180122 Afternoon Session Analysis
18 January 2022 Afternoon Session Analysis
Dollar surged amid rising US yield.
The Dollar Index which traded against a basket of six major currency pairs remains bullish amid investors continue to speculate the higher odds for the Federal Reserve to tighten the monetary policy. Contractionary monetary policy would reduce the money circulation in the US market, which diminishing the inflation risk in future while spurring bullish momentum for the US Dollar. On the other hand, the EUR/USD was traded flat amid lack of major economic data for euro zone this week. Though, investors would remain their focus toward the European Central Bank’s meeting minutes on Thursday to gauge the likelihood monetary policy decision in future. Earlier, European Central Bank President Christine Lagarde claimed that they bank is ready to take any measures necessary to stabilize its inflation toward their 2% target. As of writing, the Dollar Index surged 0.05% to 95.20 while the pair of EUR/USD surged 0.11% to 1.1420.
In the commodities market, the crude oil price appreciated by 0.98% to $85.20 per barrel as of writing. The oil market extend is gains amid worries about possible supply disruption following Yemen’s Houthi group attacked the United Arab Emirates, escalating geopolitics tensions between the Iran-aligned group and Saudi Arabian-led coalition. On the other hand, the gold price depreciated by 0.10% to $1,822.50 per troy ounces as of writing amid strengthening US Dollar.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
Tentative JPY BoJ Monetary Policy Statement
Tentative JPY BoJ Outlook Report
Tentative JPY BoJ Press Conference
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 15:00 | GBP – Average Earnings Index +Bonus (Nov) | 4.90% | 4.20% | – |
| 15:00 | GBP – Claimant Count Change (Dec) | -49.8K | -38.6K | – |
| 18:00 | EUR – German ZEW Economic Sentiment (Jan) | 29.9 | 32.7 | – |
Technical Analysis
DOLLAR_INDX, Daily: Dollar index was traded higher following prior rebound from the support level at 94.55. MACD which illustrated diminishing bearish momentum suggest the index to extend its gains toward resistance level at 95.50.
Resistance level: 95.50, 96.80
Support level: 94.55, 93.25
GBPUSD, H4: GBPUSD was traded lower following prior retracement from the resistance level at 1.3715. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.3595.
Resistance level: 1.3715, 1.3840
Support level: 1.3595, 1.3450
EURUSD, Daily: EURUSD was traded lower while currently testing the support level at 1.1380. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 1.1530, 1.1680
Support level: 1.1380, 1.1235
USDJPY, Daily: USDJPY was traded higher following prior rebound from the support level at 114.10. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 116.25.
Resistance level: 116.25, 117.50
Support level: 114.10, 112.85
AUDUSD, H4: AUDUSD was traded lower while currently testing the support level at 0.7205. However, MACD which illustrated diminishing suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 0.7270, 0.7335
Support level: 0.7205, 0.7125
NZDUSD, Daily: NZDUSD was traded lower following prior retracement from the resistance level at 0.6865. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 0.6710.
Resistance level: 0.6865, 0.6960
Support level: 0.6710, 0.6570
USDCAD, H4: USDCAD was traded lower while currently testing the support level at 1.2475. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 1.2625, 1.2825
Support level: 1.2475, 1.2330
USDCHF, Daily: USDCHF was traded higher following prior rebound from the support level at 0.9095. However, MACD which illustrated increasing bearish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 0.9175, 0.9270
Support level: 0.9095, 0.9035
CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level at 84.40. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.
Resistance level: 84,80, 86.15
Support level: 81.70, 78.10
GOLD_, H4: Gold price was traded lower following prior retracement from the resistance level at 1830.55. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.
Resistance level: 1830.55, 1849.20
Support level: 1808.95, 1786.30
180122 Morning Session Analysis
18 January 2022 Morning Session Analysis
Is Brexit beneficial to UK?
Pound sterling droops further as investors reassess the possible outcome from recent Brexit talks in between UK and EU. While UK and EU kickstarted their new rounds of talk this week with Foreign Minister Liz Truss heading the team, investors digest a recent report that laid out woes among UK business owners. According to a survey conducted by One World Express, 73% of entrepreneurs says that their business has seen zero benefits from UK’s departure from EU. A quarter of UK business owners was significantly impacted by Brexit last year where one in three business experienced difficulties to secure working visas for EU based employees in 2021. In addition, 43% of UK business faced supply chain issues as EU tightens up their custom checks which may require extensive paperwork and longer hours of processing. If recent talks in between UK and EU failed to garner any positive outcome, UK businesses may face greater hurdles ahead that may eventually jeopardize UK’s economic momentum. During Asian trading session, pair of GBP/USD was down by 0.01% to 1.3643.
As for commodities, crude oil price was up 0.06% to $83.66 per barrel as OPEC-nations struggles to increase their oil production due to infrastructure and capacity limitations. Otherwise, gold price was down 0.01% to $1,818.45 a troy ounce as investors expects more than 90% chance for an interest rate hike from Federal Reserve during March’s policy meeting.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
Tentative JPY BoJ Monetary Policy Statement
Tentative JPY BoJ Outlook Report
Tentative JPY BoJ Press Conference
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 15:00 | GBP – Average Earnings Index +Bonus (Nov) | 4.90% | 4.20% | – |
| 15:00 | GBP – Claimant Count Change (Dec) | -49.8K | -38.6K | – |
| 18:00 | EUR – German ZEW Economic Sentiment (Jan) | 29.9 | 32.7 | – |
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: 95.45, 95.95
Support level: 95.00, 94.60
GBPUSD, H4: GBPUSD was traded lower following prior retracement from higher level. MACD which illustrate bearish signal suggests the pair to be traded lower after breaking the upward trendline.
