09 December 2020 Morning Session Analysis
Euro slumped as Brexit uncertainty persist.
The EUR/USD slumped on yesterday amid uncertainty with regards of the Brexit issues had undermined the market optimism toward the economic progression from the European Union, which spurring selloff for the Euro. According to Reuters, German Minister of State for Europe Michael Roth claimed that there had been no substantial progress in Brexit trade talks, while UK Prime Minister Boris Johnson reiterated that the impasses remained in both parties. Nonetheless, the overall trade for the Euro was subdued ahead of key risk events later in the week. On Thursday, European Central Bank is expected to deliver a significant easing package in order to combat the Covid-19 pandemic economical destruction during the Summit of EU27 Leaders. As for now investors would continue to scrutinize the latest updates with regards of the Brexit issues as well as the Summit of EU27 Leaders in order to gauge the likelihood movement for the Euro. On the economic data front, Germany ZEW Economic Sentiment had notched up from the previous reading of 39.0 to 55.0, exceeding the market forecast at 45.5. As of writing, EUR/USD surged 0.05% to 1.2106.
In the commodities market, the crude oil price slumped 0.07% to $45.50 per barrel as of writing. The oil market edged lower in the early Asian trading hours following the American Petroleum Institute reported that the U.S. Crude inventories rose by 1.14 million barrels last week, exceeding the market forecast at -1.514M. On the other hand, the gold market depreciated by 0.05% to $1869.25 per troy ounces as of writing amid optimism toward the Covid-19 vaccine development had spurred risk-on sentiment in the FX market, sapping the market demand on the safe-haven commodity.
Today’s Holiday Market Close
Time Market Event
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Today’s Highlight Events
Time Market Event
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Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 23:00 | JOLTs Job Openings (Oct) | 6.436M | – | – |
| 23:00 | BoC Interest Rate Decision | 0.25% | 0.25% | – |
| 23:30 | Crude Oil Inventories | -0.679M | -2.358M | – |
Technical Analysis
DOLLAR_INDX, Daily: Dollar index was traded lower while currently testing the support level at 90.45. However, MACD which illustrated diminishing bearish momentum suggest the index to be traded higher in short-term as technical correction.
Resistance level: 91.80, 94.05
Support level: 90.45, 89.10
GBPUSD, H4: GBPUSD was traded higher following prior rebound from the support level at 1.3330. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 1.3405.
Resistance level: 1.3405, 1.3490
Support level: 1.3330, 1.3250
EURUSD, H4: EURUSD was traded lower following prior retracement from the resistance level at 1.2165. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 1.2165, 1.2230
Support level: 1.2075, 1.1985
USDJPY, Daily: USDJPY was traded lower following prior retracement from the resistance level at 104.05. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 103.20.
Resistance level: 104.50, 105.95
Support level: 103.20, 101.25
AUDUSD, Weekly: AUDUSD was traded higher while currently testing the resistance level at 0.7435. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 0.7435, 0.7680
Support level: 0.7135, 0.6825
NZDUSD, Weekly: NZDUSD was traded higher following prior breakout above the previous resistance level at 0.6930. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.7160.
Resistance level: 0.7160, 0.7345
Support level: 0.6930, 0.6755
USDCAD, Daily: USDCAD was traded lower while currently testing the support level at 1.2765. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 1.3025, 1.3370
Support level: 1.2765, 1.2520
USDCHF, H4: USDCHF was traded lower while currently near the support level at 0.8875. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 0.8945, 0.9000
Support level: 0.8875, 0.8815
CrudeOIL, Weekly: Crude oil price was traded higher following prior breakout above the previous resistance level at 41.50. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains toward resistance level at 50.00.
Resistance level: 50.00, 60.65
Support level: 41.50, 33.30
GOLD_, H4: Gold price was traded higher following prior breakout above the previous resistance level at 1864.10. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.
Resistance level: 1888.30, 1908.60
Support level: 1864.10, 1840.35