24 December 2021 Morning Session Analysis
Quiet market as holidays approaches.
US dollar was unfazed during Asian trading session while market participants gears up for upcoming Christmas and New Years holiday. Previously, market participants shifted their focus from US dollar to other risky assets in the market following positive findings with regards to Omicron variant. According to AstraZeneca, three dosage of its vaccine is expected to provide some level of protection towards the Omicron variant. Likewise, a recent observation conducted by University of Edinburgh finds that Omicron infected individuals is 68% less likely to be hospitalized when being compared to Delta variant. While hospitalization rate is significantly lower, scientist believes that a higher infectability rate of Omicron variant may jeopardize the healthcare system if authorities did not take precaution measures. As of writing, dollar index was traded flat at around 95.98.
In the commodities market, crude oil price was up 0.03% to $73.68 per barrel. Oil futures receives higher demand over the backdrop of less severity and hospitalization rate of Omicron variant. On the other hand, gold price was down 0.01% to $1,809.10 a troy ounce while traders wait for more market signals.
Today’s Holiday Market Close
Time Market Event
All Day US Christmas
All Day Germany Christmas
All Day Switzerland Christmas
Early close UK Christmas
Early close Australia Christmas
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 diminished bearish signal suggests the index to be traded higher in short-term.
Resistance level: 96.10, 96.35
Support level: 95.85, 95.65
GBPUSD, H4: GBPUSD was traded lower following prior retracement from higher level. MACD which illustrate diminished bullish signals suggests the pair to be traded lower in short-term.
Resistance level: 1.3410, 1.3470
Support level: 1.3355, 1.3290
EURUSD, H4: EURUSD was traded lower following prior retrace from higher level. MACD which illustrate diminished bullish momentum suggests the pair to be traded lower in short-term.
Resistance level: 1.1370, 1.1440
Support level: 1.1320, 1.1285
USDJPY, H4: USDJPY was traded higher following breakout from 114.35. MACD which illustrate bullish signal suggests the pair to be traded higher in short-term.
Resistance level: 114.90, 115.45
Support level: 114.35, 113.70
AUDUSD, H4: AUDUSD was traded lower following retracement from higher level. MACD which illustrate diminished bullish signal suggests the pair to be traded lower short-term.
Resistance level: 0.7280, 0.7320
Support level: 0.7225, 0.7180
NZDUSD, H4: NZDUSD was traded lower following prior retracement from higher levels. MACD which illustrate diminished upward momentum suggests the pair to be traded lower in short-term.
Resistance level: 0.6830, 0.6870
Support level: 0.6780, 0.6740
USDCAD, H4: USDCAD was traded higher following prior rebound from lower levels. MACD which illustrate diminished bearish signal suggests the pair to be traded higher in short-term.
Resistance level: 1.2835, 1.2910
Support level: 1.2765, 1.2690
USDCHF, H4: USDCHF 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: 0.9190, 0.9210
Support level: 0.9165, 0.9130
CrudeOIL, H4: Crude oil price was traded higher following prior rebound from lower levels. MACD which illustrate bullish signal suggests its price to be traded higher in short-term.
Resistance level: 75.65, 78.95
Support level: 73.00, 70.40
GOLD_, H4: Gold price was traded higher following prior rebound from lower levels. However, MACD which illustrate diminished upward momentum suggests its price to be traded lower in short-term.
Resistance level: 1808.70, 1821.70
Support level: 1792.60, 1777.00