21 December 2021 Afternoon Session Analysis
Australia Dollar slumped amid Omicron fears.
The Australia Dollar extend its losses over the backdrop of risk-off sentiment in the global financial market amid resurgence of Omicron variant, which prompting investors to shift their portfolio toward other safe-haven currency. According to the US Disease Control and Prevention (CDC), the US had reported its first death linked to the Omicron variant in Texas. Besides, the World Health Organization (WHO) had stated that the Omicron variant is spreading much faster than the Delta variant and is causing infections in people already vaccinated or who have recovered from the Covid-19 disease. Nonetheless, the losses experienced by the Australia Dollar was limited following the Reserve Bank of Australia’s (RBA) unleashed their hawkish tone toward the economic progression in Australia. According to the latest RBA meeting minutes, the Australia’s central bank remained optimism that the spread of Omicron variant will not derail the ongoing economic recovery, while claiming that they might end the quantitative easing earlier than expected. As of writing, AUD/USD slumped 0.01% to 0.7108.
In the commodities market, the crude oil price surged 0.23% to $69.70 per barrel as of writing amid technical correction. Nonetheless, the overall trend for the crude oil commodity remained bearish amid spiking numbers of Omicron variant around the world had weighed down the appeal for this black-commodity. On the other hand, the gold price slumped 0.04% to $1790.20 per troy ounces as of writing as market participants speculated the higher odds for Federal Reserve to increase its interest rates in short-term basis.
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 |
| 17:30 | CAD – Core Retail Sales (MoM) (Oct) | -0.2% | 1.6% | – |
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 after a breakout occur at 96.90.
Resistance level: 96.90, 97.50
Support level: 95.65, 94.90
GBPUSD, H4: GBPUSD was traded lower while currently testing the support level at 1.3195. MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 1.3355, 1.3505
Support level: 1.3195, 1.3050
EURUSD, H4: EURUSD was traded higher following prior rebound from the support level at 1.1235. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.1345.
Resistance level: 1.1345, 1.1440
Support level: 1.1235, 1.1175
USDJPY, H4: USDJPY was traded higher following prior rebound from the support level at 112.80. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 114.40.
Resistance level: 114.40, 115.40
Support level: 112.80, 112.05
AUDUSD, H4: AUDUSD was traded lower while currently testing the support level at 0.7090. MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 0.7175, 0.7260
Support level: 0.7090, 0.6995
NZDUSD, H4: NZDUSD was traded lower while currently testing the support level at 0.6705. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 0.6895, 0.7150
Support level: 0.6705, 0.6405
USDCAD, H4: USDCAD was traded higher while currently testing the resistance level at 1.29335. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 1.2935, 1.3020
Support level: 1.2840, 1.2765
USDCHF, H4: USDCHF was traded lower while currently testing the support level at 0.9200. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 0.9260, 0.9315
Support level: 0.9200, 0.9155
CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level at 69.55. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.
Resistance level: 69.55, 72.65
Support level: 66.50, 62.55
GOLD_, H4: Gold price was traded lower while currently testing the support level at 1790.20. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses after it successfully breakout below the support level.
Resistance level: 1811.50, 1830.55
Support level: 1790.20, 1762.20