171221 Morning Session Analysis
17 December 2021 Morning Session Analysis
Pound sterling jumps following unexpected rate hike.
Pound sterling rebounds from its lower level on yesterday following unexpected decision during Bank of England’s policy meeting. On yesterday, Bank of England (BoE) announced to increase its interest rate by 15 basis points from 0.10% to 0.25%. The action was taken as inflationary pressure extended its appreciation for the past few months, topping 10 years high of 5.1% for the month of November. From their statement released, the interest rate hike was undertaken despite lingering Omicron risk as an effort to curb rising prices of consumer goods in the UK. According to BoE, they expect prices of commodities such as crude oil, natural gas and gasoline to appreciate further and rose as high as 6% in spring 2022. The decision made on yesterday was rather unexpected for investors as majority of the market did not priced in for an interest rate hike. As of writing, the pair of GBP/USD rose 0.02% to 1.3328.
In the commodities market, crude oil price was down by 0.33% to $71.59 per barrel. Investors remains fixated upon Omicron which continues to spread rapidly around the world that could jeopardize future demand for crude oil. On the other hand, gold price rose 0.03% to $1798.82 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 – Retail Sales (MoM) (Nov) | 0.8% | 0.8% | – |
| 17:00 | EUR – German Ifo Business Climate Index (Dec) | 96.5 | 95.3 | – |
| 18:00 | EUR – CPI (YoY) (Nov) | 4.9% | 4.8% | – |
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 after a breakout occur at 95.85.
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 bullish signals suggests the pair to be traded higher in short-term.
Resistance level: 1.3355, 1.3410
Support level: 1.3290, 1.3220
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: 1.1370, 1.1440
Support level: 1.1320, 1.1285
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: 114.35, 114.90
Support level: 113.70, 113.15
AUDUSD, H4: AUDUSD was traded lower following retracement from higher level. MACD which illustrate diminished bullish momentum suggests the pair to be traded lower short-term as technical correction.
Resistance level: 0.7180, 0.7225
Support level: 0.7140, 0.7085
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: 0.6820, 0.6875
Support level: 0.6735, 0.6670
USDCAD, H1: USDCAD was traded higher following prior rebound from lower levels. MACD which illustrate bullish signals suggests the pair to be traded higher in short-term.
Resistance level: 1.2800, 1.2845
Support level: 1.2765, 1.2730
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: 0.9210, 0.9230
Support level: 0.9190, 0.9165
CrudeOIL, H4: Crude oil price was traded lower following prior retracement from higher levels. MACD which illustrate diminished bullish signal suggests its price to be traded lower in short-term.
Resistance level: 73.00, 75.65
Support level: 70.40, 69.30
GOLD_, H4: Gold price was traded higher following prior rebound from lower levels. MACD which illustrate upward momentum suggests its price to be traded higher in short-term.
Resistance level: 1807.15, 1819.85
Support level: 1791.40, 1776.95
161221 Afternoon Session Analysis
16 December 2021 Afternoon Session Analysis
Aussie rose on upbeat Australia employment data.
The Australian dollar which traded against the dollar and other currency pairs have recoup some of its previous losses and rose after the release of upbeat jobs data from Australia. According to the Australian Bureau of Statistics, the Australia’s Employment Change have rose significantly by 366.1K, surpassed market expectation of 200K. On top of that, the Unemployment Rate also fell to 4.6%, better than market forecast of 5%. The increase was likely due to a lift in payrolls which help boost employment. The data also further reinforced Australia’s central bank view that the economy as likely to return to its pre-Delta path in the first half of 2022. At the time of writing, AUD/USD rose 0.11% to 0.7151.
In the commodities market, crude oil price rose 0.38% to $71.50 per barrel as of writing following strong demand outlook. Market continue to react positively after EIA recently reported a huge decline in stockpiles and show demand for petroleum products remain high. Data also showed that product supplied by refineries, a proxy for demand, surged in the most recent week to 23.2 million barrels per day. On the other hand, gold price rose 0.33% to $1782.19 a troy ounce at the time of writing following dollar weakness.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
16:30 CHF SNB Monetary Policy Assessment
17:30 CHF SNB Press Conference
20:00 GBP BoE MPC Meeting Minutes
21:30 EUR ECB Press Conference
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 16:30 | CHF – SNB Interest Rate Decision (Q4) | -0.75% | -0.75% | – |
| 16:30 | EUR – German Manufacturing PMI (Dec) | 57.4 | 57 | – |
| 17:30 | GBP – Composite PMI | 57.6 | – | – |
| 17:30 | GBP – Manufacturing PMI | 58.1 | – | – |
| 17:30 | GBP – Services PMI | 58.5 | – | – |
| 20:00 | GBP – BoE Interest Rate Decision (Dec) | 0.10% | 0.10% | – |
| 20:45 | EUR – Deposit Facility Rate (Dec) | -0.50% | -0.50% | – |
| 20:45 | EUR – ECB Marginal Lending Facility | 0.25% | – | – |
| 20:45 | EUR – ECB Interest Rate Decision (Dec) | 0.00% | – | – |
| 21:30 | USD – Building Permits (Nov) | 1.653M | 1.660M | – |
| 21:30 | USD – Initial Jobless Claims | 184K | 195K | – |
| 21:30 | USD – Philadelphia Fed Manufacturing Index (Dec) | 39 | 30 | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower following prior breakout below the previous support level 96.85. MACD which illustrate diminishing bullish momentum signal with the formation of death cross suggest the dollar to extend its losses towards the support level 95.70.
Resistance level: 96.35, 96.85
Support level: 95.70, 94.90
GBPUSD, H4: GBPUSD was traded higher following prior rebound from the support level 1.3190. MACD which illustrate bullish momentum signal suggest the pair to extend its rebound towards the resistance level 1.3315.
Resistance level: 1.3315, 1.3430
Support level: 1.3190, 1.3055
EURUSD, H4: EURUSD remain traded in a sideway channel following recent rebound from the support level 1.1260. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to extend its rebound in short term towards the resistance level 1.1355.
Resistance level: 1.1355, 1.1455
Support level: 1.1260, 1.1170
USDJPY, H4: USDJPY was traded higher following prior breakout above the previous resistance level 114.60. MACD which illustrate ongoing bullish momentum signal suggest the pair to extend its gains above the resistance level 114.60.
Resistance level: 114.60, 115.50
Support level: 113.80, 112.75
AUDUSD, H4: AUDUSD remain traded in a sideway channel while currently near the resistance level 0.7175. However, MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair be traded higher after it breaks above the resistance level 0.7175.
Resistance level: 0.7175, 0.7260
Support level: 0.7095, 0.7005
NZDUSD, H4: NZDUSD was traded higher following prior rebound from the support level 0.6725. MACD which illustrate bullish bias signal with the formation of golden cross suggest the pair to extend its rebound towards the resistance level 0.6815.
Resistance level: 0.6815, 0.6905
Support level: 0.6725, 0.6630
USDCAD, H4: USDCAD was traded lower while currently testing the support level 1.2835. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its retracement after it breaks below the support level.
