070122 Morning Session Analysis
7 January 2022 Morning Session Analysis
Greenback slumps after bearish data.
Greenback retraces from its previous high after US releases downbeat economic data on yesterday. Last week, Initial Jobless Claims came in at 207,000, significantly higher than forecast of 197,000. However, the latest jobless claims total was significantly lower when compared to pre-pandemic level which hovers at an average of 220,000. The data suggests that hiring remains consistent despite Omicron outbreak since late December. On the other hand, ISM Non-Manufacturing PMI depreciates to 62.0 in December, lower than expected reading of 66.9. Non-manufacturing sector experienced a downfall in terms of overall output due to ongoing supply chain issues as well as shortage of staff. Nonetheless, losses on the greenback remains limited as Federal Reserve signals faster pace of monetary policy tightening by initializing balance sheet normalization sooner. As of writing, dollar index was down by 0.01% to 96.19.
In the commodities market, crude oil price rose 0.14% to $79.17 per barrel. Ongoing riots in Kazakhstan due to recent oil price increase may jeopardize the country’s oil output in the near-term. On the other hand, gold price was down by 0.03% to $1,790.81 a troy ounce due to hawkish signal from Federal Reserve’s meeting minutes.
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 lower following prior retracement from higher levels. MACD which illustrate downward momentum suggests the index to be traded lower in short-term.
Resistance level: 96.35, 96.60
Support level: 96.10, 95.85
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: 1.3570, 1.3630
Support level: 1.3510, 1.3470
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 higher following prior rebound from lower levels. MACD which illustrate diminished bearish momentum suggests the pair to be traded higher 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 diminished bearish momentum suggests the pair to be traded higher short-term.
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 diminished bearish momentum suggests the pair to be traded higher in short-term.
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: 1.2765, 1.2835
Support level: 1.2690, 1.2620
USDCHF, H4: USDCHF 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: 0.9230, 0.9255
Support level: 0.9210, 0.9190
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: 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 diminished bearish momentum suggests its price to be traded higher in short-term.
Resistance level: 1797.60, 1812.80
Support level: 1784.90, 1765.50
060122 Afternoon Session Analysis
06 January 2022 Afternoon Session Analysis
Euro surged amid hawkish tone from ECB.
The Euro surged over the backdrop of hawkish sentiment from the European Central Bank. According to Reuters, European Central Bank (ECB) governing council member Martins Kazaks claimed that the ECB is ready to increase interest rates and reduce aggressive stimulus plan in order to combat the high inflation risk. The central bank also expected that the Euro zone inflation rate will take longer to fall back to target than earlier thought. According to latest data, the Euro zone inflation ate hit 4.9% last month, a record high and most economist do not see it back under the ECB’s target until very late 2022. High inflation risk in future will prompt the central bank to implement contractionary monetary policy in future, insinuating market demand on the Euro. As of writing, EUR/USD appreciated by 0.01% to 1.1315.
In the commodities market, the crude oil price depreciated by 0.28% to $77.20 per barrel as of writing following OPEC+ agreed on Tuesday to increase another 400,000 barrels per day (bpd) of supply on February. On the other hand, the gold price depreciated by 0.15% to $1808.00 per troy ounces as of writing amid rate hike expectation for the global central bank.
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 – Composite PMI (Dec) | 57.6 | 53.2 | – |
| 17:30 | GBP – Services PMI (Dec) | 58.5 | 53.2 | – |
| 21:30 | USD – Initial Jobless Claims | 198K | 200K | – |
| 23:00 | USD – ISM Non-Manufacturing PMI (Dec) | 69.1 | 67.2 | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher following prior rebound from the support level at 95.65. MACD which illustrated diminishing bearish momentum suggest the index to extend its gains toward resistance level at 96.90.
Resistance level: 96.90, 97.50
Support level: 95.65, 94.90
GBPUSD, H4: GBPUSD was traded lower following prior retracement from the resistance level at 1.3615. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 1.3475.
