{"id":208289,"date":"2021-11-07T23:38:36","date_gmt":"2021-11-07T23:38:36","guid":{"rendered":"https:\/\/www.gcmasia.co\/analysis\/en\/?p=208289"},"modified":"2021-11-07T23:38:36","modified_gmt":"2021-11-07T23:38:36","slug":"081121-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/081121-morning-session-analysis\/","title":{"rendered":"081121 Morning Session Analysis"},"content":{"rendered":"

08 November 2021\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Morning Session Analysis<\/strong><\/p>\n

Dollar jumped amid inflation fears persisted.<\/strong><\/span><\/p>\n

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.<\/p>\n

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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.<\/p>\n

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Today\u2019s Holiday Market Close<\/u><\/p>\n

Time\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Market\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Event <\/strong><\/p>\n

N\/A<\/p>\n

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Today\u2019s Highlight Events<\/u><\/p>\n

Time\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Market\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Event<\/strong><\/p>\n

N\/A<\/p>\n

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Today\u2019s Highlight Economic Data<\/u><\/p>\n

N\/A<\/p>\n

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Technical Analysis<\/u><\/strong><\/p>\n

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DOLLAR_INDX, H4: <\/strong>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.<\/p>\n

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Resistance level: 94.50, 95.15<\/p>\n

Support level: 93.80, 93.25<\/p>\n

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GBPUSD, H4: <\/strong>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.<\/p>\n

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Resistance level: 1.3615, 1.3815<\/p>\n

Support level: 1.3425, 1.3305<\/p>\n

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EURUSD, Daily: <\/strong>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.<\/p>\n

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Resistance level: 1.1680, 1.1875<\/p>\n

Support level: 1.1530, 1.1370<\/p>\n

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USDJPY, H4: <\/strong>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.<\/p>\n

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Resistance level: 114.55, 115.40<\/p>\n

Support level: 113.35, 112.05<\/p>\n

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\"\"<\/p>\n

AUDUSD, H4: <\/strong>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.<\/p>\n

 <\/p>\n

Resistance level: 0.7435, 0.7530<\/p>\n

Support level: 0.7380, 0.7305<\/p>\n

\u00a0<\/strong><\/p>\n

\"\"<\/strong><\/p>\n

NZDUSD, H4: <\/strong>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.<\/p>\n

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Resistance level: 0.7155, 0.7240<\/p>\n

Support level: 0.7110, 0.7015<\/p>\n

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\"\"<\/p>\n

USDCAD, H4: <\/strong>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.<\/p>\n

 <\/p>\n

Resistance level: 1.2460, 1.2525<\/p>\n

Support level: 1.2400, 1.2335<\/p>\n

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\"\"<\/p>\n

USDCHF, <\/strong>H4: <\/strong>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.<\/p>\n

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Resistance level: 0.9155, 0.9225<\/p>\n

Support level: 0.9075, 0.9005<\/p>\n

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\"\"<\/p>\n

CrudeOIL, H4: <\/strong>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.<\/p>\n

 <\/p>\n

Resistance level: 81.50, 83.30<\/p>\n

Support level: 79.15, 76.10<\/p>\n

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\"\"<\/p>\n

GOLD_, H1: <\/strong>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.<\/p>\n

 <\/p>\n

Resistance level: 1816.85, 1829.00<\/p>\n

Support level: 1807.50, 1796.95<\/p>\n

 <\/p>\n

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Risk Statement:
\nForex, 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.<\/p>\n","protected":false},"excerpt":{"rendered":"

08 November 2021\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 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 […]<\/p>\n","protected":false},"author":25,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[13],"tags":[],"acf":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/208289"}],"collection":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/users\/25"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/comments?post=208289"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/208289\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=208289"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=208289"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=208289"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}