05% to $1786.85 per troy ounces as of writing amid market participants anticipated that the Federal Reserve might start to announce tapering bond purchasing program during the FOMC meeting this week.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
11:30 AUD RBA Rate Statement
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 17:30 | GBP – Composite PMI (Oct) | 56.8 | 56.8 | – |
| 17:30 | GBP – Services PMI (Oct) | 58 | 58 | – |
| 20:15 | USD – ADP Nonfarm Employment Change (Oct) | 568K | 400K | – |
| 22:30 | CrudeOIL – Crude Oil Inventories | 4.267M | – | – |
| 23:00 | USD – ISM Non-Manufacturing PMI (Oct) | 61.9 | 62.1 | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher while currently testing the resistance level at 94.05. MACD which illustrated increasing bullish momentum suggest the index to extend its gains after it successfully breakout above the resistance level.
Resistance level: 94.05, 94.50
Support level: 93.40, 93.05
GBPUSD, H4: GBPUSD was traded lower following prior breakout below the previous support level at 1.3650. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 1.3650, 1.3730
Support level: 1.3580, 1.3530
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 higher following prior rebound from the support level at 113.45. 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: 113.45, 112.05
AUDUSD, H4: AUDUSD was traded lower while currently testing the support level at 0.7435. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 0.7530, 0.7595
Support level: 0.7435, 0.7380
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 1.2440. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 1.2440, 1.2525
Support level: 1.2295, 1.2170
USDCHF, H4: USDCHF was traded higher while currently testing the resistance level at 0.9155. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 0.9155, 0.9225
Support level: 0.9075, 0.9005
CrudeOIL, H4: Crude oil price was traded lower while currently testing the support level at 82.75. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses after it successfully breakout below the support level.
Resistance level: 84.75, 85.85
Support level: 82.75, 80.95
GOLD_, H4: Gold price was traded lower while currently testing the support level at 1787.55. MACD which illustrated diminishing bullish momentum suggest the commodity to extend its losses after it successfully breakout below the support level.
Resistance level: 1798.25, 1808.90
Support level: 1787.55, 1778.15
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.
021121 Afternoon Session Analysis
2 November 2021 Afternoon Session Analysis
Pound Sterling fell despite positive economic data.
The pound sterling which traded against the dollar and other currency pairs have fell despite with recent upbeat economic data from the U.K. According to Markit, UK Manufacturing Purchasing Managers Index (PMI) in October came at the reading of 57.8, slightly higher than the forecasted reading of 57.7. Many of the factories in UK experienced slowdown in production growth and spiking input prices as the producers struggled to cope with supply bottlenecks, according to Reuters. Markit also found that the prices charged by majority UK factories jumped higher than 20 years historically peek as they were forced to pay more for a wide range of inputs. Despite that, the pound sterling remain pressured amid latest development of Brexit woes. According to the Reuters, rising tensions between France and British over the post-Brexit fishing right continued as both authorities refused to back down from the dispute while signaling a warning flag to exert sanction to counterparties. As for now, high level of uncertainty in the development of Brexit has dampened the market optimism towards Pound Sterling. As of writing, the pair of GBP/USD slumped 0.08% to 1.3650.
In the commodities market, the crude oil price was up 0.31% to $84.15 per barrel as of writing amid positive oil demand outlook. According to report, OPEC and its member has forecasted that the oil demand in 2021 will be grew higher than International Energy Agency (IEA)’s forecast. On the other hand, the gold price was up 0.02% to $1790.50 per troy ounces amid weakening of US dollar.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
11:30 AUD RBA Rate Statement
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 11:30 | AUD – RBA Interest Rate Decision (Nov) | 0.10% | 0.10% | – |
| 16:55 | EUR – German Manufacturing PMI (Oct) | 58.2 | 58.2 | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower while currently testing the support level 93.85. MACD which illustrate diminishing bullish momentum signal with the starting formation of death cross 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 lower while currently testing the support level 1.3650. MACD which illustrate ongoing bearish momentum signal suggest the pair to extend its losses after it breaks below the support level.
Resistance level: 1.3735, 1.3815
Support level: 1.3650, 1.3550
EURUSD, H4: EURUSD was traded higher while currently testing near the resistance level 1.1615. MACD which illustrate diminishing bearish momentum signal with the formation of golden cross suggest the pair to extend its gains after it breaks above the resistance level.
Resistance level: 1.1615, 1.1680
Support level: 1.1535, 1.1455
USDJPY, H4: USDJPY remain traded in a sideway channel following recent retracement from the resistance level 114.60. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its retracement in short term towards the support level 113.20.
Resistance level: 114.60, 115.85
Support level: 113.20, 112.00
AUDUSD, H4: AUDUSD remain traded flat in a sideway channel. However, MACD which illustrate bearish bias signal suggest the pair to be traded lower towards the support level 0.7455.
Resistance level: 0.7550, 0.7660
Support level: 0.7455, 0.7385
NZDUSD, H4: NZDUSD remain traded flat in a sideway channel while currently testing near the support level 0.7155. However, MACD which illustrate bearish bias signal suggest the pair to be traded lower after it breaks below the support level.
Resistance level: 0.7230, 0.7300
Support level: 0.7155, 0.7080
USDCAD, H4: USDCAD remain traded in a sideway channel while currently testing near the resistance level 1.2410. However, MACD which illustrate bullish bias signal suggest the pair to be traded higher after it breaks above the resistance level.
