02 December 2020 Afternoon Session Analysis
Aussie surged amid upbeat economic data.
The Australian Dollar surged over the backdrop of the upbeat economic data on the early morning. According to Australian Bureau of Statistics, the Australia Gross Domestic Product (GDP) for last quarter had notched up significantly from the previous reading of -7.0% to 3.3%, exceeding the market forecast at 2.6%. Besides that, the riskier currencies such as the Australian Dollar received further bullish momentum amid the risk-on sentiment which pertaining the prospects of a global economic recovery. As for now, investors remained optimism upon the Covid-19 vaccine would able to combat the rising Covid-19 cases and boost up the economic recovery. According to Reuters, Pfizer Inc and Germany’s BioNTech SE sought emergency approval of their vaccine candidate from the European regulator on Tuesday. Meanwhile, Competitor Moderna Inc also applied for emergency approval from the European regulator on Tuesday. As for now, investors would continue to scrutinize the latest updates with regards of the Covid-19 vaccine development in order to gauge the likelihood movement for the pair. As of writing, AUD/USD surged 0.13% to 0.7375.
In the commodities market, the crude oil price slumped 0.45% to $44.05 per barrel as of writing. The oil market edged lower amid uncertainty as to whether the Organization of the Petroleum Exporting Countries and allies (OPEC+) would extend its production cuts into 2021. Nonetheless, investors would continue to await further indicator from OPEC+ in order to receive further trading signal. On the other hand, the gold price slumped 0.30% to $1809.90 per troy ounces as of writing amid accelerating risk appetite in the FX market.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
23:00 USD Fed Chair Powell Testifies
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 21:15 | USD – ADP Nonfarm Employment Change(Nov) | 365K | 410K | – |
| 23:30 | CrudeOIL – Crude OIL Inventories | -0.754M | -2.358M | – |
Technical Analysis
DOLLAR_INDX, Weekly: Dollar index was traded lower following prior breakout below the previous support level at 91.75. MACD which illustrated increasing bearish momentum suggest the index to extend its losses toward support level at 90.10.
Resistance level: 91.75, 94.05
Support level: 90.10, 88.05
GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level at 1.3440. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1.3440, 1.3585
Support level: 1.3305, 1.3120
EURUSD, H1: EURUSD was traded higher while currently testing the resistance level at 1.2095. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 1.2095, 1.2150
Support level: 1.2030, 1.1985
USDJPY, H4: USDJPY was traded lower while currently testing the support level at 104.30. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 104.65, 104.95
Support level: 104.30, 103.85
AUDUSD, H4: AUDUSD was traded higher following prior rebound from the support level at 0.7325. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 0.7405.
Resistance level: 0.7405, 0.7495
Support level: 0.7325, 0.7220
NZDUSD, Weekly: NZDUSD was traded higher while currently testing the resistance level at 0.7110. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.
Resistance level: 0.7110, 0.7340
Support level: 0.6905, 0.6760
USDCAD, H4: USDCAD was traded lower while currently testing the support level at 1.2930. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 1.3025, 1.3090
Support level: 1.2930, 1.2845
USDCHF, Daily: USDCHF was traded lower while currently testing the support level at 0.8980. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 0.9090, 0.9185
Support level: 0.8980, 0.8860
CrudeOIL, H1: Crude oil price was traded lower following prior breakout below the previous support level at 44.70. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.
Resistance level: 45.50, 46.20
Support level: 44.60, 43.70
GOLD_, H1: Gold price was traded lower following prior retracement from the resistance level at 1816.95. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses toward support level at 1803.15.
Resistance level: 1816.95, 1835.95
Support level: 1803.15, 1781.25