Market Update - 28 December 2022

USD/JPY grinds higher around weekly top during five-day winning streak. 50-SMA, fortnight-old descending trend line probe immediate upside. Bullish MACD signals, one-week-old ascending trend line keeps buyers hopeful. (FXStreet)

USD/CAD picks up bids while snapping two-day down trend, recovers from three-week low. RSI rebound, easing bearish bias of MACD joins the failure to break the key SMA to lure buyers. Convergence of one-week-old descending trend line, previous support line from mid-November challenges immediate upside. (FXStreet)

GBP/USD struggles to defend the latest bounce off the intraday low. UK rules out publishing Covid Reproduction numbers amid declining virus cases. China removes quarantine requirements for inbound travelers, resumes processing citizens' applications for ordinary passports. Firmer US Treasury yields, doubts on China Covid unlock keeps bears hopeful amid year-end holiday season. (FXStreet)

EUR/USD prints three-day uptrend as it seesaws around intraday top. MACD teases buyers but rising wedge formation challenges upside momentum. One-week-old horizontal support adds to the downside filters. (FXStreet)

US Dollar Index retreats from intraday high, struggles to defend DXY bulls after snapping two-day downtrend. San Francisco Fed’s Researcher rules out US recession, mixed data probe hawkish Fed concerns. Receding optimism for China unlock announcements jostle with boring performance of yields to restrict DXY moves. (FXStreet)

USD/INR is trading inside the woods but is expected to reach 83.00 sooner. A decline in overall economic activities in the US economy might trim inflation expectations further. Firmer oil prices are impacting the Indian Rupee, being one of the leading importers of oil. (FXStreet)

AUD/USD takes offers to refresh intraday low after posting a bearish candlestick formation. Repeated failures to cross 21-DMA, bearish MACD signals keep sellers hopeful. Five-week-old ascending support line lures bears, bulls need validation from monthly high. (FXStreet)

NZD/USD holds lower ground near intraday bottom, extends pullback from 50-SMA. Failure to stay beyond 200-SMA, looming bear cross on MACD favor sellers. One-month-old ascending trend line restricts immediate downside. 61.8% Fibonacci retracement adds to the upside filters. (FXStreet)

WTI is sensing selling pressure after a sheer upside move. The oil price is aiming to shift its auction above the 200-EMA at $78.90. A drop in the 40.00-60.00 range by the RSI (14) indicates a loss in the upside momentum. (FXStreet)

Gold price extends pullback from six-month high, renews intraday low of late. Easing optimism surrounding China, fading recession woes in the US weigh on XAU/USD price. Holiday season, immediate support line challenges Gold’s downside but bulls need validation from $1,825. (FXStreet)

Silver takes offers to refresh intraday low during the first negative daily performance in three. Mixed sentiment, firmer Treasury yields allow US Dollar to recover amid holiday season. China-linked Covid optimism fails to defend XAG/USD buyers as US doubts Beijing’s transparency. (FXStreet)

Source: FXStreet, DailyFX

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