Resistance level: 1.3615, 1.3690
Support level: 1.3475, 1.3350
EURUSD, H4: EURUSD was traded lower following prior retracement from the resistance level at 1.1345. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 1.1235.
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, 118.40
Support level: 112.85, 110.85
AUDUSD, Daily: AUDUSD was traded lower while currently testing the support level at 0.7175. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 0.7365, 0.7535
Support level: 0.7175, 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, Daily: USDCAD was traded higher following prior rebound from the support level at 1.2625. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 1.2825.
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 0.9175. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 0.9175, 0.9260
Support level: 0.9105, 0.9035
CrudeOIL, H4: Crude oil price was traded lower following prior retracement from the resistance level at 78.40. MACD which illustrated diminishing bullish momentum suggest the commodity to extend its losses toward support level at 75.35.
Resistance level: 78.40, 80.60
Support level: 75.35, 72.50
GOLD_, H4: Gold price was traded lower while currently testing the support level at 1806.90. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses after it successfully breakout below the support level.
Resistance level: 1830.55, 1850.40
Support level: 1806.90, 1786.30
060122 Morning Session Analysis
6 January 2022 Morning Session Analysis
Fed minutes pushes greenback forward.
US dollar rebounds from lower levels earlier today after Federal Reserve delivered bullish signal within their meeting minutes. According to the minutes, several Fed officials suggests that monetary policy should be tightened faster than expected as US jobs market recovered substantially for the past few months. At the same time, Feds also discussed the possibility to reduce their balance sheet after rate hike was initiated in order to curb rising inflation. After the release of meeting minutes, Fed Rate Monitor Tool shows that investors are currently pricing in for an 80% chance of rate hike during March’s policy meeting. Although Omicron spreads rapidly in the US, Fed is expected to take a more aggressive action as inflation continues to hover at 30 years high. Likewise, market sentiment towards the US dollar remains positive even as US recorded more than 1 million new coronavirus cases last Monday. As of writing, the dollar index was up 0.01% to 96.12.
As for commodities, crude oil price was down 0.09% to $77.14 per barrel. Last night, data from US shows that its crude oil inventory levels were down by -2.144M, significantly lower than forecasted reading of -3.283M. On the other hand, gold price was down 0.06% to $1,811.30 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 |
| 17:30 | GBP – Composite PMI (Dec) | 57.6 | 53.2 | – |
| 17:30 | GBP – Services PMI (Dec) | 58.5 | 53.2 | – |
| 21:30 | USD – Initial Jobless Claims | 198K | 200K | – |
| 23:00 | USD – ISM Non-Manufacturing PMI (Dec) | 69.1 | 67.2 | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher following prior rebound from lower levels. MACD which shows 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 diminished bullish momentum suggests the pair to be traded lower in short-term.
Resistance level: 1.3570, 1.3630
Support level: 1.3510, 1.3470
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: 1.1320, 1.1370
Support level: 1.1285, 1.1250
USDJPY, Daily: USDJPY 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: 116.25, 117.00
Support level: 115.40, 114.55
AUDUSD, H4: AUDUSD was traded lower following prior 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 level. MACD which illustrate bullish signal suggests the pair to be traded higher after closing above 1.2765.
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 momentum 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 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: 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 bearish signal suggests its price to be traded lower in short-term.
Resistance level: 1812.80, 1830.20
Support level: 1797.60, 1784.90
050122 Afternoon Session Analysis
05 January 2022 Afternoon Session Analysis
Pound surged amid bullish data.
The Pound Sterling received bullish momentum yesterday following the United Kingdom unleashed upbeat economic data. According to Markit/CIPS, U.K. Manufacturing Purchasing Managers Index (PMI) came in at 57.9, exceeding the market forecast at 57.6. The UK Manufacturing production increased at the quickest pace in four months, buoyed by the increased intakes of new work, economic recovery as well as higher employment rate in UK region. Nonetheless, economist forecasted the upturn for the economic prospect in UK remains subdued compared to the middle of the year, amid supply chain disruption, Brexit difficulties and the possibility of further pandemic restrictions at home and overseas. Analysts speculated that the post-Brexit border controls on UK imports at the start of 2022 would bring further disruption, while the Omicron variant would add to severe uncertainty to the economic growth. As of writing, GBP/USD appreciated by 0.01% to 1.3530.
