30 December 2021 Afternoon Session Analysis
Brexit risks continue to drag down appeal for Pound Sterling.
The risky currency such as Pound Sterling surged over the backdrop of risk-on sentiment in the global financial market following the concerns toward the Omicron variant eased. Nonetheless, the gains experienced by the Pound Sterling was limited amid rising uncertainty with regards of post-Brexit issues. According to Reuters, the British Frozen Food Federation claimed that the new border controls on animal and plants products from the EU could see major delays in the year of 2022. New rules from 1st January 2022 state that importers must make a full customs declaration on goods before entering the UK from the EU region. The potential for massive delays and food supply issues in January would cause the price for goods and services to increase significantly, leading to high inflation risk in future while dragging down the appeal for Pound Sterling. Though, as for now investors would continue to scrutinize the latest updates with regards of Covid-19 development as well as Brexit issues in future to gauge the likelihood movement for the currency. As of writing, GBP/USD appreciated by 0.05% to 1.3495.
In the commodities market, the crude oil price appreciated by 0.27% to $77.10 per barrel as of writing amid bullish inventory data. According to Energy Information Administration (EIA), U.S. Crude Oil Inventories came in at -3.576M, better than the market forecast at -3.233M. On the other hand, the gold price depreciated by 0.17% to $1801.75 per troy ounces as of writing amid easing fears toward the Covid-19 pandemic had diminished the market demand on the 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 |
| 23:00 | USD – Initial Jobless Claims | 205K | 205K | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower while currently near the support level at 95.65. MACD which illustrated increasing bearish momentum suggest the index to extend its losses after it successfully breakout below the support level.
Resistance level: 96.90, 97.50
Support level: 95.65, 94.90
GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level at 1.3500. MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 1.3500, 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, H4: USDJPY was traded higher following prior breakout above the previous resistance level at 115.40. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 115.40.
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 0.6840. MACD which illustrated bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 0.6840, 0.6920
Support level: 0.6710, 0.6570
USDCAD, H4: USDCAD was traded lower while currently testing the support level at 1.2765. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 1.2840, 1.2935
Support level: 1.2765, 1.2695
USDCHF, H4: USDCHF was traded lower while currently testing the support level at 0.9150. MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 0.9190, 0.9260
Support level: 0.9150, 0.9105
CrudeOIL, H4: Crude oil price was traded higher following prior breakout above the previous resistance level at 75.30. However, MACD which illustrated increasing bearish momentum suggest the commodity to be traded lower in short-term as technical correction.
Resistance level: 79.00, 81.35
Support level: 75.30, 72.70
GOLD_, H4: Gold price was traded lower following prior retracement from the resistance level at 1812.85. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses toward support level at 1786.30.
Resistance level: 1812.85, 1830.55
Support level: 1786.30, 1762.20