Resistance level: 1.2410, 1.2500
Support level: 1.2295, 1.2200
USDCHF, H4: USDCHF traded higher following prior rebound from the support level 0.9060. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its rebound towards the resistance level 0.9140.
Resistance level: 0.9140, 0.9215
Support level: 0.9060, 0.8990
CrudeOIL, H4: Crude oil price was 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.
Resistance level: 84.75, 88.40
Support level: 81.20, 79.10
GOLD_, H4: Gold price was traded higher following prior rebound from the support level 1779.95. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the commodity to extend its rebound towards the resistance level 1808.30.
Resistance level: 1808.30, 1831.50
Support level: 1779.95, 1748.55
021121 Morning Session Analysis
02 November 2021 Morning Session Analysis
Dollar slumped amid technical correction, eyed on FOMC meeting.
The Dollar Index which traded against a basket of six major currency pairs eased following posting its biggest daily rally in more than four months in the previous session amid technical correction. Nonetheless, the overall momentum for the US Dollar remained bullish amid market participants speculated the Federal Reserve will tend to announce a tapering of aggressive stimulus plan in order to combat the high inflation risk in future. Spiking numbers of inflation data has prompted some investment banks such as Goldman Sachs to advance their expectation of a rate hike by Fed as early as July 2022. In fact, money market predicted a 50% probability of a 25-basis point rate hike by next June, higher than the previous expectation at 15% probability, according to CME futures data. As for now, investors would continue to eye on the latest updates with regards of the monetary policy statement from Fed this week to gauge the likelihood movement for the US Dollar. As of writing, the Dollar Index depreciated by 0.25% to 93.90.
In the commodities market, the crude oil price appreciated by 0.04% to 84.20 per barrel as of writing. The oil market extends its gains amid upbeat demand outlook and strong economic recovery around the world following the Covid-19 restriction was lifted. On the other hand, the gold market surged 0.05% to $1791.50 per troy ounces as of writing amid technical correction.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
11:30 AUD RBA Rate Statement
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 11:30 | AUD – RBA Interest Rate Decision (Nov) | 0.10% | 0.10% | – |
| 16:55 | EUR – German Manufacturing PMI (Oct) | 58.2 | 58.2 | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from the resistance level at 94.05. MACD which illustrated diminishing bullish momentum suggest the index to extend its losses toward support level at 93.40.
Resistance level: 94.05, 94.50
Support level: 93.40, 93.05
GBPUSD, H4: GBPUSD was traded lower while currently testing the support level at 1.3655. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 1.3730, 1.3825
Support level: 1.3655, 1.3580
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 following prior retracement from the resistance level at 114.55. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 113.45.
Resistance level: 114.55, 115.40
Support level: 113.45, 112.05
AUDUSD, Daily: AUDUSD was traded higher while currently testing the resistance level at 0.7530. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 0.7530, 0.7595
Support level: 0.7435, 0.7380
NZDUSD, H4: NZDUSD was traded lower while currently testing the support level at 0.7155. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 0.7240, 0.7300
Support level: 0.7155, 0.7110
USDCAD, H4: USDCAD was traded higher while currently near the resistance level at 1.2440. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 1.2440, 1.2525
Support level: 1.2295, 1.2170
USDCHF, H4: USDCHF was traded lower while currently testing the support level at 0.9075. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
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 83.30. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.
Resistance level: 85.85, 88.50
Support level: 83.30, 81.50
GOLD_, H4: Gold price was traded higher following prior breakout above the previous resistance level at 1787.55. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains toward resistance level at 1798.25.
Resistance level: 1798.25, 1808.90
Support level: 1787.55, 1778.15
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.
011121 Afternoon Session Analysis
1 November 2021 Afternoon Session Analysis
Australian dollar fell following mixed economic data.
The Australia dollar was traded lower against the US dollar and other currency pairs over the backdrop of mixed economic data. According to China Logistics Information Center, China Manufacturing Purchasing Managers Index (PMI) in October came at the reading of 49.2, lower than the forecasted reading of 49.7. The downbeat China economic data had reflected contraction in China’s manufacturing sectors amid shortage of power supply and soaring price of raw materials. The slowdown in China’s industrial production activities could result in lower demand of raw materials from Australia hence potentially jeopardizing the trade revenue of Australia. The pair was also pressured by better-than-expected US Personal Consumption Expenditures (PCE) figures that has further fuelled up market speculative that the official announcement of monetary policy tapering might be taking place during its November’s meeting. However, Australian Bureau of Statistic reported that Australia Retail Sales in September had fared a better-than-expected reading as the figures came at reading of 1.3%, exceeding the forecasted reading of 0.2%. The positive data was largely due to lockdown restriction in New South Wales has been lifted hence recorded a rise in buying activities of retails goods. As of writing, the pair of AUD/USD fell 0.03% to 0.7508.
In the commodities market, the crude oil price was up 0.01% to $83.14 per barrel as of writing amid positive demand outlook. Oil price extended its gains due to the recovery of global economic momentum which has resulted in growing demand of oil. On the other hand, the gold price was down 0.02% to $1784.92 per troy ounces amid strengthening of 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
| Time | Nation & Data | Previous | Forecast | Actual |
| 17:30 | GBP – Manufacturing PMI (Oct) | 57.7 | 57.7 | – |
| 23:00 | USD – ISM Manufacturing PMI (Oct) | 61.1 | 60.5 | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher following prior breakout above the previous resistance level 93.85. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the dollar to extend its gains towards the resistance level 94.45.
