{"id":210081,"date":"2021-11-16T06:43:45","date_gmt":"2021-11-16T06:43:45","guid":{"rendered":"https:\/\/www.gcmasia.co\/analysis\/en\/?p=210081"},"modified":"2021-11-16T06:43:45","modified_gmt":"2021-11-16T06:43:45","slug":"161121-afternoon-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/161121-afternoon-session-analysis\/","title":{"rendered":"161121 Afternoon Session Analysis"},"content":{"rendered":"

16 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\u00a0 Afternoon Session Analysis<\/strong><\/p>\n

 <\/p>\n

Pound Sterling dipped<\/strong> amid downbeat economic outlook.<\/strong><\/span><\/p>\n

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\u2019s 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.<\/p>\n

 <\/p>\n

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\u2019s 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.<\/p>\n

 <\/p>\n

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

 <\/p>\n

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

 <\/p>\n

Today\u2019s Highlight Economic Data<\/u><\/p>\n\n\n\n\n\n\n
Time<\/strong><\/td>\nNation & Data<\/strong><\/td>\nPrevious<\/strong><\/td>\nForecast<\/strong><\/td>\nActual<\/strong><\/td>\n<\/tr>\n
15:00<\/td>\nGBP – Average Earnings Index +Bonus (Sep)<\/td>\n7.20%<\/td>\n5.60%<\/td>\n–<\/td>\n<\/tr>\n
15:00<\/td>\nGBP – Claimant Count Change (Oct)<\/td>\n-51.1K<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n
21:30<\/td>\nUSD – Core Retail Sales (MoM) (Oct)<\/td>\n0.80%<\/td>\n0.80%<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n

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

\"\"<\/p>\n

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

 <\/p>\n

Resistance level: 95.75, 96.25<\/p>\n

Support level: 95.20, 94.45<\/p>\n

 <\/p>\n

\"\"<\/p>\n

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

 <\/p>\n

Resistance level: 1.3435, 1.3545<\/p>\n

Support level: 1.3300, 1.3160<\/p>\n

 <\/p>\n

\"\"<\/p>\n

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

 <\/p>\n

Resistance level: 1.1455, 1.1535<\/p>\n

Support level: 1.1375, 1.1265<\/p>\n

 <\/p>\n

\"\"<\/p>\n

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

 <\/p>\n

Resistance level: 114.60, 115.85<\/p>\n

Support level: 113.20, 112.00<\/p>\n

 <\/p>\n

\"\"<\/p>\n

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

 <\/p>\n

Resistance level: 0.7365, 0.7455<\/p>\n

Support level: 0.7285, 0.7175<\/p>\n

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

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

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

 <\/p>\n

Resistance level: 0.7075, 0.7145<\/p>\n

Support level: 0.6980, 0.6910<\/p>\n

 <\/p>\n

\"\"<\/p>\n

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

 <\/p>\n

Resistance level: 1.2515, 1.2620<\/p>\n

Support level: 1.2410, 1.2295<\/p>\n

 <\/p>\n

\"\"<\/p>\n

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

 <\/p>\n

Resistance level: 0.9295, 0.9370<\/p>\n

Support level: 0.9225, 0.9145<\/p>\n

 <\/p>\n

\"\"<\/p>\n

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

 <\/p>\n

Resistance level: 81.10, 84.75<\/p>\n

Support level: 78.40, 75.85<\/p>\n

 <\/p>\n

\"\"<\/p>\n

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

 <\/p>\n

Resistance level: 1867.50, 1898.40<\/p>\n

Support level: 1831.50, 1805.60<\/p>\n","protected":false},"excerpt":{"rendered":"

16 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\u00a0 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\u2019s economic activities were reported underperformed due to lower business investment, weaker management and fewer commercial […]<\/p>\n","protected":false},"author":54,"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\/210081"}],"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\/54"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/comments?post=210081"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/210081\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=210081"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=210081"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=210081"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}