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DAILY MARKET INSIGHT
16 December 2022
DAILY MARKET
INSIGHT
16 December 2022
DAILY MARKET INSIGHT
16 December 2022
Economic Calendar
Time Currency News Impact Expectation
01:30 AM NZD Business NZ PMI Medium 49.9
02:00 PM AUD S&P Global Manufacturing PMI
Flash
Medium Yen -180B
04:01 AM GBP Gfk Consumer Confidence Medium -43
11:00 AM GBP GfK Consumer Confidence High -43
04:00 PM GBP BoE Interest Rate Decision High 3.5%
01:00 PM EUR S&P Global Manufacturing PMI
Flash
Medium 46.6
01:30 PM GBP S&P Global/CIPS
Manufacturing PMI Flash
Medium 46.3
02:00 PM EUR Balance of Trade Medium Eur-41.2B
02:00 PM EUR Inflation Rate YoY Final Medium 10%
05:30 PM CAD New House Price Index MoM Medium -0.3%
06:45 PM USD S&P Global Manufacturing PMI
Flash
Medium 48.2
DAILY MARKET INSIGHT
16 December 2022
AUD/USD TREND: NEUTRAL
The AUD/USD pair took support near 0.6700 on the daily chart. The MACD turns bearish
hinting the continuation of the downside if the spot breaches the mentioned mark on the
weekly bais.
Indicators Daily chart Status
RSI 50 Bullish
STOCHASTIC 24 Bearish
MACD Above midline Bullish
200 EMA 0.6835 Bearish
Outlook NEUTRAL
Strategy
Action Entry Target 1 Target 2 Stop Loss
Sell 0.6720 0.6690 0.6660 0.6750
DAILY MARKET INSIGHT
16 December 2022
NZD/USD TREND: BULLISH
NZD/USD takes round near above 0.6350 after the yesterday’s sell-off. A correction in the
U.S. dollar underpins the demand in the Kiwi pair near the lower levels. Downbeat NZ Factory
Activity data weighs on the pair.
Indicators Daily chart Status
RSI 58 Bullish
STOCHASTIC 54 Bullish
MACD Above midline Bullish
200 EMA 0.6248 Bullish
Outlook Bullish
Strategy
Action Entry Target 1 Target 2 Stop Loss
Sell 0.6365 0.6335 0.6305 0.6395
DAILY MARKET INSIGHT
16 December 2022
EUR/USD TREND: BULLISH
On the daily chart, the EUR/USD pair trades with modest gains on Friday. Traders await for
US/EU PMI data to take further directional clues. Overbought momentum oscillators hint
limited price action.
Indicators Daily chart Status
RSI 67 Bullish
STOCHASTIC 79 Bullish
MACD Above midline Bullish
200 EMA 1.0404 Bullish
Outlook Bullish
Strategy
Action Entry Target 1 Target 2 Stop Loss
Sell 1.0660 1.0630 1.0600 1.0690
DAILY MARKET INSIGHT
16 December 2022
GBP/USD TREND: BULLISH
GBP/USD treads water on Friday as gains cautiousness post BoE-inspired volatility. A lighter
economic colander and a softer USD helped in gains. BoE dovish rate hike projections led the
losses in the pair.
Indicators Daily chart Status
RSI 57 Bullish
STOCHASTIC 57 Bullish
MACD Above midline Bullish
200 EMA 1.2117 Bullish
Outlook Bullish
Strategy
Action Entry Target 1 Target 2 Stop Loss
Sell 1.2210 1.2180 1.2150 1.2240
DAILY MARKET INSIGHT
16 December 2022
USD/JPY TREND: NEUTRAL
USD/JPY pair holds above the 137.00 mark following the previous day gains. The pair is
expected to trade in a range bound manner with a neutral bias. Any downtick could be long
opportunity.