Resistance level: 94.45, 95.20
Support level: 93.85, 93.40
GBPUSD, H4: GBPUSD was traded lower while currently testing the support level 1.3665. MACD which illustrate bearish bias signal suggest the pair to extend its losses after it breaks below the support level 1.3665.
Resistance level: 1.3805, 1.3880
Support level: 1.3665, 1.3555
EURUSD, H4: EURUSD was traded lower while currently testing near the support level 1.1535. MACD which illustrate bearish momentum signal suggest the pair to extend its losses after it breaks below the support level.
Resistance level: 1.1615, 1.1680
Support level: 1.1535, 1.1455
USDJPY, H4: USDJPY was traded higher while currently testing near the resistance level 114.60. MACD which illustrate bullish momentum signal suggest the pair to extend its gains after it breaks above the resistance level114.60.
Resistance level: 114.60, 115.85
Support level: 113.20, 112.00
AUDUSD, H4: AUDUSD remain traded in a sideway channel while currently testing near the support level 0.7485. However, MACD which illustrate bearish momentum signal suggest the pair to be traded lower after it breaks below the support level.
Resistance level: 0.7565, 0.7660
Support level: 0.7485, 0.7410
NZDUSD, H4: NZDUSD remain traded in a sideway channel while currently testing the support level 0.7155. However, MACD which illustrate bearish bias signal suggest the pair to be traded lower after it breaks below the support level.
Resistance level: 0.7230, 0.7300
Support level: 0.7155, 0.7080
USDCAD, H4: USDCAD remain traded in a sideway channel while currently testing the resistance level 1.2410. However, MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to be traded higher after it breaks above the resistance level.
Resistance level: 1.2410, 1.2500
Support level: 1.2295, 1.2200
USDCHF, H4: USDCHF was traded higher following prior breakout above the previous resistance level 0.9140. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to extend its gains towards the resistance level 0.9215.
Resistance level: 0.9215, 0.9295
Support level: 0.9140, 0.9060
CrudeOIL, H4: Crude oil price was traded higher following recent rebound from the support level 81.20. MACD which illustrate bullish momentum signal suggest the commodity to extend its gains towards the resistance level 84.55.
Resistance level: 84.55, 88.40
Support level: 81.20, 79.10
GOLD_, H4: Gold price was traded higher following prior rebound from the support level 1779.95. MACD which illustrate diminishing bearish momentum signal suggest the commodity to extend its rebound towards the resistance level 1808.30.
Resistance level: 1808.30, 1831.50
Support level: 1779.95, 1748.55
011121 Morning Session Analysis
01 November 2021 Morning Session Analysis
Dollar surged amid hawkish expectation from Fed.
The Dollar Index which traded against a basket of six major currency pairs rebounded significantly following the US Treasury yields rose on the expectation that the Federal Reserve might start to taper their aggressive monetary policy in order to combat the high inflation risk in future. According to US Department of Commerce, U.S. PCE Price Index notched up significantly from the previous reading of 4.2% to 4.4% annual rate in September, continuing a run of inflation at levels not seen in 30 years. As for now, controlling inflation is one of the Fed’s top priorities to maintain their economic stability. Such high inflation rate would increase the probability for the Monetary Policy Committee (MPC) to announce their policy meeting this week to drawback in their monthly purchases of bonds and securities. Despite that, the overall statement from the Fed remained vague, hence investors would continue to scrutinize the crucial updates from Fed to gauge the likelihood movement for the US Dollar. As of writing, the Dollar Index appreciated by 0.89% to 94.15.
In the commodities market, the crude oil price surged 0.20% to 83.65 per barrel as of writing. The oil market edged higher amid market participants remained positive that the rapid vaccination program around the world as well as easing Covid-19 cases would insinuate the crude oil demand in future. On the other hand, the gold price slumped 0.85% to $1783.40 per troy ounces as of writing 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
| Time | Nation & Data | Previous | Forecast | Actual |
| 17:30 | GBP – Manufacturing PMI (Oct) | 57.7 | 57.7 | – |
| 23:00 | USD – ISM Manufacturing PMI (Oct) | 61.1 | 60.5 | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher while currently testing the resistance level at 94.05. MACD which illustrated increasing bullish momentum suggest the index to extend its gains after it successfully breakout above the resistance level.
Resistance level: 94.05, 94.50
Support level: 93.40, 93.05
GBPUSD, H4: GBPUSD was traded lower while currently testing the support level at 1.3665. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 1.3730, 1.3825
Support level: 1.3665, 1.3580
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 higher following prior rebound from the support level at 113.45. 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: 113.45, 112.05
AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level at 0.7530. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 0.7530, 0.7595
Support level: 0.7435, 0.7380
NZDUSD, H4: NZDUSD was traded lower while currently testing the support level at 0.7155. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 0.7240, 0.7300
Support level: 0.7155, 0.7110
USDCAD, H4: USDCAD was traded higher while currently near the resistance level at 1.2440. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1.2440, 1.2525
Support level: 1.2295, 1.2170
USDCHF, H4: USDCHF was traded higher while currently testing the resistance level at 0.9155. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
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 83.30. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.
Resistance level: 83.30, 85.85
Support level: 81.50, 78.90
GOLD_, H4: Gold price was traded lower while currently testing the support level at 1778.15 MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses after it successfully breakout below the support level.
