03 December 2021 Morning Session Analysis
Dollar traded flat ahead of crucial NFP data.
The Dollar Index which traded against a basket of six major currency pairs was traded flat on yesterday amid investors are still waiting crucial jobs data from United States tonight before entering the Dollar market. Nonetheless, the overall long-term momentum for the US Dollar remained bullish amid market participants anticipated the Federal Reserve would consider at its December meeting in order to faster tapering its bond-buying program, which could lead to earlier interest rates hikes in next year. Besides, Cleveland Fed President Loretta Mester claimed that she expects two 25 basis point hikes next year from Fed to combat the recent high inflation risk. On the Omicron virus front, the overall information with regards of the virus remained unknown, though the World Health Organization (WHO) claimed that they expect to have more information on its transmissibility within days. Besides, Australia’s Chief Medical Officer Paul Kelly was quoted as for now there was no evidence to suggest it was more dangerous than the Delta variant. As for now, investors would continue to scrutinize the latest updates with regards of tonight’s jobs data as well as Covid-19 development to receive further trading signal. As of writing, the Dollar Index appreciated by 0.11% to 96.15.
In the commodities market, the crude oil price slumped 0.28% to $67.72 per barrel as of writing following the OPEC+ decided to boost output monthly by 400,000 barrels per day. On the other hand, the gold price depreciated by 0.04% to $1769.50 per troy ounces as of writing amid the hawkish expectation from the Federal Reserve.
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 |
| 17:30 | GBP – Composite PMI (Nov) | 57.7 | 57.6 | – |
| 17:30 | GBP – Services PMI (Nov) | 58.6 | 58.6 | – |
| 21:30 | USD – Nonfarm Payrolls (Nov) | 531K | 550K | – |
| 21:30 | USD – Unemployment Rate (Nov) | 4.60% | 4.50% | – |
| 21:30 | CAD – Employment Change (Nov) | 31.2K | 40.0K | – |
| 23:00 | USD – ISM Non-Manufacturing PMI (Nov) | 66.7 | 65 | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher while currently testing the resistance level at 96.10. MACD which illustrated increasing bullish momentum suggest the index to extend its gains after it successfully breakout above the resistance level.
Resistance level: 96.10, 96.75
Support level: 95.50, 94.90
GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level at 1.3355. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 1.3355, 1.3505
Support level: 1.3195, 1.3050
EURUSD, H4: EURUSD was traded lower following prior retracement from the resistance level at 1.1370. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.1175.
Resistance level: 1.1370, 1.1530
Support level: 1.1175, 1.1010
USDJPY, Daily: USDJPY was traded lower while currently testing the support level at 112.80. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 114.40, 115.40
Support level: 112.80, 112.05
AUDUSD, Daily: AUDUSD was traded lower while currently testing the support level at 0.7085. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 0.7300, 0.7435
Support level: 0.7085, 0.6915
NZDUSD, Daily: NZDUSD was traded lower while currently testing the support level at 0.6810. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 0.6935, 0.7075
Support level: 0.6810, 0.6640
USDCAD, H4: USDCAD was traded higher while currently testing the resistance level at 1.2825. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 1.2825, 1.2950
Support level: 1.2720, 1.2610
USDCHF, H4: USDCHF was traded higher while currently testing the resistance level at 0.9225. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 0.9225, 0.9315
Support level: 0.9155, 0.9090
CrudeOIL, Daily: Crude oil price was traded lower while currently testing the support level at 66.95. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.
Resistance level: 71.35, 76.10
Support level: 66.95, 61.75
GOLD_, H4: Gold price was traded lower while currently testing the support level at 1762.20. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses after it successfully breakout below the support level.
Resistance level: 1783.80, 1809.10
Support level: 1762.20, 1729.60
Risk Statement:
Forex, Gold, Crude Oil, Commodities, CFD and all other margin trading investment products involve high level of risk and may not be suitable for all investors. Your previous investment success in stock, futures or any other investment achieved does not mean that all your future investment will obtain the same results. You should carefully consider your investment objectives; risk associated and seek professional advice before deciding to trade or if you have any doubts.