24 December 2021 Afternoon Session Analysis
Pound surged amid risk-on mood.
The risky currency such as Pound Sterling surged significantly yesterday over the backdrop of risk-on sentiment in the global financial market following the Omicron variant concerns faded. According to Reuters, fresh data from Denmark, U.K. and South Africa had shown evidence that the new Omicron strain is less likely to cause serious illness. Meanwhile, AstraZeneca, Pfizer and Moderna trial results indicated that a booster jab of their Covid-19 vaccine largely restored the immune response to the virus. Besides, Pfizer and Merck Covid-19 pill received emergency use authorization from the U.S. Food and Drug Administration. Nonetheless, the overall movement and volume for the pair of GBP/USD would remain subdued amid many markets are closed or operating with reduced hours for the holidays. As of writing, GBP/USD appreciated by 0.04% to 1.3410.
In the commodities market, the crude oil price appreciated by 0.97% to $74.05 per barrel as of writing. The oil market surged over the backdrop of hopes upon the resolution of Covid-19 pandemic, spurring positive prospect toward the market demand toward this black-commodity. On the other hand, the gold price was traded flat at $1808.90 per troy ounces as of writing amid market participants waited for further catalyst from Federal Reserve before entering the safe-haven market.
Today’s Holiday Market Close
Time Market Event
All Day US Christmas
All Day Germany Christmas
All Day Switzerland Christmas
Early close UK Christmas
Early close Australia Christmas
Today’s Highlight Events
Time Market Event
N/A
Today’s Highlight Economic Data
N/A
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower while currently near the support level at 95.65. However, MACD which illustrated diminishing bearish momentum suggest the index to be traded higher in short-term as technical correction.
Resistance level: 96.90, 97.50
Support level: 95.65, 94.90
GBPUSD, Daily: GBPUSD was traded higher following prior breakout above the previous resistance level at 1.3355. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.3505.
Resistance level: 1.3505, 1.3630
Support level: 1.3355, 1.3195
EURUSD, H4: EURUSD was traded higher while currently testing the resistance level at 1.1345. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
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, Daily: AUDUSD was traded higher following prior breakout above the resistance level at 0.7175. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.7260.
Resistance level: 0.7260, 0.7365
Support level: 0.7175, 0.7090
NZDUSD, Daily: NZDUSD was traded higher following prior rebound from the support level at 0.6690. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.6895.
Resistance level: 0.6895, 0.7150
Support level: 0.6690, 0.6405
USDCAD, H4: USDCAD was traded lower following prior breakout below the previous support level at 1.2840. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 1.2840, 1.2935
Support level: 1.2765, 1.2680
USDCHF, Daily: USDCHF was traded lower while currently testing the support level at 0.9170. 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: 0.9170, 0.9105
CrudeOIL, H4: Crude oil price was traded higher following prior breakout above the previous resistance level at 72.65. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.
Resistance level: 75.10, 78.85
Support level: 72.65, 69.55
GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1811.50. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.
Resistance level: 1811.50, 1830.55
Support level: 1786.30, 1762.20