MHMarkets：The crisis of the US government's shutdown is approaching again, and Speaker of the House: Members of the House are busy formulating temporary measures.

MH Markets | 2023-11-06 18:07

Abstract：At the end of the Asian market on Monday (November 6), the new Speaker of the US House of Representatives, Mike Johnson, stated that at the end of the week, representatives were busy developing a stopgap plan to continue providing funding to the US government after the deadline of November 17.

At the end of the Asian market on Monday (November 6), the new Speaker of the US House of Representatives, Mike Johnson, stated that at the end of the week, representatives were busy developing a stopgap plan to continue providing funding to the US government after the deadline of November 17.

The US dollar index was significantly affected by non farm data and fell on Friday, reaching a minimum of 104.96. Today, it continued to decline in the Asian market, but has not yet fallen below Friday's low.

The current price is around 105.02. The exposure and popularity of gold have decreased due to the Palestinian-Israeli conflict, leading to an increase in the size of long funds taking profits and leaving the market. On Friday, with strong non farm employment data favoring gold and silver, gold has emerged from a volatile market and closed near the intraday median. During today's Asian market, gold opened sharply lower, reaching a low of 1981.80, and later received support. The current gold price is around 1984.34.

Russia and Saudi Arabia announced on November 5 that they will continue to voluntarily reduce oil supply as planned before the end of 2023. Among them, Russia will continue to voluntarily reduce its oil supply and oil product exports by 300000 barrels per day, while Saudi Arabia will continue to voluntarily reduce production by 1 million barrels per day in December. In addition, the risk premium in the crude oil market caused by the Palestinian-Israeli conflict has subsided, and signs of weak demand have emerged. International oil prices have fallen for two consecutive weeks, with the lowest crude oil hit the 79.91 last Friday. During today's Asian market, US crude oil fluctuated slightly, with the current quotation around 80.69. EURUSD rose significantly on Friday due to the impact of fundamental data, reaching a maximum of 1.0767. Today in the Asian market, there was a slight fluctuation and a rise, with the current quotation around 1.0736. On November 6, the Bank of Japan released the minutes of its September monetary policy meeting. The attending members unanimously believe that while wages are increasing, the goal of achieving price stability has not yet been achieved, so monetary easing policies should continue to be implemented. At the same time, Bank of Japan Governor Kazuo Ueda stated that long-term interest rates may rise, but it is important to pay attention to real interest rates that take into account inflation expectations. USDJPY maintained a slight fluctuation and rose in the Asian market, with the current quotation of 149.57.

The benchmark 10-year US Treasury yield further fell to a three week low on Thursday, and investors seem to have more confidence to enter the market after experiencing “Super Wednesday”. As a result, US Treasury prices have continued their surge. After experiencing Wednesday, the US dollar index also rose and fell, breaking through strong support. Today, it continued to decline in the Asian market, with the current price around 106.08. Gold continued to strengthen after the US interest rate resolution, and continued to rise after being supported below in the Asian market today. The current price is around 1987.15. Renowned economist Nouriel Roubini, known as the “Dr doom,” recently warned that the United States is facing the risk of an economic recession, and the conflict between Israel and Hamas may spread to other parts of the Middle East, involving major oil producing countries such as Iran. This may stimulate oil prices to soar by up to 50%, triggering stagflation shocks like in the 1970s, leading to economic recession. After breaking the previous low yesterday, US crude oil received upward support and closed near the intraday high yesterday. Today, it corrected and consolidated in the Asian market, with the current price around 82.51.EURUSD rose significantly in the market yesterday, being suppressed by past strong resistance around 1.0668 above, and then the market turned down, ultimately closing below the intraday median. EURUSD rose in the Asian market today, with the current quotation around 1.0629. USDJPY has been operating above 150 since breaking through 150, and the current price is approaching 150. Today, USDJPY in the Asian market is moving downwards, with the current quotation around 150.25.

MHMarkets strategy is only for reference and not for investment advice. Please carefully read the statement at the end of the text. The following strategy will be updated at 15:00 on November 6, Beijing time.

Gold XAUUSD·
Resistance	1995.20 – 2004.07 – 2008.06
Support	1983.23 – 1978.83 – 1969.84
The above figure shows the 30 minute chart of gold. The chart shows that the recent upward resistance of gold has been around 1995.20-2004.07-2008.06, and the downward support has been around 1983.23-1978.83-1969.84. The market will be judged by whether to break through the upper and lower support and resistance. Note: The above strategy was updated at 15:00 on November 6. This policy is a daytime policy. Please pay attention to the policy release time.

Crude Oil USOUSD·
Resistance	82.13 – 83.38 – 84.43
Support	79.91 – 79.19 – 78.05
The above chart shows the 30 minute chart of US crude oil. The chart shows that the recent upward resistance of US crude oil is around 82.13-83.38-84.43, and the downward support is around 79.91-79.19-78.05. The market will be judged by whether to break through the upper and lower support and resistance. Note: The above strategy was updated at 15:00 on November 6. This policy is a daytime policy. Please pay attention to the policy release time.

· EURUSD·
Resistance	1.0751 - 1.0764 – 1.0794
Support	1.0694 - 1.0675 – 1.0619
The above figure shows the 30 minute chart of EURUSD. The chart shows that the recent upward resistance of EURUSD is around 1.0751-1.0764-1.0794, and the downward support is around 1.0694-1.0675-1.0619. The market will be judged by whether to break through the upper and lower support and resistance. Note: The above strategy was updated at 15:00 on November 6. This policy is a daytime policy. Please pay attention to the policy release time.

· GBPUSD·
Resistance	1.2420 – 1.2445 – 1.2507
Support	1.2354 - 1.2310 – 1.2289
The above figure shows the 30 minute chart of GBPUSD. The chart shows that the recent upward resistance of GBPUSD is around1.2420-1.2445-1.2507, and the downward support is around1.2354-1.2310-1.2289. The market will be judged by whether to break through the upper and lower support and resistance. Note: The above strategy was updated at 15:00 on November 6. This policy is a daytime policy. Please pay attention to the policy release time.

MHMarkets Precious Metal Crude oil Foreign Exchange Fundamentals Overview Techinical Level CPI

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