Resistance level: 1787.55, 1798.25
Support level: 1778.15, 1766.05
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.
291021 Afternoon Session Analysis
29 October 2021 Afternoon Session Analysis
Euro surged following ECB decision and data.
The Euro was traded higher against US dollar and other currency pairs over the backdrop of upbeat economic data and hawkish ECB. According to Destatis, Germany Unemployment Change data in October eased from the previous reading of -30K to -39K, weaker than the forecasted reading of -20K. The data suggested a recovery momentum of labor market in Eurozone which could lead to higher wage growth and consumer spending. On top of that, the pair also supported further from hawkish European Central Bank (ECB). Yesterday, European Central Bank (ECB) has announced its decision to maintain the interest rate at 0% as the policymakers argued that current inflation pressure is about to exist for a temporary period. President of the European Central Bank Christine Lagarde stated that the current spike in inflation pressure was mainly driven by higher energy prices, a global mismatch between recovering demand and supply, as well as end of the reduction in German sales taxes. ECB’s policymakers believed that these factors are expected to ease in next year while the inflation will fall below 2% target in the medium term. ECB also mentioned that its Pandemic Emergency Purchase Programme (PEPP) worth 1.85 trillion euro is scheduled to end in March of 2022. However, Lagarde also mention that the amount of monthly bond purchases will be reduced to a greater low level as a measure to streamline monetary policy before the program ends next year. As of writing, the pair of EUR/USD was up 0.23% to 1.1687.
In the commodities market, the crude oil price slumped 0.12% to $82.68 per barrel as of writing amid weaker oil demand outlook. According to report, Russia government intervened by requiring the natural gas producer, Gazprom to begin filing its storage facilities in order to monitor the supply of natural gas. The lower natural gas prices will result in lower demand of oil for gas-switching purpose. On the other hand, the gold price was up 0.01% to $1798.85 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
| Time | Nation & Data | Previous | Forecast | Actual |
| 16:00 | EUR – German GDP (QoQ) (Q3) | 1.60% | 2.20% | – |
| 17:00 | EUR – CPI (YoY) (Oct) | 3.40% | 3.70% | – |
| 20:30 | CAD – GDP (MoM) (Aug) | -0.10% | 0.70% | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower following recent breakout below the previous support level 93.40. MACD which illustrate bearish momentum signal suggest the dollar to extend its losses towards the support level 92.85.
Resistance level: 93.40, 93.85
Support level: 92.85, 92.35
GBPUSD, H4: GBPUSD was traded higher following prior breakout above previous resistance level 1.3880. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to extend its gains towards the resistance level 1.3880.
Resistance level: 1.3880, 1.4005
Support level: 1.3755, 1.3650
EURUSD, H4: EURUSD was traded higher while currently testing the resistance level 1.1680. MACD which illustrate bullish momentum signal suggest the pair to extend its gains after it breaks above the resistance level 1.1680.
Resistance level: 1.1680, 1.1760
Support level: 1.1615, 1.1535
USDJPY, H4: USDJPY was traded lower while currently testing near the support level 113.20. 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 higher while currently testing near the resistance level 0.7565. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to experience a technical correction towards the support level 0.7485.
Resistance level: 0.7565, 0.7660
Support level: 0.7485, 0.7410
NZDUSD, H4: NZDUSD was traded flat in a sideway channel while currently testing near the support level 0.7155. 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: 0.7155, 0.7080
USDCAD, H4: USDCAD remain traded 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 1.2295.
Resistance level: 1.2410, 1.2500
Support level: 1.2295, 1.2200
USDCHF, H4: USDCHF was traded lower following prior breakout below the previous support level 0.9140. MACD which illustrate bearish momentum signal suggest the pair to extend its losses towards the support level 0.9060.
Resistance level: 0.9140, 0.9215
Support level: 0.9060, 0.8990
CrudeOIL, H4: Crude oil price was traded higher following recent rebound from the support level 81.20. MACD which illustrate diminishing bearish momentum signal suggest the commodity to extend its rebound towards the resistance level 84.55.
Resistance level: 84.55, 88.40
Support level: 81.20, 79.10
GOLD_, H4: Gold price was traded lower following prior retracement from the resistance level 1810.20 MACD which illustrate bearish momentum signal suggest the commodity to extend its retracement towards the support level 1781.40.
Resistance level: 1810.20, 1831.50
Support level: 1781.40, 1748.55
291021 Morning Session Analysis
29 October 2021 Morning Session Analysis
Dollar slumped amid downbeat data.
The Dollar Index which traded against a basket of six major currency pairs slumped over the backdrop of a string of bearish economic data from the U.S. region yesterday. According to Bureau of Economic Analysis, U.S. Gross Domestic Product (GDP) for last quarter notched down significantly from the previous reading of 6.7% to 2.0%, missing the market forecast at 2.7%. Meanwhile, National Association of Realtor reported that the U.S. Pending Home Sales for last month also declined significantly from the previous reading of 8.1% to -2.3%, which also worse than market expectation at 0.5%. Such bearish economic data had indicated that the U.S. economic growth slowed more than expected in the third quarter amid snarled supply chains as well as spiking numbers of Covid-19 cases continue to weigh down the consumer spending and investment. Nonetheless, the losses experienced by the US Dollar was limited by the upbeat job data. According to Department of Labor, U.S. Initial Jobless Claims came in at 281K, better than the market expectation at 290K. As of writing, the Dollar Index depreciated by 0.47% to 93.335.