In the commodities market, the crude oil price depreciated by 0.53% to $77.00 per barrel as of writing amid technical correction. Nonetheless, the overall trend for the crude oil still remained bullish over the backdrop of upbeat inventory data yesterday. According to American Petroleum Institute, U.S. API Weekly Crude Oil Stock came in at -6.432M, better than the market forecast at -3.400M. On the other hand, the gold price appreciated by 0.06% to $1815.80 per troy ounces as of writing following United States released negative economic data, which spurring risk-off sentiment in the global financial market.
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 |
| 21:15 | USD – ADP Nonfarm Employment Change (Dec) | 534K | 390K | – |
| 23:30 | CrudeOIL – Crude Oil Inventories | -3.576M | -2.800M | – |
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 pair to be traded lower in short-term as technical correction.
Resistance level: 96.85, 97.50
Support level: 95.65, 94.90
GBPUSD, H4: GBPUSD was traded higher following prior breakout above the previous resistance level at 1.3475. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.3615.
Resistance level: 1.3615, 1.3690
Support level: 1.3475, 1.3350
EURUSD, H4: EURUSD was traded lower following prior retracement from the resistance level at 1.1345. However, 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 116.10. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 116.10, 118.70
Support level: 112.95, 110.85
AUDUSD, Daily: AUDUSD was traded lower while currently testing the support level at 0.7175. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 0.7365, 0.7535
Support level: 0.7175, 0.6995
NZDUSD, H4: NZDUSD was traded lower following prior retracement from the resistance level at 0.6840. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 0.6840, 0.6920
Support level: 0.6710, 0.6570
USDCAD, Daily: USDCAD was traded higher following prior rebound from the support level at 1.2625. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 1.2825.
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 0.9175. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 0.9175, 0.9260
Support level: 0.9105, 0.9035
CrudeOIL, H1: Crude oil price was traded lower following prior retracement from the resistance level at 77.00. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses toward support level at 75.25.
Resistance level: 77.00, 79.00
Support level: 75.25, 72.65
GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1814.90. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1814.90, 1830.55
Support level: 1786.30, 1762.20
050122 Morning Session Analysis
5 January 2022 Morning Session Analysis
Greenback rebounds, but for how long?
Greenback continues to trade within a tight range as investors tries to grasp more market signals with regards to US economy. Yesterday, US dollar stages a rebound from lower levels over the backdrop of optimistic speculation upon Federal Reserve. CME Fed Rate Monitor Tool shows that investors are currently speculating a 60% chance for a 25-basis point interest rate hike from Federal Reserve in March 2022. The expectation was made as investors expects US economy to recover further in the near-term although Omicron variant spreads rapidly across the US. However, current upside on the US dollar were limited following the release of bearish economic data from yesterday night. For the month of December, ISM Manufacturing PMI slumped down to 58.7, significantly lower than forecast of 60.0. Depreciation in manufacturing activity was contributed by shortage of workforce and difficulty to obtain raw materials. As of writing, the dollar index was up by 0.01% to 96.21.
For commodities, crude oil price was up 0.15% to $77.07 per barrel. Oil price rebounds from lower level after OPEC continues its monthly supply increase by 400,000 barrels per day. On the other hand, gold price slumped by 0.09% to $1,813.32 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 |
| 21:15 | USD – ADP Nonfarm Employment Change (Dec) | 534K | 390K | – |
| 23:30 | CrudeOIL – Crude Oil Inventories | -3.576M | -2.800M | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower following prior retrace from higher levels. MACD which diminished bullish momentum suggests the index to be traded lower 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 diminished bullish signal suggests the pair to be traded lower in short-term.
