29 December 2021 Afternoon Session Analysis
Aussie slumped amid rising Covid-19 cases.
The Australian Dollar retraced from its recent high following the spread of Covid-19 cases led to more restrictions globally, which spurring negative prospect toward the economic momentum. According to Reuters, Coronavirus cases have surged significantly across most of Australia region as New South Wales, Queensland and Victoria all reported record numbers on Wednesday. The daily Covid-19 case numbers in Australia almost doubled to 11,201. Victoria recorded 3,767 new cases of Covid-19 while Queensland recorded another 1,539 cases. The authorities are ruling out the lockdown restrictions though they have tightened some social restrictions. The spiking numbers of the Covid-19 will decrease the odds for the Reserve Bank of Australia to implement contractionary monetary policy in short-term basis, dragging down the appeal for the Australia Dollar. As of writing, AUD/USD depreciated by 0.05% to 0.7225.
In the commodities market, the crude oil price depreciated by 0.26% to $76.11 per barrel as of writing over the backdrop of bearish inventory data. According to American Petroleum Institute (API), U.S. API Weekly Crude Oil stock came in at -3.090M, missing the market forecast at -3.233M. On the other hand, the gold price appreciated by 0.06% to $1807.45 per troy ounces as of writing amid raising concerns of the Covid-19 cases around the world had insinuated market demand on the safe-haven commodity.
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 |
| 23:00 | USD – Pending Home Sales (MoM) (Nov) | 7.5% | 0.6% | – |
| 23:30 | CrudeOIL – Crude Oil Inventories | -4.715M | – | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower while currently near the support level at 95.65. However, MACD which illustrated increasing bullish 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, H4: GBPUSD was traded higher following prior breakout above the previous resistance level at 1.3355. MACD which illustrated diminishing bearish 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 lower following prior retracement from the resistance level at 1.1345. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 1.1345, 1.1440
Support level: 1.1235, 1.1175
USDJPY, H4: USDJPY was traded higher following prior breakout above the previous resistance level at 114.20. However, MACD which illustrated increasing bearish momentum suggest the pair to be traded lower in short-term as technical orrection.
Resistance level: 115.40, 116.80
Support level: 114.20, 112.80
AUDUSD, Daily: AUDUSD was traded higher following prior breakout above the resistance level at 0.7175. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 0.7365, 0.7535
Support level: 0.7175, 0.6995
NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level at 0.6825. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 0.6825, 0.6920
Support level: 0.6710, 0.6570
USDCAD, H4: USDCAD was traded higher while currently near the resistance level at 1.2840. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1.2840, 1.2935
Support level: 1.2765, 1.2695
USDCHF, H4: USDCHF was traded lower following prior retracement from the resistance level at 0.9190. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 0.9150.
Resistance level: 0.9260, 0.9315
Support level: 0.9150, 0.9105
CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level at 76.10. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.
Resistance level: 76.10, 79.00
Support level: 72.65, 69.55
GOLD_, H4: Gold price was traded lower following prior retracement from the resistance level at 1811.70. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses toward support level at 1786.30.
Resistance level: 1811.50, 1830.55
Support level: 1786.30, 1762.20