4 January 2022 Morning Session Analysis
Greenback rebounds following bullish speculation.
US dollar rebounds sharply on yesterday over the backdrop of rising US Treasury yields. Majority of investors expects Federal Reserve to tighten monetary policy at a faster rate following resilient jobs market and consumer spending. Despite Omicron variant spreading rapidly in the US, most of US economic indicator suggests further economic recovery which may prompt Federal Reserve to increase their interest rate as soon as March 2022. On the other hand, various reports which suggests a lower risk from Omicron infection has further dialed up market sentiment towards the US dollar. Scientific research found that Omicron infection will only induce mild symptoms whereby most of the cases does not require extensive medical intervention. This may suggest a short-term risk from Omicron which in return, may not jeopardize overall economic recovery for the mid to long-term. As of writing, dollar index was up 0.02% to 96.17.
For commodities, crude oil price was up 0.02% to $75.91 per barrel. Oil prices received substantial bullish support after Libya shutdown part of its crude oil facilities in order to conduct maintenance. On the other hand, gold price was down 0.04% to $1,803.00 a troy ounce due to stronger greenback.
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 |
| 11:30 | AUD – RBA Interest Rate Decision (Jan) | 0.10% | 0.10% | – |
| 16:55 | EUR – German Unemployment Change (Dec) | -34K | -15K | – |
| 17:30 | GBP – Manufacturing PMI (Dec) | 57.6 | 57.6 | – |
| 23:00 | USD – ISM Manufacturing PMI (Dec) | 61.1 | 60.4 | – |
| 23:00 | USD – JOLTs Job Openings (Nov) | 11.033M | – | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher following prior rebound from lower levels. MACD which illustrate bullish signal suggests the index to be traded higher in short-term.
Resistance level: 96.35, 96.60
Support level: 96.10, 95.85
GBPUSD, H4: GBPUSD was traded lower following prior retracement from higher level. MACD which illustrate bearish signals suggests the pair to be traded lower in short-term.
Resistance level: 1.3510, 1.3570
Support level: 1.3470, 1.3410
EURUSD, H4: EURUSD was traded lower following prior retracement from higher level. MACD which illustrate bearish signal suggests the pair to be traded lower after breaking the support level.
Resistance level: 1.1320, 1.1370
Support level: 1.1285, 1.1250
USDJPY, Daily: USDJPY was traded higher following prior rebound from lower levels. MACD which illustrate bullish signal suggests the pair to be traded higher after breaking the resistance level.
Resistance level: 115.40, 116.25
Support level: 114.55, 113.50
AUDUSD, H4: AUDUSD was traded lower following prior retracement from higher level. MACD which illustrate bearish signal suggests the pair to be traded lower after breaking the support level.
Resistance level: 0.7225, 0.7280
Support level: 0.7180, 0.7140
NZDUSD, H4: NZDUSD was traded lower following prior retracement from higher levels. MACD which illustrate bearish signal suggests the pair to be traded lower after breaking the support level.
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 bullish signal suggests the pair to be traded higher in short-term.
Resistance level: 1.2765, 1.2835
Support level: 1.2690, 1.2620
USDCHF, H4: USDCHF was traded lower following prior retracement from higher level. MACD which illustrate diminished bullish momentum suggests the pair to be traded lower 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 diminished bearish momentum suggests its price to be traded higher in short-term.
Resistance level: 77.35, 80.15
Support level: 75.15, 72.90
GOLD_, H4: Gold price was traded higher following prior rebound from lower levels. MACD which illustrate diminished bearish momentum suggests its price to be traded higher in short-term.
Resistance level: 1812.80, 1830.20
Support level: 1797.60, 1784.90