In the commodities market, the crude oil price depreciated by 0.14% to 83.39 per barrel as of writing. The oil market edged lower following United States resumed the nuclear talks with Iran. A deal for the nuclear talks could pave the way to lifting harsh sanctions imposed by the former U.S. President Donald Trump on Iran’s oil export, which could be increasing the global oil supply. On the other hand, the gold price appreciated by 0.08% to $1800.45 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
| Time | Nation & Data | Previous | Forecast | Actual |
| 16:00 | EUR – German GDP (QoQ) (Q3) | 1.60% | 2.20% | – |
| 17:00 | EUR – CPI (YoY) (Oct) | 3.40% | 3.70% | – |
| 20:30 | CAD – GDP (MoM) (Aug) | -0.10% | 0.70% | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower following prior breakout below the previous support level at 93.40. MACD which illustrated increasing bearish momentum suggest the index to extend its losses toward support level at 93.05.
Resistance level: 93.40, 93.95
Support level: 93.05, 92.70
GBPUSD, H4: GBPUSD was traded higher following prior rebound from the support level at 1.3730. MACD which illustrated increasing bullish momentum suggest the pair to extend tis gains toward resistance level at 1.3825.
Resistance level: 1.3825, 1.3880
Support level: 1.3730, 1.3665
EURUSD, Daily: EURUSD was traded higher while currently testing the resistance level at 1.1680. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance 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 113.45. 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: 113.45, 112.05
AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level at 0.7530. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 0.7530, 0.7595
Support level: 0.7435, 0.7380
NZDUSD, H4: NZDUSD was traded higher following prior rebound from the support level at 0.7155. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 0.7240, 0.7300
Support level: 0.7155, 0.7110
USDCAD, H4: USDCAD was traded lower while currently testing the support level at 1.2295. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 1.2440, 1.2525
Support level: 1.2295, 1.2170
USDCHF, Daily: USDCHF was traded lower following prior breakout below the previous support level at 0.9155. MACD which illustrated increasing bearish 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 83.30. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.
Resistance level: 83.30, 85.85
Support level: 81.50, 78.90
GOLD_, H1: Gold price was traded lower while currently testing the support level at 1798.25. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses after it successfully breakout below the support level.
Resistance level: 1808.90, 1816.10
Support level: 1798.25, 1787.55
281021 Afternoon Session Analysis
28 October 2021 Afternoon Session Analysis
Australian dollar rose following upbeat economic data.
The Australian dollar which traded against the dollar and other currency pair have rose over the backdrop of upbeat economic data. According to Australian Bureau of Statistic, Australia Consumer Price Index (CPI) in third quarter recorded at the reading of 0.8%, in line with the forecasted reading. In addition, Australia Trimmed Mean Consumer Price Index (CPI) in third quarter came at the reading of 2.1% while exceeding the forecasted reading of 1.8%. Both inflation data suggested that current global supply chain disruption has resulted in rising construction input costs as well as housing prices. According to an economist at Capital Economics, the rising inflation pressure is expected to push the Reserve Bank of Australia (RBA) to scale back its stimulus in the months ahead. However, the overall sentiment toward Australian dollar remains bleak as RBA Governor Philip Lowe argued that the current wage growth of the region remains subdued and unable to keep the inflation sustainably within the 2% band. As of writing, the pair of AUD/USD was up 0.23% to 0.7501.
In the commodities market, the crude oil price slumped 0.12% to $82.18 per barrel as of writing following Iran nuclear talk resurface. According to reports, Iran’s top nuclear negotiator said on Wednesday that Tehran’s talks with six world powers, aimed at reviving its 2015 nuclear deal, will resume by the end of November. On the other hand, gold price rose 0.01% to $1796.25 a troy ounce at the time of writing following dollar retracement.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
Tentative JPY BoJ Monetary Policy Statement
Tentative JPY BoJ Outlook Report (YoY)
19:45 EUR ECB Interest Rate Decision (Oct)
20:30 EUR ECB Press Conference
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 15:55 | EUR – German Unemployment Change (Oct) | -30K | -20K | – |
| 19:45 | EUR – ECB Interest Rate Decision (Oct) | – | – | – |
| 20:30 | USD – GDP (QoQ) (Q3) | 6.70% | 2.80% | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from the resistance level 93.85. MACD which illustrate diminishing bullish momentum signal with the formation of death cross suggest the dollar to extend its retracement towards the support level 93.40.
Resistance level: 93.85, 94.45
Support level: 93.40, 93.00
GBPUSD, H4: GBPUSD was traded flat while currently testing the resistance level 1.3755. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to be traded higher after it breaks above the resistance level.
Resistance level: 1.3755, 1.3880
Support level: 1.3650, 1.3555
EURUSD, H4: EURUSD was traded flat while currently testing the resistance level 1.1615. However, MACD which illustrate diminishing bearish momentum signal with the starting formation of golden cross suggest the pair to be traded higher after it breaks above the resistance level.
Resistance level: 1.1615, 1.1680
Support level: 1.1530, 1.1455
USDJPY, H4: USDJPY was traded lower while currently testing near the support level 113.20. 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: 114.60, 115.85
Support level: 113.20, 112.00
AUDUSD, H4: AUDUSD was traded flat while currently testing near the support level 0.7485. However, 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: 0.7565, 0.7660
Support level: 0.7485, 0.7410
NZDUSD, H4: NZDUSD was traded flat while currently testing the support level 0.7155. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to be traded higher towards the resistance level 0.7230.