Resistance level: 1.3690, 1.3745
Support level: 1.3630, 1.3570
EURUSD, H4: EURUSD was traded lower following prior retrace from higher level. MACD which illustrate bearish signal suggests the pair to be traded lower in short-term.
Resistance level: 1.1440, 1.1465
Support level: 1.1380, 1.1310
USDJPY, Daily: USDJPY was traded higher following rebound from 113.50. MACD which illustrate diminished bearish signal suggests the pair to be traded higher after breaking the resistance level.
Resistance level: 114.55, 115.40
Support level: 113.50, 112.75
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: 0.7225, 0.7280
Support level: 0.7180, 0.7140
NZDUSD, H4: NZDUSD was traded lower following prior retracement from higher levels. MACD which illustrate bearish signal suggests the pair to be traded lower after breaking the support level.
Resistance level: 0.6830, 0.6870
Support level: 0.6780, 0.6740
USDCAD, H4: USDCAD was traded lower following prior retracement from higher levels. MACD which illustrate diminished bullish momentum suggests the pair to be traded lower after closing below 1.2485.
Resistance level: 1.2545, 1.2620
Support level: 1.2485, 1.2410
USDCHF, H1: USDCHF was traded flat within the range of 0.9130 and 0.9165. MACD which illustrate bearish signal suggests the pair to be traded lower after breaking the support level.
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: 84.60, 87.40
Support level: 82.65, 80.15
GOLD_, H4: Gold 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: 1830.20, 1850.00
Support level: 1812.80, 1797.60
170122 Afternoon Session Analysis
17 January 2022 Afternoon Session Analysis
NZD was traded flat amid mixed China data.
The China-proxy currency New Zealand Dollar was traded flat over the backdrop of mixed economic from China. According to National Bureau of Statistics, China Gross Domestic Product (GDP) year-over-year came in at 4.0%, exceeding the market forecast at 3.6%. Besides, China Industrial Production notched up significantly from the previous reading of 3.8% to 4.3%, which also fared better than the market forecast at 3.6%. Since China is New Zealand’s largest trading partner, with two-way trade exceeding NZ$33 billion, the upbeat economic data from China would be dialing up the market optimism toward the economic progression in New Zealand. Nonetheless, the gains experienced by the New Zealand Dollar was limited by negative retail data. China Retail Sales declined significantly from the previous reading of 3.9% to 1.7%, missing the market forecast at 3.7%. As of writing, NZD/USD appreciated by 0.06% to 0.6800.
In the commodities market, the crude oil price surged 0.05% to $84.15 per barrel as of writing. The oil market extends its gains amid market participants remained optimism that the rapid Covid-19 vaccination rollout around the world would able to increase the market demand for crude oil in future, spurring bullish momentum for this black-commodity. On the other hand, the gold price slumped 0.04% to $1818.70 per barrel as of writing amid strengthening US Dollar.
Today’s Holiday Market Close
Time Market Event
All Day USD Martin Luther King Jr. Day
Today’s Highlight Events
Time Market Event
N/A
Today’s Highlight Economic Data
N/A
Technical Analysis
DOLLAR_INDX, Daily: Dollar index was traded higher while currently near the resistance level at 95.50. MACD which illustrated diminishing bearish momentum suggest the index to extend its gains after it successfully breakout above the resistance level.
Resistance level: 95.50, 96.80
Support level: 94.50, 93.25
GBPUSD, H4: GBPUSD was traded lower following prior retracement from the resistance level at 1.3715. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.3595.
Resistance level: 1.3715, 1.3840
Support level: 1.3595, 1.3450
EURUSD, Daily: EURUSD was traded lower while currently testing the support level at 1.1380. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 1.1530, 1.1680
Support level: 1.1380, 1.1235
USDJPY, Daily: USDJPY was traded lower while currently testing the support level at 114.10. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 116.25, 117.50
Support level: 114.10, 112.85
AUDUSD, H4: AUDUSD was traded lower while currently testing the support level at 0.7205. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 0.7270, 0.7335
Support level: 0.7205, 0.7125
NZDUSD, Daily: NZDUSD was traded lower following prior retracement from the resistance level at 0.6865. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 0.6710.
Resistance level: 0.6865, 0.6960
Support level: 0.6710, 0.6570
USDCAD, Daily: USDCAD was traded higher following prior rebound from the support level at 1.2475. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 1.2625.
Resistance level: 1.2625, 1.2825
Support level: 1.2475, 1.2330
USDCHF, Daily: USDCHF was traded lower while currently testing the support level at 0.9095. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 0.9270, 0.9345
Support level: 0.9095, 0.9035
CrudeOIL, Daily: Crude oil price was traded higher while currently testing the resistance level at 84.80. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.
Resistance level: 84,80, 90.60
Support level: 79.75, 76.10
GOLD_, H4: Gold price was traded lower following prior retracement from the resistance level at 1830.55. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses toward support level at 1786.30.
Resistance level: 1830.55, 1849.20
Support level: 1786.30, 1762.20
170122 Morning Session Analysis
17 January 2022 Morning Session Analysis
Fed extended its rebound.
US dollar successfully extended its rebound last Friday as a few Federal Reserve officials grumbles over high inflation in the US. According to Fed official John Williams, he expects Omicron to lengthen supply chain issues which in return could drive up the costs of goods and raw materials. However, Williams emphasized that Fed may reduce accommodative monetary policy substantially in order to curb rising inflation in the near-term. He also expects inflation to subside periodically and hovers near their target of 2% in the mid-term. On the other hand, Fed official Mary Daly emphasize the importance to control rising inflation in order to achieve stability and equilibrium in between market supply and demand. Daly reiterates the call to initiate further monetary policy tightening although doing so may jeopardize economic momentum slightly. As of writing, the dollar index ticks up 0.01% to 95.09.
