22 December 2021 Afternoon Session Analysis
The safe-haven Yen slumped amid hopes upon resolution of Covid-19 pandemic.
The safe-haven Japanese Yen slumped over the backdrop of risk-on sentiment in the global financial market following the upbeat news with regards of Covid-19 treatment pill, which prompting investor to shift their portfolio toward other risky asset such as Pound Sterling and Australian Dollar. According to the Guardian, US Federal regulators are expected to approve the first Covid-19 pills as early as this week. According to clinical trials data, both Pfizer and Merck offered 89% reduction in the risk of hospitalization for unvaccinated patients when the patients began treatment within three days of the first symptoms appearing. Merck’s lowered the risk by 30% for patients who began treatment within five days of symptoms appearing. Besides, the US government has ordered 10 million courses of the Pfizer pill and 3 million from Merck, according to Bloomberg. Nonetheless, the medicines are still not expected to immediately be widely available in short-term basis. As of writing, USD/JPY appreciated by 0.01% to 114.10.
In the commodities market, the crude oil price surged 0.15% to $71.75 per barrel as of writing. The oil market rebounded significantly amid the positive news with regards of the Covid-19 treatment pill, which dialed up the market optimism toward the prospect for the crude oil demand. On the other hand, the gold price depreciated by 0.04% to $1790.35 per troy ounces as of writing amid increasing risk appetite in the market, dragging down the appeal for safe-haven gold.
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 – GDP (YoY) (Q3) | 6.60% | 6.60% | – |
| 21:30 | USD – GDP (QoQ) (Q3) | 2.10% | 2.10% | – |
| 23:00 | USD – CB Consumer Confidence (Dec) | 109.5 | 110.2 | – |
| 23:00 | USD – Existing Home Sales (Nov) | 6.34M | 6.50M | – |
| 23:30 | CrudeOIL – Crude Oil Inventories | -4.584M | -2.082M | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher following prior rebound from lower levels. However, MACD which illustrated diminishing bullish momentum suggest the index to be traded lower in short-term as technical correction.
Resistance level: 96.90, 97.50
Support level: 95.65, 94.90
GBPUSD, H4: GBPUSD was traded higher following prior rebound from the support level at 1.3195. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.3355.
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, Daily: USDJPY was traded higher while currently testing the resistance level at 114.40. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 114.40, 115.40
Support level: 112.80, 112.05
AUDUSD, H4: AUDUSD was traded higher following prior rebound from the support level at 0.7090. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.7175
Resistance level: 0.7175, 0.7260
Support level: 0.7090, 0.6995
NZDUSD, Weekly: NZDUSD was traded lower while currently testing the support level at 0.6895. 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: 0.6690, 0.6405
USDCAD, H4: USDCAD was traded lower following prior retracement from the resistance level at 1.2935. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.2840.
Resistance level: 1.2935, 1.3020
Support level: 1.2840, 1.2765
USDCHF, H4: USDCHF was traded higher following prior rebound from the support level at 0.9200. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.2960.
Resistance level: 0.9260, 0.9315
Support level: 0.9200, 0.9155
CrudeOIL, H4: Crude oil price was traded higher following prior breakout above the previous resistance level at 69.55. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains toward resistance level at 72.65.
Resistance level: 72.65, 75.10
Support level: 69.55, 66.50
GOLD_, H4: Gold price was traded lower while currently testing the support level at 1787.00. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.
Resistance level: 1811.50, 1830.55
Support level: 1787.00, 1762.20