08 December 2021 Morning Session Analysis
Australia Dollar surged amid hawkish tone from central bank.
The Australia Dollar surged following the Reserve Bank of Australia unleashed their hawkish tone toward the economic progression in Australia. Nonetheless, they maintain their cash rate target at 0.10% while reiterated that they would continue to purchase government securities at the rate of $4 billion a week until at least mid-February 2022. Yesterday, the governor of the Reserve Bank of Australia, Philip Lowe claimed that Australia economy is current recovering from the damage caused by the Covid-19 outbreak. Rapid vaccination progress and substantial monetary and fiscal policy support had continued to boost up the economic momentum in Australia. Consumer spending and business investment had improved significantly while the economy is expected to return to its pre-Covid-19 path in the first half of 2022. On the labour front, the leading indicators point to strong recovery in labour market and job advertisements had reached historically high level in Australia. As of writing, AUD/USD appreciated by 0.03% to 0.7115.
In the commodities market, the crude oil price appreciated by 0.26% to $72.40 per barrel as of writing. The crude oil price extends its gains over the backdrop of bullish inventory data. According to American Petroleum Institute, U.S. API Weekly Crude Oil Stock came in at -3.089M, better than the market forecast at 2.093M. On the other hand, the gold price was traded flat at $1784.12 per troy ounces as of writing as market participants are waiting for the further catalyst from Fed’s monetary policy decision.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
16:15 EUR ECB President Lagarde Speaks
23:00 CAD BOC Press Conference
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 23:00 | USD – JOLTs Job Openings (Oct) | 10.438M | – | – |
| 23:00 | CAD – BoC Interest Rate Decision | 0.25% | 0.25% | – |
| 23:30 | CrudeOIL – Crude Oil Inventories | -0.910M | – | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher while currently testing the resistance level at 96.35. However, MACD which illustrated diminishing bullish momentum suggest the index to be traded lower in short-term as technical correction.
Resistance level: 96.35, 96.80
Support level: 95.50, 94.90
GBPUSD, H4: GBPUSD was traded lower while currently testing the support level at 1.3195. However, MACD which illustrated increasing bullish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 1.3355, 1.3505
Support level: 1.3195, 1.3050
EURUSD, Daily: EURUSD was traded lower following prior retracement from the resistance level at 1.1370. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 1.1175.
Resistance level: 1.1370, 1.1530
Support level: 1.1175, 1.1010
USDJPY, Daily: USDJPY was traded higher following prior rebound from the support level at 112.80. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 114.40.
Resistance level: 114.40, 115.40
Support level: 112.80, 112.05
AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level at 0.7125. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 0.7125, 0.7300
Support level: 0.7000, 0.6825
NZDUSD, H4: NZDUSD was traded higher following prior rebound from the support level at 0.6740. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.6855.
Resistance level: 0.6855, 0.6935
Support level: 0.6740, 0.6640
USDCAD, H4: USDCAD was traded lower while currently testing the support level at 1.2645. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 1.2720, 1.2825
Support level: 1.2645, 1.2585
USDCHF, H4: USDCHF was traded higher while currently testing the resistance level at 0.9260. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 0.9260, 0.9315
Support level: 0.9155, 0.9090
CrudeOIL, Daily: Crude oil price was traded higher while currently testing the resistance level at 72.55. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.
Resistance level: 72.55, 75.60
Support level: 66.05, 61.75
GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1785.90. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.
Resistance level: 1785.90, 1809.10
Support level: 1762.20, 1729.60