In the commodities market, crude oil price rose 0.21% to $83.80 per barrel. Rising geopolitical tension in between Russia and Ukraine has sparked speculation over possible oil supply interruption from the region. On the other hand, gold price notched down 0.08% to $1,817.65 a troy ounce as US dollar extends its bullish momentum.
Today’s Holiday Market Close
Time Market Event
All Day USD Martin Luther King Jr. Day
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 higher following prior rebound from lower levels. MACD which illustrate diminished bearish signal suggests the index to be traded higher in short-term.
Resistance level: 95.45, 95.95
Support level: 95.00, 94.1060
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: 1.3690, 1.3745
Support level: 1.3630, 1.3570
EURUSD, H4: EURUSD was traded lower following prior retrace from higher level. MACD which illustrate bearish signal suggests the pair to be traded lower in short-term.
Resistance level: 1.1440, 1.1465
Support level: 1.1380, 1.1310
USDJPY, Daily: USDJPY was traded higher following rebound from 113.50. MACD which illustrate diminished bearish signal suggests the pair to be traded higher in short-term.
Resistance level: 114.55, 115.40
Support level: 113.50, 112.75
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: 0.7225, 0.7280
Support level: 0.7180, 0.7140
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 suggests the pair to be traded higher after closing above 1.2545.
Resistance level: 1.2545, 1.2620
Support level: 1.2485, 1.2410
USDCHF, H1: 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 diminished bullish momentum suggests its price to be traded lower in short-term.
Resistance level: 84.60, 87.40
Support level: 82.65, 80.15
GOLD_, H4: Gold price was traded lower following prior retracement from higher levels. MACD which illustrate bearish signal suggests its price to be traded lower after closing below 1812.80.
Resistance level: 1830.20, 1850.00
Support level: 1812.80, 1797.60
140122 Afternoon Session Analysis
14 January 2022 Afternoon Session Analysis
Euro propels as inflation at 30-years high.
Euro hovers comfortably at two-months high following bullish expectation towards the European Central Bank. As of recent, inflation in the EU zone climbs further, coming in at 30 years high of 5.0%. Rising price of consumer goods has dialed down consumer sentiment, possibly jeopardizing their spending momentum in the long-run. Over the backdrop of rising inflation, European Central Bank (ECB) President Christine Lagarde emphasized the market to place their confidence upon the central bank to curb rising inflation. On yesterday, ECB Vice President Luis de Guindos commented that EU’s economy is getting accustomed to rising coronavirus cases as economic momentum remains intact. Guindos also stated that he expects inflation to extend its appreciation due to ongoing supply chain issues and strong demand among consumers. His remark sparked speculation that ECB may change their monetary policy strategy in order to address inflationary issues in the EU. Investors will look forward for the next ECB meeting scheduled later this month. As of writing, pair of EUR/USD rose 0.03% to 1.1469.
In the commodities market, crude oil price was traded flat around $81.80 per barrel while investors wait for further signals with regards to global oil supply and demand levels. On the other hand, gold price rose 0.23% to $1,825.83 a troy ounce due to weaker 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 |
| 15:00 | GBP – GDP (MoM) | 0.10% | – | – |
| 15:00 | GBP – Manufacturing Production (MoM) (Nov) | 0.00% | 0.20% | – |
| 21:30 | USD – Core Retail Sales (MoM) (Dec) | 0.30% | 0.20% | – |
| 21:30 | USD – Retail Sales (MoM) (Dec) | 0.30% | -0.10% | – |
| 21:30 | EUR – ECB President Lagarde Speaks | – | – | – |
Technical Analysis
DOLLAR_INDX, Daily: Dollar index was traded lower following prior breakout below the previous support level at 94.90. MACD which illustrated increasing bearish momentum suggest the index to extend its losses toward support level at 94.15.
Resistance level: 94.90, 95.50
Support level: 94.15, 93.25
GBPUSD, Daily: GBPUSD was traded higher following prior breakout above the previous resistance level at 1.3715. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.3835.
Resistance level: 1.3835, 1.4010
Support level: 1.3715, 1.3595
EURUSD, Daily: EURUSD was traded higher following prior breakout above the previous resistance level at 1.1380. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.1530.
Resistance level: 1.1530, 1.1680
Support level: 1.1380, 1.1235
USDJPY, Daily: USDJPY was traded lower following prior breakout below the previous support level at 114.55. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 112.85.
Resistance level: 114.55, 116.25
Support level: 112.85, 110.90
AUDUSD, H4: AUDUSD was traded lower while currently testing the support level at 0.7270. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 0.7335, 0.7425
Support level: 0.7270, 0.7205
NZDUSD, Daily: NZDUSD was traded higher while currently testing the resistance level at 0.6865. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 0.6865, 0.6960
Support level: 0.6710, 0.6570
USDCAD, Daily: USDCAD was traded lower while currently testing the support level at 1.2490. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 1.2625, 1.2825
Support level: 1.2490, 1.2330
USDCHF, Daily: USDCHF was traded lower while currently testing the support level at 0.9095. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 0.9175, 0.9270
Support level: 0.9095, 0.9035
CrudeOIL, H4: Crude oil price was traded lower following prior retracement from the resistance level at 82.90. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses toward support level at 80.20.
Resistance level: 82.90, 84.80
Support level: 80.20, 78.10
GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1830.55. MACD which illustrated increasing bearish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 1830.55, 1850.40
Support level: 1786.30, 1762.20
140122 Morning Session Analysis
14 January 2022 Morning Session Analysis
Fed hawks saves the day.