4Indicators Daily chart Status
RSI 44 Bearish
STOCHASTIC 58 Bullish
MACD Below midline Bearish
200 EMA 135.16 Bullish
Outlook NEUTRAL
Strategy
Action Entry Target 1 Target 2 Stop Loss
Buy 137.25 137.55 137.85 136.95
DAILY MARKET INSIGHT
16 December 2022
USD/CAD TREND: NEUTRAL
USD/CAD consolidates gains above 1.3620, the biggest daily gains in three weeks. The oil
prices steadies after reversing from the weekly highs as the greenback took breather. The
spot holds near the key resistance zone.
Indicators Daily chart Status
RSI 56 Bullish
STOCHASTIC 79 Bullish
MACD Below midline Bearish
200 EMA 1.3166 Bullish
Outlook NEUTRAL
Strategy
Action Entry Target 1 Target 2 Stop Loss
Buy 1.3610 1.3640 1.3670 1.3580
DAILY MARKET INSIGHT
16 December 2022
USD/CHF TREND: BEARISH
USD/CHF picks up fresh buying momentum near the lower levels. The market stabilizes
after global central banks infused volatility in the market. The Swiss National Bank (SNB)
hiked cash rate to combat inflation.
Indicators Daily chart Status
RSI 33 Bearish
STOCHASTIC 16 Bearish
MACD Below midline Bearish
200 EMA 0.9592 Bearish
Outlook BEARISH
Strategy
Action Entry Target 1 Target 2 Stop Loss
Buy 0.9265 0.9295 0.9325 0.9235
DAILY MARKET INSIGHT
16 December 2022
GOLD TREND: NEUTRAL
Gold price hovers below $1,780 despite a weaker U.S dollar. The yellow metal is facing selling
pressures as the key central banks raised interest rates. A weekly close below $1,775 would
result in short term price correction.
Indicators Daily chart Status
RSI 54 Bullish
STOCHASTIC 46 Bearish
MACD Above midline Bullish
200 EMA $1,762 Bullish
Outlook Neutral
Strategy
Action Entry Target 1 Target 2 Stop Loss
Sell $1,780 $1,770 $1,760 $1,790

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Daily Market Insight-16 December.pdf

  • 1. DAILY MARKET INSIGHT 16 December 2022 DAILY MARKET INSIGHT 16 December 2022
  • 2. DAILY MARKET INSIGHT 16 December 2022 Economic Calendar Time Currency News Impact Expectation 01:30 AM NZD Business NZ PMI Medium 49.9 02:00 PM AUD S&P Global Manufacturing PMI Flash Medium Yen -180B 04:01 AM GBP Gfk Consumer Confidence Medium -43 11:00 AM GBP GfK Consumer Confidence High -43 04:00 PM GBP BoE Interest Rate Decision High 3.5% 01:00 PM EUR S&P Global Manufacturing PMI Flash Medium 46.6 01:30 PM GBP S&P Global/CIPS Manufacturing PMI Flash Medium 46.3 02:00 PM EUR Balance of Trade Medium Eur-41.2B 02:00 PM EUR Inflation Rate YoY Final Medium 10% 05:30 PM CAD New House Price Index MoM Medium -0.3% 06:45 PM USD S&P Global Manufacturing PMI Flash Medium 48.2
  • 3. DAILY MARKET INSIGHT 16 December 2022 AUD/USD TREND: NEUTRAL The AUD/USD pair took support near 0.6700 on the daily chart. The MACD turns bearish hinting the continuation of the downside if the spot breaches the mentioned mark on the weekly bais. Indicators Daily chart Status RSI 50 Bullish STOCHASTIC 24 Bearish MACD Above midline Bullish 200 EMA 0.6835 Bearish Outlook NEUTRAL Strategy Action Entry Target 1 Target 2 Stop Loss Sell 0.6720 0.6690 0.6660 0.6750
