12 January 2022 Afternoon Session Analysis
Euro surged amid rate hike expectation from ECB.
The Euro surged over the backdrop of hawkish tone from the European Central Bank (ECB) on yesterday. According to Reuters, ECB President Christine Lagarde claimed on Tuesday that the European Central Bank would continue to monitor on significant level of inflation rate in future. Economist worried that the face pace of price rises could persist longer than expectation amid supply bottlenecks as well as higher energy costs in the global economy. If the inflation rate continues to exceed the expectation, the European Central Bank vowed to implement contractionary monetary policy as well as increase the interest rate in future in order to stabilize the inflation rate. As of writing, EUR/USD appreciated by 0.10% to 1.1375.
In the commodities market, the crude oil price depreciated by 0.04% to $81.45 per barrel as of writing. The oil market edged lower amid the bearish inventory data had weigh down the prospect for the crude oil demand. According to American Petroleum Institute, U.S. API Weekly Crude Oil Stock came in at -1.077M, missing the market forecast at -1.950M. On the other hand, the gold price surged 0.01% to $1818.60 per troy ounces as of writing amid weakening US Dollar.
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 – Core CPI (MoM) (Dec) | 0.50% | 0.50% | – |
| 23:30 | CrudeOIL – Crude Oil Inventories | -2.144M | – | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower while currently testing the support level at 95.50. MACD which illustrated increasing bearish momentum suggest the index to extend its losses after it successfully breakout below the support level.
Resistance level: 96.80, 97.50
Support level: 95.50, 94.90
GBPUSD, dAILY: GBPUSD was traded higher following prior breakout above the previous resistance level at 1.3595. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 1.3700, 1.3820
Support level: 1.3595, 1.3490
EURUSD, Daily: EURUSD was traded higher while currently testing the resistance level at 1.1380. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1.1380, 1.1530
Support level: 1.1235, 1.1105
USDJPY, Daily: USDJPY was traded lower while currently testing the support level at 115.05. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 116.25, 117.50
Support level: 115.05, 114.25
AUDUSD, Daily: AUDUSD was traded higher following prior rebound from the support level at 0.7165. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 0.7265.
Resistance level: 0.7265, 0.7365
Support level: 0.7165, 0.6995
NZDUSD, Daily: NZDUSD was traded higher following prior rebound from the support level at 0.6710. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 0.6840, 0.6920
Support level: 0.6710, 0.6570
USDCAD, Daily: USDCAD was traded lower while currently testing the support level at 1.2625. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 1.2625, 1.2825
Support level: 1.2520, 1.2440
USDCHF, H4: USDCHF was traded lower following prior retracement from the resistance level at 0.9270. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.9175.
Resistance level: 0.9270, 0.9345
Support level: 0.9175, 0.9105
CrudeOIL, H4: Crude oil price was traded higher following prior breakout above the previous resistance level at 78.10. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains toward resistance level at 82.50.
Resistance level: 82.50, 84.85
Support level: 79.10, 75.45
GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1820.45. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1820.45, 1830.55
Support level: 1799.05, 1786.30