14 December 2020 Morning Session Analysis
Pound sterling rose with news of further Brexit talks.
During early Asian session, the pound sterling which traded against the dollar and other currency pairs have rose during early Asian session following reports of trade talk extension by both EU and U.K. Following latest development, UK and EU have warned that both sides remain very far apart on key issues. However, UK Prime Minister Boris Johnson and European Commission President, Ursula von der Leyen agreed to “go the extra mile” and extend trade talks beyond the self-imposed deadline which was suppose on last Sunday. UK negotiators are expected to stay in Brussels until at least Tuesday. Following the news of talk extension, market remains hopeful that both sides still have chance to resolve their differences and reaching a trade deal before the end of this year, thus heavily bid on the pound sterling. At the time of writing, GBP/USD rose 0.81% to 1.3326.
In the commodity market, crude oil price advanced 0.45% to $46.89 per barrel at the time of writing as optimism over vaccine continue dominate the sentiment. As of now, market continue to bets over people across the world might soon be able to travel freely and boosting usage of fuel and oil as millions of doses of coronavirus vaccines were being prepared for delivery over the course of the next few weeks after approval by relevant health authorities. On the other hand, gold price fell 0.12% to $1837.11 a troy ounce at the time of writing amid increasing risk appetite in the market which continue to be supported by vaccine.
Today’s Holiday Market Close
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Today’s Highlight Events
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Technical Analysis
DOLLAR_INDX, H4: Dollar index remain traded in a sideway channel near the support level 90.55. However, MACD which illustrate diminishing bullish momentum signal suggest the dollar to be traded lower after it breaks below the support level.
Resistance level: 91.40, 92.05
Support level: 90.55, 89.95
GBPUSD, H4: GBPUSD was traded higher following prior breakout above the previous resistance level 1.3300. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its gains towards the resistance level 1.3505.
Resistance level: 1.3505, 1.3735
Support level: 1.3300, 1.3150
EURUSD, H4: EURUSD remain traded in sideway channel while currently testing near the resistance level 1.2165. However, MACD which illustrate bullish bias signal suggest the pair to be traded higher after it breaks above the resistance level.
Resistance level: 1.2165, 1.2355
Support level: 1.2010, 1.1895
USDJPY, H4: USDJPY remain traded in a sideway channel. However, MACD which illustrate bearish momentum signal suggest the pair to be traded lower in short term towards the support level 103.65.
Resistance level: 104.50, 105.15
Support level: 103.65, 103.20
AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level 0.7555. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to experience a technical correction towards the support level 0.7450.
Resistance level: 0.7555, 0.7655
Support level: 0.7450, 0.7340
NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level 0.7095. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to be traded lower as a technical correction towards the support level 0.7010.
Resistance level: 0.7095, 0.7175
Support level: 0.7010, 0.6900
USDCAD, H4: USDCAD was traded lower following prior retracement from its high level. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses towards the support level 1.2680.
Resistance level: 1.2830, 1.2955
Support level: 1.2680, 1.2540
USDCHF, H4: USDCHF remain traded in a sideway channel. However, MACD which illustrate bearish bias signal suggest the pair to be traded lower in short term towards the support level 0.8850.
Resistance level: 0.8920, 0.8985
Support level: 0.8850, 0.8775
CrudeOIL, H4: Crude oil price was traded lower while currently testing near the support level 46.40. MACD which illustrate diminishing bullish momentum signal with the starting formation of death cross suggest the commodity to extend its losses after it breaks below the support level.
Resistance level: 48.60, 50.85
Support level: 46.40, 43.45
GOLD_, H4: Gold price remain traded flat in a sideway channel. However, MACD which illustrate diminishing bullish momentum suggest the commodity to be traded higher towards the resistance level 1850.45.
Resistance level: 1850.45, 1881.25
Support level: 1815.15, 1769.75