The dollar dives to fresh six-week lows at 1.3255. (Pivot Orderbook analysis)
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- The dollar dives to fresh six-week lows at 1.3255.
- The CAD extends gains on higher oil prices and risk appetite.
- US consumer sentiment deteriorated beyond expectations in November.
The pair currently trades last at 1.3275.
The previous day high was 1.3571 while the previous day low was 1.3325. The daily 38.2% Fib levels comes at 1.3419, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.3477, expected to provide resistance.
The US Dollar has extended losses against its Canadian counterpart on Friday, reaching a fresh six-week low at 1.3255. The pair remains on the defensive after having depreciated nearly 2% over the last two days with upside attempts capped below 1.3300 so far.
Oil prices appreciated nearly 3% on Friday, with the US benchmark WTI oil struggling to return above the $88.00 mark after bouncing off at $84.00 on Thursday. This has underpinned the Loonie’s advance, as Canada is one of the world’s major crude producers.
On Thursday, the softer-than-expected US inflation data, with the yearly CPI easing to 7.7% in October from 8.2% in September, hammered the Greenback across the board. These figures have added to evidence that price pressures are starting to ease, which has prompted investors to anticipate a Federal Reserve shift towards slower rate hikes.
US Inflation data has boosted appetite for risk, sending US Treasury bonds and the greenback. The USD Index, which measures the value of the Dollar against a basket of currencies has plummeted 3.3% over the last two days to hit levels sub-107.00 for the first time since mid-August.
In a very thin macroeconomic calendar, with the US celebrating Veteran’s Day, the Preliminary Michigan Consumer Sentiment index has deteriorated beyond expectations, weighed by concerns about inflation and higher interest rates.
Technical Levels: Supports and Resistances
EURUSD currently trading at 1.3275 at the time of writing. Pair opened at 1.3325 and is trading with a change of -0.38 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 1.3275 |
| 1 | Today Daily Change | -0.0050 |
| 2 | Today Daily Change % | -0.3800 |
| 3 | Today daily open | 1.3325 |
The pair is trading below its 20 Daily moving average @ 1.3626, below its 50 Daily moving average @ 1.3523 , above its 100 Daily moving average @ 1.3225 and above its 200 Daily moving average @ 1.2976
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 1.3626 |
| 1 | Daily SMA50 | 1.3523 |
| 2 | Daily SMA100 | 1.3225 |
| 3 | Daily SMA200 | 1.2976 |
The previous day high was 1.3571 while the previous day low was 1.3325. The daily 38.2% Fib levels comes at 1.3419, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.3477, expected to provide resistance.
Note the levels of interest below:
- Pivot support is noted at 1.3243, 1.3161, 1.2997
- Pivot resistance is noted at 1.3489, 1.3653, 1.3735
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 1.3571 |
| Previous Daily Low | 1.3325 |
| Previous Weekly High | 1.3808 |
| Previous Weekly Low | 1.3469 |
| Previous Monthly High | 1.3978 |
| Previous Monthly Low | 1.3496 |
| Daily Fibonacci 38.2% | 1.3419 |
| Daily Fibonacci 61.8% | 1.3477 |
| Daily Pivot Point S1 | 1.3243 |
| Daily Pivot Point S2 | 1.3161 |
| Daily Pivot Point S3 | 1.2997 |
| Daily Pivot Point R1 | 1.3489 |
| Daily Pivot Point R2 | 1.3653 |
| Daily Pivot Point R3 | 1.3735 |
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