3 January 2022 Morning Session Analysis
Omicron spreads rapidly in the United Kingdom.
Omicron variant continues to spread rapidly in the UK, jeopardizing their economy’s recovery momentum as well as market sentiment towards the pound sterling. Last weekend, UK has recorded 162,572 new coronavirus cases in England alone, its highest reading for daily recorded cases. According to scientists, UK’s daily coronavirus infection could be closer to 500,000 due to limited testing while reinfections is not counted in the tally. The UK government has released a directive that all sectors may need to embrace shortages of staff in the economy as high as 25% due to rapid spread of coronavirus. Investors fear that the shortage of staff may jeopardize economic activity and slow down its process of recovery for the time being. As of writing, the pair of GBP/USD slipped 0.02% to 1.3519.
For commodities, crude oil price was up 0.10% to $75.76 per barrel. Oil futures continues to receive higher demand from lower levels as investors expects positive developments from OPEC’s monthly meeting. On the other hand, gold price was up 0.04% to $1,828.85 a troy ounce due to weaker 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 |
| 16:55 | EUR – German Manufacturing PMI (Dec) | 57.9 | 57.9 | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from higher levels. MACD which illustrate downward momentum suggests the index to be traded lower in short-term.
Resistance level: 95.80, 96.15
Support level: 95.45, 94.95
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: 1.3585, 1.3690
Support level: 1.3510, 1.3430
EURUSD, H4: EURUSD 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: 1.1380, 1.1440
Support level: 1.1310, 1.1265
USDJPY, Daily: USDJPY was traded higher following prior rebound from lower levels. MACD which illustrate diminished bearish momentum suggests the pair to be traded higher in short-term.
Resistance level: 115.45, 115.90
Support level: 115.15, 114.85
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.
Resistance level: 0.7270, 0.7335
Support level: 0.7210, 0.7125
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: 0.6850, 0.690
Support level: 0.6820, 0.6775
USDCAD, H4: USDCAD was traded higher following prior rebound from lower levels. MACD which illustrate diminished bearish momentum suggests the pair to be traded higher in short-term.
Resistance level: 1.2705, 1.2800
Support level: 1.2630, 1.2550
USDCHF, H4: USDCHF 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: 0.9145, 0.9165
Support level: 0.9110, 0.9070
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: 77.50, 80.70
Support level: 75.25, 72.95
GOLD_, H4: Gold price was traded higher following prior rebound from lower levels. MACD which illustrate bullish signal suggests its price to be traded higher in short-term after closing above 1829.70.
Resistance level: 1829.70, 1849.25
Support level: 1809.55, 1797.70