Greenback successfully rebounds from its low levels after Fed officials gives a rather bullish take on interest rate hike. Last night, US dollar spiked down after 2 recent economic data shows some sign of easing in terms of economic momentum. Both Initial Jobless Claims and PPI came in lower than expected, sending market hopes for a faster monetary policy tightening lower. However, US dollar found some support after Fed official Charles Evans remarked that current US inflation is still “too high”. He commented that the current monetary policy setting is inadequate to stem its rise due to ongoing supply chain issue following the pandemic. Evans stated that while 3 interest rate hikes is suitable, Fed may need to increase it to 4 interest rate hikes if inflationary pressure persists. Following his comments, investors are currently hoping to garner more signals during Fed’s monetary policy meeting next week in order to gauge likelihood of a faster pace of monetary policy tightening. During Asian trading session, the dollar index was up 0.02% to 94.80.
As for commodities, crude oil price slumped 0.35% to $81.71 due to profit taking. Likewise, gold price depreciated by 0.03% to $1,820.99 a troy ounce as US dollar rebounds from lower levels.
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 |
| 15:00 | GBP – GDP (MoM) | 0.10% | – | – |
| 15:00 | GBP – Manufacturing Production (MoM) (Nov) | 0.00% | 0.20% | – |
| 21:30 | USD – Core Retail Sales (MoM) (Dec) | 0.30% | 0.20% | – |
| 21:30 | USD – Retail Sales (MoM) (Dec) | 0.30% | -0.10% | – |
| 21:30 | EUR – ECB President Lagarde Speaks | – | – | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher following prior rebound from lower levels. MACD which illustrate diminished bearish signal suggests the index to be traded higher in short-term.
Resistance level: 95.00, 95.45
Support level: 94.60, 94.10
GBPUSD, H4: GBPUSD was traded lower following prior retracement from higher level. MACD which illustrate diminished bullish signals suggests the pair to be traded lower in short-term.
Resistance level: 1.3745, 1.3810
Support level: 1.3690, 1.3630
EURUSD, H4: EURUSD was traded lower following prior retrace from higher level. MACD which illustrate diminished bullish momentum suggests the pair to be traded lower in short-term.
Resistance level: 1.1465, 1.1495
Support level: 1.1440, 1.1380
USDJPY, Daily: USDJPY was traded lower following breakout from 114.55. MACD which illustrate bearish signal suggests the pair to be traded lower in short-term.
Resistance level: 114.55, 115.40
Support level: 113.50, 112.75
AUDUSD, H4: AUDUSD was traded lower following retracement from higher level. MACD which illustrate diminished bullish 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 diminished upward momentum suggests the pair to be traded lower in short-term.
Resistance level: 0.6870, 0.6910
Support level: 0.6830, 0.6780
USDCAD, H4: USDCAD was traded higher following prior rebound from lower levels. MACD which illustrate diminished bearish signal suggests the pair to be traded higher in short-term.
Resistance level: 1.2545, 1.2620
Support level: 1.2485, 1.2410
USDCHF, H1: USDCHF was traded higher following prior rebound from lower level. MACD which illustrate bullish divergence signal suggests the pair to be traded higher in short-term.
Resistance level: 0.9130, 0.9165
Support level: 0.9100, 0.9080
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: 82.65, 84.60
Support level: 80.15, 77.35
GOLD_, H4: Gold 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: 1830.20, 1850.00
Support level: 1812.80, 1797.60
130122 Afternoon Session Analysis
13 January 2022 Afternoon Session Analysis
Sterling rides high as Omicron fear diminishes.
Pound sterling shines brightly for the past few weeks as investors gauge the possibility if lower economic hurdles from recent Omicron infections. According to recent data, hospitalization risk with Omicron variant is one third that of Delta variant even though daily average cases surpasses 150,000 mark. Likewise, when compared to Delta, Omicron variant’s death rate stays at a low of 3%, significantly milder than previously expected. As UK coronavirus cases surges drastically since late last year, UK government has held off from initiating lockdown, instead looking towards alternatives to contain the spread. Investors speculate that milder than expected Omicron variant while coupled with recent government initiatives may not jeopardize overall economic recovery momentum. Likewise, as UK’s inflation extended its rise due to ongoing supply chain issues, Bank of England is expected to initiate another round of rate hike in the coming months. As of writing, pair of GBP/USD rose 0.02% to 1.3711.
As for commodities, crude oil price depreciates by 0.35% to $82.47 per barrel. Oil prices begins to undergo retracement due to take-profit initiatives among investors following its recent uptrend. On the other hand, gold price was down by 0.14% to $1,824.62 a troy ounce as market expects a 76.2% for an interest rate hike from Federal Reserve in March.
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 |
| 21:30 | USD – Initial Jobless Claims | 207K | 205K | – |
| 21:30 | USD – PPI (MoM) (Dec) | 0.80% | 0.40% | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from higher levels. MACD which illustrate bearish signal suggests the index to be traded lower in short-term.
Resistance level: 95.00, 95.45
Support level: 94.60, 94.10
GBPUSD, H4: GBPUSD 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: 1.3745, 1.3810
Support level: 1.3690, 1.3630
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.
Resistance level: 1.1495, 1.1530
Support level: 1.1440, 1.1380
USDJPY, Daily: USDJPY was traded lower following prior retracement from higher levels. MACD which illustrate bearish momentum suggests the pair to be traded lower after closing below its support level.
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: 0.7320, 0.7370
Support level: 0.7280, 0.7225
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 breaking its support level.
Resistance level: 1.2545, 1.2620
Support level: 1.2485, 1.2410
USDCHF, H1: USDCHF 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: 0.9165, 0.9190
Support level: 0.9130, 0.9100
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 after breaking the resistance level.
Resistance level: 82.65, 84.60
Support level: 80.15, 77.35
GOLD_, H4: Gold price was traded lower following prior retracement from higher levels. MACD which illustrate diminished bullish momentum suggests its price to be traded lower in short-term.
Resistance level: 1830.20, 1850.00
Support level: 1812.80, 1797.60
130122 Morning Session Analysis
13 January 2022 Morning Session Analysis
CPI failed to impress dollar-bulls.
