ATFX Market Outlook 30th December 2024

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ATFX Market Outlook 30th December 2024

Market Awaits Non-Farm Payrolls for New Year Start

Opinion Today:

Dow futures fell modestly on Monday as Wall Street kicked off the final trading week of the year. Crude oil futures traded around $70.5 per barrel in thin trading on Monday as the market's focus shifted to the outlook for 2025. Gold edges higher above $2,600 amid light trading

Today, the market closely watches key economic indicators, including the Chicago PMI for December at 10:45 AM, November pending home sales, and the Dallas Fed Manufacturing Index. These data points will provide insights into the U.S. economic landscape.

Key Data:

10:45 US Chicago PMI DEC **

23:00 US Pending Home Sales NOV **

23:30 US Dallas Fed Manufacturing Index DEC **

Tomorrow

(Most markets close early on New Year's Eve and remain closed on January 1 for worldwide holidays. Daily Commentary and Market Updates will be suspended during this time.)

09:30 CN NBS Manufacturing & Non-Manufacturing PMI DEC **

22:00 US House Price Index MoM OCT **

23:30 US Dallas Fed Services Index DEC ** 

EUR/USD

1.0460/1.0483 Resistance

1.0414/1.0386 Support 

EUR/USD holds gains above 1.0400 as rising odds of the ECB delaying further rate cuts. From a technical perspective, the 10 and 20 moving averages indicate a potential buy signal if the price breaks above resistance. Conversely, a drop below support may trigger a sell signal.

GBP/USD

1.2631/1.2661 Resistance 

1.2533/1.2503 Support 

GBP/USD recovers above 1.2550 following an earlier decline. Watch for a crossover of the moving averages for entry points. A rise past resistance suggests bullish momentum, while a fall below support could indicate a bearish trend.

USD/JPY

158.15/158.38 Resistance

157.40/157.17 Support 

The USD/JPY pair pulls back from its recent gains as the Japanese Yen (JPY) strengthens following the release of Tokyo Consumer Price Index (CPI) inflation data. If the price exceeds 158.38, consider a buy position. Selling could be viable if the price approaches 157.40 without breaking through.

USD/CAD

1.4436/1.4449 Resistance

1.4363/1.4350 Support

 The USD/CAD pair traded in a tight range around 1.4400 in Friday’s European session. A sustained move above 1.44 may present a buying opportunity. If the price slips from the upside, it may test the support region. 

U.S Crude Oil Futures (Feb)

70.75/71.02 Resistance 

69.86/69.58 Support

Crude oil futures traded around $70.5 per barrel in thin trading on Monday as the market's focus shifted to the outlook for 2025. If the price is above $70, it may test the next resistance level. Conversely, a close under the 10 and 20 moving averages may put the price under pressure. 

Spot Gold

2642/2652 Resistance

2614/2602 Support

Spot Silver

29.74/29.97 Resistance

29.20/28.96 Support 

Gold edges higher above $2,600 amid light trading. If the price closes above the 10 and 20 moving averages, further upside can be extended to the next resistance level. Conversely, failing to close above may put the price under pressure. 

US30

43266/43513 Resistance 

42705/42449 Support 

Dow futures fell modestly on Monday as Wall Street kicked off the final trading week of the year. If the close is above the 10 and 20 moving averages, further upside can be extended to the next resistance level. Conversely, failing to close above may put the price under pressure. 

NAS100

21706/21925 Resistance

21233/21008 Support 

NAS100 fell modestly on Monday as Wall Street kicked off the final trading week of the year. If the price closes above the 10 and 20 moving averages, further upside can be extended to the next resistance level. Conversely, failing to close above the moving averages may put the price under pressure.

BTC (Bitcoin)

95264/96150 Resistance,

92394/91522 Support

BTC misses Santa rally even as on-chain metrics show signs of price recovery. The price is moving under the 10 and 20 moving averages in the 4-hour chart. Thus, there is a chance that the price might be under pressure and test the support.

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