10 January 2022 Morning Session Analysis
NFP pushes US dollar down.
Greenback extended its losses during Asian trading session following the release of Nonfarm Payrolls report last Friday. For the month of December, Nonfarm Payrolls came in lower at 199K, missing economist’s forecast of 400K. The decrease was relatively due to lower hiring across all economic sector although it has shown improvement when compared to last two years ago. Nevertheless, losses on the US dollar was limited due to decreasing number of unemployed individuals in the United States. For the month of December, unemployment rate depreciates from 4.2% to 3.9%, significantly lower than forecast of 4.1%. The data suggests possible increase in consumer spending for the near term which may further emphasize the need to tighten monetary policy at a faster pace from the Federal Reserve. As of writing, dollar index was down 0.02% to 95.68.
In the commodities market, crude oil price was down 0.82% to $78.40 per barrel. Oil price received bearish momentum as total production in China rises for third consecutive year to 48.64 million tonnes in 2021. On the other hand, gold price was up 0.03% to $1,795.57 a troy ounce due to weaker greenback.
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Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from higher levels. MACD which illustrate downward momentum suggests the index to be traded lower in short-term.
Resistance level: 95.85, 96.10
Support level: 95.65, 95.35
GBPUSD, H4: GBPUSD was traded higher following prior rebound from lower level. MACD which illustrate bullish signal suggests the pair to be traded higher after a breakout occur.
Resistance level: 1.3630, 1.3690
Support level: 1.3570, 1.3510
EURUSD, H4: EURUSD was traded lower following prior retracement from higher level. MACD which illustrate diminished bullish momentum suggests the pair to be traded lower in short-term.
Resistance level: 1.1370, 1.1440
Support level: 1.1320, 1.1285
USDJPY, Daily: USDJPY was traded lower following prior retracement from higher levels. MACD which illustrate diminished bullish momentum suggests the pair to be traded lower in short-term.
Resistance level: 116.25, 117.00
Support level: 115.40, 114.55
AUDUSD, H4: AUDUSD was traded higher following prior rebound from lower level. MACD which illustrate bullish signal suggests the pair to be traded higher short-term after a breakout occur.
Resistance level: 0.7180, 0.7225
Support level: 0.7140, 0.7085
NZDUSD, H4: NZDUSD was traded higher following prior rebound from lower levels. MACD which illustrate bullish signal suggests the pair to be traded higher in short-term after a breakout occur.
Resistance level: 0.6780, 0.6830
Support level: 0.6740, 0.6700
USDCAD, H4: USDCAD was traded lower following prior retracement from higher levels. MACD which illustrate bearish signal suggests the pair to be traded lower in short-term.
Resistance level: 1.2690, 1.2765
Support level: 1.2620, 1.2545
USDCHF, H4: USDCHF was traded lower following prior retracement from higher level. MACD which illustrate bearish signal suggests the pair to be traded lower in short-term.
Resistance level: 0.9190, 0.9210
Support level: 0.9165, 0.9130
CrudeOIL, H4: Crude oil price was traded lower following prior retracement from higher levels. MACD which illustrate bearish signal suggests its price to be traded lower in short-term.
Resistance level: 80.15, 82.65
Support level: 77.35, 75.15
GOLD_, H1: Gold price was traded lower following prior retracement from higher levels. MACD which illustrate diminished bullish momentum suggests its price to be traded lower in short-term.
Resistance level: 1797.60, 1812.80
Support level: 1784.90, 1765.50