Market participants reacts negatively towards the greenback despite better-than-expected data from the United States. According to Bureau of Labor Statistics, US Core CPI came in at 0.6% for the month of December, slightly higher than forecast of 0.5%. However, the increase in inflation for last month was largely priced in by investors while an increase of 0.6% (7.0% for y-o-y comparison) is not sufficient to push forward for a faster pace of monetary policy tightening from Federal Reserve. Likewise, recent testimony from Fed Chair Jerome Powell failed to give clear indication of the eagerness and speed of monetary policy tightening, jeopardizing market sentiment towards the greenback further. Thus, investors shifted their focus on other assets while waiting for more signals from the US. As of writing, the dollar index was down 0.01% to 94.92.
In the commodities market, crude oil price rose 0.09% to $82.78 per barrel. On yesterday, EIA reported that US inventory was down by -4.553 million barrels, its seventh weekly consecutive decline due to higher demand in the market. On the other hand, gold price was up 0.01% to $1,827.98 a troy ounce due to weaker 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 |
| 21:30 | USD – Initial Jobless Claims | 207K | 205K | – |
| 21:30 | USD – PPI (MoM) (Dec) | 0.80% | 0.40% | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from higher levels. MACD which illustrate bearish signal suggests the index to be traded lower in short-term.
Resistance level: 95.00, 95.45
Support level: 94.60, 94.10
GBPUSD, H4: GBPUSD 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: 1.3745, 1.3810
Support level: 1.3690, 1.3630
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.
Resistance level: 1.1495, 1.1530
Support level: 1.1440, 1.1380
USDJPY, Daily: USDJPY was traded lower following prior retracement from higher levels. MACD which illustrate bearish momentum suggests the pair to be traded lower after closing below its support level.
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: 0.7320, 0.7370
Support level: 0.7280, 0.7225
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 breaking its support level.
Resistance level: 1.2545, 1.2620
Support level: 1.2485, 1.2410
USDCHF, H1: USDCHF 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: 0.9165, 0.9190
Support level: 0.9130, 0.9100
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 after breaking the resistance level.
Resistance level: 82.65, 84.60
Support level: 80.15, 77.35
GOLD_, H4: Gold price was traded lower following prior retracement from higher levels. MACD which illustrate diminished bullish momentum suggests its price to be traded lower in short-term.
Resistance level: 1830.20, 1850.00
Support level: 1812.80, 1797.60
120122 Afternoon Session Analysis
12 January 2022 Afternoon Session Analysis
Euro surged amid rate hike expectation from ECB.
The Euro surged over the backdrop of hawkish tone from the European Central Bank (ECB) on yesterday. According to Reuters, ECB President Christine Lagarde claimed on Tuesday that the European Central Bank would continue to monitor on significant level of inflation rate in future. Economist worried that the face pace of price rises could persist longer than expectation amid supply bottlenecks as well as higher energy costs in the global economy. If the inflation rate continues to exceed the expectation, the European Central Bank vowed to implement contractionary monetary policy as well as increase the interest rate in future in order to stabilize the inflation rate. As of writing, EUR/USD appreciated by 0.10% to 1.1375.
In the commodities market, the crude oil price depreciated by 0.04% to $81.45 per barrel as of writing. The oil market edged lower amid the bearish inventory data had weigh down the prospect for the crude oil demand. According to American Petroleum Institute, U.S. API Weekly Crude Oil Stock came in at -1.077M, missing the market forecast at -1.950M. On the other hand, the gold price surged 0.01% to $1818.60 per troy ounces as of writing amid weakening US Dollar.
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 |
| 21:30 | USD – Core CPI (MoM) (Dec) | 0.50% | 0.50% | – |
| 23:30 | CrudeOIL – Crude Oil Inventories | -2.144M | – | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower while currently testing the support level at 95.50. MACD which illustrated increasing bearish momentum suggest the index to extend its losses after it successfully breakout below the support level.
Resistance level: 96.80, 97.50
Support level: 95.50, 94.90
GBPUSD, dAILY: GBPUSD was traded higher following prior breakout above the previous resistance level at 1.3595. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 1.3700, 1.3820
Support level: 1.3595, 1.3490
EURUSD, Daily: EURUSD was traded higher while currently testing the resistance level at 1.1380. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1.1380, 1.1530
Support level: 1.1235, 1.1105
USDJPY, Daily: USDJPY was traded lower while currently testing the support level at 115.05. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 116.25, 117.50
Support level: 115.05, 114.25
AUDUSD, Daily: AUDUSD was traded higher following prior rebound from the support level at 0.7165. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 0.7265.
Resistance level: 0.7265, 0.7365
Support level: 0.7165, 0.6995
NZDUSD, Daily: NZDUSD was traded higher following prior rebound from the support level at 0.6710. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 0.6840, 0.6920
Support level: 0.6710, 0.6570
USDCAD, Daily: USDCAD was traded lower while currently testing the support level at 1.2625. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 1.2625, 1.2825
Support level: 1.2520, 1.2440
USDCHF, H4: USDCHF was traded lower following prior retracement from the resistance level at 0.9270. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.9175.
Resistance level: 0.9270, 0.9345
Support level: 0.9175, 0.9105
CrudeOIL, H4: Crude oil price was traded higher following prior breakout above the previous resistance level at 78.10. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains toward resistance level at 82.50.
Resistance level: 82.50, 84.85
Support level: 79.10, 75.45
GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1820.45. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1820.45, 1830.55
Support level: 1799.05, 1786.30
120122 Morning Session Analysis
12 January 2022 Morning Session Analysis
Powell testimony pushes greenback lower.
