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DAILY MARKET INSIGHT
07 December 2022
DAILY MARKET
INSIGHT
07 December 2022
DAILY MARKET INSIGHT
07 December 2022
Economic Calendar
Time Currency News Impact Expectation
01:30 AM AUD Ai Group Services Index
NOV
Medium 48.6
03:00 AM JPY Reuters Tankan Index DEC Medium 3
04:30 AM AUD Building Permits MoM Final
OCT
Medium -6%
04:30 AM AUD GDP Growth Rate YoY Q3 Medium 6.4%
10:45 AM CHF Unemployment Rate NOV Medium 1.9%
11:00 AM GBP Halifax House Price Index
MoM NOV
Medium -0.1%
02:00 PM EUR Employment Change YoY
Final Q3
Medium 1.7%
02:00 PM EUR GDP Growth Rate YoY 3rd
EST Q3
Medium 2.1%
05:30 PM USD Nonfarm Productivity QoQ
Final Q3
Medium -
07:00 PM CAD BoC Interest Rate Decision Medium 4%
DAILY MARKET INSIGHT
07 December 2022
AUD/USD TREND: NEUTRAL
AUD/USD dropped below 0.6700 while trading inside the upside channel. A drop below 0.6650
on the daily basis could see more correction in the short time.
Indicators Daily chart Status
RSI 53 Bullish
STOCHASTIC 41 Bearish
MACD Above midline Bullish
200 EMA 0.6836 Bearish
Outlook NEUTRAL
Strategy
Action Entry Target 1 Target 2 Stop Loss
Sell 0.6700 0.6670 0.6640 0.6730
DAILY MARKET INSIGHT
07 December 2022
NZD/USD TREND: BULLISH
NZD/USD slips toward 0.6320 following the release of the downbeat China trade data. KIWI
is the best performing currency for the one month. A correction is expected in the spot.
Indicators Daily chart Status
RSI 64 Bullish
STOCHASTIC 67 Bullish
MACD Above midline Bullish
200 EMA 0.6237 Bullish
Outlook Bullish
Strategy
Action Entry Target 1 Target 2 Stop Loss
Sell 0.6340 0.6310 0.6280 0.6370
DAILY MARKET INSIGHT
07 December 2022
EUR/USD TREND: BULLISH
EUR/USD trades with a negative bias following the formation of the multiple Doji
candlesticks near the four-month high around 1.0596. The pair oscillates in a range bound
manner.
Indicators Daily chart Status
RSI 62 Bullish
STOCHASTIC 64 Bullish
MACD Above midline Bullish
200 EMA 1.0389 Bullish
Outlook Bullish
Strategy
Action Entry Target 1 Target 2 Stop Loss
Sell 1.0475 1.0445 1.0415 1.0505
DAILY MARKET INSIGHT
07 December 2022
GBP/USD TREND: BULLISH
GBP/USD found support near the 200-day moving average on the daily chart. The pair has
witnessed a marginal correction after takes up bid near the crucial support of 1.2120 in the
early trading session. A range bound movement is expected.
Indicators Daily chart Status
RSI 60 Bullish
STOCHASTIC 62 Bullish
MACD Above midline Bullish
200 EMA 1.2105 Bullish
Outlook Bullish
Strategy
Action Entry Target 1 Target 2 Stop Loss
Sell 1.2140 1.2110 1.2080 1.2170
DAILY MARKET INSIGHT
07 December 2022
USD/JPY TREND: NEUTRAL
USD/JPY treads water below 137.50 on Wednesday as it’s a potential resistance area. The
pair might meet the demand near the lower level. In the absence of tier-1 data the momentum
in USD would influence the pair’s performance.
4Indicators Daily chart Status
RSI 38 Bearish
STOCHASTIC 41 Bearish
MACD Below midline Bearish
200 EMA 135.06 Bullish
Outlook NEUTRAL
Strategy
Action Entry Target 1 Target 2 Stop Loss
Buy 137.25 137.65 137.95 136.95
DAILY MARKET INSIGHT
07 December 2022
USD/CAD TREND: NEUTRAL
USD/CAD bulls took breather near 1.3590 on Wednesday. Traders await for the Bank of
Canada (BoC) rate decision to take further directional clues. A daily close above 1.3600 will
keep the upside momentum intact.
Indicators Daily chart Status
RSI 57 Bullish
STOCHASTIC 83 Bullish
MACD Below midline Bearish
200 EMA 1.3142 Bullish
Outlook NEUTRAL
Strategy
Action Entry Target 1 Target 2 Stop Loss
Sell 1.3640 1.3610 1.3580 1.3670
DAILY MARKET INSIGHT
07 December 2022
USD/CHF TREND: BEARISH
USD/CHF trades in a very limited price action as it hovers near the 0.9420 mark. The upside
pressure is still remained active near 0.9500. A rebound in the U.S. dollar amid risk off mood
could instil further gains.
Indicators Daily chart Status
RSI 39 Bearish
STOCHASTIC 36 Bearish
MACD Below midline Bearish
200 EMA 0.9613 Bearish
Outlook BEARISH
Strategy
Action Entry Target 1 Target 2 Stop Loss
Sell 0.9420 0.9390 0.9360 0.9330
DAILY MARKET INSIGHT
07 December 2022
GOLD TREND: BULLISH
Gold price remains side line around $1,770 as there is tug of war between bulls and bear exits.
The formation of a Doji candlestick on Friday. A support is playing around the 200-day EMA,
a neutral bias is expected for the day.
