13 January 2021 Morning Session Analysis
Dollar slumped amid heightening of political uncertainty.
Dollar index which gauges its value against a basket of six major currencies stumbled after hitting the higher level in 3 weeks amid Donald Trump is facing calls from The House to resign earlier than the scheduled time of power transition. Last week, Trump supporters stormed the Capitol to vent their dissatisfaction over the recent election results, sent the lawmakers into hiding and left five people dead in this riot. As Trump broke his oath of office and incited this insurrection, majority of lawmakers from opposition party – Democrats are pushing for a second round of impeachment on president in order to remove Trump from office. As political uncertainty continued haunting the US economy, investors chose to flee away from this currency market while eyeing on the further development of president’s impeachment. Besides, downbeat job data that had been announced yesterday in US has further dragged down the value of US dollar. According to the Bureau of Labor Statistics, US JOLTS Job Openings data came in at 6.527M, weaker than the economist forecast at 6.632M, reaffirming the weakness and vulnerability of US labour market during the pandemic. During Asian early trading session, dollar index dropped 0.47% to 90.05.
In the commodities market, the crude oil price surged by 0.06% to $53.25 per barrel amid optimistic view toward the energy future look has been given by EIA institution. According to the EIA short term energy outlook, they are still expecting the energy consumption will rise in year 2021 and 2022 along with the GDP, but the pandemic and vaccination program were still the main factors to determine the market future direction. Besides, gold price rose 0.07% to $1855.85 per troy ounce amid weakening of US dollar.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
17:00 EUR ECB President Lagarde Speaks
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 21:30 | USD – Core CPI (MoM)(Dec) | 0.2% | 0.1% | – |
| 23:30 | CrudeOIL – Crude OIL Inventories | -8.010M | -2.266M | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower following prior breakout below the previous support level at 90.25. MACD which illustrated bearish momentum suggest the index to extend its losses toward the support level at 89.90.
Resistance level: 90.25, 91.10
Support level: 89.90, 89.60
GBPUSD, H4: GBPUSD was traded higher following prior breakout above the previous resistance level at 1.3620. MACD which illustrated bullish bias momentum suggest the pair to extend its gains toward the resistance level at 1.3710.
Resistance level: 1.3710, 1.3805
Support level: 1.3620, 1.3535
EURUSD, H4: EURUSD was traded higher while currently testing the resistance level at 1.2205. MACD which illustrated bullish bias momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1.2205, 1.2250
Support level: 1.2155, 1.2120
USDJPY, H4: USDJPY was traded lower while currently testing the support level at 103.70. MACD which illustrated increasing of bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 104.00, 104.35
Support level: 103.70, 103.35
AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level at 0.7770. MACD which illustrated bullish bias momentum suggest the pair to extend its gains after it successfully breakout above the resistance level at 0.7770.
Resistance level: 0.7770, 0.7820
Support level: 0.7735, 0.7680
NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level at 0.7235. MACD which illustrated bullish bias momentum suggest the pair to extend its gains after it successfully breakout above the resistance level at 0.7235.
Resistance level: 0.7235, 0.7305
Support level: 0.7165, 0.7090
USDCAD, H4: USDCAD was traded lower following prior retracement from the resistance level at 1.2770. MACD which illustrate increasing of bearish momentum suggest the pair to extend its losses toward the support level at 1.2695.
Resistance level: 1.2770, 1.2825
Support level: 1.2695, 1.2625
USDCHF, H4: USDCHF was traded lower following prior breakout below the previous support level at 0.8885. MACD which illustrated bearish bias momentum suggest the pair to extend its losses toward the support level at 0.8855.
Resistance level: 0.8885, 0.8915
Support level: 0.8855, 0.8820
CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level at 53.75. MACD which illustrated bullish bias momentum suggest the commodity to extend its gains toward the resistance level at 53.75.
Resistance level: 53.75, 55.40
Support level: 51.90, 49.30
GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1861.05. MACD which illustrated bullish bias momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1861.05, 1877.35
Support level: 1842.90, 1825.40