  • 4. DAILY MARKET INSIGHT 16 December 2022 NZD/USD TREND: BULLISH NZD/USD takes round near above 0.6350 after the yesterday’s sell-off. A correction in the U.S. dollar underpins the demand in the Kiwi pair near the lower levels. Downbeat NZ Factory Activity data weighs on the pair. Indicators Daily chart Status RSI 58 Bullish STOCHASTIC 54 Bullish MACD Above midline Bullish 200 EMA 0.6248 Bullish Outlook Bullish Strategy Action Entry Target 1 Target 2 Stop Loss Sell 0.6365 0.6335 0.6305 0.6395
  • 5. DAILY MARKET INSIGHT 16 December 2022 EUR/USD TREND: BULLISH On the daily chart, the EUR/USD pair trades with modest gains on Friday. Traders await for US/EU PMI data to take further directional clues. Overbought momentum oscillators hint limited price action. Indicators Daily chart Status RSI 67 Bullish STOCHASTIC 79 Bullish MACD Above midline Bullish 200 EMA 1.0404 Bullish Outlook Bullish Strategy Action Entry Target 1 Target 2 Stop Loss Sell 1.0660 1.0630 1.0600 1.0690
  • 6. DAILY MARKET INSIGHT 16 December 2022 GBP/USD TREND: BULLISH GBP/USD treads water on Friday as gains cautiousness post BoE-inspired volatility. A lighter economic colander and a softer USD helped in gains. BoE dovish rate hike projections led the losses in the pair. Indicators Daily chart Status RSI 57 Bullish STOCHASTIC 57 Bullish MACD Above midline Bullish 200 EMA 1.2117 Bullish Outlook Bullish Strategy Action Entry Target 1 Target 2 Stop Loss Sell 1.2210 1.2180 1.2150 1.2240
  • 7. DAILY MARKET INSIGHT 16 December 2022 USD/JPY TREND: NEUTRAL USD/JPY pair holds above the 137.00 mark following the previous day gains. The pair is expected to trade in a range bound manner with a neutral bias. Any downtick could be long opportunity. 4Indicators Daily chart Status RSI 44 Bearish STOCHASTIC 58 Bullish MACD Below midline Bearish 200 EMA 135.16 Bullish Outlook NEUTRAL Strategy Action Entry Target 1 Target 2 Stop Loss Buy 137.25 137.55 137.85 136.95
  • 8. DAILY MARKET INSIGHT 16 December 2022 USD/CAD TREND: NEUTRAL USD/CAD consolidates gains above 1.3620, the biggest daily gains in three weeks. The oil prices steadies after reversing from the weekly highs as the greenback took breather. The spot holds near the key resistance zone. Indicators Daily chart Status RSI 56 Bullish STOCHASTIC 79 Bullish MACD Below midline Bearish 200 EMA 1.3166 Bullish Outlook NEUTRAL Strategy Action Entry Target 1 Target 2 Stop Loss Buy 1.3610 1.3640 1.3670 1.3580
  • 9. DAILY MARKET INSIGHT 16 December 2022 USD/CHF TREND: BEARISH USD/CHF picks up fresh buying momentum near the lower levels. The market stabilizes after global central banks infused volatility in the market. The Swiss National Bank (SNB) hiked cash rate to combat inflation. Indicators Daily chart Status RSI 33 Bearish STOCHASTIC 16 Bearish MACD Below midline Bearish 200 EMA 0.9592 Bearish Outlook BEARISH Strategy Action Entry Target 1 Target 2 Stop Loss Buy 0.9265 0.9295 0.9325 0.9235
  • 10. DAILY MARKET INSIGHT 16 December 2022 GOLD TREND: NEUTRAL Gold price hovers below $1,780 despite a weaker U.S dollar. The yellow metal is facing selling pressures as the key central banks raised interest rates. A weekly close below $1,775 would result in short term price correction. Indicators Daily chart Status RSI 54 Bullish STOCHASTIC 46 Bearish MACD Above midline Bullish 200 EMA $1,762 Bullish Outlook Neutral Strategy Action Entry Target 1 Target 2 Stop Loss Sell $1,780 $1,770 $1,760 $1,790