US dollar tumbles further on yesterday as market participants reacts negatively upon testimony in front of US Congress. In the testimony, Fed Chair Jerome Powell emphasized that they will control rising price of goods which surpasses their targeted rate of 2%. Likewise, Powell revealed that monetary policy tightening will include raising their interest rates as well reducing assets on hold in hopes to control overall economy from derailing due to high inflationary pressure. While monetary policy tightening will have negative impact upon economic momentum, Powell reassures that they will balance it out in between economic growth and inflation. His remarks have eased market speculation that Fed will focus solely on inflation in setting their monetary policy, triggering a selloff in both US dollar and US Treasury. As of writing, dollar index was down by 0.01% to 95.54 during Asian trading session.
In the commodities market, crude oil price was up by 0.03% to $81.26 per barrel. Oil price rose almost 4% on yesterday as the market expects lower impact from Omicron variant due to its mild nature when compared to Delta. On the other hand, gold price was up 0.01% to $1,821.11 a troy ounce due to weaker 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 |
| 21:30 | USD – Core CPI (MoM) (Dec) | 0.50% | 0.50% | – |
| 23:30 | CrudeOIL – Crude Oil Inventories | -2.144M | – | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from higher levels. MACD which illustrate bearish signal suggests the index to be traded lower in short-term.
Resistance level: 95.65, 95.85
Support level: 95.35, 95.15
GBPUSD, H4: GBPUSD was traded higher following prior rebound from lower level. MACD which illustrate bullish signal suggests the pair to be traded higher after breaking its resistance level.
Resistance level: 1.3630, 1.3690
Support level: 1.3570, 1.3510
EURUSD, H4: EURUSD was traded higher following prior rebound from lower level. MACD which illustrate bullish signal suggests the pair to be traded higher after breaking its resistance level.
Resistance level: 1.1370, 1.1440
Support level: 1.1320, 1.1285
USDJPY, Daily: USDJPY was traded lower following prior retracement from higher levels. MACD which illustrate bearish momentum suggests the pair to be traded lower in short-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: 0.7225, 0.7280
Support level: 0.7180, 0.7140
NZDUSD, H4: NZDUSD was traded higher following prior rebound from lower levels. MACD which illustrate bullish signal suggests the pair to be traded higher after breaking its resistance level.
Resistance level: 0.6780, 0.6830
Support level: 0.6740, 0.6700
USDCAD, H4: USDCAD 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: 1.2620, 1.2690
Support level: 1.2545, 1.2485
USDCHF, H4: USDCHF was traded lower following prior retracement from higher level. MACD which illustrate bearish signal suggests the pair to be traded lower after breaking its support level.
Resistance level: 0.9255, 0.9280
Support level: 0.9230, 0.9210
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 after breaking the top level of upward channel.
Resistance level: 82.65, 84.60
Support level: 80.15, 77.35
GOLD_, H4: Gold price was traded higher following prior rebound from lower levels. MACD which illustrate bullish momentum suggests its price to be traded higher in short-term.
Resistance level: 1830.20, 1850.00
Support level: 1812.80, 1797.60
110122 Afternoon Session Analysis
11 January 2022 Afternoon Session Analysis
Dollar was traded flat ahead of Fed Chair Powell Testimony.
The Dollar Index which traded against a basket of six major currency pairs hovered within a recent range amid market participants still wait for further catalyst from the Federal Reserve today in order to gauge the likelihood decision of monetary policy. Economists expected the Federal Reserve would increase the interest rate in short-term basis and reduce their bond buying program to combat the high inflation risk in future. U.S. December consumer inflation data would be released on Wednesday, with market expectation for the CPI to come in at a 7% on yearly basis. Against the backdrop of significant inflation rate, market participants continue to bet on the more aggressive pace of rate hikes in future, with economist consensus now leaning toward four rate hikes by the end of 2022. As of writing, the Dollar Index appreciated by 0.05% to 95.90.
In the commodities market, the crude oil price depreciated by 0.05% to $78.95 per barrel as of writing. The oil market edged lower amid concerns about demand fears stoked by the spiking numbers of Omicron variant around the world had continue to weigh down the appeal for this black-commodity. On the other hand, the gold price appreciated by 0.27% to $1806.60 per troy ounces as of writing amid technical correction. Nonetheless, investors would continue to scrutinize updates with regards of the Fed’s monetary policy statement to receive further trading signal.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
18:20 EUR ECB President Lagarde Speaks
23:00 USD Fed Chair Powell Testifies
Today’s Highlight Economic Data
N/A
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower while currently testing the support level at 95.70. However, MACD which illustrated diminishing bearish momentum suggest the index to be traded higher in short-term as technical correction.
Resistance level: 96.80, 97.50
Support level: 95.65, 94.90
GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level at 1.3590. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1.3595, 1.3700
Support level: 1.3490, 1.3360
EURUSD, H4: EURUSD was traded higher while currently testing the resistance level at 1.1345. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1.1345, 1.1440
Support level: 1.1235, 1.1175
USDJPY, H4: USDJPY was traded lower while currently testing the support level at 115.05. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 116.25, 117.50
Support level: 115.05, 114.25
AUDUSD, Daily: AUDUSD was traded lower while currently testing the support level at 0.7165. MACD which illustrated bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 0.7265, 0.7365
Support level: 0.7165, 0.6995
NZDUSD, Daily: NZDUSD was traded lower while currently testing the support level at 0.6710. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support 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 1.2625. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 1.2825, 1.2940
Support level: 1.2625, 1.2520
USDCHF, Daily: USDCHF was traded higher while currently testing the resistance level at 0.9270. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 0.9270, 0.9345
Support level: 0.9175, 0.9105
CrudeOIL, H4: Crude oil price was traded lower while currently testing the support level at 78.05. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.