Resistance level: 0.7230, 0.7300
Support level: 0.7155, 0.7080
USDCAD, H4: USDCAD remain traded in a sideway channel. However, MACD which illustrate bearish bias signal with the formation of death cross suggest the pair to be traded lower towards the support level 1.2295.
Resistance level: 1.2410, 1.2500
Support level: 1.2295, 1.2200
USDCHF, H4: USDCHF was traded lower following prior retracement from the resistance level 0.9215. MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to extend its retracement towards the support level 0.9140.
Resistance level: 0.9215, 0.9295
Support level: 0.9140, 0.9080
CrudeOIL, H4: Crude oil price was traded lower while currently testing near the support level 79.35. MACD which illustrate bearish momentum signal suggest the commodity to extend its losses after it breaks below the support level.
Resistance level: 84.55, 88.40
Support level: 79.35, 75.85
GOLD_, H4: Gold price was traded higher following prior rebound from the support level 1781.40. MACD which illustrate diminishing bearish momentum signal suggest the commodity to extend its rebound towards the resistance level 1812.80.
Resistance level: 1812.80, 1831.50
Support level: 1781.40, 1748.55
281021 Morning Session Analysis
28 October 2021 Morning Session Analysis
Pound slumped amid inflation fears persisted.
Pound Sterling slumped amid the inflation risks loom over the financial markets following the British Finance Minister Rishi Sunak announced its latest multi-billion budget statement yesterday. According to CNBC, Sunak had announced total departmental spending would increase by $207 billion, representing the largest increase in the century. Besides, he confirmed a rise in U.K.’s national living wage from £8.91 per hour to £9.50. Economist expected that such aggressive budget plan would prompt many of these businesses to raise prices to cover the wage increase, which could further push up the inflation rate. Up to this point, economist expects the U.K.’s consumer price index would increase to average 4% over the next year. Meanwhile, high inflation rate is more likely to have a significant negative effect toward the value of the currency. Nonetheless, investors would continue to scrutinize the latest updates with regards of future monetary policy from Bank of England to gauge the likelihood movement for the Pound Sterling. As of writing, GBP/USD depreciated by 0.08% to 1.3735.
In the commodities market, the crude oil price depreciated by 0.10% to $82.50 per barrel as of writing. The oil market edged lower over the backdrop of bearish inventory data yesterday. According to Energy Information Administration (EIA), U.S. Crude Oil Inventories came in at 4.267M, higher than the market forecast at 1.914M. On the other hand, the gold price surged 0.02% to $1797.15 per troy ounces as of writing amid market participants shifted their portfolio toward safe-haven gold in order to hedge against the high inflation risk in future.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
Tentative JPY BoJ Monetary Policy Statement
Tentative JPY BoJ Outlook Report (YoY)
19:45 EUR ECB Interest Rate Decision (Oct)
20:30 EUR ECB Press Conference
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 15:55 | EUR – German Unemployment Change (Oct) | -30K | -20K | – |
| 19:45 | EUR – ECB Interest Rate Decision (Oct) | – | – | – |
| 20:30 | USD – GDP (QoQ) (Q3) | 6.70% | 2.80% | – |
| 20:30 | USD – Initial Jobless Claims | 290K | 292K | – |
| 22:00 | USD – Pending Home Sales (MoM) (Sep) | 8.10% | 0.50% | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher following prior rebound from the support level at 93.50. However, MACD which illustrated diminishing bullish momentum suggest the index to be traded lower in short-term as technical correction.
Resistance level: 94.05, 94.50
Support level: 93.50, 93.05
GBPUSD, H4: GBPUSD was traded lower while currently testing the support level at 1.3730. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 1.3825, 1.3880
Support level: 1.3730, 1.3665
EURUSD, Daily: EURUSD was traded lower following prior retracement from the resistance level at 1.1680. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 1.1530.
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 113.45. 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: 113.45, 112.05
AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level at 0.7530. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 0.7530, 0.7595
Support level: 0.7435, 0.7380
NZDUSD, H4: NZDUSD was traded lower while currently testing the support level at 0.7155. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 0.7240, 0.7300
Support level: 0.7155, 0.7110
USDCAD, H4: USDCAD was traded higher following prior rebound from the support level at 1.2295. However, MACD which illustrated increasing bearish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 1.2440, 1.2525
Support level: 1.2295, 1.2170
USDCHF, H4: USDCHF was traded lower while currently testing the support level at 0.9155. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 0.9225, 0.9305
Support level: 0.9155, 0.9075
CrudeOIL, H4: Crude oil price was traded lower while currently near the support level at 81.50. 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: 81.50, 78.90
GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1799.55. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1799.55, 1808.90
Support level: 1787.55, 1778.15
271021 Afternoon Session Analysis
27 October 2021 Afternoon Session Analysis
New Zealand dollar slips following downbeat economic data.
New Zealand dollar was traded lower against US dollar amid downbeat economic data. According to Statistics New Zealand, New Zealand Trade Balance in September eased from the previous reading of -2139M to -2171M. The higher trade deficit figures was driven by the higher consumer spending and stronger demand for imported capital goods such as machinery to be used in construction, as well as electric vehicles. Nevertheless, the bearish momentum of New Zealand dollar was limited amid optimisms over the coronavirus woes. According to Deputy Prime Minister Grant Robertson, he expected Counties Manukau to hit the 90 per cent first vaccination target within this week. Robertson also confident that the coronavirus-led lockdown restriction in Auckland could be lifted by the end of November once the Counties Manukau and the region’s two other districts completed their vaccination doses. As of writing, the pair of NZD/USD was down 0.03% to 0.7161.
