31 December 2021 Morning Session Analysis
Market quiets down as New Year’s approaches.
US dollar struggles within a tight trading range as market participants prepares for New Year’s holiday. On yesterday, greenback rebounds from its prior low levels after US releases positive data with regards to employment market. Last week, Initial Jobless Claims fared better at 198K, slightly lower than forecasted reading of 208K. Despite Omicron cases rose sharply in the United States, employment market remains robust and extended its recovery post-pandemic. Likewise, the ongoing downtrend displayed by jobless claims suggests higher consumer expenditure for the coming months as more individuals returns to the workforce. For the time being, investors will place their attention upon upcoming data from the US in order to gauge its trend direction. As of writing, dollar index was traded flat at 95.92.
In the commodities market, crude oil price was traded flat at around $76.50 per barrel. Investors are currently waiting for OPEC’s meeting early next week in order to gauge its trend direction. On the other hand, gold price ticks up 0.01% to $1816.82 a troy ounce after US Treasury yield retraces from its previous high levels.
Today’s Holiday Market Close
Time Market Event
All Day Germany New Year’s Eve
All Day Switzerland New Year’s Eve
All Day Japan New Year’s Eve
Early Close UK New Year’s Eve
Early Close Australia New Year’s Eve
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 following prior retrace from higher levels. MACD which illustrate bearish signal suggests the index to be traded lower in short-term.
Resistance level: 96.10, 96.35
Support level: 95.85, 95.65
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: 1.3510, 1.3570
Support level: 1.3470, 1.3410
EURUSD, H4: EURUSD was traded lower following prior retracement from higher level. MACD which illustrate diminished bullish momentum suggests the pair to be traded lower in short-term.
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 short-term.
Resistance level: 115.40, 116.25
Support level: 114.55, 113.50
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 lower following prior closure below 1.2765. MACD which illustrate bearish signal suggests the pair to be traded lower in short-term.
Resistance level: 1.2765, 1.2835
Support level: 1.2690, 1.2620
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: 0.9165, 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 bullish signal suggests its price to be traded higher in short-term.
Resistance level: 1830.20, 1850.00
Support level: 1812.80, 1797.60