Resistance level: 1.2955, 1.3105
Support level: 1.2835, 1.2735
USDCHF, H4: USDCHF remain traded in a sideway channel following prior retracement from the resistance level 0.9250. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its retracement towards the support level 0.9170.
Resistance level: 0.9250, 0.9320
Support level: 0.9170, 0.9105
CrudeOIL, H4: Crude oil price was traded higher following prior rebound from the support level 68.90. However, MACD which illustrate bullish bias signal with the formation of golden cross suggest the commodity to extend its rebound towards the resistance level 72.70.
Resistance level: 72.70, 75.25
Support level: 68.90, 65.25
GOLD_, H4: Gold price remain traded in a sideway channel while currently testing near the resistance level 1787.75. However, MACD which illustrate diminishing bearish momentum signal with the starting formation of golden cross suggest the commodity to be traded higher after it breaks above the resistance level 1787.75.
Resistance level: 1787.75, 1806.80
Support level: 1763.05, 1744.00
161221 Morning Session Analysis
16 December 2021 Morning Session Analysis
Dollar slumped as profit-taking, bull market still on as Fed’s hawkish tone.
The Dollar Index which traded against a basket of six major currency pairs retracement from the recent high amid technical correction and profit-taking mood from the global investors. Nonetheless, the overall trend for the US Dollar was remained bullish following the Federal Reserve unleashed their hawkish tone toward the economic development in United States. According to CNBC, the US Central Bank claimed that the process of bond tapering program would be needed to speed up, suggesting the stimulus will end by March to combat the upcoming inflation risk. The recent inflation data had indicated the prices rising at a pace not seen since 1982, increased pressure for the Federal Reserve to take further action. Nonetheless, the Federal Reserve decided to maintain its benchmark rate unchanged in the range of 0% to 0.25%. Meanwhile, 12 of the 18 members of Monetary Policy Committee (MPC) say they expect the interest rates rises by three-quarters of a percent or more in 2022. As of writing, the Dollar Index depreciated by 0.25% to 96.30.
In the commodities market, the crude oil price surged 0.22% to $71.85 per barrel as of writing. The oil market edged higher over the backdrop of bullish inventory data yesterday. According to Energy Information Administration (EIA), U.S. Crude Oil Inventories came in at -4.584M, lower than the market forecast at -2.082M. On the other hand, the gold price appreciated by 0.20% to $1780.40 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
16:30 CHF SNB Monetary Policy Assessment
17:30 CHF SNB Press Conference
20:00 GBP BoE MPC Meeting Minutes
21:30 EUR ECB Press Conference
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 16:30 | CHF – SNB Interest Rate Decision (Q4) | -0.75% | -0.75% | – |
| 16:30 | EUR – German Manufacturing PMI (Dec) | 57.4 | 57 | – |
| 17:30 | GBP – Composite PMI | 57.6 | – | – |
| 17:30 | GBP – Manufacturing PMI | 58.1 | – | – |
| 17:30 | GBP – Services PMI | 58.5 | – | – |
| 20:00 | GBP – BoE Interest Rate Decision (Dec) | 0.10% | 0.10% | – |
| 20:45 | EUR – Deposit Facility Rate (Dec) | -0.50% | -0.50% | – |
| 20:45 | EUR – ECB Marginal Lending Facility | 0.25% | – | – |
| 20:45 | EUR – ECB Interest Rate Decision (Dec) | 0.00% | – | – |
| 21:30 | USD – Building Permits (Nov) | 1.653M | 1.660M | – |
| 21:30 | USD – Initial Jobless Claims | 184K | 195K | – |
| 21:30 | USD – Philadelphia Fed Manufacturing Index (Dec) | 39 | 30 | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from the resistance level at 96.50. MACD which illustrated diminishing bullish momentum suggest the index to extend its losses toward support level at 95.65.
Resistance level: 96.50, 96.90
Support level: 95.65, 94.90
GBPUSD, H4: GBPUSD was traded higher following prior rebound from the support level at 1.3195. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.3355.
Resistance level: 1.3355, 1.3505
Support level: 1.3195, 1.3050
EURUSD, Daily: EURUSD was traded lower following prior retracement from the resistance level at 1.1370. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 1.1175.
Resistance level: 1.1370, 1.1530
Support level: 1.1175, 1.1010
USDJPY, Daily: USDJPY was traded higher while currently testing the resistance level at 114.40. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 114.40, 115.40
Support level: 112.80, 112.05
AUDUSD, Daily: AUDUSD was traded higher while currently testing the resistance level at 0.7175. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 0.7175, 0.7280
Support level: 0.6995, 0.6825
NZDUSD, H4: NZDUSD was traded higher following prior rebound from the support level at 0.6735. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.6815.
Resistance level: 0.6815, 0.6890
Support level: 0.6735, 0.6640
USDCAD, Daily: USDCAD was traded higher while currently testing the resistance level at 1.2870. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1.2870, 1.3020
Support level: 1.2720, 1.2595
USDCHF, H4: USDCHF was traded lower following prior retracement from the resistance level at 0.9260. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 0.9200.
Resistance level: 0.9260, 0.9315
Support level: 0.9200, 0.9155
CrudeOIL, H4: Crude oil price was traded higher following prior rebound from the support level at 70.35. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains toward resistance level at 72.65.
Resistance level: 72.65, 75.10
Support level: 68.65, 65.60
GOLD_, H4: Gold price was traded higher following prior rebound from the support level at 1762.20. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains toward resistance level at 1790.00.
Resistance level: 1790.00, 1811.50
Support level: 1762.20, 1729.60
151221 Afternoon Session Analysis
15 December 2021 Afternoon Session Analysis
Aussie fell amid weak China data, U.S-China tension.
The Australian dollar which traded against the dollar and other currency pairs remains pressured and slip following latest weakness from China economic data and also escalating tension between U.S and China. According to the National Bureau of Statistics of China, China Retail Sales have grew only 3.9%, slower than market expectation of 4.6. On top of that, online sales of physical goods also fell to 13.2% compared to October’s reading of 14.6%. The weakness are mostly due to rising Covid-19 cases that reached 21 provinces and making consumers more cautious. On top of that, rising tension between U.S – China weigh further on the sentiment. According to Bloomberg, the U.S House of Representatives have voted to pass a bill that would ban goods produced by forced laborers from China Xinjiang region. The move could straining further the relationship between the two biggest economies in the world. At the time of writing, AUD/USD fell 0.04% to 0.7108.
In the commodities market, crude oil price fell 0.50% to $68.91 per barrel as of writing following concerns over supply surplus. According to reports, The International Energy Agency (IEA) stated that the rising Covid-19 cases along with Omicron discovery may dent global fuel demand and crude output also expected to increase. On the other hand, gold price 0.02% to 1770.49 a troy ounce at the time of writing following dollar strength.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
03:00 (16th) USD FOMC Economic Projections
03:00 (16th) USD FOMC Statement
03:30 (16th) USD FOMC Press Conference
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 15:00 | GBP – CPI (YoY) (Nov) | 4.20% | 4.70% | – |
| 21:30 | USD – Core Retail Sales (MoM) (Nov) | 1.70% | 1.00% | – |
| 21:30 | USD – Retail Sales (MoM) (Nov) | 1.70% | 0.80% | – |
| 21:30 | CAD – Core CPI (MoM) (Nov) | 0.60% | – | – |
| 23:30 | CrudeOIL – Crude Oil Inventories | -0.240M | – | – |
| 03:00 (16th) |
USD – Fed Interest Rate Decision | 0.25% | 0.25% | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher following prior breakout above the previous resistance level 96.35. MACD which illustrate bullish momentum signal suggest the dollar to extend its gains towards the resistance level 96.85.
