20 December 2021 Afternoon Session Analysis
Safe-haven Yen surged amid rising Covid-19 fears.
The safe-haven Japanese Yen received significant bullish momentum, which buoyed by the rising fears upon the Covid-19 Omicron variant. According to CNBC, nations across Europe have been tightening Covid-19 restrictions in order to combat the spread of Omicron variant around the world. The Netherlands became the first European country to announce a full lockdown to fight the variant. The re-implementation of highly stringent lock-down would continue to spur negative prospect for the global economy, which stoked a shift in sentiment toward safe-haven asset such as Japanese Yen. Besides, Japanese Yen received further bullish momentum following the Bank of Japan announced plans to scale back its emergency economic support programmed, tapering its bond purchasing program to pre-pandemic levels in response to surging inflation. Nonetheless, the Bank of Japan decided to maintain its current monetary levers in place, setting overnight interest rates at -0.1%. As of writing, USD/JPY depreciated by 0.10% to 113.55.
In the commodities market, the crude oil price slumped 1.70% to $69.35 per barrel as of writing. The oil market edged lower amid rising Omicron variant around the world had continue to weigh down the appeal for the demand of this black-commodity. On the other hand, the gold price appreciated by 0.20% to 1801.50 per troy ounces as of writing amid risk-off sentiment in the global financial market.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
N/A
Today’s Highlight Economic Data
N/A
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher following prior rebound from lower levels. MACD which illustrate bullish signal suggests the index to be traded higher after a breakout occur at 96.90.
Resistance level: 96.90, 97.50
Support level: 95.65, 94.90
GBPUSD, H4: GBPUSD was traded lower following prior retracement from higher level. MACD which illustrate bearish signals suggests the pair to be traded lower after closing below 1.3195.
Resistance level: 1.3355, 1.3505
Support level: 1.3195, 1.3050
EURUSD, H4: EURUSD was traded lower while currently near the support level at 1.1175. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 1.1370, 1.1530
Support level: 1.1175, 1.1010
USDJPY, H4: USDJPY was traded lower following prior retracement from higher levels. MACD which illustrate bearish signal suggests the pair to be traded lower in short-term.
Resistance level: 114.40, 115.40
Support level: 112.80, 112.05
AUDUSD, H4: AUDUSD was traded lower following retracement from higher level. MACD which illustrate bearish signal suggests the pair to be traded lower short-term.
Resistance level: 0.7175, 0.7365
Support level: 0.6995, 0.6825
NZDUSD, H4: NZDUSD was traded lower while currently testing the support level at 0.6720. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 0.6815, 0.6890
Support level: 0.6720, 0.6640
USDCAD, H4: USDCAD was traded higher following prior rebound from lower levels. MACD which illustrate bullish signals suggests the pair to be traded higher in short-term.
Resistance level: 1.2895, 1.3020
Support level: 1.2720, 1.2595
USDCHF, H4: USDCHF was traded higher following prior rebound from the support level at 0.9200. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.9260.
Resistance level: 0.9260, 0.9315
Support level: 0.9200, 0.9155
CrudeOIL, H4: Crude oil price was traded lower following prior retracement from higher levels. MACD which illustrate bearish signal suggests its price to be traded lower in short-term after closing below 68.40.
Resistance level: 70.35, 72.65
Support level: 68.40, 65.70
GOLD_, H4: Gold price was traded lower following prior retracement from higher levels. MACD which illustrate diminished upward momentum suggests its price to be traded lower in short-term.
Resistance level: 1811.50, 1830.55
Support level: 1790.20, 1762.20