ATFX Market Outlook 9th December 2024

ATFX Market Outlook 9th December 2024

Non-Farm Payrolls Support Fed's December Rate Cut; Central Banks in Focus This Week.

Opinion Today:

US stock futures were little changed on Monday as investors await crucial inflation data later this week, which could influence the Federal Reserve's next interest rate decision. Gold remains a haven amid rising geopolitical tensions and inflation fears. Crude Oil slides more than 1% on Friday and is set to close off the week in the red.

In the United States, attention will be on inflation indicators Consumer Price Index, Producer Price Index and export and import prices. Also, central banks in the Euro Area, Australia and Canada will outline their monetary policy directions. In China, updates on consumer and producer inflation, trade data, and New Yuan Loans are awaited. Germany will report on its balance of trade and wholesale prices. In the United Kingdom, the focus is on October's GDP growth and industrial production. In Australia, investors will pay attention to labour reports and NAB business confidence. Finally, Japan will release the Tankan manufacturing index.

Today, the market is focused on the EU Sentix investor confidence and US final wholesale inventories.

Key Data:

17:30 EU Sentix Investor Confidence**

23:00 US Final Wholesale Inventories**

EUR/USD

1.0611/1.0643 Resistance

1.0504/1.0471 Support

EUR/USD remains supported by a weakening US dollar, driven by softer economic data and a pullback in Treasury yields. The European Central Bank's stance also continues to support the euro. Technically, the pair is maintaining bullish momentum, with the 10-period moving average above the 20-period MA, signalling a continuation of the upward trend.

GBP/USD

1.2770/1.2805 Resistance

1.2681/1.2655 Support

GBP/USD retreats sharply and approaches the 1.2700 mark in the American session on Friday. The 10-period MA is above the 20-period MA, showing bullish momentum, with the pair pushing towards the resistance. However, 1.270 remains an important support level, and any weakness in the broader market could test this support zone.

USD/JPY

150.71/151.10 Resistance

149.06/148.67 Support

USD/JPY is under pressure due to improved economic data from Japan, which is strengthening the yen. The 10-period MA crossing below the 20-period MA suggests a bearish outlook in the near term. A break below the 150.00 level could signal further downside.

USD/CAD

1.4201/1.4225 Resistance

1.4101/1.4077 Support

USD/CAD surges to near 1.4100 after US-Canada Employment data. The 10-period MA is above the 20-period MA, reinforcing the bullish trend. The pair is currently testing resistance at 1.4150. A breakout above this level could target the resistance level. On the downside, the pair has solid support at 1.4101 and 1.4077, where buying interest has been seen. As long as these levels hold, the bullish bias remains intact for further upside potential.

U.S Crude Oil Futures (January)

68.09/68.42 Resistance

66.59/66.26 Support

Crude Oil slides more than 1% on Friday and is set to close off the week in the red. The 10-period MA is above the 20-period MA, indicating a strong bullish trend. However, caution is warranted near the $85 resistance level, where potential profit-taking could occur. A break above this resistance would target $90.

Spot Gold

2663/2677 Resistance

2633/2619 Support

Spot Silver

31.43/31.53 Resistance

31.00/30.90 Support

Gold remains sideways after the release of US NFP.eway after the release of US. The 10-period moving average remains above the 20-period MA, confirming bullish momentum. The next resistance is around 2663/2677. If the price maintains support above $2,630, the upward trend is likely to continue. On the downside, key support levels are at $2,600 and $2,580. As long as Gold remains above these levels, the bullish outlook remains intact.

US30

45076/45252 Resistance

44253/44074 Support

US stock futures were little changed on Monday as investors await crucial inflation data later this week, which could influence the Federal Reserve's next interest rate decision.The 10-period moving average (MA) is below the 20-period MA, indicating bearish momentum.

NAS100

21716/21819 Resistance

21515/21386 Support

NAs100 is benefiting from strength in tech stocks, particularly as risk appetite returns to the market. The price is trading at 21,624, maintaining a strong bullish trend. The 10-period moving average is well above the 20-period MA, signalling sustained upward momentum. Resistance is seen at 21716/21819, with the next key level at 22,000. On the support side, 21,500 acts as a key level, followed by 21,300. As long as the index holds above these support levels, the bullish trend remains intact, with potential for further upside.

BTC

102140/103643 Resistance

97166/95638 Support

BTC has surged to $100,000, reflecting a powerful bullish trend driven by increased institutional interest and inflationary concerns. The 10-period moving average is above the 20-period MA, confirming the strong momentum. Immediate resistance is at 102140/103643. On the downside, support is found around 97166/95638, which are key levels to watch for any potential pullback. As long as Bitcoin holds above these support levels, the bullish outlook remains intact, with further upside potential.

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