Resistance level: 81.25, 85.40
Support level: 78.05, 75.80
GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1809.95. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1809.95, 1830.55
Support level: 1786.30, 1760.20
110122 Morning Session Analysis
11 January 2022 Morning Session Analysis
UK may shorten isolation period.
Pound sterling rebounds from lower level on yesterday while market participants continue to scrutinize coronavirus developments in the UK. On yesterday, UK Prime Minister Boris Johnson stated that the government is currently looking to reduce isolation period from 7 days to 5 days due to possible negative impact from rising coronavirus cases. The omicron variant, which is currently the dominant variant in majority of new cases has spur possibility of economic downturn as new infection causes all economic sectors to experience shortage in staff. However, Johnson stipulated that the measure is still under discussion and they will take account of scientific reports prior to its announcement. As of yesterday, UK has reported 141,398 new cases, while hospitalization rate flattens out at 3% for the past week. As of Asian trading session, pair of GBP/USD rose 0.01% to 1.3575.
In the commodities market, crude oil price rose 0.04% to $78.47 per barrel. Oil futures received substantial selloff on yesterday after China imposes restriction in Tianjin city after few clusters of coronaviruses were discovered. Investors fear rising coronavirus cases may jeopardize China’s economic activity and in return diminishes its demand towards crude oil. On the other hand, gold price was up 0.02% to $1,801.20 a troy ounce due to weaker greenback.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
18:20 EUR ECB President Lagarde Speaks
23:00 USD Fed Chair Powell Testifies
Today’s Highlight Economic Data
N/A
Technical Analysis
DOLLAR_INDX, H1: Dollar index was traded lower following prior retracement from higher levels. MACD which illustrate diminished upward momentum suggests the index to be traded lower after a breakout at support level.
Resistance level: 96.10, 96.35
Support level: 95.85, 95.65
GBPUSD, H4: GBPUSD 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: 1.3630, 1.3690
Support level: 1.3570, 1.3510
EURUSD, H1: 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.
Resistance level: 1.1370, 1.1440
Support level: 1.1320, 1.1285
USDJPY, Daily: USDJPY was traded lower following prior retracement from higher levels. MACD which illustrate diminished bullish momentum suggests the pair to be traded lower in short-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 after a breakout occur.
Resistance level: 0.7180, 0.7225
Support level: 0.7140, 0.7085
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: 0.6780, 0.6830
Support level: 0.6740, 0.6700
USDCAD, H1: USDCAD was traded lower following prior retracement from higher levels. MACD which illustrate diminished bullish momentum suggests the pair to be traded lower in short-term.
Resistance level: 1.2690, 1.2765
Support level: 1.2620, 1.2545
USDCHF, H1: USDCHF was traded lower following prior retracement from higher level. MACD which illustrate diminished bullish signal suggests the pair to be traded lower in short-term.
Resistance level: 0.9280, 0.9300
Support level: 0.9255, 0.9230
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: 80.15, 82.65
Support level: 77.35, 75.15
GOLD_, H4: Gold price was traded higher following prior rebound from lower levels. MACD which illustrate bullish momentum suggests its price to be traded higher in short-term.
Resistance level: 1812.80, 1830.20
Support level: 1797.60, 1784.90
100122 Afternoon Session Analysis
10 January 2022 Afternoon Session Analysis
Canada Dollar surged amid upbeat data.
The Canada Dollar surged over the backdrop of a string of bullish economic data. According to Statistics Canada, Canada Employment Change came in at 54.7K, exceeding the market forecast of 27.5K. Besides, the spiking inflation risk in future would prompt the institutional investors to purchase more commodities product in order to hedge against the risk, which spurring positive prospect toward the major producers of commodities such as Canada. On the monetary policy front, investors speculated the Bank of Canada would increase their interest rate at least five times in the year of 2022. Contractionary monetary policy as well as higher interest rate in future would diminish the money circulation of the Canada Dollar in the global financial market, spurring bullish momentum for the currency. As of writing, USD/CAD depreciated by 0.01% to 1.2640.
In the commodities market, the crude oil price slumped 0.03% to $79.00 per barrel as of writing. The oil market edged lower amid rapidly rising cases of Omicron variant continue to weigh down the prospect for this black-commodity. Nonetheless, investors would continue to scrutinize the latest updates with regards of the hospitalization and death rate due to the Covid-19 variant to receive further trading signal. On the other hand, the gold price appreciated by 0.05% to $1793.40 per troy ounces as of writing amid weakening US Dollar following the United States released the bearish Nonfarm Payroll data.
Today’s Holiday Market Close
Time Market Event
N/A
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 while currently testing the support level at 95.70. However, MACD which illustrated diminishing bearish 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 while currently testing the resistance level at 1.3590. MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 1.3590, 1.3700
Support level: 1.3490, 1.3360
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 lower following prior retracement from the resistance level at 116.25. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 116.25, 117.50
Support level: 115.05, 114.25
AUDUSD, Daily: AUDUSD was traded lower while currently testing the support level at 0.7165. MACD which illustrated bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 0.7265, 0.7365
Support level: 0.7165, 0.6995
NZDUSD, Daily: NZDUSD was traded lower following prior retracement from the resistance level at 0.6840. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 0.6710.
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 1.2625. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 1.2825, 1.2940
Support level: 1.2625, 1.2520
USDCHF, Daily: USDCHF was traded higher following prior breakout above the previous resistance level at 0.9175. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.9260.
Resistance level: 0.9260, 0.9345
Support level: 0.9175, 0.9105
CrudeOIL, H4: Crude oil price was traded lower while currently testing the support level at 78.05. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses after it successfully breakout below the support level.
Resistance level: 81.25, 83.65
Support level: 78.05, 75.80
GOLD_, H4: Gold price was traded lower while currently testing the support level at 1786.30. However, MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains toward resistance level at 1809.95.
