29 December 2021 Morning Session Analysis
Greenback rose after Nasdaq slumps.
Greenback stages its rebound from lower levels as investors fled to the alternative safe haven following slight selloff on Nasdaq. On yesterday, institutional investors began to reconstitute their investment portfolio ahead of New Year’s holiday, causing Nasdaq to record a loss of more than half percent. As investors continues to place their bets upon Federal Reserve to tighten monetary policy at a faster pace, the appeal of US dollar as alternative safe-haven asset increased drastically when compared to gold. Likewise, as the market moves slowly prior to holiday seasons, any selloff in the market may appear to be exaggerated for the time being. Likewise, investors also place their focus on Omicron variant developments as its spreads rapidly across Europe. On yesterday, UK recorded 129,471 new cases, its highest level since the pandemic began last year. Investors fear UK healthcare system may be in distress if the number of new cases continues to rise substantially. During Asian trading session, the dollar index was up 0.02% to 96.11 while GBP/USD was down 0.01% to 1.3430.
For commodities, crude oil price rose 0.08% to $76.05 per barrel. Oil prices continues to receive bullish bets following supply disruption in Ecuador, Libya and Nigeria which may decrease its oil exports for the time being. Otherwise, gold price was down 0.02% to $1,806.68 a troy ounce due to 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 |
| 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 higher following prior rebound from lower levels. MACD which illustrate bullish signal suggests the index to be traded higher in short-term.
Resistance level: 96.35, 96.60
Support level: 96.10, 95.85
GBPUSD, H4: GBPUSD was traded lower following prior retracement from higher level. MACD which illustrate bearish signal suggests the pair to be traded lower in short-term.
Resistance level: 1.3470, 1.3510
Support level: 1.3410, 1.3355
EURUSD, H4: EURUSD 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: 1.1320, 1.1370
Support level: 1.1285, 1.1250
USDJPY, H4: USDJPY was traded lower following retracement from higher levels. MACD which illustrate bearish signal suggests the pair to be traded lower in short-term.
Resistance level: 114.90, 115.45
Support level: 114.35, 113.70
AUDUSD, H4: AUDUSD was traded lower following retracement from higher level. MACD which illustrate bearish signal suggests the pair to be traded lower short-term.
Resistance level: 0.7280, 0.7320
Support level: 0.7225, 0.7180
NZDUSD, H4: NZDUSD was traded lower following prior retracement from higher levels. MACD which illustrate bearish signal suggests the pair to be traded lower in short-term.
Resistance level: 0.6830, 0.6870
Support level: 0.6780, 0.6740
USDCAD, H4: USDCAD was traded higher following prior rebound from lower levels. MACD which illustrate bullish signal suggests the pair to be traded higher in short-term.
Resistance level: 1.2835, 1.2910
Support level: 1.2765, 1.2690
USDCHF, H4: USDCHF was traded higher following prior rebound from lower level. MACD which illustrate bullish signal suggests the pair to be traded higher in short-term.
Resistance level: 0.9190, 0.9210
Support level: 0.9165, 0.9130
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.
Resistance level: 77.35, 80.15
Support level: 75.15, 72.90
GOLD_, H4: Gold price was traded lower following prior retracement from higher levels. MACD which illustrate negative divergence suggests its price to be traded lower in short-term.
Resistance level: 1812.80, 1830.20
Support level: 1797.60, 1784.90