{"id":146986,"date":"2020-11-12T06:29:33","date_gmt":"2020-11-12T06:29:33","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=146986"},"modified":"2020-11-12T06:29:33","modified_gmt":"2020-11-12T06:29:33","slug":"121120-afternoon-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/121120-afternoon-session-analysis\/","title":{"rendered":"121120 Afternoon Session Analysis"},"content":{"rendered":"

12 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 fell amid expectation of Brexit talks miss deadline.<\/strong><\/span><\/p>\n

During late Asian session, the pound sterling which traded against the dollar and other currency pairs have fell following expectation of the EU and UK is likely to miss next week deadline and to be pushed back even longer. Following latest development, a report reveals that the EU ambassadors will not be updated on the talks at the regular meeting and will be delayed until their meeting on November 18. EU sources stated they now expected negotiators to come up with an agreed text in the middle of next week, unless talks collapse or there is a breakthrough earlier. The situation have signalled that the ongoing stalemate between UK and EU in Brexit agreement and the chance of Brexit deal remains low, thus dragging down the value of pound sterling. At the time of writing, GBP\/USD slips 0.08% to 1.3275.<\/p>\n

 <\/p>\n

In the commodities market, crude oil price remains steady and edge higher 1.00% to $42.05 per barrel as of writing following rising hopes of OPEC to hold back supply. Algeria’s energy minister recently stated OPEC+ – grouping the Organization of the Petroleum Exporting Countries (OPEC) and other suppliers including Russia – could extend current production cuts of 7.7 million barrels per day (bpd) into 2021, or deepen them further if needed. On the other hand, gold price remains weak and edge lower 0.06% to $1868.95 a troy ounce at the time of writing following dollar strength.<\/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

16:00\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 GBP\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 BoE Gov Bailey Speaks<\/p>\n

 <\/p>\n

Today\u2019s Highlight Economic Data<\/u><\/p>\n\n\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
15:00<\/td>\nGBP \u2013 GDP(QoQ)(Q3)<\/td>\n-19.8%<\/td>\n15.8%<\/td>\n–<\/td>\n<\/tr>\n
15:00<\/td>\nGBP \u2013 Manufacturing Production (MoM)(Sep)<\/td>\n0.7%<\/td>\n1.0%<\/td>\n–<\/td>\n<\/tr>\n
21:30<\/td>\nUSD \u2013 Core CPI (MoM)(Oct)<\/td>\n0.2%<\/td>\n0.2%<\/td>\n–<\/td>\n<\/tr>\n
21:30<\/td>\nUSD \u2013 Initial Jobless Claims<\/td>\n751K<\/td>\n735K<\/td>\n–<\/td>\n<\/tr>\n
00:00<\/p>\n

(13th<\/sup>)<\/td>\n

CrudeOIL \u2013 Crude Oil Inventories<\/td>\n-7.998M<\/td>\n-0.913M<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n

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

\"\"<\/p>\n

DOLLAR_INDX, H1: <\/strong>Dollar index was traded higher while currently testing the resistance level at 93.00. However, MACD which illustrated diminishing bearish momentum suggest the index to extend its gains after it successfully breakout above the resistance level.<\/p>\n

 <\/p>\n

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

Support level: 92.55, 92.10<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H4: <\/strong>GBPUSD was traded lower following prior retracement from the resistance level at 1.3225. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.3165.<\/p>\n

 <\/p>\n

Resistance level: 1.3225, 1.3270<\/p>\n

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

 <\/p>\n

\"\"<\/p>\n

EURUSD, H4: <\/strong>EURUSD was traded higher following prior rebound from the support level at 1.1765. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 1.1810.<\/p>\n

 <\/p>\n

Resistance level: 1.1810, 1.1855<\/p>\n

Support level: 1.1765, 1.1705<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, H4: <\/strong>USDJPY was traded lower following prior retracement from the resistance level at 105.65. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 104.95.<\/p>\n

 <\/p>\n

Resistance level: 105.65, 106.00<\/p>\n

Support level: 104.95, 104.25<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H1: <\/strong>AUDUSD was traded lower while currently testing the support level at 0.7265. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 0.7315, 0.7345<\/p>\n

Support level: 0.7265, 0.7200<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, Weekly: <\/strong>NZDUSD was traded higher while currently testing near the resistance level at 0.6915. 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: 0.6915, 0.7110<\/p>\n

Support level: 0.6765, 0.6515<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, H4: <\/strong>USDCAD was traded higher while currently testing the resistance level at 1.3100. 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: 1.3100, 1.3225<\/p>\n

Support level: 1.2965, 1.2835<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded lower while currently testing the support level 0.9150. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.<\/p>\n

 <\/p>\n

Resistance level: 0.9205, 0.9235<\/p>\n

Support level: 0.9150, 0.9090<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H1: <\/strong>Crude oil price was traded lower while currently testing the support level at 41.35. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 42.90, 44.55<\/p>\n

Support level: 41.35, 39.50<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H4: <\/strong>Gold price was traded higher following prior rebound from the support level at 1862.40. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains toward resistance level at 1883.10.<\/p>\n

 <\/p>\n

Resistance level: 1883.10, 1898.20<\/p>\n

Support level: 1862.40, 1851.15<\/p>\n","protected":false},"excerpt":{"rendered":"

12 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 fell amid expectation of Brexit talks miss deadline. During late Asian session, the pound sterling which traded against the dollar and other currency pairs have fell following expectation of the EU and UK is likely to miss next week deadline and to be pushed back even longer. Following […]<\/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\/146986"}],"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=146986"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/146986\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=146986"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=146986"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=146986"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}