23 December 2021 Morning Session Analysis
Greenback down, led by risky asset demand.
Demand for risky assets rose sharply on yesterday, initiating a broad selloff upon US dollar following positive reports with regards to Omicron variant. According to new research, hospitalization rate among Omicron-infected individuals were 80% lower as compared to Delta variant. The research also pointed out that while Omicron has higher infectivity rate, its side effects that comes along is significantly milder. The hypothesis was made based on observation conducted among hospitalized patient which exert 30% lower severe symptoms and health complications when being compared to previous variants. However, losses on the US dollar were limited following bullish economic report from the US. For the month of December, CB Consumer Confidence notched up to 115.8, significantly higher than forecast of 110.8. The increase in consumer confidence came with higher expectation towards US economic progression in short to mid-term while the data also suggests higher consumer spending which may contribute to an up rise in inflation for the coming months. As of writing, the dollar index was up 0.01% to 96.03.
In the commodities market, crude oil price extended gains by 0.02% to $73.02 per barrel. Oil prices advanced further on yesterday following a draw in US inventory by -4.72 million barrels last week, significantly larger than forecasted reading of -2.75 million barrels. On the other hand, gold price depreciates by 0.04% to $1,804.44 a troy ounce over the backdrop of stronger greenback.
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 |
| 21:30 | USD – Core Durable Goods Orders (MoM) (Nov) | 0.50% | 0.60% | – |
| 21:30 | USD – Initial Jobless Claims | 206K | 205K | – |
| 21:30 | CAD – GDP (MoM) (Oct) | 0.10% | 0.80% | – |
| 23:00 | USD – New Home Sales (Nov) | 745K | 770K | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher following prior rebound from lower levels. MACD which illustrate diminished bearish signal suggests the index to be traded higher in short-term.
Resistance level: 96.10, 96.35
Support level: 95.85, 95.65
GBPUSD, H4: GBPUSD was traded lower following prior retracement from higher level. MACD which illustrate diminished bullish signals suggests the pair to be traded lower in short-term.
Resistance level: 1.3355, 1.3410
Support level: 1.3290, 1.3220
EURUSD, H4: EURUSD was traded lower following prior retrace from higher level. MACD which illustrate diminished bullish momentum suggests the pair to be traded lower in short-term.
Resistance level: 1.1370, 1.1440
Support level: 1.1320, 1.1285
USDJPY, H4: USDJPY was traded lower following prior retracement from higher levels. MACD which illustrate diminished upward momentum suggests the pair to be traded lower in short-term.
Resistance level: 114.35, 114.90
Support level: 113.70, 113.15
AUDUSD, H4: AUDUSD was traded lower following retracement from higher level. MACD which illustrate diminished bullish signal suggests the pair to be traded lower short-term.
Resistance level: 0.7225, 0.7280
Support level: 0.7180, 0.7140
NZDUSD, H4: NZDUSD was traded lower following prior retracement from higher levels. MACD which illustrate diminished upward momentum suggests the pair to be traded lower in short-term.
Resistance level: 0.6820, 0.6875
Support level: 0.6725, 0.6670
USDCAD, H4: USDCAD was traded higher following prior rebound from lower levels. MACD which illustrate diminished bearish signal suggests the pair to be traded higher in short-term.
Resistance level: 1.2910, 1.2975
Support level: 1.2835, 1.2765
USDCHF, H4: USDCHF was traded higher following prior rebound from lower level. MACD which illustrate diminished bearish momentum suggests the pair to be traded higher in short-term.
Resistance level: 0.9210, 0.9230
Support level: 0.9190, 0.9165
CrudeOIL, H4: Crude oil price was traded higher following prior rebound from lower levels. MACD which illustrate bullish signal suggests its price to be traded higher in short-term after closing above 73.00.
Resistance level: 73.00, 75.65
Support level: 70.40, 69.30
GOLD_, H4: Gold price was traded higher following prior rebound from lower levels. However, MACD which illustrate diminished upward momentum suggests its price to be traded lower in short-term.
Resistance level: 1808.35, 1821.43
Support level: 1792.15, 1777.00