01/03 Market report

【EURUSD】

The euro has celebrated its 20th anniversary and is the main currency of circulation in the eurozone. At this stage, the US dollar is still the world's main currency. The recent decline of the US dollar has led to the rise in the EURUSD. The gradual change in price fluctuation allow us to trade with a spread profit strategy. The technical line of the euro shows an Allligator golden cross and KD in the high-end figure. This shows that there is strength in the buying order of early 2022. Therefore, it is a more appropriate to not to counter the trend on the short term.

EURUSD-H4

Resistance 1: 1.13800 / Resistance 2: 1.14800 / Resistance 3: 1.15200

Support 1: 1.13500 / Support 2: 1.12800 / Support 3: 1.12200

【XAUUSD】

Gold rose again at the end of 2021 and closed near the price of $1830 per ounce. The technical line now shows strong buying power with the Allligator at golden cross and KD in the high-end figure. This is coupled with the fact that the Dollar index in the last few days of 2021 was still declining and that also drove the price of gold up.

XAUUSD-H4

Resistance 1: 1849.00 / Resistance 2: 1865.80 / Resistance 3: 1877.50

Support 1: 1800.20 / Support 2: 1814.20 / Support 3: 1789.50

【BITCOIN】

Bitcoin in December 2021 had a 19% decline which is relatively small compared with the 35% decline in May 2021. This also reflects that the volatility of virtual currency is much larger than that of normal fiat currencies. Investors should not overuse leverage when investing in virtual currencies as the risks are greater than imagined. There will be more and more ETFs that track bitcoin indices in the future but there are not many that meet the US risk criteria at this stage. This is according to the research and consulting firm ETFGI. As of the end of November, the global cryptocurrency exchange trading products invested more than $20 billion. Investors should take a moment to learn more about virtual currencies but should not over-invest. From the technical chart, Bitcoin's recent price oscillated at $48,000 per piece and is still waiting for news to trigger.

BITCOIN-H4

Resistance 1: 48569 / Resistance 2: 50890 / Resistance 3: 52131

Support 1: 45439 / Support 2: 41715

【USOIL】

OPEC and Russia will meet on the 1/4th with the conclusion on whether to increase or reduce production in the future. This will affect the oil prices. At this stage, the general perception is that although the variant of the coronavirus spread is strong, the situation that causes a serious reaction is relatively low. It is believed that there should be no significant impact on the development of the economic system. Therefore, in terms of demand for crude oil, it should continue to increase as oil prices had been relatively bullish. The situation of technical analysis shows that the line charts of Alligator and KD are relatively chaotic. Oil prices have recently been oscillating around $77 per barrel over the past few days and many will be following up the meeting for more obvious changes in the oil price.

USOIL-H4

Resistance 1: 77.550 / Resistance 2: 78.420 / Resistance 3: 79.850

Support 1: 74.120 / Support 2: 73.050 / Support 3: 71.202

OnePro Special Analyst

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The foregoing is a personal opinion only and does not represent any opinion of OnePro Global, nor is there any guarantee of reliability, accuracy or originality in the foregoing.

Forex and CFD trading may pose a risk to your invested capital.

Before making an investment decision, investors should consider their own circumstances to assess the risks of investment products. If necessary, consult a professional investment advisor.  

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