30 December 2021 Morning Session Analysis
US dollar slumps after housing market data.
During quiet trading session, US dollar slumped sharply after the release of housing market data on yesterday. For the month of November, Pending Home Sales was down by -2.2%, significantly lower than forecast of 0.5%. The total number of pending contracts is the main indicator for housing sales and it is being used to forecast future home sales for upcoming months. Depreciation in pending contracts was mainly due to lower supply of affordable housing while coupled with rising house prices since the economy recovered from the pandemic. However, economists expect housing market to recover in year 2022 as certain projects is currently nearing to completion and higher supply in the market may help to balance out the supply and demand. During Asian trading session, dollar index was down 0.02% to 95.83.
For commodities, crude oil price was up 0.01% to $76.42 per barrel. Oil prices was traded higher on yesterday after crude oil inventories was down by -3.576M last week, higher than forecasted reading of -3.233M. On the other hand, gold price was down by 0.07% to $1,804.11 a troy ounce while market participant waits for more signals.
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 – Initial Jobless Claims | – | 205K | 205K |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from higher levels. MACD which illustrate downward momentum suggests the index to be traded lower in short-term.
Resistance level: 95.85, 96.10
Support level: 95.65, 95.35
GBPUSD, H4: GBPUSD was traded higher following prior rebound from lower level. MACD which illustrate bullish signals suggests the pair to be traded higher in short-term.
Resistance level: 1.3510, 1.3570
Support level: 1.3470, 1.3410
EURUSD, H4: EURUSD was traded higher following prior rebound from lower level. MACD which illustrate bullish signal suggests the pair to be traded higher in short-term after closing above 1.1370.
Resistance level: 1.1370, 1.1440
Support level: 1.1320, 1.1285
USDJPY, Daily: USDJPY was traded higher following prior rebound from lower levels. MACD which illustrate bullish signal suggests the pair to be traded higher in mid-term.
Resistance level: 115.40, 116.25
Support level: 114.55, 113.50
AUDUSD, H4: AUDUSD was traded higher following prior rebound from lower level. MACD which illustrate bullish signal suggests the pair to be traded higher short-term.
Resistance level: 0.7280, 0.7320
Support level: 0.7225, 0.7180
NZDUSD, H4: NZDUSD 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: 0.6870, 0.6910
Support level: 0.6830, 0.6780
USDCAD, H4: USDCAD was traded lower following prior retracement from higher levels. MACD which illustrate bearish signal suggests the pair to be traded lower after closing below 1.2765.
Resistance level: 1.2835, 1.2910
Support level: 1.2765, 1.2690
USDCHF, H4: USDCHF was traded lower following prior retracement from higher level. MACD which illustrate bearish momentum suggests the pair to be traded lower in short-term after closing below 0.9130.
Resistance level: 0.9165, 0.9190
Support level: 0.9130, 0.9100
CrudeOIL, H4: Crude oil price was traded lower following prior retracement from higher levels. MACD which illustrate bearish signal suggests its price to be traded lower in short-term.
Resistance level: 77.35, 80.15
Support level: 75.15, 72.90
GOLD_, H4: Gold price was traded higher following prior rebound from lower levels. MACD which illustrate diminished bearish momentum suggests its price to be traded higher in short-term.
Resistance level: 1812.80, 1830.20
Support level: 1797.60, 1784.90