5 December 2022 Morning Session Analysis
US Dollar skyrocketed upon bullish NFP figures.
The Dollar Index which traded against a basket of six major currencies rose significantly after the upbeat NFP data has been released. According to Bureau of Labor Statistics, the US Nonfarm Payrolls for November came in at the reading of 263K, higher than the market forecast of 200K. Besides, the US Unemployment Rate, which was announced at the same time has remained unchanged from the prior. These essential data have shown that the current US labor market was more substantial than widely expected, as well as boosted up the market optimism toward aggressive rate hikes from Fed. Nonetheless, the Dollar Index has retreated from its gains following the speech of Fed member. According to Reuters, Richmond Fed President Thomas Barkin claimed on Friday that the US was likely in a sustained period in which there will remain a shortage of workers, which complicating the Fed’s aim of getting labor demand back into balance. With that, investors decided to flee away from the US market in order to anticipate further about interest rate decision from Fed. As of writing, the Dollar Index depreciated by 0.07% to 104.42.
In the commodities market, the crude oil price rose by 2.01% to $81.59 per barrel as of writing following China announced an easing of Covid-19 curbs. In addition, the gold price appreciated by 0.17% to $1799.41 per troy ounce as of writing over the weakening of US Dollar.
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) | 48.3 | 48.3 | – |
| 17:30 | GBP – Services PMI (Nov) | 48.8 | 48.8 | – |
| 23:00 | USD – ISM Non-Manufacturing PMI (Nov) | 54.4 | 53.1 | – |
Technical Analysis
DOLLAR_INDX, Daily: Dollar index was traded lower following prior breakout below the previous support level. MACD which illustrated increasing bearish momentum suggest the index to extend its losses.
Resistance level: 105.20, 107.05
Support level: 103.45, 101.70
GBPUSD, H4: GBPUSD was traded higher following prior breakout above the previous resistance level. However, MACD which illustrated decreasing bullish momentum suggest the pair to be traded lower as technical correction.
Resistance level: 1.2485, 1.2735
Support level: 1.2245, 1.2040
EURUSD, H4: EURUSD was traded higher following prior breakout above the previous resistance level. However, MACD which illustrated decreasing bullish momentum suggest the pair to be traded lower as technical correction.
Resistance level: 1.0600, 1.0740
Support level: 1.0465, 1.0335
USDJPY, Daily: USDJPY was traded lower following prior breakout below the previous support level. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses.
Resistance level: 135.35, 139.00
Support level: 131.30, 126.65
AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level. However, MACD which illustrated decreasing bullish momentum suggest the pair to be traded lower as technical correction.
Resistance level: 0.6830, 0.6960
Support level: 0.6705, 0.6590
NZDUSD, H4: NZDUSD was traded higher following prior breakout above the previous resistance level. However, MACD which illustrated decreasing bullish momentum suggest the pair to be traded lower as technical correction.
Resistance level: 0.6460, 0.6560
Support level: 0.6360, 0.6260
USDCAD, H4: USDCAD was traded lower following prior breakout below the previous support level. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses.
Resistance level: 1.3455, 1.3635
Support level: 1.3320, 1.3155
USDCHF, H4: USDCHF was traded lower following prior breakout below the previous support level. However, MACD which illustrated decreasing bearish momentum suggest the pair to be traded lower as technical correction.
Resistance level: 0.9400, 0.9550
Support level: 0.9235, 0.9095
CrudeOIL, H4: Crude oil price was traded higher following prior rebound from the support level. MACD which illustrated decreasing bearish momentum suggest the commodity to extend its gains.
Resistance level: 83.55, 86.10
Support level: 80.15, 77.40
GOLD_, H4: Gold price was traded higher following prior breakout above the resistance level. However, MACD which illustrated decreasing bullish momentum suggest the commodity to be traded lower as technical correction.
Resistance level: 1808.55, 1833.00
Support level: 1783.50, 1756.05