Resistance level: 96.85, 97.60
Support level: 96.35, 95.70
GBPUSD, H4: GBPUSD was traded higher following recent rebound from the support level 1.3190. MACD which illustrate bullish bias signal suggest the pair to extend its rebound towards the resistance level 1.3315.
Resistance level: 1.3315, 1.3430
Support level: 1.3190, 1.3055
EURUSD, H4: EURUSD was traded lower while currently testing the support level 1.1260. MACD which illustrate bearish momentum signal suggest the pair to extend its losses after it breaks below the support level.
Resistance level: 1.1355, 1.1455
Support level: 1.1260, 1.1170
USDJPY, H4: USDJPY remain traded flat in a sideway channel while currently testing the resistance level 113.80. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to be traded lower in short term towards the support level 112.75.
Resistance level: 113.80, 114.60
Support level: 112.75, 112.00
AUDUSD, H4: AUDUSD was traded lower while currently testing near the support level 0.7095. MACD which illustrate bearish momentum signal suggest the pair to extend its losses after it breaks below the support level.
Resistance level: 0.7175, 0.7260
Support level: 0.7095, 0.7005
NZDUSD, H4: NZDUSD was traded lower while currently testing the support level 0.6725. MACD which illustrate ongoing bearish momentum signal suggest the pair to extend its losses after it breaks below the support level.
Resistance level: 0.6815, 0.6905
Support level: 0.6725, 0.6630
USDCAD, H4: USDCAD was traded higher while currently testing the resistance level 1.2865. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to experience a technical correction towards the support level 1.2735.
Resistance level: 1.3865, 1.2955
Support level: 1.2735, 1.2615
USDCHF, H4: USDCHF remain traded in a sideway channel while currently testing near the resistance level 0.9250. However, MACD which illustrate bullish bias signal suggest the pair to be traded higher after it breaks above the resistance level.
Resistance level: 0.9250, 0.9320
Support level: 0.9170, 0.9105
CrudeOIL, H4: Crude oil price was traded lower while currently testing near the support level 68.90. MACD which illustrate ongoing bearish momentum signal suggest the commodity to extend its losses after it breaks below the support level.
Resistance level: 72.70, 75.25
Support level: 68.90, 65.25
GOLD_, H4: Gold price was traded lower while currently testing near the support level 1763.05. MACD which illustrate bearish momentum signal with the formation of death cross suggest the commodity to extend its losses after it breaks below the support level.
Resistance level: 1787.75, 1806.80
Support level: 1763.05, 1744.00
151221 Morning Session Analysis
15 December 2021 Morning Session Analysis
Dollar surged amid hawkish expectation from Fed.
The Dollar Index which traded against a basket of six major currency pairs surged following the United States released upbeat inflation data yesterday, insinuating hawkish expectation for Federal Reserve during the crucial FOMC meeting tomorrow. According to U.S. Bureau of Labor Statistics, U.S. Producer Price Index (PPI) for last month notched up significantly from the previous reading of 0.6% to 0.8%, exceeding the market forecast at 0.5%. Together with a tightening US labor market, rising price pressures will likely to prompt the Federal Reserve to accelerate the tapering of the early massive bond purchasing program and increase the odds for rate hikes sooner than previously expected. Earlier aggressive monetary aids from the governments across the globe had fuelled significant demand for goods, leaving supply chain overstretched. As for now, investors would focus on the decision from Federal Reserve during the FOMC meeting to receive further trading signal. As of writing, the Dollar Index appreciated by 0.25% to 96.55.
In the commodities market, the crude oil price depreciated by 0.07% to $70.45 per barrel as of writing. The oil market edged lower over the backdrop of bearish inventory data. According to American Petroleum Institute (API), U.S. API Weekly Crude Oil Stock came in at -0.815M, missing the market forecast at -2.600M. On the other hand, the gold price slumped 0.04% to $1772.40 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
03:00 (16th) USD FOMC Economic Projections
03:00 (16th) USD FOMC Statement
03:30 (16th) USD FOMC Press Conference
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 15:00 | GBP – CPI (YoY) (Nov) | 4.20% | 4.70% | – |
| 21:30 | USD – Core Retail Sales (MoM) (Nov) | 1.70% | 1.00% | – |
| 21:30 | USD – Retail Sales (MoM) (Nov) | 1.70% | 0.80% | – |
| 21:30 | CAD – Core CPI (MoM) (Nov) | 0.60% | – | – |
| 23:30 | CrudeOIL – Crude Oil Inventories | -0.240M | – | – |
| 03:00 (16th) |
USD – Fed Interest Rate Decision | 0.25% | 0.25% | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher while currently testing the resistance level at 96.50. MACD which illustrated increasing bullish momentum suggest the index to extend its gains after it successfully breakout above the resistance level.
Resistance level: 96.50, 96.90
Support level: 95.65, 94.90
GBPUSD, H4: GBPUSD was traded lower while currently testing the support level at 1.3195. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 1.3355, 1.3505
Support level: 1.3195, 1.3050
EURUSD, Daily: EURUSD was traded lower following prior retracement from the resistance level at 1.1370. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 1.1175.
Resistance level: 1.1370, 1.1530
Support level: 1.1175, 1.1010
USDJPY, Daily: USDJPY was traded higher following prior rebound from the support level at 112.80. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 114.40.
Resistance level: 114.40, 115.40
Support level: 112.80, 112.05
AUDUSD, H4: AUDUSD was traded lower following prior retracement from the resistance level at 0.7175. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.6995.
Resistance level: 0.7175, 0.7280
Support level: 0.6995, 0.6825
NZDUSD, H4: NZDUSD was traded lower while currently testing the support level at 0.6735. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 0.6815, 0.6890
Support level: 0.6635, 0.6640
USDCAD, H4: USDCAD was traded higher while currently testing the resistance level at 1.2870. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1.2870, 1.3020
Support level: 1.2720, 1.2595
USDCHF, H4: USDCHF was traded higher following prior rebound from the support level at 0.9200. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.9260.
Resistance level: 0.9260, 0.9315
Support level: 0.9200, 0.9155
CrudeOIL, H4: Crude oil price was traded lower following prior retracement from the resistance level at 72.65. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses toward support level at 68.65.
Resistance level: 72.65, 75.10
Support level: 68.65, 65.60
GOLD_, H4: Gold price was traded lower while currently testing the support level at 1762.20. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses after it successfully breakout below the support level.
Resistance level: 1790.00, 1811.50
Support level: 1762.20, 1729.60
141221 Afternoon Session Analysis
14 December 2021 Afternoon Session Analysis
Aussie plunged amid Omicron fears escalate.
