15 December 2020 Afternoon Session Analysis
Aussie dipped following RBA meeting minutes.
Aussie dollar received huge sell-off pressure after RBA meeting minutes show dovish sign with regarding to the economic outlook of Australia. In the RBA meeting, board of members reaffirmed the monetary policy settings at 0.10% while maintaining the purchase of $100 billion of government bonds over the 6 months. Besides, members of RBA revealed that despite the rollout of vaccine should able to support the recovery of the global economy, but the global outlook remained uncertain and thus substantial policy support will be needed for a considerable period. Other than that, they also reiterated that the interest rate will be kept at 0.1% for at least three years and to not adjust it until the underlying inflation pressure recovered and sustainably back to 2-3% target range. In overall, RBA will remain in watch-and-wait mode after delivering November monetary policy decision, while focusing more on the development of economic outlook. During Asian trading session, the pair of AUD/USD ticked down 0.05% to 0.7530.
In the commodities market, crude oil price rose 0.40% to $46.98 per barrel as the news of OPEC cutting its demand’s forecast for year 2021 continue weigh on this black commodity market. However, the losses of oil product was limited as the market participants foresee that the global oil demand will be recovered soon after the rollout of vaccines. Besides, gold price rose 0.32% to $1833.00 a troy ounce as Brexit uncertainty sparked up market risk avoidance behaviours.
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 |
| 15.00 | GBP – Average Earnings Index +Bonus (Oct) | 1.3% | 2.2% | – |
| 15.00 | GBP – Claimant Count Change | -29.8K | 50.0K | – |
Technical Analysis
DOLLAR_INDX, H1: Dollar index was traded lower while currently testing the support level at 90.55. MACD which illustrated diminishing bullish momentum suggest the index to extend its losses after it successfully breakout below the support level.
Resistance level: 91.05, 91.45
Support level: 90.55, 90.05
GBPUSD, H4: GBPUSD was traded lower following prior retracement from the resistance level at 1.3380. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 1.3250.
Resistance level: 1.3380, 1.3475
Support level: 1.3250, 1.3140
EURUSD, H4: EURUSD was traded higher while currently testing the resistance level at 1.2165. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1.2165, 1.2230
Support level: 1.2075, 1.1985
USDJPY, Daily: USDJPY was traded within a range while currently near the resistance level at 104.55. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 104.55, 105.95
Support level: 103.20, 101.25
AUDUSD, H4: AUDUSD was traded lower following prior retracement from the resistance level at 0.7590. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.7480.
Resistance level: 0.7590, 0.7690
Support level: 0.7480, 0.7370
NZDUSD, H4: NZDUSD was traded lower following prior retracement from the resistance level at 0.7095. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.7015.
Resistance level: 0.7095, 0.7165
Support level: 0.7015, 0.6930
USDCAD, Daily: USDCAD was traded lower while currently testing the support level at 1.2740. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 1.3025, 1.3370
Support level: 1.2740, 1.2520
USDCHF, Daily: USDCHF was traded lower while currently near the support level at 0.8835. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 0.8915, 0.8980
Support level: 0.8835, 0.8760
CrudeOIL, H1: Crude oil price was traded lower following prior retracement from the resistance level at 47.10. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses toward support level at 46.45.
Resistance level: 47.10, 47.60
Support level: 46.45, 45.85
GOLD_, H1: Gold price was traded within a range while currently testing the support level at 1830.00. However, MACD which illustrated increasing bullish momentum suggest the commodity to be traded higher in short-term as technical correction.
Resistance level: 1845.65, 1858.10
Support level: 1830.00, 1816.10