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DAILY MARKET INSIGHT
6 December 2022
DAILY MARKET
INSIGHT
6 December 2022
DAILY MARKET INSIGHT
6 December 2022
Economic Calendar
Time Currency News Impact Expectation
04:01 AM GBP BRC Retail Sales Monitor YoY
NOV
Medium 0.6%
07:30 AM AUD RBA Interest Rate Decision High 3.1% (actual)
01:30 PM GBP S&P Global/CIPS Construction
PMI NOV
Medium 51.9
05:30 PM CAD Balance of Trade OCT High C$3.4B
05:30 PM USD Balance of Trade OCT High $-73B
07:00 PM CAD Ivey PMI s.a NOV High 49
DAILY MARKET INSIGHT
6 December 2022
AUD/USD TREND: NEUTRAL
AUD/USD fell below the 200-day EMA in the previous session. However, it inches higher and
tested the 0.6730 mark as the Reserve Bank of Australia (RBA) raised its Official Cash Rate
(OCR) by 25 bps point.
Indicators Daily chart Status
RSI 55 Bullish
STOCHASTIC 57 Bullish
MACD Above midline Bullish
200 EMA 0.6838 Bearish
Outlook Neutral
Strategy
Action Entry Target 1 Target 2 Stop Loss
Sell 0.6740 0.6710 0.6680 0.6770
DAILY MARKET INSIGHT
6 December 2022
NZD/USD TREND: BULLISH
NZD/USD pair observed the selling pressure while reclaiming the vital mark of 0.6350 on
Tuesday. The bulls seem exhausted around the higher level following a rebound in the USD.
Indicators Daily chart Status
RSI 64 Bullish
STOCHASTIC 70 Bullish
MACD Above midline Bullish
200 EMA 0.6235 Bullish
Outlook Bullish
Strategy
Action Entry Target 1 Target 2 Stop Loss
Sell 0.6335 0.6305 0.6275 0.6365
DAILY MARKET INSIGHT
6 December 2022
EUR/USD TREND: BULLISH
EUR/USD looks pessimistic following the previous sessions sell-off. The downbeat EU data
failed to justify hawkish hopes from ECB and exerted pressure on the price.
Indicators Daily chart Status
RSI 64 Bullish
STOCHASTIC 73 Bullish
MACD Above midline Bullish
200 EMA 1.0390 Bullish
Outlook Bullish
Strategy
Action Entry Target 1 Target 2 Stop Loss
Sell 1.0500 1.0470 1.0440 1.0530
DAILY MARKET INSIGHT
6 December 2022
GBP/USD TREND: BULLISH
GBP/USD refreshes intraday high around 1.2210 in the early trading session on Tuesday. The
British Retail Consortium (BRC) sales jumped 4.1% YoY in November as compared to 1.2%.
Oversold momentum oscillator throw challenge for the bulls.
Indicators Daily chart Status
RSI 63 Bullish
STOCHASTIC 75 Bullish
MACD Above midline Bullish
200 EMA 1.2107 Bullish
Outlook Bullish
Strategy
Action Entry Target 1 Target 2 Stop Loss
Sell 1.2200 1.2170 1.2140 1.2230
DAILY MARKET INSIGHT
6 December 2022
USD/JPY TREND: BEARISH
USD/JPY is struggling to hold the gains below 137.00. The pair manages to rebound from the
200-day EMA lending support to the recent downfall. A failure to sustain 136.50 could see the
continuation of the downtrend.
4Indicators Daily chart Status
RSI 37 Bearish
STOCHASTIC 36 Bearish
MACD Below midline Bearish
200 EMA 135.03 Bearish
Outlook Bearish
Strategy
Action Entry Target 1 Target 2 Stop Loss
Buy 136.80 137.10 137.40 136.50
DAILY MARKET INSIGHT
6 December 2022
USD/CAD TREND: NEUTRAL
USD/CAD advances toward 1.3600 extending the gains of the previous session. The
Canadian dollar remains under pressure following the lower oil prices. A stable USD also
exerts pressure on the Lonnie.
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
Buy 1.3580 1.3610 1.3640 1.3550
DAILY MARKET INSIGHT
6 December 2022
USD/CHF TREND: BEARISH
On the daily chart, the USD/CHF pair paused the gains near 0.9425 on Tuesday. The pair
trades in a very range bound manner with limited price action. A daily close above 0.9450
required to sustain the gains.
Indicators Daily chart Status
RSI 39 Bearish
STOCHASTIC 36 Bearish
MACD Below midline Bearish
200 EMA 0.9614 Bearish
Outlook BEARISH
Strategy
Action Entry Target 1 Target 2 Stop Loss
Buy 0.9430 0.9460 0.9490 0.9400
DAILY MARKET INSIGHT
6 December 2022
GOLD TREND: BULLISH
Gold prices retreated after testing the highs of $1,810 in the previous session. Now, the
support can be identified at the 200-day moving average. A rebound in the U.S. dollar following
the release of stronger U.S ISM data weighs on the yellow metal.