The Australian dollar which traded against the dollar and other currency pairs continue to extend its losses and fell amid increasing concerns over Omicron variant. According to reports from Bloomberg, Australia’s largest state, population-wise, New South Wales (NSW) have recorded the highest daily virus infections tally in more than two month with new 804 infections in the 24 hours. It was the largest increase since October 2 when Sydney was in the midst of a months-long lockdown to combat the delta variant. The situation may prompt government to reintroduce lockdown in order to curb the spread of the virus. On the other hand, rising tension between U.S and China also weigh on the pair. Recently, the administration of US President Joe Biden imposed economic sanctions on the Chinese artificial intelligence company SenseTime Group and two senior government officials in the Far West Xinjiang region for alleged human rights violations in the region. At the time of writing, AUD/USD fell 0.09% to 0.7104.
In the commodities market, crude oil price fell 0.49% to $70.58 per barrel as of writing amid demand concerns over Omicron variant. Due to rising Omicron cases, governments around the world, including most recently Britain and Norway, were tightening restrictions to stop the spread of the Omicron variant. On the other hand, gold price rose 0.08% to $1786.27 a troy ounce at the time of writing amid dollar weakness.
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 – Average Earnings Index +Bonus (Oct) | 5.80% | 4.50% | – |
| 15:00 | GBP – Claimant Count Change (Nov) | -14.9K | – | |
| 21:30 | USD – PPI (MoM) (Nov) | 0.60% | 0.60% |
Technical Analysis
DOLLAR_INDX, H4: Dollar index remain traded in a sideway channel while currently testing the resistance level 96.35. However, MACD which illustrate bullish momentum signal with the formation of golden cross suggest the dollar to be traded higher after it breaks above the resistance level.
Resistance level: 96.35, 96.85
Support level: 95.70, 94.90
GBPUSD, H4: GBPUSD was traded lower while currently testing the support level 1.3190. MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to extend its losses after it breaks below the support level.
Resistance level: 1.3315, 1.3430
Support level: 1.3190, 1.3055
EURUSD, H4: EURUSD was traded lower while currently testing near the support level 1.1265. MACD which illustrate bearish bias signal suggest the pair to extend its losses after it breaks below the support level.
Resistance level: 1.1355, 1.1455
Support level: 1.1265, 1.1170
USDJPY, H4: USDJPY remain traded flat in a sideway channel. Due to lack of momentum and clear direction from MACD, it is suggested to wait until further signal appear before entering the market.
Resistance level: 113.80, 114.60
Support level: 112.75, 112.00
AUDUSD, H4: AUDUSD was traded lower while currently testing the support level 0.7105. MACD which illustrate bearish momentum signal suggest the pair to extend its losses after it breaks below the support level.
Resistance level: 0.7175, 0.7260
Support level: 0.7105, 0.7005
NZDUSD, H4: NZDUSD was traded lower while currently testing the support level 0.6725. MACD which illustrate bearish momentum signal suggest the pair to extend its losses after it breaks below the support level.
Resistance level: 0.6815, 0.6905
Support level: 0.6725, 0.6630
USDCAD, H4: USDCAD was traded higher following prior breakout above the previous resistance level 1.2735. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its gains towards the resistance level 1.2865.
Resistance level: 1.2865, 1.2955
Support level: 1.2735, 1.2615
USDCHF, H4: remain traded in a sideway channel. Due to lack of clear direction and momentum, it is suggested to wait until further signal before entering the market.
Resistance level: 0.9250, 0.9320
Support level: 0.9170, 0.9105
CrudeOIL, H4: Crude oil price was traded lower following prior retracement from the resistance level 72.70. MACD which illustrate bearish momentum signal suggest the commodity to extend its losses towards the support level 68.90.
Resistance level: 72.70, 75.25
Support level: 68.90, 65.25
GOLD_, H4: Gold price was traded flat while currently testing the resistance level 1787.75. However, MACD which illustrate bullish bias signal suggest the commodity to be traded higher after it breaks above the resistance level.
Resistance level: 1787.75, 1806.80
Support level: 1763.05, 1744.00
141221 Morning Session Analysis
14 December 2021 Morning Session Analysis
Dollar surged ahead of FOMC meeting.
The Dollar Index which traded against a basket of six major currency pairs surged ahead of crucial FOMC meeting this week. Market participants are speculating that the Federal Reserve to double the pace to reduce the bond buying program in order to combat the high inflation risk. The recent upbeat inflation and other crucial economic data had increased the odds for the Federal Reserve to increase interest rates soon afterward. The dot plot at the upcoming policy meeting will be closely monitored by the markets as investors try to forecast when the Federal Reserve might increase rates. Contractionary monetary policy will decrease the money circulation in the US market, which increasing the appeal for the US Dollar. Nonetheless, the overall sentiment from the Federal Reserve still mostly remained vague, hence investors would be suggested to continue scrutinize the crucial updates from the FOMC meeting to receive further trading signal. As of writing, the Dollar Index appreciated by 0.28% to 96.36.
In the commodities market, the crude oil price slumped 0.03% to $71.40 per barrel as of writing. The oil market received bearish momentum following the statement from the World Health Organization (WHO) yesterday. According to Reuters, the WHO claimed on Monday that Omicron variant poses a very high global risk, with evidence that it evades vaccine protection. On the other hand, the gold price depreciated by 0.03% to $1786.80 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 |
| 15:00 | GBP – Average Earnings Index +Bonus (Oct) | 5.80% | 4.50% | – |
| 15:00 | GBP – Claimant Count Change (Nov) | -14.9K | – | |
| 21:30 | USD – PPI (MoM) (Nov) | 0.60% | 0.60% |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher while currently testing the resistance level at 96.35. MACD which illustrated increasing bullish momentum suggest the index to extend its gains after it successfully breakout above the resistance level.
Resistance level: 96.35, 96.80
Support level: 95.65, 94.90
GBPUSD, H4: GBPUSD was traded lower while currently testing the support level at 1.3195. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 1.3355, 1.3505
Support level: 1.3195, 1.3050
EURUSD, Daily: EURUSD was traded lower following prior retracement from the resistance level at 1.1370. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 1.1175.
Resistance level: 1.1370, 1.1530
Support level: 1.1175, 1.1010
USDJPY, Daily: USDJPY was traded higher following prior rebound from the support level at 112.80. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 114.40.
Resistance level: 114.40, 115.40
Support level: 112.80, 112.05
AUDUSD, Daily: AUDUSD was traded higher while currently testing the resistance level at 0.7175. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 0.7175, 0.7280
Support level: 0.6995, 0.6825
NZDUSD, Daily: NZDUSD was traded lower following prior breakout below the previous support level at 0.6815. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 0.6640.
Resistance level: 0.6815, 0.6950
Support level: 0.6640, 0.6530
USDCAD, H4: USDCAD was traded higher while currently testing the resistance level at 1.2825. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1.2825, 1.2950
Support level: 1.2720, 1.2645
USDCHF, H4: USDCHF was traded lower following prior retracement from the resistance level at 0.9260. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.9200.