Resistance level: 1.3570, 1.3630
Support level: 1.3510, 1.3470
EURUSD, H4: EURUSD was traded lower following prior retracement from higher level. MACD which illustrate bearish momentum suggests the pair to be traded lower in short-term.
Resistance level: 1.1285, 1.1320
Support level: 1.1250, 1.1210
USDJPY, Daily: USDJPY 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: 116.25, 117.00
Support level: 115.40, 114.55
AUDUSD, H4: AUDUSD was traded higher following 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: 0.6830, 0.6870
Support level: 0.6780, 0.6740
USDCAD, H4: USDCAD was traded lower following prior retracement from 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 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: 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 its resistance level.
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
040122 Afternoon Session Analysis
04 January 2022 Afternoon Session Analysis
Euro slumped amid bearish data.
The Euro received bearish momentum over the backdrop of negative economic data from the European region. According to Markit Economics, Germany Manufacturing Purchasing Managers Index (PMI) came in at 57.4, missing the market forecast at 57.9. The Germany’s manufacturing production continued to be marred by supply constraints in December. The supply shortage and increase in energy prices would increase the costs for the manufacturing industry, which prompting them to pass the additional costs to consumers while spurring inflation risk in future. On the Covid-19 front, France has reported a record 179,807 cases on Tuesday, while other countries like Italy, Greece, Portugal and England all reported record highs too. The spiking numbers of the Covid-19 cases would increase odds for the authorities to re-implement the Covid-19 restrictions, which dragging down the appeal for the Euro. As of writing, EUR/USD depreciated by 0.05% to 1.1300.
In the commodities market, the crude oil price appreciated by 0.42% to $76.55 per barrel as of writing. Nonetheless, the overall momentum for this black-commodity still remained flat as investors still wait for further catalyst during the OPEC meeting today to receive further trading signal. On the other hand, the gold price slumped 0.05% to $1803.55 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
N/A
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 16:55 | EUR – German Unemployment Change (Dec) | -34K | -15K | – |
| 17:30 | GBP – Manufacturing PMI (Dec) | 57.6 | 57.6 | – |
| 23:00 | USD – ISM Manufacturing PMI (Dec) | 61.1 | 60.4 | – |
| 23:00 | USD – JOLTs Job Openings (Nov) | 11.033M | – | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher following prior rebound from the support level at 95.65. MACD which illustrated increasing bullish momentum suggest the index to extend its gains toward resistance level at 96.85.
Resistance level: 96.85, 97.50
Support level: 95.65, 94.90
GBPUSD, H4: GBPUSD was traded lower while currently testing the support level at 1.3445. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 1.3545, 1.3615
Support level: 1.3445, 1.3350
EURUSD, H4: EURUSD was traded lower following prior retracement from the resistance level at 1.1345. However, 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, 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 116.80.
Resistance level: 116.80, 117.85
Support level: 115.40, 114.20
AUDUSD, Daily: AUDUSD was traded lower while currently testing the support level at 0.7175. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 0.7365, 0.7535
Support level: 0.7175, 0.6995
NZDUSD, H4: NZDUSD was traded lower following prior retracement from the resistance level at 0.6840. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 0.6840, 0.6920
Support level: 0.6710, 0.6570
USDCAD, Daily: USDCAD was traded higher following prior rebound from the support level at 1.2625. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 1.2825.
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 0.9175. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 0.9175, 0.9260
Support level: 0.9105, 0.9035
CrudeOIL, H4: Crude oil price was traded lower while currently testing the support level at 75.30. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher 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 while currently testing the support level at 1798.90. MACD which illustrated increasing bearish momentum suggest the commodity to extend tis losses after it successfully breakout below the support level.
Resistance level: 1812.85, 1830.55
Support level: 1798.90, 1786.30
040122 Morning Session Analysis
4 January 2022 Morning Session Analysis
Greenback rebounds following bullish speculation.
