03 January 2022 Afternoon Session Analysis
US Dollar eased amid Omicron fears.
The Dollar Index which traded against a basket of six major currency pairs received bearish momentum over the backdrop of a significant surge in Covid-19 cases in United States, spurring concerns that the authorities have higher possibility to re-implement the Covid-19 restrictions in order to combat the Covid-19 cases. According to Reuters, the top U.S. Infectious disease expert Anthony Fauci had warned that there was still a danger of surge in hospitalization due to the large number of Covid-19 had been detected despite early data suggest the Omicron variant is less severe. According to data from the US Centers for Disease Control and Prevention (CDC), the Omicron variant was estimated to be 58.6% of Covid-19 variants circulating in the United States as of 25th December 2021. According to Reuters, the Covid-19 cases in United States come in at record high at 346,869 on Saturday. As of writing, the Dollar Index depreciated by 0.08% to 95.90.
In the commodities market, the crude oil price depreciated by 0.05% to $75.55 per barrel as of writing amid the spiking numbers of Covid-19 cases around the world, which dragging down the appeal for this black-commodity. On the other hand, the gold price surged 0.05% to $1825.55 per troy ounces as of writing amid weakening US Dollar.
Today’s Holiday Market Close
Time Market Event
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Today’s Highlight Events
Time Market Event
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Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 16:55 | EUR – German Manufacturing PMI (Dec) | 57.9 | 57.9 | – |
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 lower while currently testing the support level at 1.3475. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 1.3615, 1.3690
Support level: 1.3475, 1.3350
EURUSD, H4: EURUSD was traded lower while currently testing the support level at 1.1345. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 1.1440, 1.1530
Support level: 1.1345, 1.1235
USDJPY, H4: USDJPY was traded higher while currently testing the resistance level at 115.40. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
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, Daily: USDCAD was traded lower while currently testing the support level at 1.2625. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 1.2825, 1.2940
Support level: 1.2625, 1.2520
USDCHF, Daily: USDCHF was traded higher following prior rebound from the support level at 0.9105. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 0.9175.
Resistance level: 0.9175, 0.9260
Support level: 0.9105, 0.9035
CrudeOIL, H4: Crude oil price was traded lower while currently testing the support level at 75.30. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher 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 1830.55. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.
Resistance level: 1830.55, 1850.40
Support level: 1812.85, 1786.30