21 December 2021 Morning Session Analysis
Sentiment towards US dollar remains positive.
US dollar recuperated its losses on yesterday as market sentiment towards the currency remains positive. Last week, Federal Reserve officials has agreed to reduce its bond purchasing program and ending it earlier next March due to rising inflation in the United States. Likewise, dot plot suggests that Fed officials are currently expecting 3 interest rates hikes next year, significantly more bullish when compared to market’s speculation. On yesterday, Fed official Chris Waller signaled that interest rate hike may be initiated during March’s policy meeting if inflation continues to rises for the coming months. On the other hand, pound sterling was traded lower on yesterday following widespread of Omicron variant in the UK. Last weekend, UK officials has reported more than 12,000 Omicron cases while total coronavirus cases have risen more than 50% within the period of 7 days. As of writing, the dollar index was down 0.03% to 96.46 while GBP/USD was up 0.02% to 1.3210.
In the commodities market, crude oil price rose 0.26% to $69.11 per barrel. Oil futures received strong buyback after Libya shutdown its oil rigs in several areas prior to election in order to avoid any equipment damages due to riots. Otherwise, gold price rose 0.14% to $1,791.16 a troy ounce following weaker greenback.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
N/A
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 17:30 | CAD – Core Retail Sales (MoM) (Oct) | -0.2% | 1.6% | – |
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 in short-term.
Resistance level: 96.60, 96.80
Support level: 96.35, 96.10
GBPUSD, H4: GBPUSD was traded lower following prior retracement from higher level. However, MACD which illustrate diminished downward momentum suggests the pair to be traded higher in short-term.
Resistance level: 1.3220, 1.3290
Support level: 1.3150, 1.3070
EURUSD, H1: EURUSD was traded lower following prior retracement from higher levels. MACD which begin to form bearish signal suggests the pair to be traded lower in short-term.
Resistance level: 1.1285, 1.1320
Support level: 1.1250, 1.1210
USDJPY, H4: USDJPY was traded higher following prior rebound from lower levels. MACD which begins to form bullish signal suggests the pair to be traded higher in short-term after closing above 113.70.
Resistance level: 113.70, 114.35
Support level: 113.15, 112.60
AUDUSD, H4: AUDUSD was traded higher following prior rebound from lower level. MACD which illustrate diminished bearish momentum suggests the pair to be traded higher in short-term.
Resistance level: 0.7140, 0.7180
Support level: 0.7085, 0.7040
NZDUSD, Daily: NZDUSD was traded lower following prior retracement from higher levels. MACD which illustrate diminished bearish signal suggests the pair to be traded lower in mid-term.
Resistance level: 0.6725, 0.6820
Support level: 0.6670, 0.6615
USDCAD, H4: USDCAD was traded higher following prior rebound from lower levels. However, MACD which illustrate diminished bullish signal suggests the pair to be traded lower in short-term.
Resistance level: 1.2975, 1.3045
Support level: 1.2910, 1.2835
USDCHF, H4: USDCHF was traded higher following prior rebound from lower level. MACD which illustrate diminished downward momentum suggests the pair to be traded higher in short-term.
Resistance level: 0.9230, 0.9255
Support level: 0.9210, 0.9190
CrudeOIL, H4: Crude oil price was traded higher following prior rebound from lower levels. MACD which illustrate diminished downward momentum suggests its price to be traded higher in short-term.
Resistance level: 69.30, 70.40
Support level: 67.10, 65.50
GOLD_, H4: Gold 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.
Resistance level: 1792.15, 1808.35
Support level: 1776.95, 1765.95