13 January 2022 Morning Session Analysis
CPI failed to impress dollar-bulls.
Market participants reacts negatively towards the greenback despite better-than-expected data from the United States. According to Bureau of Labor Statistics, US Core CPI came in at 0.6% for the month of December, slightly higher than forecast of 0.5%. However, the increase in inflation for last month was largely priced in by investors while an increase of 0.6% (7.0% for y-o-y comparison) is not sufficient to push forward for a faster pace of monetary policy tightening from Federal Reserve. Likewise, recent testimony from Fed Chair Jerome Powell failed to give clear indication of the eagerness and speed of monetary policy tightening, jeopardizing market sentiment towards the greenback further. Thus, investors shifted their focus on other assets while waiting for more signals from the US. As of writing, the dollar index was down 0.01% to 94.92.
In the commodities market, crude oil price rose 0.09% to $82.78 per barrel. On yesterday, EIA reported that US inventory was down by -4.553 million barrels, its seventh weekly consecutive decline due to higher demand in the market. On the other hand, gold price was up 0.01% to $1,827.98 a troy ounce due to weaker greenback.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
N/A
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 21:30 | USD – Initial Jobless Claims | 207K | 205K | – |
| 21:30 | USD – PPI (MoM) (Dec) | 0.80% | 0.40% | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from higher levels. MACD which illustrate bearish signal suggests the index to be traded lower in short-term.
Resistance level: 95.00, 95.45
Support level: 94.60, 94.10
GBPUSD, H4: GBPUSD was traded higher following prior rebound from lower level. MACD which illustrate bullish signal suggests the pair to be traded higher in short-term.
Resistance level: 1.3745, 1.3810
Support level: 1.3690, 1.3630
EURUSD, H4: EURUSD was traded higher following prior rebound from lower level. MACD which illustrate bullish signal suggests the pair to be traded higher in short-term.
Resistance level: 1.1495, 1.1530
Support level: 1.1440, 1.1380
USDJPY, Daily: USDJPY was traded lower following prior retracement from higher levels. MACD which illustrate bearish momentum suggests the pair to be traded lower after closing below its support level.
Resistance level: 115.40, 116.25
Support level: 114.55, 113.50
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.
Resistance level: 0.7320, 0.7370
Support level: 0.7280, 0.7225
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.
Resistance level: 0.6870, 0.6910
Support level: 0.6830, 0.6780
USDCAD, H4: USDCAD was traded lower following prior retracement from higher levels. MACD which illustrate bearish signal suggests the pair to be traded lower after breaking its support level.
Resistance level: 1.2545, 1.2620
Support level: 1.2485, 1.2410
USDCHF, H1: USDCHF was traded higher following prior rebound from lower level. MACD which illustrate diminished bearish momentum suggests the pair to be traded higher in short-term.
Resistance level: 0.9165, 0.9190
Support level: 0.9130, 0.9100
CrudeOIL, H4: Crude oil price was traded higher following prior rebound from lower levels. MACD which illustrate bullish signal suggests its price to be traded higher after breaking the resistance level.
Resistance level: 82.65, 84.60
Support level: 80.15, 77.35
GOLD_, H4: 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: 1830.20, 1850.00
Support level: 1812.80, 1797.60