In the commodities market, the crude oil price slumped 0.24% to $84.30 per barrel as of writing amid bearish US oil inventory data. As of now, the crude oil market continue to experience pressure after recent API data reported a surprise build in crude oil inventory. Investors are now looking towards EIA for further confirmation. On the other hand, the gold price was down 0.01% to $1792.92 se troy ounce amid strengthening US dollar.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
22:00 CAD BoC Monetary Policy Report
23:00 CAD BOC Press Conference
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 20:30 | USD – Core Durable Goods Orders (MoM) (Sep) | 0.30% | 0.40% | – |
| 22:00 | CAD – BoC Interest Rate Decision | 0.25% | 0.25% | – |
| 22:30 | CrudeOIL – Crude Oil Inventories | -0.431M | 1.857M | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from the resistance level 93.85. MACD which illustrate diminishing bullish momentum signal suggest the dollar to extend its retracement towards the support level 93.40.
Resistance level: 93.85, 94.45
Support level: 93.40, 93.00
GBPUSD, H4: GBPUSD was traded flat while currently testing the support level 1.3755. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to be traded higher towards the resistance level 1.3880.
Resistance level: 1.3880, 1.4005
Support level: 1.3755, 1.3650
EURUSD, H4: EURUSD was traded flat while currently testing near the resistance level 1.1615. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to be traded higher after it breaks above the resistance level 1.1615.
Resistance level: 1.1615, 1.1680
Support level: 1.1530, 1.1455
USDJPY, H4: USDJPY was traded lower following prior retracement from its high level. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its retracement towards the support level 113.20.
Resistance level: 114.60, 115.85
Support level: 111.20, 112.00
AUDUSD, H4: AUDUSD was traded higher following prior rebound from the support level 0.7485. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to extend its gains towards the resistance level 0.7565.
Resistance level: 0.7565, 0.7660
Support level: 0.7485, 0.7410
NZDUSD, H4: NZDUSD was traded flat while currently testing the support level 0.7155. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to be traded higher towards the resistance level 0.7230.
Resistance level: 0.7230, 0.7300
Support level: 0.7155, 0.7080
USDCAD, H4: USDCAD was traded flat while currently testing near the resistance level 1.2410. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to be traded lower towards the support level 1.2295.
Resistance level: 1.2410, 1.2500
Support level: 1.2295, 1.2200
USDCHF, H4: USDCHF was traded lower following prior retracement from the resistance level 0.9215. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses towards the support level 0.9140.
Resistance level: 0.9215, 0.9295
Support level: 0.9140, 0.9080
CrudeOIL, H4: Crude oil was traded higher while currently testing near the resistance level 84.55. However, MACD which illustrate bearish momentum signal suggest the commodity to extend its retracement towards the support level 79.35.
Resistance level: 84.00, 88.40
Support level: 79.35, 75.85
GOLD_, H4: Gold price was traded lower while currently testing near the support level 1781.40. 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: 1812.80, 1831.50
Support level: 1791.40, 1748.55
271021 Morning Session Analysis
27 October 2021 Morning Session Analysis
Dollar surged amid bullish economic prospect.
The Dollar Index which traded against a basket of six major currency pairs surged following the United States released upbeat economic data yesterday, which dialed up market optimism toward the economic progression while sparkling market demand for the US Dollar. According to Conference Board, U.S CB Consumer Confidence notched up significantly from the previous reading of 109.8 to 113.8, exceeding the market forecast at 108.3. Meanwhile, Census Bureau reported that the U.S. New Home Sales increased from the preliminary reading of 702K to 800K, which confounding market forecast for a reading of up to 760K. Nonetheless, the overall trend for the US Dollar remains steady amid market participants still awaited news from upcoming central bank meetings before entering the US market. Economist expect the Fed to announce a plan to taper their monetary policy at the end of its 2nd-3rd November meeting. As of writing, the Dollar Index surged 0.16% to 93.97.
In the commodities market, the crude oil price depreciated by 0.29% to 84.72 per barrel as of writing over the backdrop of bearish inventory data. According to American Petroleum Institute, U.S. API Weekly Crude Oil Stock came in at 2.318M, exceeding the market forecast at 1.650M. On the other hand, the gold price depreciated by 0.05% to $1792.50 per troy ounces as of writing amid strengthening US Dollar.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
22:00 CAD BoC Monetary Policy Report
23:00 CAD BoC Press Conference
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 20:30 | USD – Core Durable Goods Orders (MoM) (Sep) | 0.30% | 0.40% | – |
| 22:00 | CAD – BoC Interest Rate Decision | 0.25% | 0.25% | – |
| 22:30 | CrudeOIL – Crude Oil Inventories | -0.431M | 1.857M | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher following prior rebound from the support level at 93.50. MACD which illustrated increasing bullish momentum suggest the index to extend its gains toward resistance level at 94.05.