Resistance level: 0.9260, 0.9315
Support level: 0.9200, 0.9155
CrudeOIL, H4: Crude oil price was traded lower following prior retracement from the resistance level at 72.65. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses toward support level at 69.15.
Resistance level: 72.65, 75.10
Support level: 69.15, 65.60
GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1795.00. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1795.00, 1811.50
Support level: 1762.20, 1729.60
131221 Afternoon Session Analysis
13 December 2021 Afternoon Session Analysis
Euro remains weak on dovish stance from ECB.
The euro which traded against the dollar and other currency pairs remains pressured and fell following news of ECB plan to extend its loose monetary policy. According to sources from Bloomberg, ECB policymakers are leaning towards a temporary increase in the regular bond purchase scheme that would still significantly reduce overall debt buys once a much larger pandemic-fighting scheme ends in March. While the details of this boost are still open, the sources said that the ECB could do one of two things. It could approve a purchase envelope until the end of the year, with the caveat that not all of it must be spent. The plan is expected to be discussed at a meeting of the Governing Council on Dec. 16. On top of that, some ECB members also make clear that the purchases will remain until at least the end of 2022 and suggest that the rate hike is highly unlikely as long as bond purchase continues. At the time of writing, EUR/USD fell 0.12% to 1.1296.
In the commodities market, crude oil price rose 1.04% to $72.60 per barrel as of writing amid rising prospect of fuel demand. Market sentiment continue to improve with growing optimism that the Omicron variant’s impact will be limited on global economic growth and fuel demand. South African scientists see no sign that the Omicron variant is causing more severe illness. On the other hand, gold price rose 0.19% to $1786.05 a troy ounce at the time of writing following dollar weakness.
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 the resistance level at 96.35. MACD which illustrate increasing bearish momentum suggest the index to be traded higher in short-term as technical correction.
Resistance level: 96.35, 96.80
Support level: 95.65, 94.90
GBPUSD, H4: GBPUSD was traded higher following prior rebound from the support level at 1.3195. However, MACD which illustrate diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 1.3355, 1.3505
Support level: 1.3195, 1.3050
EURUSD, H4: EURUSD was traded within a range while currently near the resistance level at 1.1370. However, MACD which illustrate diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 1.1370, 1.1530
Support level: 1.1175, 1.1010
USDJPY, Daily: USDJPY was traded higher following prior rebound from the support level at 112.80. MACD which illustrate diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 114.40.
Resistance level: 114.40, 115.40
Support level: 112.80, 112.05
AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level at 0.7175. MACD which illustrate increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 0.7175, 0.7280
Support level: 0.6995, 0.6825
NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level at 0.6815. MACD which illustrate bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 0.6815, 0.6950
Support level: 0.6640, 0.6530
USDCAD, H4: USDCAD was traded higher while currently testing the resistance level at 1.2720. However, MACD which illustrate diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 1.2720, 1.2825
Support level: 1.2645, 1.2585
USDCHF, H4: USDCHF was traded higher following prior rebound from the support level at 0.9200. MACD which illustrate diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 0.9260.
Resistance level: 0.9260, 0.9315
Support level: 0.9200, 0.9155
CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level at 72.65. MACD which illustrate diminishing bearish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.
Resistance level: 72.65, 75.10
Support level: 69.15, 65.60
GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1790.00. MACD which illustrate increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1790.00, 1811.50
Support level: 1762.20, 1729.60
131221 Morning Session Analysis
13 December 2021 Morning Session Analysis
Dollar slumped following inflation data.
The Dollar Index which traded against a basket of six major currency pairs slumped over the backdrop of downbeat inflation data last Friday. According to U.S. Bureau of Labor Statistics, U.S. Core Consumer Price Index (CPI) for last month notched down from the previous reading of 0.6% to 0.5%, roughly in line with market expectation. Though, market participants were bracing for much higher inflation due to the supply disruption and aggressive expansionary monetary policy when the Covid-19 pandemic hobbled the world economy almost single-handedly in 2019. Nonetheless, the overall trend for the US Dollar remained flat as traders are now gear up for the updates from the Federal Reserve’s meeting this week to receive further trading signal. The Fed will hold its final meeting of the year on 15-16th December while the Monetary Policy Committee (MPC) are expected to discuss accelerating the taper of the bond buying program to combat the high inflation risk. As of writing, the Dollar Index depreciated by 0.23% to 96.05.
In the commodities market, the crude oil price surged 1.89% to $72.25 per barrel as of writing. The oil market edged higher amid easing concerns over the Omicron variant. The latest data from medical experts indicated the symptom for the Omicron variant remained mile and can be mitigated with booster shots of the vaccine. On the other hand, the gold price surged 0.41% to $1782.75 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
N/A
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower following prior retracement from the resistance level at 96.35. MACD which illustrated increasing bearish momentum suggest the index to be traded higher in short-term as technical correction.
Resistance level: 96.35, 96.80
Support level: 95.65, 94.90
GBPUSD, H4: GBPUSD was traded higher following prior rebound from the support level at 1.3195. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.3355.
Resistance level: 1.3355, 1.3505
Support level: 1.3195, 1.3050
EURUSD, H4: EURUSD was traded within a range while currently near the resistance level at 1.1370. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1.1370, 1.1530
Support level: 1.1175, 1.1010
USDJPY, Daily: USDJPY was traded higher following prior rebound from the support level at 112.80. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 114.40.
Resistance level: 114.40, 115.40
Support level: 112.80, 112.05
AUDUSD, H4: AUDUSD was traded higher while currently testing 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: 0.7175, 0.7280
Support level: 0.6995, 0.6825
NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level at 0.6815. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 0.6815, 0.6950
Support level: 0.6640, 0.6530
USDCAD, H4: USDCAD was traded higher while currently testing the resistance level at 1.2720. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1.2720, 1.2825
Support level: 1.2645, 1.2585
USDCHF, H4: USDCHF was traded lower following prior retracement from the resistance level at 0.9260. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.9155.
Resistance level: 0.9260, 0.9315
Support level: 0.9155, 0.9090
CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level at 72.55. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.
Resistance level: 72.55, 75.60
Support level: 69.15, 65.60
GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1790.00. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1790.00, 1811.50
Support level: 1762.20, 1729.60
101021 Afternoon Session Analysis
10 December 2021 Afternoon Session Analysis
Dollar rose following upbeat data, rising Omicron cases.
The dollar index which traded against a basket of six major currency pairs have rose following recent positive jobs data from the U.S and also rising Covid-19 cases that increase the appeal for safe-haven market. On data front, U.S Initial Jobless Claims rose only just 184K, lower than market forecast of 215K. The number of unemployed individuals continue to show declining trend since last year and now hits the lowest level in 52 years. On the other hand, the dollar also receive further support amid risk aversion sentiment in the market due to Omicron cases. U.K Prime Minister Boris Johnson have announced to imposed tougher COVID-19 restrictions in England, ordering people to work from home, wear masks in public places and use vaccine passes to slow the spread of the new variant. At the time of writing, dollar index rose 0.08% to 96.11.
