09 December 2021 Morning Session Analysis
Japanese Yen slumped amid downbeat economic data.
The safe-haven Japanese Yen slumped over the backdrop of bearish economic data on yesterday. According to Cabinet Office, Japan Gross Domestic Product (GDP) for last quarter had notched down significantly from the previous reading of 0.5% to -0.9%, missing the market forecast at -0.8%. A sharp rise in local Covid-19 cases had weighed down the private consumption and global chip supply shortage hurt sales of cars and electronics due to production snags. On the other hand, the upbeat vaccine news had stoked a shift in sentiment for the investors toward the riskier asset, diminishing the market demand on the safe-haven asset such as Japanese Yen. According to Reuters, Pfizer and BioNTech claimed that preliminary results showed their Covid-19 vaccine neutralizes the virus Omicron variant after three doses. Besides, Pfizer also said that it would submit full results of its Covid-19 pill, Paxlovid, to the US Food and Drug Administration in coming days. As of writing, USD/JPY appreciated by 0.05% to 113.75.
In the commodities market, the crude oil price appreciated by 0.07% to $73.10 per barrel as of writing amid the upbeat vaccination news on the Covid-19 variant, which spurring positive prospect for the crude oil demand in future. On the other hand, the gold price slumped 0.04% to $1784.00 per troy ounces as of writing amid risk-on sentiment in the global financial market, which dragging down the appeal for 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 |
| 21:30 | USD – Initial Jobless Claims | 222K | 228K | – |
Technical Analysis
DOLLAR_INDX, H1: Dollar index was traded lower while currently testing the support level at 95.75. However, MACD which illustrated diminishing bearish momentum suggest the index to be traded higher in short-term as technical correction.
Resistance level: 96.35, 96.80
Support level: 95.75, 95.50
GBPUSD, H4: GBPUSD was traded lower while currently testing the support level at 1.3195. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 1.3355, 1.3505
Support level: 1.3195, 1.3050
EURUSD, Daily: EURUSD was traded higher while currently testing the resistance level at 1.1370. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1.1370, 1.1530
Support level: 1.1175, 1.1010
USDJPY, Daily: USDJPY was traded higher following prior rebound from the support level at 112.80. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 114.40.
Resistance level: 114.40, 115.40
Support level: 112.80, 112.05
AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level at 0.7175. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 0.7175, 0.7280
Support level: 0.7000, 0.6825
NZDUSD, Daily: NZDUSD was traded higher while currently testing the resistance level at 0.6815. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 0.6815, 0.6950
Support level: 0.6640, 0.6530
USDCAD, H4: USDCAD was traded lower while currently testing the support level at 1.2645. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 1.2720, 1.2825
Support level: 1.2645, 1.2585
USDCHF, H4: USDCHF was traded lower following prior retracement from the resistance level at 0.9260. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.9155.
Resistance level: 0.9260, 0.9315
Support level: 0.9155, 0.9090
CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level at 72.55. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.
Resistance level: 72.55, 75.60
Support level: 66.05, 61.75
GOLD_, H1: Gold price was traded lower following prior retracement from the resistance level at 1790.00. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.
Resistance level: 1790.00, 1802.20
Support level: 1774.80, 1762.20