{"id":145945,"date":"2020-11-02T03:50:31","date_gmt":"2020-11-02T03:50:31","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=145945"},"modified":"2020-11-02T03:50:31","modified_gmt":"2020-11-02T03:50:31","slug":"021120-afternoon-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/021120-afternoon-session-analysis\/","title":{"rendered":"021120 Afternoon Session Analysis"},"content":{"rendered":"

02 November 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 Afternoon Session Analysis<\/strong><\/p>\n

Pound slumped amid latest lock-down restriction.<\/strong><\/span><\/p>\n

The overall momentum for the Pound Sterling remained subdued following the UK Prime Minister has announced a second national lockdown for England in order to curb the spiking Covid-19 infections from the United Kingdom, which spurring bearish momentum for the Pound Sterling. According to BBC, he claimed that the pubs, restaurants, gyms and non-essential shops will have to close for four weeks from Thursday. After 2nd<\/sup> December 2020, the restrictions would be eased and regions would back to the tiered system. Besides, a series of new lockdown restrictions from the Europe countries and UK in order to combat the Covid-19 had prompted the riskier asset to dive into deep, which weighing on the demand on the risky asset such as Pound Sterling. On the Brexit front, lack of progress over the Brexit talks had left scant hope on soft-Brexit, which spurring further bearish momentum for the Pound Sterling. According to Reuters, the EU chief negotiator Michel Barnier on Friday claimed that the EU and Britain are still working hard for a Brexit deal, though much remains to be done. As of writing, GBP\/USD depreciated by 0.03% to 1.2935.<\/p>\n

 <\/p>\n

In the commodities market, the crude oil price slumped 3.31% to $34.50 per barrel as of writing. The oil market extends its losses amid the lock-down restriction from the Europe and UK region, which providing negative prospect for the crude oil demand. On the other hand, the gold price appreciated by 0.27% to $1883.40 per troy ounces ahead of U.S. Presidential election as investors fear that such events would be spurring risk-off sentiment in the global financial market, which insinuating demand on the safe-haven commodity.<\/p>\n

 <\/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

N\/A<\/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

 <\/p>\n

Today\u2019s Highlight Economic Data<\/u><\/p>\n\n\n\n\n\n\n
Time<\/strong><\/td>\nNation & Data<\/strong><\/td>\nPrevious<\/strong><\/td>\nForecast<\/strong><\/td>\nActual<\/strong><\/td>\n<\/tr>\n
16:55<\/td>\nEUR – German Manufacturing PMI (Oct)<\/td>\n58.0<\/td>\n58.0<\/td>\n–<\/td>\n<\/tr>\n
17:30<\/td>\nGBP – Manufacturing PMI (Oct)<\/td>\n53.3<\/td>\n53.3<\/td>\n–<\/td>\n<\/tr>\n
23:00<\/td>\nUSD – ISM Manufacturing PMI (Oct)<\/td>\n55.4<\/td>\n55.8<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n

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

\"\"<\/p>\n

DOLLAR_INDX, H4: <\/strong>Dollar index was traded higher while currently testing the resistance level at 94.00. However, MACD which illustrated diminishing bullish momentum suggest the index to be traded lower in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 94.00, 94.70<\/p>\n

Support level: 93.45, 93.00<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H4: <\/strong>GBPUSD was traded lower following prior breakout below the previous support level at 1.2955. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.<\/p>\n

Resistance level: 1.2955, 1.3010<\/p>\n

Support level: 1.2880, 1.2815<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, Daily: <\/strong>EURUSD was traded lower while currently testing the support level at 1.1615. MACD which illustrated increasing bearish momentum suggest the pair to extend tis losses after it successfully breakout below the support level.<\/p>\n

 <\/p>\n

Resistance level: 1.1730, 1.1845<\/p>\n

Support level: 1.1615, 1.1460<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, H4: <\/strong>USDJPY was traded higher while currently testing the resistance level at 104.70. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 104.70, 105.10<\/p>\n

Support level: 104.35, 103.95<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H1: <\/strong>AUDUSD was traded higher following prior rebound from the support level at 0.7005. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 0.7040.<\/p>\n

 <\/p>\n

Resistance level: 0.7040, 0.7075<\/p>\n

Support level: 0.7005, 0.6955<\/p>\n

 <\/p>\n

\"\"<\/strong><\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded lower following prior breakout below the previous support level at 0.6620. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.<\/p>\n

Resistance level: 0.6620, 0.6655<\/p>\n

Support level: 0.6580, 0.6510<\/p>\n

 <\/p>\n

\"\"
\n<\/strong><\/p>\n

USDCAD, H4: <\/strong>USDCAD was traded lower following prior retracement from the resistance level at 1.3365. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.3315.<\/p>\n

 <\/p>\n

Resistance level: 1.3365, 1.3420<\/p>\n

Support level: 1.3315, 1.3255<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded higher while currently testing the resistance level at 0.9170. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 0.9180, 0.9215<\/p>\n

Support level: 0.9135, 0.9090<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H4: <\/strong>Crude oil price was traded lower while currently testing the support level at 34.10. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses after it successfully breakout below the support level.<\/p>\n

 <\/p>\n

Resistance level: 35.65, 36.95<\/p>\n

Support level: 34.10, 32.40<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H4: <\/strong>Gold price was traded higher while currently testing the resistance level at 1885.35. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 1885.35, 1894.60<\/p>\n

Support level: 1875.75, 1866.00<\/p>\n

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

02 November 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 Afternoon Session Analysis Pound slumped amid latest lock-down restriction. The overall momentum for the Pound Sterling remained subdued following the UK Prime Minister has announced a second national lockdown for England in order to curb the spiking Covid-19 infections from the United Kingdom, which spurring bearish momentum for the Pound Sterling. According […]<\/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\/145945"}],"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=145945"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/145945\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=145945"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=145945"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=145945"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}