US dollar rebounds sharply on yesterday over the backdrop of rising US Treasury yields. Majority of investors expects Federal Reserve to tighten monetary policy at a faster rate following resilient jobs market and consumer spending. Despite Omicron variant spreading rapidly in the US, most of US economic indicator suggests further economic recovery which may prompt Federal Reserve to increase their interest rate as soon as March 2022. On the other hand, various reports which suggests a lower risk from Omicron infection has further dialed up market sentiment towards the US dollar. Scientific research found that Omicron infection will only induce mild symptoms whereby most of the cases does not require extensive medical intervention. This may suggest a short-term risk from Omicron which in return, may not jeopardize overall economic recovery for the mid to long-term. As of writing, dollar index was up 0.02% to 96.17.
For commodities, crude oil price was up 0.02% to $75.91 per barrel. Oil prices received substantial bullish support after Libya shutdown part of its crude oil facilities in order to conduct maintenance. On the other hand, gold price was down 0.04% to $1,803.00 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 |
| 11:30 | AUD – RBA Interest Rate Decision (Jan) | 0.10% | 0.10% | – |
| 16:55 | EUR – German Unemployment Change (Dec) | -34K | -15K | – |
| 17:30 | GBP – Manufacturing PMI (Dec) | 57.6 | 57.6 | – |
| 23:00 | USD – ISM Manufacturing PMI (Dec) | 61.1 | 60.4 | – |
| 23:00 | USD – JOLTs Job Openings (Nov) | 11.033M | – | – |
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 signals 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 bearish signal suggests the pair to be traded lower after breaking the support level.
Resistance level: 1.1320, 1.1370
Support level: 1.1285, 1.1250
USDJPY, Daily: USDJPY was traded higher following prior rebound from lower levels. MACD which illustrate bullish signal suggests the pair to be traded higher after breaking the resistance level.
Resistance level: 115.40, 116.25
Support level: 114.55, 113.50
AUDUSD, H4: AUDUSD was traded lower following prior retracement from higher level. MACD which illustrate bearish signal suggests the pair to be traded lower after breaking the support level.
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 higher following prior rebound from lower levels. MACD which illustrate bullish signal suggests the pair to be traded higher in short-term.
Resistance level: 1.2765, 1.2835
Support level: 1.2690, 1.2620
USDCHF, H4: USDCHF 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: 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 diminished bearish momentum 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 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
030122 Afternoon Session Analysis
03 January 2022 Afternoon Session Analysis
US Dollar eased amid Omicron fears.
The Dollar Index which traded against a basket of six major currency pairs received bearish momentum over the backdrop of a significant surge in Covid-19 cases in United States, spurring concerns that the authorities have higher possibility to re-implement the Covid-19 restrictions in order to combat the Covid-19 cases. According to Reuters, the top U.S. Infectious disease expert Anthony Fauci had warned that there was still a danger of surge in hospitalization due to the large number of Covid-19 had been detected despite early data suggest the Omicron variant is less severe. According to data from the US Centers for Disease Control and Prevention (CDC), the Omicron variant was estimated to be 58.6% of Covid-19 variants circulating in the United States as of 25th December 2021. According to Reuters, the Covid-19 cases in United States come in at record high at 346,869 on Saturday. As of writing, the Dollar Index depreciated by 0.08% to 95.90.
In the commodities market, the crude oil price depreciated by 0.05% to $75.55 per barrel as of writing amid the spiking numbers of Covid-19 cases around the world, which dragging down the appeal for this black-commodity. On the other hand, the gold price surged 0.05% to $1825.55 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 |
| 16:55 | EUR – German Manufacturing PMI (Dec) | 57.9 | 57.9 | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower while currently near the support level at 95.65. 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 lower while currently testing the support level at 1.3475. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 1.3615, 1.3690
Support level: 1.3475, 1.3350
EURUSD, H4: EURUSD was traded lower while currently testing the support level at 1.1345. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 1.1440, 1.1530
Support level: 1.1345, 1.1235
USDJPY, H4: USDJPY was traded higher while currently testing the resistance level at 115.40. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
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. 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: 1.2825, 1.2940
Support level: 1.2625, 1.2520
USDCHF, Daily: USDCHF was traded higher following prior rebound from the support level at 0.9105. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 0.9175.
