83% of retail investor accounts lose money when trading CFDs with this provider.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 83% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

6 December 2022                              Morning Session Analysis

US Dollar revived as positive economic data spurred hopes for rate hikes.

The Dollar Index which traded against a basket of six major currencies rose significantly on yesterday after the upbeat economic data has been released. According to Institute for Supply Management, the US ISM Non-Manufacturing Purchasing Managers Index (PMI) in November has notched up from the previous reading of 54.4 to 56.5, exceeding the consensus forecast of 53.3. On the other hand, the survey followed on the heels of stronger-than-expected job and wage growth data for November released last Friday, while consumer spending also accelerated in October. The upbeat reports have raised optimism the economy could avoid recession next year, with growth just slowing sharply, while also spurring speculation about how high rates will rise. However, it is noteworthy that Fed Chair Jerome Powell claimed last week the central bank could scale back the pace of rate hike as soon as December. Besides, the clouded economic outlook in the UK had also led US Dollar to climb higher. As of writing, the Dollar Index appreciated by 0.69% to 105.21.

 

In the commodities market, the crude oil price rose by 0.08% to $77.41 per barrel as of writing after a sharp decline throughout overnight trading session following the upbeat US economic data had raised the hopes of aggressive rate hikes from Fed. In addition, the gold price edged down by 0.01% to $1769.05 per troy ounce as of writing over the strengthening of US Dollar.

 

 

Today’s Holiday Market Close

Time                       Market                  Event

N/A

 

Today’s Highlight Events

Time                       Market                  Event

11:30                     AUD                                       RBA Rate Statement

23:30                    AUD                                       RBA Rate Statement

 

Today’s Highlight Economic Data

Time Nation & Data Previous Forecast Actual
11:30 AUD – RBA Interest Rate Decision (Dec) 2.85% 3.10%
17:30 GBP – Construction PMI (Nov) 53.2 52
23:00 CAD – Ivey PMI (Nov) 50.1 51

 

 

 

Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded higher while currently testing the resistance level. MACD which illustrated decreasing bearish momentum suggest the index to extend its gains if successfully breakout the resistance level.

 

Resistance level: 105.20, 107.05

Support level: 103.45, 101.70

 

GBPUSD, H4: GBPUSD 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: 1.2245, 1.2485

Support level: 1.2040, 1.1835

 

EURUSD, H4: EURUSD was traded lower while currently testing the support level. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses if successfully breakout the support level.

 

Resistance level: 1.0600, 1.0740

Support level: 1.0465, 1.0335

 

USDJPY, Daily: USDJPY was traded higher following prior breakout above the previous resistance level. MACD which illustrated decreasing bearish momentum suggest the pair to extend its gains.

 

Resistance level: 139.00, 142.10

Support level: 135.35, 131.30

 

AUDUSD, H4: AUDUSD 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: 0.6705, 0.6830

Support level: 0.6590, 0.6500

 

NZDUSD, H4: NZDUSD 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: 0.6360, 0.6460

Support level: 0.6260, 0.6150

 

USDCAD, H4: USDCAD was traded higher following prior breakout above the previous resistance level. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains.

 

Resistance level: 1.3635, 1.3790

Support level: 1.3455, 1.3320

 

USDCHF, H4: USDCHF was traded higher following prior breakout above the previous resistance level. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains.

 

Resistance level: 0.9550, 0.9680

Support level: 0.9400, 0.9235

 

CrudeOIL, H4: Crude oil price was traded lower while currently testing the support level. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses if successfully breakout the support level.

 

Resistance level: 80.15, 83.55

Support level: 77.40, 75.15

 

GOLD_, H4: Gold price was traded lower following prior breakout below the support level. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses.

 

Resistance level: 1783.50, 1808.55

Support level: 1756.05, 1733.70