In the commodities market, crude oil price fell 0.08% to $71.01 a troy ounce as of writing amid weaker prospect of crude demand. On Thursday, ratings agency Fitch downgraded property developers China Evergrande Group and Kaisa Group to “restricted default” status, saying they had defaulted on offshore bonds. The news exacerbates the Chinese GDP growth fears and ultimately could impact the oil-buying appetite of the world’s biggest crude customer. On top of that, rising Omicron cases also weigh on the commodity. On the other hand, gold price fell 0.04% to $1778.78 a troy ounce at the time of writing following dollar strength.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
17:05 EUR ECB President Lagarde Speaks
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 15:00 | GBP – GDP (MoM) | 0.60% | – | – |
| 15:00 | GBP – Manufacturing Production (MoM) (Oct) | 0.10% | 0.10% | – |
| 21:30 | USD – Core CPI (MoM) (Nov) | 0.60% | 0.50% | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index remain traded in a sideway channel while currently testing the near the resistance level 96.30. However, MACD which illustrate bullish momentum signal with the formation of golden cross suggest the dollar to extend its gains after it breaks above the resistance level.
Resistance level: 96.30, 96.80
Support level: 95.70, 94.90
GBPUSD, H4: GBPUSD was traded higher following prior rebound from the support level 1.3210. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to extend its rebound towards the resistance level 1.3315.
Resistance level: 1.3315, 1.3430
Support level: 1.3210, 1.3055
EURUSD, H4: EURUSD remain traded in a sideway channel while currently testing near the support level 1.1275. However, MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to extend its losses after it breaks below the support level.
Resistance level: 1.1355, 1.1455
Support level: 1.1275, 1.1170
USDJPY, H4: USDJPY remain traded in a sideway channel following prior retracement from the resistance level 113.80. However, MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to extend its retracement towards the support level 112.25.
Resistance level: 113.80, 114.60
Support level: 112.75, 112.00
AUDUSD, H4: AUDUSD was traded lower following recent retracement from the resistance level 0.7190. However, MACD which illustrate diminishing bullish momentum signal with the starting formation of death cross suggest the pair to extend its retracement towards the support level 0.7105.
Resistance level: 0.7190, 0.7260
Support level: 0.7105, 0.7005
NZDUSD, H4: NZDUSD was traded higher while currently testing near the resistance level 0.6815. MACD which illustrate bullish momentum signal suggest the pair to extend its gains after it breaks above the resistance level 0.6815.
Resistance level: 0.6815, 0.6905
Support level: 0.6725, 0.6630
USDCAD, H4: USDCAD was traded lower following prior retracement from the resistance level 1.2735. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses towards the support level 1.2615.
Resistance level: 1.2735, 1.2865
Support level: 1.2615, 1.2500
USDCHF, H4: USDCHF remain traded in a sideway channel while currently testing the resistance level 0.9250. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to extend its gains after it breaks above the resistance level.
Resistance level: 0.9250, 0.9320
Support level: 0.9170, 0.9105
CrudeOIL, H4: Crude oil price was traded lower following prior retracement from the resistance level 72.30. MACD which illustrate bearish momentum signal with the formation of death cross suggest the commodity to extend its retracement towards the support level 68.65.
Resistance level: 72.20, 75.25
Support level: 68.65, 65.25
GOLD_, H4: Gold price was traded lower following prior breakout below the previous support level 1783.20. MACD which illustrate bearish bias signal suggest the commodity to extend its losses towards the support level 1748.55.
Resistance level: 1783.20, 1807.85
Support level: 1748.55, 1725.70.
101221 Morning Session Analysis
10 December 2021 Morning Session Analysis
Pound Sterling slumped amid fears upon Covid-19 restrictions.
The Pound Sterling extend its losses yesterday following the British Prime Minister Boris Johnson imposed tougher Covid-19 restrictions in England, mandating people to work from home and the face masks would be legal requirement in most public indoor areas, with exemptions for eating and drinking in hospitality venues. There will be vote in parliament on the restrictions next week, with the government expected to face a substantial rebellion. With government experts warning of an estimated 10,000 UK Omicron infections currently, the infections would be rising to 1 million by the end of the month and up to 2,000 hospital admission per day. The implementation of the Covid-19 restriction would affect the business momentum in the United Kingdom, dialled down the economic progression in the country. As of writing, GBP/USD depreciated by 0.03% to 1.3220.
In the commodities market, the crude oil price slumped 0.05% to $71.00 per barrel as of writing. The oil market edged lower amid fears upon the Covid-19 restrictions from the UK region would continue to diminish the market demand on this black-commodity. On the other hand, the gold price dipped 0.03% to $1775.85 per troy ounces as of writing amid market participants speculated the Federal Reserve has higher odds to taper its monetary policy in short-term basis.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
17:05 EUR ECB President Lagarde Speaks
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 15:00 | GBP – GDP (MoM) | 0.60% | – | – |
| 15:00 | GBP – Manufacturing Production (MoM) (Oct) | 0.10% | 0.10% | – |
| 21:30 | USD – Core CPI (MoM) (Nov) | 0.60% | 0.50% | – |
Technical Analysis
DOLLAR_INDX, H1: Dollar index was traded higher following prior breakout above the previous resistance level at 96.05. However, MACD which illustrated diminishing bullish momentum suggest the index to be traded lower in short-term as technical correction.
Resistance level: 96.35, 96.80
Support level: 96.05, 95.75
GBPUSD, H4: GBPUSD was traded lower while currently testing the support level at 1.3195. However, MACD which illustrated increasing bullish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 1.3355, 1.3505
Support level: 1.3195, 1.3050
EURUSD, H4: EURUSD was traded lower following prior retracement from the resistance level at 1.1370. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.1175.
Resistance level: 1.1370, 1.1530
Support level: 1.1175, 1.1010
USDJPY, H4: USDJPY was traded higher following prior rebound from the support level at 112.80. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 114.40.
Resistance level: 114.40, 115.40
Support level: 112.80, 112.05
AUDUSD, H4: AUDUSD was traded higher while currently testing 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: 0.7175, 0.7280
Support level: 0.6995, 0.6825
NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level at 0.6815. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 0.6815, 0.6950
Support level: 0.6640, 0.6530
USDCAD, H4: USDCAD was traded higher while currently testing the resistance level at 1.2720. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1.2720, 1.2825
Support level: 1.2645, 1.2585
USDCHF, H4: USDCHF was traded higher while currently testing the resistance level at 0.9260. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 0.9260, 0.9315
Support level: 0.9155, 0.9090
CrudeOIL, H4: Crude oil price was traded lower following prior retracement from the resistance level at 72.55. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses toward support level at 69.15.
Resistance level: 72.55, 75.60
Support level: 69.15, 65.60
GOLD_, H1: Gold price was traded lower while currently testing the support level at 1774.80. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.
Resistance level: 1790.00, 1802.20
Support level: 1774.80, 1762.20
091221 Afternoon Session Analysis
9 December 2021 Afternoon Session Analysis
Loonie fell amid dovish note from BoC.
