23 December 2021 Afternoon Session Analysis
Pound surged amid upbeat economic data.
The Pound Sterling surged over the backdrop of upbeat economic data yesterday. According to Office for National Statistics, U.K. Gross Domestic Product (GDP) came in at 6.8%, exceeding the market forecast at 6.6%. Such data had indicated that the U.K economy has recovered from the pandemic faster than market expectation, dialed up the market optimism toward the economic progression in United Kingdom. Nonetheless, the spiking numbers of the Covid-19 cases in the UK region had limited the gains experienced by the Pound Sterling. According to the Guardian, the Daily cases of Covid-19 have passed 100,000 as the Omicron variant sweeps across U.K., reaching the highest number recorded since the pandemic began. Confirmed cases of Omicron variant in England have risen by 13,106 to 69,147, the UK Health Security Agency said. Such sentiment would increase the odds for the UK government to reimpose the early lockdown restrictions, which spurring negative prospect for the economic momentum. As of writing, GBP/USD appreciated by 0.02% to 1.3350.
In the commodities market, the crude oil price surged 0.03% to $73.35 per barrel as of writing. The oil market edged higher following the fresh evidence had shown that the Omicron variant of Covid-19 is not as dangerous as the strains that have dominated the first two years of the pandemic. On the other hand, the gold price surged 0.11% to $1805.65 per troy ounces as of writing amid weakening US Dollar.
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 |
| 21:30 | USD – Core Durable Goods Orders (MoM) (Nov) | 0.50% | 0.60% | – |
| 21:30 | USD – Initial Jobless Claims | 206K | 205K | – |
| 21:30 | CAD – GDP (MoM) (Oct) | 0.10% | 0.80% | – |
| 23:00 | USD – New Home Sales (Nov) | 745K | 770K | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower while currently near the support level at 95.65. MACD which illustrated increasing bearish momentum suggest the index to extend its losses toward support level at 95.65.
Resistance level: 96.90, 97.50
Support level: 95.65, 94.90
GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level at 1.3355. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1.3355, 1.3505
Support level: 1.3195, 1.3050
EURUSD, H4: EURUSD was traded higher while currently testing the resistance level at 1.1345. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1.1345, 1.1440
Support level: 1.1235, 1.1175
USDJPY, Daily: USDJPY was traded higher while currently testing the resistance level at 114.40. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 114.40, 115.40
Support level: 112.80, 112.05
AUDUSD, Daily: AUDUSD was traded higher following prior breakout above the resistance level at 0.7175. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.7260.
Resistance level: 0.7260, 0.7365
Support level: 0.7175, 0.7090
NZDUSD, Daily: NZDUSD was traded higher following prior rebound from the support level at 0.6690. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.6895.
Resistance level: 0.6895, 0.7150
Support level: 0.6690, 0.6405
USDCAD, H4: USDCAD was traded lower while currently testing the support level at 1.2840. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 1.2935, 1.3020
Support level: 1.2840, 1.2765
USDCHF, H4: USDCHF was traded lower while currently testing the support level at 0.9190. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 0.9260, 0.9315
Support level: 0.9190, 0.9150
CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level at 73.10. MACD which illustrated bullish momentum suggest the commodity extend its gains after it successfully breakout above the resistance level.
Resistance level: 72.10, 75.10
Support level: 69.55, 66.50
GOLD_, H4: Gold price was traded higher following prior rebound from the support level at 1786.30. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains toward resistance level at 1811.50.
Resistance level: 1811.50, 1830.55
Support level: 1786.30, 1762.20