{"id":143851,"date":"2020-10-12T06:00:08","date_gmt":"2020-10-12T06:00:08","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=143851"},"modified":"2020-10-12T06:00:08","modified_gmt":"2020-10-12T06:00:08","slug":"121020-afternoon-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/121020-afternoon-session-analysis\/","title":{"rendered":"121020 Afternoon Session Analysis"},"content":{"rendered":"

12 October 2020\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Afternoon Session Analysis<\/strong><\/p>\n

 <\/p>\n

Dollar plunged amid optimism of stimulus package.<\/strong><\/span><\/p>\n

Dollar index which gauges its value against a basket of six major currencies depreciated while hitting the lowest level in 3 weeks amid market optimism toward the new round of stimulus package surged. Last week, representatives of two biggest parties in US failed to achieve consensus in the stimulus talk as both sides were holding different opinion on the amount of stimulus aid. The current stimulus package that Republican Party seeks for is only up to $1.8 trillion, less than the $2.2 trillion bills that put forward by the Republican. Despite the impasses was not resolved in the latest round of talk, market participants are still remain optimism that at least a \u2018skinny\u2019 bill will be implemented by US government after Trump urged Congress to do so. On the other hand, rising expectation of Biden victory in the upcoming US Presidential Election has also dragged down the appeal of dollar index. Market participants are widely expecting that Joe Biden would implement a bigger stimulus package after he won the election which scheduled on 3rd<\/sup> Nov. As of writing, dollar index ticked up 0.05% to 93.10.<\/p>\n

 <\/p>\n

In the commodities market, crude oil price depreciated by 0.74% to $40.30 per barrel as market worries over the resurgence of pandemic in EU Zone heightened as it would negatively affected the oil demand in Europe. Besides, US Oil producers in Gulf of Mexico have restarted their oil drilling activity after Delta made landfall on last Friday. Besides, gold price inched up 0.05% to $1931.00 a troy ounce amid weakening of US dollar.<\/p>\n

\u00a0<\/u><\/p>\n

Today\u2019s Holiday Market Close<\/u><\/p>\n

Time\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Market\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Event<\/strong><\/p>\n

All Day\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 CAD\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Thanksgiving Day<\/p>\n

 <\/p>\n

Today\u2019s Highlight Events<\/u><\/p>\n

Time\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Market\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Event<\/strong><\/p>\n

N\/A<\/p>\n

Today\u2019s Highlight Economic Data<\/u><\/p>\n

N\/A<\/p>\n

 <\/p>\n

Technical Analysis<\/u><\/strong><\/p>\n

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DOLLAR_INDX, Daily: <\/strong>Dollar index was traded lower following prior breakout below the previous support level at 93.50. MACD which illustrate bearish bias momentum signal suggest the dollar to extend its losses toward the support level at 92.10.<\/p>\n

 <\/p>\n

Resistance level: 93.50, 94.10<\/p>\n

Support level: 92.10, 91.45<\/p>\n

 <\/p>\n

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GBPUSD, H4: <\/strong>GBPUSD was traded lower following prior retracement near the resistance level at 1.3065. MACD which illustrates diminishing bullish momentum suggest the pair to extend its losses toward the support level at 1.3000.<\/p>\n

 <\/p>\n

Resistance level: 1.3065, 1.3165<\/p>\n

Support level: 1.3000, 1.2945<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, Daily: <\/strong>EURUSD was traded higher following prior breakout above the previous resistnace level at 1.1790. MACD which illustrate bullish bias momentum signal suggest the pair to extend its gains toward the resistance level at 1.1950.<\/p>\n

 <\/p>\n

Resistance level: 1.1950, 1.2065<\/p>\n

Support level: 1.1790, 1.1645<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, H4: <\/strong>USDJPY was traded lower following prior retracement from the resistance level at 105.75. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its losses toward the support level at 105.15.<\/p>\n

 <\/p>\n

Resistance level: 105.75, 106.05<\/p>\n

Support level: 105.15, 104.50<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H4: <\/strong>AUDUSD was traded lower following prior retracement from the higher level. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses toward the support level at 0.7205.<\/p>\n

 <\/p>\n

Resistance level: 0.7265, 0.7330<\/p>\n

Support level: 0.7205, 0.7140<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded higher following prior breakout above the previous resistance level at 0.6855. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to undergo technical correction in short term.<\/p>\n

 <\/p>\n

Resistance level: 0.6725, 0.6785<\/p>\n

Support level: 0.6655, 0.6610<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, H4: <\/strong>USDCAD was traded higher following prior rebound from the lower level. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its gains after it successfully breakout above the resistance level at 1.3140.<\/p>\n

 <\/p>\n

Resistance level: 1.3140, 1.3235<\/p>\n

Support level: 1.3025, 1.2950<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded lower following prior breakout below the previous support level at 0.9180. However, MACD which display diminishing bearish momentum signal suggest the pair to undergo technical correction toward a higher level.<\/p>\n

 <\/p>\n

Resistance level: 0.9120, 0.9180<\/p>\n

Support level: 0.9050, 0.8975<\/p>\n

 <\/p>\n

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CrudeOIL, H4: <\/strong>Crude oil price was traded lower while currently testing the support level at 40.40. MACD which illustrate bearish bias momentum signal suggest the commodity to extend its losses after it successfully breakout below the support level at 40.40.<\/p>\n

 <\/p>\n

Resistance level: 41.40, 42.15<\/p>\n

Support level: 40.40, 39.85<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H4: <\/strong>Gold price was traded higher following prior breakout above the previous resistance level at 1918.00. However, MACD which illustrate diminishing bullish momentum suggest the commodity to undergo technical correction in short term.<\/p>\n

 <\/p>\n

Resistance level: 1939.60, 1969.10<\/p>\n

Support level: 1918.00, 1899.40<\/p>\n

 <\/p>\n

 <\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

12 October 2020\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Afternoon Session Analysis   Dollar plunged amid optimism of stimulus package. Dollar index which gauges its value against a basket of six major currencies depreciated while hitting the lowest level in 3 weeks amid market optimism toward the new round of stimulus package surged. Last week, representatives of two biggest parties in […]<\/p>\n","protected":false},"author":25,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[13],"tags":[],"acf":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/143851"}],"collection":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/users\/25"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/comments?post=143851"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/143851\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=143851"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=143851"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=143851"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}