31 December 2021 Afternoon Session Analysis
Euro was traded flat amid mixed sentiment.
The overall movement for the pair of EUR/USD remained flat amid mixed market sentiment toward the economic progression in the European region. On the positive note, the euro might receive significant bullish momentum following the European Central Bank (ECB) unleashed their hawkish tone toward the monetary policy in future. According to Bloomberg, the European Central Bank claimed that they will be ready to increase the interest rate in early 2023 after ending the remaining bond purchases by the end of next year in order to combat the high inflation risk, Governing Council member Klass Knot said. Nonetheless, the gains experienced by the Euro was limited by the rising concerns toward the new Omicron variant. Many European countries are reporting record high numbers of Covid-19 cases, spurring concerns that the authorities to implement Covid-19 restriction in order to cushion the spiking Covid-19 cases. As of writing, EUR/USD depreciated by 0.04% to 1.1319.
In the commodities market, the crude oil price depreciated by 0.12% to $76.65 per barrel as of writing. The crude oil price received bearish momentum amid the rising hospitalization rate as well as Covid-19 variant around the world had dragged down the appeal for this black-commodity. On the other hand, the gold price surged 0.18% to $1817.90 per troy ounces as of writing amid resurgence of Covid-19 cases had stoked a shift in sentiment toward safe-haven asset, spurring bullish momentum toward the safe-haven commodity gold.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
All Day Germany New Year’s Eve
All Day Switzerland New Year’s Eve
All Day Japan New Year’s Eve
Early Close UK New Year’s Eve
Early Close Australia New Year’s Eve
Today’s Highlight Economic Data
N/A
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 while currently testing the resistance level at 1.3500. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 1.3500, 1.3630
Support level: 1.3355, 1.3195
EURUSD, H4: EURUSD was traded lower following prior retracement from the resistance level at 1.1345. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.1235.
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 115.40. 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. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
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 0.6840. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 0.6840, 0.6920
Support level: 0.6710, 0.6570
USDCAD, H4: USDCAD was traded lower while currently testing the support level at 1.2740. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 1.2840, 1.2955
Support level: 1.2740, 1.2620
USDCHF, H4: USDCHF was traded lower while currently testing the support level at 0.9135. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 0.9190, 0.9260
Support level: 0.9140, 0.9105
CrudeOIL, H4: Crude oil price was traded higher following prior breakout above the previous resistance level at 75.30. However, MACD which illustrated increasing bearish momentum suggest the commodity to be traded lower in short-term as technical correction.
Resistance level: 79.00, 81.35
Support level: 75.30, 72.70
GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1817.00. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1817.00, 1830.55
Support level: 1786.30, 1762.20