Resistance level: 94.05, 94.50
Support level: 93.50, 93.05
GBPUSD, H4: GBPUSD was traded lower while currently testing the support level at 1.3755. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 1.3825, 1.3880
Support level: 1.3755, 1.3665
EURUSD, Daily: EURUSD was traded lower following prior retracement from the resistance level at 1.1680. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 1.1530.
Resistance level: 1.1680, 1.1875
Support level: 1.1530, 1.1370
USDJPY, H4: USDJPY was traded higher following prior rebound from the support level at 113.45. 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: 113.45, 112.05
AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level at 0.7530. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 0.7530, 0.7595
Support level: 0.7435, 0.7380
NZDUSD, H4: NZDUSD was traded lower while currently testing the support level at 0.7155. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 0.7240, 0.7300
Support level: 0.7155, 0.7110
USDCAD, H4: USDCAD was traded higher following prior rebound from the support level at 1.2295. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 1.2440, 1.2525
Support level: 1.2295, 1.2170
USDCHF, Daily: USDCHF was traded higher while currently testing the resistance level at 0.9225. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 0.9225, 0.9365
Support level: 0.9155, 0.9075
CrudeOIL, H4: Crude oil price was traded higher following prior rebound from the support level at 83.30. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains toward resistance level at 85.85.
Resistance level: 85.85, 88.50
Support level: 83.30, 81.50
GOLD_, H4: Gold price was traded lower while currently testing the support level at 1787.55. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses after it successfully breakout below the support level.
Resistance level: 1799.55, 1808.90
Support level: 1787.55, 1778.15
261021 Afternoon Session Analysis
26 October 2021 Afternoon Session Analysis
Canadian dollar rose following upbeat economic outlook.
Canadian dollar which traded against the dollar and other currency pairs have rose following positive economic outlook. According to Reuters, the rising inflation and recovering job market have fueled up market speculation that Bank of Canada (BoC) will initiate its rate hike ahead of schedule. It was evidenced since the Canadian inflation has stayed above of the BoC’s 1%-3% target range for six months consecutively, while climbing in September to 18-years high of 4.4%. In addition, the Canada’s job market has also regained its momentum to pre-pandemic level. According to Bank of Canada’s latest Business Outlook Survey, it reported that firms were anticipating stronger output demand as the COVID-19 pandemic faded, but supply constraints threatened to limit sales and raised costs which eventually led to higher prices of goods and services. According to Reuters’ poll, Bank of Canada (BoC) is expected to taper its asset purchase program by C$1 billion from its current C$2 billion during its upcoming meeting. As of writing, the pair of USD/CAD was down 0.01% to 1.2380.
In the commodities market, the crude oil price slumped 0.05% to $83.73 per barrel as of writing amid lesser demand of oil. Oil prices received its bearish momentum following the intervention of China government to lower the coal prices hence diminished the usage of oil as substitution for power generation. On the other hand, the gold price was up 0.05% to $1807.80 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
| Time | Nation & Data | Previous | Forecast | Actual |
| 22:00 | USD – CB Consumer Confidence (Oct) | 109.3 | 108.8 | – |
| 22:00 | USD – New Home Sales (Sep) | 740K | 755K | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher following prior breakout above the previous resistance level 93.70. MACD which illustrate ongoing bullish momentum signal suggest the dollar to extend its gains towards the resistance level 94.45.
Resistance level: 94.45, 95.20
Support level: 93.70, 93.00
GBPUSD, H4: GBPUSD was traded flat while currently testing the support level 1.3755. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to be traded higher towards the resistance level 1.3880.
Resistance level: 1.3880, 1.4005
Support level: 1.3755, 1.3650
EURUSD, H4: EURUSD was traded lower following prior breakout below the previous support level 1.1615. MACD which illustrate ongoing bearish momentum signal suggest the pair to extend its losses towards the support level 1.1530.
Resistance level: 1.1615, 1.1680
Support level: 1.1530, 1.1455
USDJPY, H4: USDJPY 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 114.60.
Resistance level: 114.60, 115.85
Support level: 111.20, 112.00
AUDUSD, H4: AUDUSD was traded flat while currently testing the support level 0.7485. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to be traded higher towards the resistance level 0.7565.
Resistance level: 0.7565, 0.7660
Support level: 0.7485, 0.7410
NZDUSD, H4: NZDUSD was traded flat while currently testing the support level 0.7155. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to be traded higher towards the resistance level 0.7230.
Resistance level: 0.7230, 0.7300
Support level: 0.7155, 0.7080
USDCAD, H4: USDCAD was traded higher following prior rebound from the support level 1.2335. MACD which illustrate bullish momentum signal suggest the pair to extend its rebound towards the resistance level 1.2500.
Resistance level: 1.2500, 1.2620
Support level: 1.2335, 1.2200
USDCHF, H4: USDCHF was traded higher while currently testing near the resistance level 0.9215. MACD which illustrate bullish bias signal with the formation of golden cross suggest the pair to extend its gains after it breaks above the resistance level.
Resistance level: 0.9215, 0.9295
Support level: 0.9140, 0.9080
CrudeOIL, H4: Crude oil was traded lower following prior retracement from the resistance level 84.00. MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to extend its retracement towards the support level 79.35.
Resistance level: 84.00, 88.40
Support level: 79.35, 75.65
GOLD_, H4: Gold price was traded lower following prior retracement from its high level. MACD which illustrate diminishing bullish momentum signal suggest the commodity to extend its retracement towards the support level 1791.50.
Resistance level: 1812.80, 1831.50
Support level: 1791.50, 1769.10.