Indicators Daily chart Status
RSI 58 Bullish
STOCHASTIC 53 Bullish
MACD Above midline Bullish
200 EMA $1,759 Bullish
Outlook BULLISH
Strategy
Action Entry Target 1 Target 2 Stop Loss
Sell $1,775 $1,765 $1,755 $1,785

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Daily Market Insight-07 December.pdf

  • 1. DAILY MARKET INSIGHT 07 December 2022 DAILY MARKET INSIGHT 07 December 2022
  • 2. DAILY MARKET INSIGHT 07 December 2022 Economic Calendar Time Currency News Impact Expectation 01:30 AM AUD Ai Group Services Index NOV Medium 48.6 03:00 AM JPY Reuters Tankan Index DEC Medium 3 04:30 AM AUD Building Permits MoM Final OCT Medium -6% 04:30 AM AUD GDP Growth Rate YoY Q3 Medium 6.4% 10:45 AM CHF Unemployment Rate NOV Medium 1.9% 11:00 AM GBP Halifax House Price Index MoM NOV Medium -0.1% 02:00 PM EUR Employment Change YoY Final Q3 Medium 1.7% 02:00 PM EUR GDP Growth Rate YoY 3rd EST Q3 Medium 2.1% 05:30 PM USD Nonfarm Productivity QoQ Final Q3 Medium - 07:00 PM CAD BoC Interest Rate Decision Medium 4%
  • 3. DAILY MARKET INSIGHT 07 December 2022 AUD/USD TREND: NEUTRAL AUD/USD dropped below 0.6700 while trading inside the upside channel. A drop below 0.6650 on the daily basis could see more correction in the short time. Indicators Daily chart Status RSI 53 Bullish STOCHASTIC 41 Bearish MACD Above midline Bullish 200 EMA 0.6836 Bearish Outlook NEUTRAL Strategy Action Entry Target 1 Target 2 Stop Loss Sell 0.6700 0.6670 0.6640 0.6730
  • 4. DAILY MARKET INSIGHT 07 December 2022 NZD/USD TREND: BULLISH NZD/USD slips toward 0.6320 following the release of the downbeat China trade data. KIWI is the best performing currency for the one month. A correction is expected in the spot. Indicators Daily chart Status RSI 64 Bullish STOCHASTIC 67 Bullish MACD Above midline Bullish 200 EMA 0.6237 Bullish Outlook Bullish Strategy Action Entry Target 1 Target 2 Stop Loss Sell 0.6340 0.6310 0.6280 0.6370
  • 5. DAILY MARKET INSIGHT 07 December 2022 EUR/USD TREND: BULLISH EUR/USD trades with a negative bias following the formation of the multiple Doji candlesticks near the four-month high around 1.0596. The pair oscillates in a range bound manner. Indicators Daily chart Status RSI 62 Bullish STOCHASTIC 64 Bullish MACD Above midline Bullish 200 EMA 1.0389 Bullish Outlook Bullish Strategy Action Entry Target 1 Target 2 Stop Loss Sell 1.0475 1.0445 1.0415 1.0505
  • 6. DAILY MARKET INSIGHT 07 December 2022 GBP/USD TREND: BULLISH GBP/USD found support near the 200-day moving average on the daily chart. The pair has witnessed a marginal correction after takes up bid near the crucial support of 1.2120 in the early trading session. A range bound movement is expected. Indicators Daily chart Status RSI 60 Bullish STOCHASTIC 62 Bullish MACD Above midline Bullish 200 EMA 1.2105 Bullish Outlook Bullish Strategy Action Entry Target 1 Target 2 Stop Loss Sell 1.2140 1.2110 1.2080 1.2170
  • 7. DAILY MARKET INSIGHT 07 December 2022 USD/JPY TREND: NEUTRAL USD/JPY treads water below 137.50 on Wednesday as it’s a potential resistance area. The pair might meet the demand near the lower level. In the absence of tier-1 data the momentum in USD would influence the pair’s performance. 4Indicators Daily chart Status RSI 38 Bearish STOCHASTIC 41 Bearish MACD Below midline Bearish 200 EMA 135.06 Bullish Outlook NEUTRAL Strategy Action Entry Target 1 Target 2 Stop Loss Buy 137.25 137.65 137.95 136.95
  • 8. DAILY MARKET INSIGHT 07 December 2022 USD/CAD TREND: NEUTRAL USD/CAD bulls took breather near 1.3590 on Wednesday. Traders await for the Bank of Canada (BoC) rate decision to take further directional clues. A daily close above 1.3600 will keep the upside momentum intact. Indicators Daily chart Status RSI 57 Bullish STOCHASTIC 83 Bullish MACD Below midline Bearish 200 EMA 1.3142 Bullish Outlook NEUTRAL Strategy Action Entry Target 1 Target 2 Stop Loss Sell 1.3640 1.3610 1.3580 1.3670
  • 9. DAILY MARKET INSIGHT 07 December 2022 USD/CHF TREND: BEARISH USD/CHF trades in a very limited price action as it hovers near the 0.9420 mark. The upside pressure is still remained active near 0.9500. A rebound in the U.S. dollar amid risk off mood could instil further gains. Indicators Daily chart Status RSI 39 Bearish STOCHASTIC 36 Bearish MACD Below midline Bearish 200 EMA 0.9613 Bearish Outlook BEARISH Strategy Action Entry Target 1 Target 2 Stop Loss Sell 0.9420 0.9390 0.9360 0.9330
  • 10. DAILY MARKET INSIGHT 07 December 2022 GOLD TREND: BULLISH Gold price remains side line around $1,770 as there is tug of war between bulls and bear exits. The formation of a Doji candlestick on Friday. A support is playing around the 200-day EMA, a neutral bias is expected for the day. Indicators Daily chart Status RSI 58 Bullish STOCHASTIC 53 Bullish MACD Above midline Bullish 200 EMA $1,759 Bullish Outlook BULLISH Strategy Action Entry Target 1 Target 2 Stop Loss Sell $1,775 $1,765 $1,755 $1,785