Resistance level: 0.9175, 0.9260
Support level: 0.9105, 0.9035
CrudeOIL, H4: Crude oil price was traded lower while currently testing the support level at 75.30. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.
Resistance level: 79.00, 81.35
Support level: 75.30, 72.70
GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1830.55. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.
Resistance level: 1830.55, 1850.40
Support level: 1812.85, 1786.30
030122 Morning Session Analysis
3 January 2022 Morning Session Analysis
Omicron spreads rapidly in the United Kingdom.
Omicron variant continues to spread rapidly in the UK, jeopardizing their economy’s recovery momentum as well as market sentiment towards the pound sterling. Last weekend, UK has recorded 162,572 new coronavirus cases in England alone, its highest reading for daily recorded cases. According to scientists, UK’s daily coronavirus infection could be closer to 500,000 due to limited testing while reinfections is not counted in the tally. The UK government has released a directive that all sectors may need to embrace shortages of staff in the economy as high as 25% due to rapid spread of coronavirus. Investors fear that the shortage of staff may jeopardize economic activity and slow down its process of recovery for the time being. As of writing, the pair of GBP/USD slipped 0.02% to 1.3519.
For commodities, crude oil price was up 0.10% to $75.76 per barrel. Oil futures continues to receive higher demand from lower levels as investors expects positive developments from OPEC’s monthly meeting. On the other hand, gold price was up 0.04% to $1,828.85 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 |
| 16:55 | EUR – German Manufacturing PMI (Dec) | 57.9 | 57.9 | – |
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: 95.80, 96.15
Support level: 95.45, 94.95
GBPUSD, H4: GBPUSD was traded lower following prior retracement from higher level. MACD which illustrate bearish signals suggests the pair to be traded lower in short-term.
Resistance level: 1.3585, 1.3690
Support level: 1.3510, 1.3430
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: 1.1380, 1.1440
Support level: 1.1310, 1.1265
USDJPY, Daily: USDJPY was traded higher following prior rebound from lower levels. MACD which illustrate diminished bearish momentum suggests the pair to be traded higher in short-term.
Resistance level: 115.45, 115.90
Support level: 115.15, 114.85
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: 0.7270, 0.7335
Support level: 0.7210, 0.7125
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: 0.6850, 0.690
Support level: 0.6820, 0.6775
USDCAD, H4: USDCAD was traded higher following prior rebound from lower levels. MACD which illustrate diminished bearish momentum suggests the pair to be traded higher in short-term.
Resistance level: 1.2705, 1.2800
Support level: 1.2630, 1.2550
USDCHF, H4: 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: 0.9145, 0.9165
Support level: 0.9110, 0.9070
CrudeOIL, H4: Crude oil 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: 77.50, 80.70
Support level: 75.25, 72.95
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 after closing above 1829.70.
Resistance level: 1829.70, 1849.25
Support level: 1809.55, 1797.70
311221 Afternoon Session Analysis
31 December 2021 Afternoon Session Analysis
Euro was traded flat amid mixed sentiment.
The overall movement for the pair of EUR/USD remained flat amid mixed market sentiment toward the economic progression in the European region. On the positive note, the euro might receive significant bullish momentum following the European Central Bank (ECB) unleashed their hawkish tone toward the monetary policy in future. According to Bloomberg, the European Central Bank claimed that they will be ready to increase the interest rate in early 2023 after ending the remaining bond purchases by the end of next year in order to combat the high inflation risk, Governing Council member Klass Knot said. Nonetheless, the gains experienced by the Euro was limited by the rising concerns toward the new Omicron variant. Many European countries are reporting record high numbers of Covid-19 cases, spurring concerns that the authorities to implement Covid-19 restriction in order to cushion the spiking Covid-19 cases. As of writing, EUR/USD depreciated by 0.04% to 1.1319.
