11 January 2022 Morning Session Analysis
UK may shorten isolation period.
Pound sterling rebounds from lower level on yesterday while market participants continue to scrutinize coronavirus developments in the UK. On yesterday, UK Prime Minister Boris Johnson stated that the government is currently looking to reduce isolation period from 7 days to 5 days due to possible negative impact from rising coronavirus cases. The omicron variant, which is currently the dominant variant in majority of new cases has spur possibility of economic downturn as new infection causes all economic sectors to experience shortage in staff. However, Johnson stipulated that the measure is still under discussion and they will take account of scientific reports prior to its announcement. As of yesterday, UK has reported 141,398 new cases, while hospitalization rate flattens out at 3% for the past week. As of Asian trading session, pair of GBP/USD rose 0.01% to 1.3575.
In the commodities market, crude oil price rose 0.04% to $78.47 per barrel. Oil futures received substantial selloff on yesterday after China imposes restriction in Tianjin city after few clusters of coronaviruses were discovered. Investors fear rising coronavirus cases may jeopardize China’s economic activity and in return diminishes its demand towards crude oil. On the other hand, gold price was up 0.02% to $1,801.20 a troy ounce due to weaker greenback.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
18:20 EUR ECB President Lagarde Speaks
23:00 USD Fed Chair Powell Testifies
Today’s Highlight Economic Data
N/A
Technical Analysis
DOLLAR_INDX, H1: Dollar index was traded lower following prior retracement from higher levels. MACD which illustrate diminished upward momentum suggests the index to be traded lower after a breakout at support level.
Resistance level: 96.10, 96.35
Support level: 95.85, 95.65
GBPUSD, H4: GBPUSD 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: 1.3630, 1.3690
Support level: 1.3570, 1.3510
EURUSD, H1: EURUSD was traded higher following prior rebound from lower level. MACD which illustrate bullish signal suggests the pair to be traded higher in short-term.
Resistance level: 1.1370, 1.1440
Support level: 1.1320, 1.1285
USDJPY, Daily: USDJPY was traded lower following prior retracement from higher levels. MACD which illustrate diminished bullish momentum suggests the pair to be traded lower in short-term.
Resistance level: 115.40, 116.25
Support level: 114.55, 113.50
AUDUSD, H4: AUDUSD was traded higher following prior rebound from lower level. MACD which illustrate bullish signal suggests the pair to be traded higher short-term after a breakout occur.
Resistance level: 0.7180, 0.7225
Support level: 0.7140, 0.7085
NZDUSD, H4: NZDUSD 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: 0.6780, 0.6830
Support level: 0.6740, 0.6700
USDCAD, H1: USDCAD was traded lower following prior retracement from higher levels. MACD which illustrate diminished bullish momentum suggests the pair to be traded lower in short-term.
Resistance level: 1.2690, 1.2765
Support level: 1.2620, 1.2545
USDCHF, H1: USDCHF was traded lower following prior retracement from higher level. MACD which illustrate diminished bullish signal suggests the pair to be traded lower in short-term.
Resistance level: 0.9280, 0.9300
Support level: 0.9255, 0.9230
CrudeOIL, H4: Crude oil price was traded lower following prior retracement from higher levels. MACD which illustrate bearish signal suggests its price to be traded lower in short-term.
Resistance level: 80.15, 82.65
Support level: 77.35, 75.15
GOLD_, H4: Gold price was traded higher following prior rebound from lower levels. MACD which illustrate bullish momentum suggests its price to be traded higher in short-term.
Resistance level: 1812.80, 1830.20
Support level: 1797.60, 1784.90