28 December 2021 Afternoon Session Analysis
Yen slumped amid risk-on sentiment.
The Japanese Yen extend its losses amid risk-on sentiment in the global financial market following traders had shrugged off the Omicron fears, which dragging down the appeal for the safe-haven Japanese Yen. According to Reuters, authorities in UK and France have ruled out from imposing tough Covid-19 restrictions, claiming that high vaccination rates will reduce the hospitalization rate from being overwhelmed even as the Covid-19 cases surged significantly. Besides, the UK Health Security Agency claimed that its early findings are “encouraging”, the reports from South Africa, Denmark, England and Scotland had pointed that the Omicron variant are less severity compare to the earlier Delta variant. Nonetheless, market participants would still require significant data to determine the severity rate for the new Omicron variant, hence it would crucial for investors to continue to scrutinize the latest updates with regards of the Covid-19 development to gauge the likelihood movement for the Japanese Yen. As of writing, USD/JPY appreciated by 0.04% to 114.85.
In the commodities market, the crude oil price depreciated by 0.24% to $76.10 per barrel as of writing amid technical correction. Nonetheless, the overall momentum for the crude oil commodity remained bullish amid easing concerns of Omicron from the global investors. On the other hand, the gold price slumped 0.13% to $1809.85 per troy ounces as of writing amid rising risk appetite in the global financial market had stoked a shift in sentiment toward riskier asset.
Today’s Holiday Market Close
Time Market Event
All Day Australia Boxing Day
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All Day New Zealand Christmas
Today’s Highlight Events
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Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower while currently near the support level at 95.65. However, MACD which illustrated diminishing bearish momentum suggest the index to be traded higher in short-term as technical correction.
Resistance level: 96.90, 97.50
Support level: 95.65, 94.90
GBPUSD, H4: GBPUSD was traded higher following prior breakout above the previous resistance level at 1.3355. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 1.3505.
Resistance level: 1.3505, 1.3630
Support level: 1.3355, 1.3195
EURUSD, H4: EURUSD was traded higher while currently testing the resistance level at 1.1345. However, MACD which illustrated increasing bearish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 1.1345, 1.1440
Support level: 1.1235, 1.1175
USDJPY, Daily: USDJPY was traded higher following prior breakout above the previous resistance level at 114.20. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 115.40.
Resistance level: 115.40, 116.80
Support level: 114.20, 112.80
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 0.7365.
Resistance level: 0.7365, 0.7535
Support level: 0.7175, 0.6995
NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level at 0.6825. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 0.6825, 0.6920
Support level: 0.6710, 0.6570
USDCAD, H4: USDCAD was traded lower following prior breakout below the previous support level at 1.2840. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 1.2840, 1.2935
Support level: 1.2765, 1.2695
USDCHF, H4: USDCHF was traded lower following prior retracement from the resistance level at 0.9190. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 0.9150.
Resistance level: 0.9260, 0.9315
Support level: 0.9150, 0.9105
CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level at 75.70. However MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.
Resistance level: 75.70, 79.00
Support level: 72.65, 69.55
GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1811.50. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.
Resistance level: 1811.50, 1830.55
Support level: 1786.30, 1762.20