In the commodities market, the crude oil price depreciated by 0.12% to $76.65 per barrel as of writing. The crude oil price received bearish momentum amid the rising hospitalization rate as well as Covid-19 variant around the world had dragged down the appeal for this black-commodity. On the other hand, the gold price surged 0.18% to $1817.90 per troy ounces as of writing amid resurgence of Covid-19 cases had stoked a shift in sentiment toward safe-haven asset, spurring bullish momentum toward the safe-haven commodity gold.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
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 Economic Data
N/A
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower while currently near the support level at 95.65. 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 1.3500. However, 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 lower following prior retracement from the resistance level at 1.1345. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.1235.
Resistance level: 1.1345, 1.1440
Support level: 1.1235, 1.1175
USDJPY, Daily: 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. 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, H4: USDCAD was traded lower while currently testing the support level at 1.2740. 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, 1.2955
Support level: 1.2740, 1.2620
USDCHF, H4: USDCHF was traded lower while currently testing the support level at 0.9135. However, 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: 0.9140, 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 higher while currently testing the resistance level at 1817.00. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1817.00, 1830.55
Support level: 1786.30, 1762.20
311221 Morning Session Analysis
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
301221 Afternoon Session Analysis
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
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 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
301221 Morning Session Analysis
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
291221 Afternoon Session Analysis
29 December 2021 Afternoon Session Analysis
Aussie slumped amid rising Covid-19 cases.
The Australian Dollar retraced from its recent high following the spread of Covid-19 cases led to more restrictions globally, which spurring negative prospect toward the economic momentum. According to Reuters, Coronavirus cases have surged significantly across most of Australia region as New South Wales, Queensland and Victoria all reported record numbers on Wednesday. The daily Covid-19 case numbers in Australia almost doubled to 11,201. Victoria recorded 3,767 new cases of Covid-19 while Queensland recorded another 1,539 cases. The authorities are ruling out the lockdown restrictions though they have tightened some social restrictions. The spiking numbers of the Covid-19 will decrease the odds for the Reserve Bank of Australia to implement contractionary monetary policy in short-term basis, dragging down the appeal for the Australia Dollar. As of writing, AUD/USD depreciated by 0.05% to 0.7225.
In the commodities market, the crude oil price depreciated by 0.26% to $76.11 per barrel as of writing over the backdrop of bearish inventory data. According to American Petroleum Institute (API), U.S. API Weekly Crude Oil stock came in at -3.090M, missing the market forecast at -3.233M. On the other hand, the gold price appreciated by 0.06% to $1807.45 per troy ounces as of writing amid raising concerns of the Covid-19 cases around the world had insinuated market demand on the safe-haven commodity.
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 lower while currently near the support level at 95.65. However, MACD which illustrated increasing bullish 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 following prior breakout above the previous resistance level at 1.3355. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 1.3505.
Resistance level: 1.3505, 1.3630
Support level: 1.3355, 1.3195
EURUSD, H4: EURUSD was traded lower following prior retracement from the resistance level at 1.1345. However, 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, H4: USDJPY was traded higher following prior breakout above the previous resistance level at 114.20. However, MACD which illustrated increasing bearish momentum suggest the pair to be traded lower in short-term as technical orrection.
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 0.6825. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 0.6825, 0.6920
Support level: 0.6710, 0.6570
USDCAD, H4: USDCAD was traded higher while currently near the resistance level at 1.2840. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1.2840, 1.2935
Support level: 1.2765, 1.2695
USDCHF, H4: USDCHF was traded lower following prior retracement from the resistance level at 0.9190. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 0.9150.
Resistance level: 0.9260, 0.9315
Support level: 0.9150, 0.9105
CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level at 76.10. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.
Resistance level: 76.10, 79.00
Support level: 72.65, 69.55
GOLD_, H4: Gold price was traded lower following prior retracement from the resistance level at 1811.70. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses toward support level at 1786.30.
Resistance level: 1811.50, 1830.55
Support level: 1786.30, 1762.20
291221 Morning Session Analysis
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