The Canadian Loonie which traded against the dollar and other currency pairs have fell after the Bank of Canada (BoC) announced its latest decision on monetary policy. The Bank of Canada has maintained its interest rate unchanged at 0.25% as expected by the market. However, in its statement, the central bank stated that that it expects CPI inflation to remain elevated in the first half of 2022 but expects it would moderate by the second half, towards 2%. Besides that, BoC also commented that the Canadian economy would continue to require monetary policy support and they are commited to maintain the rate until economic slack is absorb. The statement suggest that the BoC is likely to maintain its loose monetary policy in a longer period of time, thus diminishing the appeal for the Loonie. At the time of writing, USD/CAD rose 0.03$ to $1.2655.
In the commodities market, crude oil price rose 0.73% to $73.24 per barrel as of writing amid easing concerns over Omicron. Following latest development, BioNTech and Pfizer reported that a three-shot course of their COVID-19 vaccine may protect individuals against the infection from Omicron variant and a third dose also showing promising signs of higher protection against the new variant. On the other hand, gold price fell 0.03% to $1783.05 a troy ounce at the time of writing amid dollar strength.
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 | 222K | 228K | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower following recent breakout below the previous support level 96.10. MACD which illustrate bearish momentum signal with the formation of death cross suggest the dollar to extend its losses towards the support level 95.50.
Resistance level: 96.10, 96.80
Support level: 95.50, 94.90
GBPUSD, H4: GBPUSD was traded lower following prior breakout below the previous support level 1.3210. MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to extend its losses towards the support level 1.3055.
Resistance level: 1.3210, 1.3315
Support level: 1.3055, 1.2895
EURUSD, H4: EURUSD remain traded in a sideway channel following recent retracement from the resistance level 1.3455. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to be traded lower in short term towards the support level 1.1275.
Resistance level: 1.1355, 1.1455
Support level: 1.1275, 1.1170
USDJPY, H4: USDJPY remain traded in a sideway channel while currently testing the resistance level 113.80. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to be traded lower in short term towards the support level 112.75.
Resistance level: 113.80, 114.60
Support level: 112.75, 112.00
AUDUSD, H4: AUDUSD was traded higher while currently testing near the resistance level 0.7190. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to experience a technical correction towards the support level 0.7105.
Resistance level: 0.7190, 0.7260
Support level: 0.7105, 0.7005
NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level 0.6815. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its retracement towards the support level 0.6725.
Resistance level: 0.6815, 0.6905
Support level: 0.6725, 0.6630
USDCAD, H4: USDCAD was traded higher following recent rebound from the support level 1.2615. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its rebound towards the resistance level 1.2735.
Resistance level: 1.2735, 1.2865
Support level: 1.2615, 1.2500
USDCHF, H4: USDCHF remain traded in a sideway channel following recent retracement from the resistance level 0.9250. However, MACD which illustrate bearish bias signal with the formation of death cross suggest the pair to extend its retracement in short term towards the support level 0.9170.
Resistance level: 0.9250, 0.9320
Support level: 0.9170, 0.9105
CrudeOIL, H4: Crude oil price was traded higher following prior rebound from the support level 71.60. MACD which illustrate ongoing bullish momentum signal suggest the commodity to extend its gains towards the resistance level 75.25.
Resistance level: 75.25, 79.10
Support level: 71.60, 69.20
GOLD_, H4: Gold price was traded flat while currently testing the support level 1781.35. However, MACD which illustrate diminishing bullish momentum signal suggest the commodity to be traded lower after it breaks below the support level.
Resistance level: 1807.85, 1831.50
Support level: 1781.35, 1748.55
091221 Morning Session Analysis
09 December 2021 Morning Session Analysis
Japanese Yen slumped amid downbeat economic data.
The safe-haven Japanese Yen slumped over the backdrop of bearish economic data on yesterday. According to Cabinet Office, Japan Gross Domestic Product (GDP) for last quarter had notched down significantly from the previous reading of 0.5% to -0.9%, missing the market forecast at -0.8%. A sharp rise in local Covid-19 cases had weighed down the private consumption and global chip supply shortage hurt sales of cars and electronics due to production snags. On the other hand, the upbeat vaccine news had stoked a shift in sentiment for the investors toward the riskier asset, diminishing the market demand on the safe-haven asset such as Japanese Yen. According to Reuters, Pfizer and BioNTech claimed that preliminary results showed their Covid-19 vaccine neutralizes the virus Omicron variant after three doses. Besides, Pfizer also said that it would submit full results of its Covid-19 pill, Paxlovid, to the US Food and Drug Administration in coming days. As of writing, USD/JPY appreciated by 0.05% to 113.75.
In the commodities market, the crude oil price appreciated by 0.07% to $73.10 per barrel as of writing amid the upbeat vaccination news on the Covid-19 variant, which spurring positive prospect for the crude oil demand in future. On the other hand, the gold price slumped 0.04% to $1784.00 per troy ounces as of writing amid risk-on sentiment in the global financial market, which dragging down the appeal for 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 |
| 21:30 | USD – Initial Jobless Claims | 222K | 228K | – |
Technical Analysis
DOLLAR_INDX, H1: Dollar index was traded lower while currently testing the support level at 95.75. However, MACD which illustrated diminishing bearish momentum suggest the index to be traded higher in short-term as technical correction.
Resistance level: 96.35, 96.80
Support level: 95.75, 95.50
GBPUSD, H4: GBPUSD was traded lower while currently testing the support level at 1.3195. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 1.3355, 1.3505
Support level: 1.3195, 1.3050
EURUSD, Daily: EURUSD was traded higher while currently testing the resistance level at 1.1370. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1.1370, 1.1530
Support level: 1.1175, 1.1010
USDJPY, Daily: USDJPY was traded higher following prior rebound from the support level at 112.80. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 114.40.
Resistance level: 114.40, 115.40
Support level: 112.80, 112.05
AUDUSD, H4: AUDUSD was traded higher while currently testing 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: 0.7175, 0.7280
Support level: 0.7000, 0.6825
NZDUSD, Daily: NZDUSD was traded higher while currently testing the resistance level at 0.6815. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 0.6815, 0.6950
Support level: 0.6640, 0.6530
USDCAD, H4: USDCAD was traded lower while currently testing the support level at 1.2645. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 1.2720, 1.2825
Support level: 1.2645, 1.2585
USDCHF, H4: USDCHF was traded lower following prior retracement from the resistance level at 0.9260. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.9155.
Resistance level: 0.9260, 0.9315
Support level: 0.9155, 0.9090
CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level at 72.55. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.
Resistance level: 72.55, 75.60
Support level: 66.05, 61.75
GOLD_, H1: Gold price was traded lower following prior retracement from the resistance level at 1790.00. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.
Resistance level: 1790.00, 1802.20
Support level: 1774.80, 1762.20
081221 Afternoon Session Analysis
8 December 2021 Afternoon Session Analysis
Dollar retreat amid upbeat market mood.
