21 January 2022 Morning Session Analysis
Euro tumbles as doves emerges.
Euro halts is recent recovery and tumbles further after European Central Bank reemphasize their dovish views upon recent inflation appreciation. According to meeting minutes, several ECB members has voiced out their views that current appreciation in inflation is temporary and will likely depreciate throughout the year of 2022. Their view came in as market is previously speculating for a change in monetary policy strategy after EU inflation rose to 5.0%, its highest level in 30 years. Following the release of minutes, ECB President Christine Lagarde emphasize that it is too early to initiate a rate hike as it may jeopardize economic recovery momentum. She also reiterates the differences of economic fundamental in between US and EU and Federal Reserve could initiate a rate hike earlier due to strong economic recovery. As of writing, EUR/USD was down 0.02% to 1.1312.
In the commodities market, crude oil price was down by 0.58% to $84.15 per barrel following the release of US inventory data. Last week, crude oil inventory was up by 0.5 million barrels, significantly higher than forecasted reading to decrease by 0.9 million barrels. Likewise, gold price was down by 0.01% to $1,838.10 a troy ounce due to a rebound in US dollar.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
20:30 EUR ECB President Lagarde Speaks
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 14:00 | GBP – Retail Sales (MoM) (Dec) | 1.40% | -0.60% | – |
| 21:30 | CAD – Core Retail Sales (MoM) (Dec) | 1.30% | 1.30% | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher following prior rebound from lower levels. MACD which illustrate bullish signal suggests the index to be traded higher in short-term.
Resistance level: 95.80, 96.15
Support level: 95.45, 94.95
GBPUSD, H4: GBPUSD was traded lower following prior retracement from higher level. MACD which illustrate bearish signal suggests the pair to be traded lower after breaking the support level.
Resistance level: 1.3640, 1.3690
Support level: 1.3585, 1.3510
EURUSD, H4: EURUSD was traded lower following prior retrace from higher level. MACD which illustrate bearish signal suggests the pair to be traded lower after breaking the support level.
Resistance level: 1.1380, 1.1440
Support level: 1.1310, 1.1260
USDJPY, H4: USDJPY was traded lower following retracement from higher level. MACD which illustrate bearish signal suggests the pair to be traded lower in short-term.
Resistance level: 114.00, 114.35
Support level: 113.70, 113.30
AUDUSD, H4: AUDUSD was traded lower following retracement from higher level. MACD which illustrate diminished bullish momentum suggests the pair to be traded lower after breaking the support level.
Resistance level: 0.7270, 0.7335
Support level: 0.7210, 0.7125
NZDUSD, H4: NZDUSD was traded lower following prior retracement from higher levels. MACD which illustrate bearish signal suggests the pair to be traded lower after breaking the support level.
Resistance level: 0.6770, 0.6820
Support level: 0.6735, 0.6700
USDCAD, H4: USDCAD was traded higher following prior rebound from lower levels. MACD which illustrate bullish signal suggests the pair to be traded in short-term.
Resistance level: 1.2550, 1.2630
Support level: 1.2440, 1.2300
USDCHF, H4: USDCHF was traded higher following prior rebound from lower levels. MACD which illustrate bullish signal suggests the pair to be traded higher after breaking the resistance level.
Resistance level: 0.9170, 0.9200
Support level: 0.9140, 0.9090
CrudeOIL, H4: Crude oil price was traded lower following prior retracement from higher levels. MACD which illustrate bearish signal suggests its price to be traded in short-term.
Resistance level: 84.60, 87.40
Support level: 82.65, 80.15
GOLD_, H4: Gold price was traded lower following prior retracement from higher levels. MACD which illustrate diminished bullish signal suggests its price to be traded lower in short-term.
Resistance level: 1850.00, 1873.80
Support level: 1830.20, 1812.80