Resistance level: 1809.95, 1830.55
Support level: 1762.20, 1786.30
100122 Morning Session Analysis
10 January 2022 Morning Session Analysis
NFP pushes US dollar down.
Greenback extended its losses during Asian trading session following the release of Nonfarm Payrolls report last Friday. For the month of December, Nonfarm Payrolls came in lower at 199K, missing economist’s forecast of 400K. The decrease was relatively due to lower hiring across all economic sector although it has shown improvement when compared to last two years ago. Nevertheless, losses on the US dollar was limited due to decreasing number of unemployed individuals in the United States. For the month of December, unemployment rate depreciates from 4.2% to 3.9%, significantly lower than forecast of 4.1%. The data suggests possible increase in consumer spending for the near term which may further emphasize the need to tighten monetary policy at a faster pace from the Federal Reserve. As of writing, dollar index was down 0.02% to 95.68.
In the commodities market, crude oil price was down 0.82% to $78.40 per barrel. Oil price received bearish momentum as total production in China rises for third consecutive year to 48.64 million tonnes in 2021. On the other hand, gold price was up 0.03% to $1,795.57 a troy ounce due to weaker 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
N/A
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 signal suggests the pair to be traded higher after a breakout occur.
Resistance level: 1.3630, 1.3690
Support level: 1.3570, 1.3510
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 lower following prior retracement from higher levels. MACD which illustrate diminished bullish momentum suggests the pair to be traded lower in short-term.
Resistance level: 116.25, 117.00
Support level: 115.40, 114.55
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 after a breakout occur.
Resistance level: 0.7180, 0.7225
Support level: 0.7140, 0.7085
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 after a breakout occur.
Resistance level: 0.6780, 0.6830
Support level: 0.6740, 0.6700
USDCAD, H4: USDCAD 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: 1.2690, 1.2765
Support level: 1.2620, 1.2545
USDCHF, H4: USDCHF 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: 0.9190, 0.9210
Support level: 0.9165, 0.9130
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: 80.15, 82.65
Support level: 77.35, 75.15
GOLD_, H1: Gold price was traded lower following prior retracement from higher levels. MACD which illustrate diminished bullish momentum suggests its price to be traded lower in short-term.
Resistance level: 1797.60, 1812.80
Support level: 1784.90, 1765.50
070122 Afternoon Session Analysis
07 January 2022 Afternoon Session Analysis
Japanese Yen dipped amid bearish economic prospect.
The overall economic prospect for the Japan region remained bearish following the economic data had indicated that the Japan’s real wages fell significantly in November for third month as inflation outstripped stagnant nominal wages. The lower wages rate had diminished the household’s purchasing power in Japan. According to Statistics Bureau, Japan Household Spending dipped significantly from the previous reading of -0.6% to -1.3%, missing the market forecast at 1.6% while jeopardizing the economic momentum in the Japan region. Nonetheless, Japanese Prime Minister Fumio Kishida has urged Japanese firms, whose profits have recovered to pre-pandemic levels to increase wages rate by 3% or more, aiming to achieve a cycle of growth and wealth distribution. Market participants speculated that the raising wages expectation would create higher inflation risk in future, dragging down the appeal for the Japanese Yen. As of writing, USD/JPY appreciated by 0.05% to 115.90.
In the commodities market, the crude oil price appreciated by 0.45% to $80.35 per barrel as of writing. The oil market surged amid supply constrain for this black-commodity following data had shown that the production in Libya fell to 729,000 barrels per day, lesser than the previous reading of 1.3 million bpd last year amid pipeline maintenance work. On the other hand, the gold price was traded flat at $1793.00 per troy ounces amid market participants are waiting for the crucial NFP data from the US region tonight.
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 |
| 17:30 | GBP – Construction PMI (Dec) | 55.5 | 54 | – |
| 18:00 | EUR – CPI (YoY) (Dec) | 4.90% | 4.70% | – |
| 21:30 | USD – Nonfarm Payrolls (Dec) | 210K | 400K | – |
| 21:30 | USD – Unemployment Rate (Dec) | 4.20% | 4.10% | – |
| 21:30 | CAD – Employment Change (Dec) | 153.7K | 27.5K | – |
| 23:00 | CAD – Ivey PMI (Dec) | 61.2 | – | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher following prior rebound from the support level at 95.65. However, MACD which illustrated diminishing bullish momentum suggest the index be traded lower in short-term as technical correction.
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 1.3565. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1.3565, 1.3615
Support level: 1.3445, 1.3350
EURUSD, H4: EURUSD was traded lower following prior retracement from the resistance level at 1.1345. 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, Daily: USDJPY was traded higher while currently testing the resistance level at 116.25. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 116.25, 117.50
Support level: 115.05, 114.25
AUDUSD, Daily: AUDUSD was traded lower while currently testing the support level at 0.7165. MACD which illustrated bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 0.7265, 0.7365
Support level: 0.7165, 0.6995
NZDUSD, Daily: NZDUSD was traded lower following prior retracement from the resistance level at 0.6815. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 0.6710.
Resistance level: 0.6815, 0.6920
Support level: 0.6710, 0.6570
USDCAD, Daily: USDCAD was traded lower following prior retracement from the resistance level at 1.2825. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 1.2625.
Resistance level: 1.2825, 1.2940
Support level: 1.2625, 1.2520
USDCHF, Daily: USDCHF was traded higher following prior breakout above the previous resistance level at 0.9175. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.9260.
Resistance level: 0.9260, 0.9345
Support level: 0.9175, 0.9105
CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level at 80.55. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.
Resistance level: 80.55, 84.35
Support level: 76.85, 72.50
GOLD_, H4: Gold price was traded lower while currently testing the support level at 1786.30. However, MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains toward resistance level at 1809.95.
Resistance level: 1809.95, 1830.55
Support level: 1762.20, 1786.30