The dollar index which traded against a basket of six major currency pairs have retreat from its high following positive news of Omicron variant and China rate cut fueled market optimism and prompt investors to seek for riskier assets. Following latest development on Omicron variant, a top WHO official stated that the Omicron does not appear to cause more severe disease than the previous Covid variants. He also state that the preliminary data from South Africa suggest that while the existing vaccine may prove less effective against the Omicron, but vaccine is still holding up in protection and very highly unlikely to able vaccine protection. On the other hand, risk sentiment was also lifted by announcement from PboC to cut banks reserve requirement by 50 basis points next week. The move will Chinese banks to release $188 billion worth of liquidity into the economy, helping ease the pressure on a number of property companies as well as supporting growth in the world’s second largest economy. At the time of writing, dollar index fell 0.22% to 96.15.
In the commodities market, crude oil price rose 0.07% to $71.84 as of writing following renewed optimism towards demand outlook. Recent positive comments from various officials that hinted that the symptom associated with the Omicron is not as severe as they expect have helped eased investors’ concern over demand outlook and lifted the commodity price. On the other hand, gold price rose $1789.69 a troy ounce at the time of writing amid dollar retracement.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
16:15 EUR ECB President Lagarde Speaks
23:00 CAD BOC Press Conference
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 23:00 | USD – JOLTs Job Openings (Oct) | 10.438M | – | – |
| 23:00 | CAD – BoC Interest Rate Decision | 0.25% | 0.25% | – |
| 23:30 | CrudeOIL – Crude Oil Inventories | -0.910M | – | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower while currently testing the support level 96.05. MACD which illustrate diminishing bullish momentum signal with the formation of death cross suggest the dollar to extend its losses after it breaks below the support level.
Resistance level: 96.80, 97.60
Support level: 96.05, 95.50
GBPUSD, H4: GBPUSD remain traded in a sideway channel. However, MACD which illustrate bullish momentum signal suggest the pair to be traded higher in short term towards the resistance level 1.3315.
Resistance level: 1.3315, 1.3430
Support level: 1.3195, 1.3055
EURUSD, H4: EURUSD was traded higher following prior rebound from the support level 1.1275. MACD which illustrate bullish bias signal with the formation of golden cross suggest the pair to extend its rebound towards the resistance level 1.1375.
Resistance level: 1.1375, 1.1455
Support level: 1.1275, 1.1170
USDJPY, H4: USDJPY remain traded in a sideway channel following recent retracement from the resistance level 113.80. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to extend it retracement in short term towards the support level 112.75.
Resistance level: 113.80, 114.60
Support level: 112.75, 112.00
AUDUSD, H4: AUDUSD was traded higher following prior breakout above the previous resistance level 0.7105. MACD which illustrate ongoing bullish momentum signal suggest the pair to extend its gains towards the resistance level 0.7190.
Resistance level: 0.7190, 0.7260
Support level: 0.7105, 0.7005
NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level 0.6815. MACD which illustrate bullish bias signal suggest the pair to extend its gains after it breaks above the resistance level 0.6815.
Resistance level: 0.6815, 0.6905
Support level: 0.6725, 0.6630
USDCAD, H4: USDCAD was traded lower while currently testing the support level 1.2615. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to experience a technical correction towards the resistance level 1.2735.
Resistance level: 1.2735, 1.2865
Support level: 1.2615, 1.2505
USDCHF, H4: USDCHF was traded lower while currently testing the support level 0.9225. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses after it breaks below the support level.
Resistance level: 0.9300, 0.9360
Support level: 0.9225, 0.9145
CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level 72.10. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to be traded lower as a technical correction towards the support level 69.20.
Resistance level: 72.10, 75.25
Support level: 69.20, 65.25
GOLD_, H4: Gold price was traded higher following prior rebound from the support level 1781.35. MACD which illustrate bullish momentum signal suggest the commodity to extend its rebound towards the resistance level 1807.85.
Resistance level: 1807.85, 1831.50
Support level: 1781.35, 1748.55
081221 Morning Session Analysis
08 December 2021 Morning Session Analysis
Australia Dollar surged amid hawkish tone from central bank.
The Australia Dollar surged following the Reserve Bank of Australia unleashed their hawkish tone toward the economic progression in Australia. Nonetheless, they maintain their cash rate target at 0.10% while reiterated that they would continue to purchase government securities at the rate of $4 billion a week until at least mid-February 2022. Yesterday, the governor of the Reserve Bank of Australia, Philip Lowe claimed that Australia economy is current recovering from the damage caused by the Covid-19 outbreak. Rapid vaccination progress and substantial monetary and fiscal policy support had continued to boost up the economic momentum in Australia. Consumer spending and business investment had improved significantly while the economy is expected to return to its pre-Covid-19 path in the first half of 2022. On the labour front, the leading indicators point to strong recovery in labour market and job advertisements had reached historically high level in Australia. As of writing, AUD/USD appreciated by 0.03% to 0.7115.
In the commodities market, the crude oil price appreciated by 0.26% to $72.40 per barrel as of writing. The crude oil price extends its gains over the backdrop of bullish inventory data. According to American Petroleum Institute, U.S. API Weekly Crude Oil Stock came in at -3.089M, better than the market forecast at 2.093M. On the other hand, the gold price was traded flat at $1784.12 per troy ounces as of writing as market participants are waiting for the further catalyst from Fed’s monetary policy decision.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
16:15 EUR ECB President Lagarde Speaks
23:00 CAD BOC Press Conference
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 23:00 | USD – JOLTs Job Openings (Oct) | 10.438M | – | – |
| 23:00 | CAD – BoC Interest Rate Decision | 0.25% | 0.25% | – |
| 23:30 | CrudeOIL – Crude Oil Inventories | -0.910M | – | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded higher while currently testing the resistance level at 96.35. However, MACD which illustrated diminishing bullish momentum suggest the index to be traded lower in short-term as technical correction.
Resistance level: 96.35, 96.80
Support level: 95.50, 94.90
GBPUSD, H4: GBPUSD was traded lower while currently testing the support level at 1.3195. However, MACD which illustrated increasing bullish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 1.3355, 1.3505
Support level: 1.3195, 1.3050
EURUSD, Daily: EURUSD was traded lower following prior retracement from the resistance level at 1.1370. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 1.1175.
Resistance level: 1.1370, 1.1530
Support level: 1.1175, 1.1010
USDJPY, Daily: USDJPY was traded higher following prior rebound from the support level at 112.80. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 114.40.
Resistance level: 114.40, 115.40
Support level: 112.80, 112.05
AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level at 0.7125. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 0.7125, 0.7300
Support level: 0.7000, 0.6825
NZDUSD, H4: NZDUSD was traded higher following prior rebound from the support level at 0.6740. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.6855.
Resistance level: 0.6855, 0.6935
Support level: 0.6740, 0.6640
USDCAD, H4: USDCAD was traded lower while currently testing the support level at 1.2645. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 1.2720, 1.2825
Support level: 1.2645, 1.2585
USDCHF, H4: USDCHF was traded higher while currently testing the resistance level at 0.9260. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 0.9260, 0.9315
Support level: 0.9155, 0.9090
CrudeOIL, Daily: Crude oil price was traded higher while currently testing the resistance level at 72.55. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.
Resistance level: 72.55, 75.60
Support level: 66.05, 61.75
GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1785.90. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.
Resistance level: 1785.90, 1809.10
Support level: 1762.20, 1729.60