16 December 2021 Afternoon Session Analysis
Aussie rose on upbeat Australia employment data.
The Australian dollar which traded against the dollar and other currency pairs have recoup some of its previous losses and rose after the release of upbeat jobs data from Australia. According to the Australian Bureau of Statistics, the Australia’s Employment Change have rose significantly by 366.1K, surpassed market expectation of 200K. On top of that, the Unemployment Rate also fell to 4.6%, better than market forecast of 5%. The increase was likely due to a lift in payrolls which help boost employment. The data also further reinforced Australia’s central bank view that the economy as likely to return to its pre-Delta path in the first half of 2022. At the time of writing, AUD/USD rose 0.11% to 0.7151.
In the commodities market, crude oil price rose 0.38% to $71.50 per barrel as of writing following strong demand outlook. Market continue to react positively after EIA recently reported a huge decline in stockpiles and show demand for petroleum products remain high. Data also showed that product supplied by refineries, a proxy for demand, surged in the most recent week to 23.2 million barrels per day. On the other hand, gold price rose 0.33% to $1782.19 a troy ounce at the time of writing following dollar weakness.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
16:30 CHF SNB Monetary Policy Assessment
17:30 CHF SNB Press Conference
20:00 GBP BoE MPC Meeting Minutes
21:30 EUR ECB Press Conference
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 16:30 | CHF – SNB Interest Rate Decision (Q4) | -0.75% | -0.75% | – |
| 16:30 | EUR – German Manufacturing PMI (Dec) | 57.4 | 57 | – |
| 17:30 | GBP – Composite PMI | 57.6 | – | – |
| 17:30 | GBP – Manufacturing PMI | 58.1 | – | – |
| 17:30 | GBP – Services PMI | 58.5 | – | – |
| 20:00 | GBP – BoE Interest Rate Decision (Dec) | 0.10% | 0.10% | – |
| 20:45 | EUR – Deposit Facility Rate (Dec) | -0.50% | -0.50% | – |
| 20:45 | EUR – ECB Marginal Lending Facility | 0.25% | – | – |
| 20:45 | EUR – ECB Interest Rate Decision (Dec) | 0.00% | – | – |
| 21:30 | USD – Building Permits (Nov) | 1.653M | 1.660M | – |
| 21:30 | USD – Initial Jobless Claims | 184K | 195K | – |
| 21:30 | USD – Philadelphia Fed Manufacturing Index (Dec) | 39 | 30 | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower following prior breakout below the previous support level 96.85. MACD which illustrate diminishing bullish momentum signal with the formation of death cross suggest the dollar to extend its losses towards the support level 95.70.
Resistance level: 96.35, 96.85
Support level: 95.70, 94.90
GBPUSD, H4: GBPUSD was traded higher following prior rebound from the support level 1.3190. MACD which illustrate bullish momentum signal suggest the pair to extend its rebound towards the resistance level 1.3315.
Resistance level: 1.3315, 1.3430
Support level: 1.3190, 1.3055
EURUSD, H4: EURUSD remain traded in a sideway channel following recent rebound from the support level 1.1260. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to extend its rebound in short term towards the resistance level 1.1355.
Resistance level: 1.1355, 1.1455
Support level: 1.1260, 1.1170
USDJPY, H4: USDJPY was traded higher following prior breakout above the previous resistance level 114.60. MACD which illustrate ongoing bullish momentum signal suggest the pair to extend its gains above the resistance level 114.60.
Resistance level: 114.60, 115.50
Support level: 113.80, 112.75
AUDUSD, H4: AUDUSD remain traded in a sideway channel while currently near the resistance level 0.7175. However, MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair be traded higher after it breaks above the resistance level 0.7175.
Resistance level: 0.7175, 0.7260
Support level: 0.7095, 0.7005
NZDUSD, H4: NZDUSD was traded higher following prior rebound from the support level 0.6725. MACD which illustrate bullish bias signal with the formation of golden cross suggest the pair to extend its rebound towards the resistance level 0.6815.
Resistance level: 0.6815, 0.6905
Support level: 0.6725, 0.6630
USDCAD, H4: USDCAD was traded lower while currently testing the support level 1.2835. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its retracement after it breaks below the support level.
Resistance level: 1.2955, 1.3105
Support level: 1.2835, 1.2735
USDCHF, H4: USDCHF remain traded in a sideway channel following prior retracement from the resistance level 0.9250. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its retracement towards the support level 0.9170.
Resistance level: 0.9250, 0.9320
Support level: 0.9170, 0.9105
CrudeOIL, H4: Crude oil price was traded higher following prior rebound from the support level 68.90. However, MACD which illustrate bullish bias signal with the formation of golden cross suggest the commodity to extend its rebound towards the resistance level 72.70.
Resistance level: 72.70, 75.25
Support level: 68.90, 65.25
GOLD_, H4: Gold price remain traded in a sideway channel while currently testing near the resistance level 1787.75. However, MACD which illustrate diminishing bearish momentum signal with the starting formation of golden cross suggest the commodity to be traded higher after it breaks above the resistance level 1787.75.
Resistance level: 1787.75, 1806.80
Support level: 1763.05, 1744.00