Indicators Daily chart Status
RSI 58 Bullish
STOCHASTIC 54 Bullish
MACD Above midline Bullish
200 EMA $1,760 Bullish
Outlook Bullish
Strategy
Action Entry Target 1 Target 2 Stop Loss
Sell $1,770 $1,760 $1,750 $1,780

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Daily Market Insight-6 December.pdf

  • 1. DAILY MARKET INSIGHT 6 December 2022 DAILY MARKET INSIGHT 6 December 2022
  • 2. DAILY MARKET INSIGHT 6 December 2022 Economic Calendar Time Currency News Impact Expectation 04:01 AM GBP BRC Retail Sales Monitor YoY NOV Medium 0.6% 07:30 AM AUD RBA Interest Rate Decision High 3.1% (actual) 01:30 PM GBP S&P Global/CIPS Construction PMI NOV Medium 51.9 05:30 PM CAD Balance of Trade OCT High C$3.4B 05:30 PM USD Balance of Trade OCT High $-73B 07:00 PM CAD Ivey PMI s.a NOV High 49
  • 3. DAILY MARKET INSIGHT 6 December 2022 AUD/USD TREND: NEUTRAL AUD/USD fell below the 200-day EMA in the previous session. However, it inches higher and tested the 0.6730 mark as the Reserve Bank of Australia (RBA) raised its Official Cash Rate (OCR) by 25 bps point. Indicators Daily chart Status RSI 55 Bullish STOCHASTIC 57 Bullish MACD Above midline Bullish 200 EMA 0.6838 Bearish Outlook Neutral Strategy Action Entry Target 1 Target 2 Stop Loss Sell 0.6740 0.6710 0.6680 0.6770
  • 4. DAILY MARKET INSIGHT 6 December 2022 NZD/USD TREND: BULLISH NZD/USD pair observed the selling pressure while reclaiming the vital mark of 0.6350 on Tuesday. The bulls seem exhausted around the higher level following a rebound in the USD. Indicators Daily chart Status RSI 64 Bullish STOCHASTIC 70 Bullish MACD Above midline Bullish 200 EMA 0.6235 Bullish Outlook Bullish Strategy Action Entry Target 1 Target 2 Stop Loss Sell 0.6335 0.6305 0.6275 0.6365
  • 5. DAILY MARKET INSIGHT 6 December 2022 EUR/USD TREND: BULLISH EUR/USD looks pessimistic following the previous sessions sell-off. The downbeat EU data failed to justify hawkish hopes from ECB and exerted pressure on the price. Indicators Daily chart Status RSI 64 Bullish STOCHASTIC 73 Bullish MACD Above midline Bullish 200 EMA 1.0390 Bullish Outlook Bullish Strategy Action Entry Target 1 Target 2 Stop Loss Sell 1.0500 1.0470 1.0440 1.0530
  • 6. DAILY MARKET INSIGHT 6 December 2022 GBP/USD TREND: BULLISH GBP/USD refreshes intraday high around 1.2210 in the early trading session on Tuesday. The British Retail Consortium (BRC) sales jumped 4.1% YoY in November as compared to 1.2%. Oversold momentum oscillator throw challenge for the bulls. Indicators Daily chart Status RSI 63 Bullish STOCHASTIC 75 Bullish MACD Above midline Bullish 200 EMA 1.2107 Bullish Outlook Bullish Strategy Action Entry Target 1 Target 2 Stop Loss Sell 1.2200 1.2170 1.2140 1.2230
  • 7. DAILY MARKET INSIGHT 6 December 2022 USD/JPY TREND: BEARISH USD/JPY is struggling to hold the gains below 137.00. The pair manages to rebound from the 200-day EMA lending support to the recent downfall. A failure to sustain 136.50 could see the continuation of the downtrend. 4Indicators Daily chart Status RSI 37 Bearish STOCHASTIC 36 Bearish MACD Below midline Bearish 200 EMA 135.03 Bearish Outlook Bearish Strategy Action Entry Target 1 Target 2 Stop Loss Buy 136.80 137.10 137.40 136.50
  • 8. DAILY MARKET INSIGHT 6 December 2022 USD/CAD TREND: NEUTRAL USD/CAD advances toward 1.3600 extending the gains of the previous session. The Canadian dollar remains under pressure following the lower oil prices. A stable USD also exerts pressure on the Lonnie. 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 Buy 1.3580 1.3610 1.3640 1.3550
  • 9. DAILY MARKET INSIGHT 6 December 2022 USD/CHF TREND: BEARISH On the daily chart, the USD/CHF pair paused the gains near 0.9425 on Tuesday. The pair trades in a very range bound manner with limited price action. A daily close above 0.9450 required to sustain the gains. Indicators Daily chart Status RSI 39 Bearish STOCHASTIC 36 Bearish MACD Below midline Bearish 200 EMA 0.9614 Bearish Outlook BEARISH Strategy Action Entry Target 1 Target 2 Stop Loss Buy 0.9430 0.9460 0.9490 0.9400
  • 10. DAILY MARKET INSIGHT 6 December 2022 GOLD TREND: BULLISH Gold prices retreated after testing the highs of $1,810 in the previous session. Now, the support can be identified at the 200-day moving average. A rebound in the U.S. dollar following the release of stronger U.S ISM data weighs on the yellow metal. Indicators Daily chart Status RSI 58 Bullish STOCHASTIC 54 Bullish MACD Above midline Bullish 200 EMA $1,760 Bullish Outlook Bullish Strategy Action Entry Target 1 Target 2 Stop Loss Sell $1,770 $1,760 $1,750 $1,780