{"id":148099,"date":"2020-11-24T00:43:20","date_gmt":"2020-11-24T00:43:20","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=148099"},"modified":"2020-11-24T00:43:20","modified_gmt":"2020-11-24T00:43:20","slug":"241120-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/241120-morning-session-analysis\/","title":{"rendered":"241120 Morning Session Analysis"},"content":{"rendered":"

24 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\u00a0 Morning Session Analysis<\/strong><\/p>\n

 <\/p>\n

Dollar surge following upbeat PMI data.<\/strong><\/span><\/p>\n

During early Asian session, the dollar index which traded against a basket of six major currency pairs have strengthen and continue to advance following positive data. According to Markit Economics, U.S Manufacturing PMI unexpectedly jumped to 56.7, exceed market expectation of 53.0 and also previous reading of 53.4. At the same time, U.S Services PMI also unexpectedly increase to 57.7 from 56.9 and also higher than market expectation of 55.0. Both results are at the highest level since September 2014 and April 2015 respectively. The reports contained evidence of a coming uptick in inflation that could led Fed raising interest rates sooner than expected, thus triggering a huge reaction towards the greenback. Adding more into the positive sentiment was vaccine news where AstraZeneca also stated that its vaccine can be 90% effective without any serious side effect. At the time of writing, dollar index rose 0.14% to 92.52.<\/p>\n

 <\/p>\n

In the commodities market, crude oil price continue to extend its gains and climbs 0.33% to $42.96 per barrel as of writing following vaccine hopes. Following latest development, British-Swedish drug company AstraZeneca stated that its Covid-19 vaccine was 70% effective in protecting against the virus and could reach 90% on a second dose. AstraZeneca\u2019s vaccine could also be stored in an ordinary refrigerator and is likely to be much cheaper than a rival vaccine from Pfizer. Ongoing positive news about vaccine continue to improve demand outlook for the commodity, thus continue to favour the buyers. On the other hand, gold price plunged 0.11% to $1837.16 a troy ounce at the time of writing, following strong dollar boosted by U.S data.<\/p>\n

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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

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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

22.00\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 EUR\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0ECB President Lagarde Speaks<\/p>\n

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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
15.00<\/td>\nEUR \u2013 German GDP (QoQ) (Q3)<\/td>\n-9.7%<\/td>\n8.2%<\/td>\n–<\/td>\n<\/tr>\n
17.00<\/td>\nEUR \u2013 German Ifo Business Climate Index (Nov)<\/td>\n92.7<\/td>\n90.1<\/td>\n–<\/td>\n<\/tr>\n
23.00<\/td>\nUSD – CB Consumer Confidence (Nov)<\/td>\n100.9<\/td>\n98.0<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

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

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DOLLAR_INDX, H4: <\/strong>Dollar index was traded higher following prior rebound from the support level 92.10. MACD which illustrate bullish momentum signal suggest the dollar to extend its gains towards the resistance level 93.00.<\/p>\n

 <\/p>\n

Resistance level: 93.00, 93.80<\/p>\n

Support level: 92.10, 91.70<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H4: <\/strong>GBPUSD was traded lower following recent retracement from its high level while currently testing near the support level 1.3295. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its retracement after it breaks below the support level.<\/p>\n

 <\/p>\n

Resistance level: 1.3470, 1.3605<\/p>\n

Support level: 1.3295, 1.3150<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, H4: <\/strong>EURUSD was traded lower following prior retracement from the resistance level 1.1890. MACD which illustrate bearish momentum signal suggest the pair to extend its retracement towards the support level 1.1760.<\/p>\n

 <\/p>\n

Resistance level: 1.1890, 1.1995<\/p>\n

Support level: 1.1760, 1.1615<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, H4: <\/strong>USDJPY was traded higher following prior breakout above the previous resistance level 104.25. MACD which illustrate ongoing bullish momentum signal suggest the pair to extend its gains towards the resistance level 105.10.<\/p>\n

 <\/p>\n

Resistance level: 105.10, 105.85<\/p>\n

Support level: 104.25, 103.20<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H4: <\/strong>AUDUSD was traded lower following recent retracement from the resistance level 0.7340. MACD which illustrate bearish bias signal suggest the pair to extend its retracement towards the support level 0.7200.<\/p>\n

 <\/p>\n

Resistance level: 0.7340, 0.7410<\/p>\n

Support level: 0.7200, 0.7105<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded lower following recent retracement from its high level while currently testing near the support level 0.6910. MACD which illustrate bearish momentum signal suggest the pair to extend its retracement after it breaks below the support level.<\/p>\n

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Resistance level: 0.6985, 0.7055<\/p>\n

Support level: 0.6910, 0.6815<\/p>\n

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\u00a0\"\"<\/strong><\/p>\n

USDCAD, H4: <\/strong>USDCAD remain traded flat near the resistance level 1.3105. Due to lack of momentum and clear direction from MACD, it is suggested to wait until further signal appear before entering the market.<\/p>\n

 <\/p>\n

Resistance level: 1.3105, 1.3240<\/p>\n

Support level: 1.2995, 1.2890<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded higher following prior rebound from the support level 0.9080. MACD which illustrate bullish bias signal with the recent formation of golden cross suggest the pair to extend its rebound towards the resistance level 0.9190.<\/p>\n

 <\/p>\n

Resistance level: 0.9190, 0.9295<\/p>\n

Support level: 0.9080, 0.8990<\/p>\n

 <\/p>\n

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CrudeOIL, H4: <\/strong>Crude oil price was traded higher following recent rebound from the support level 41.60. MACD which illustrate ongoing bullish momentum signal suggest the commodity to extend its gains towards the resistance level 43.95.<\/p>\n

 <\/p>\n

Resistance level: 43.95, 46.20<\/p>\n

Support level: 41.60, 39.25<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H4: <\/strong>Gold price was traded lower following prior breakout below the previous support level 1853.90. MACD which illustrate bearish momentum signal with the formation of death cross suggest the commodity to extend its losses towards the support level 1814.40.<\/p>\n

 <\/p>\n

Resistance level: 1853.90, 1885.70<\/p>\n

Support level: 1814.40, 1790.25<\/p>\n","protected":false},"excerpt":{"rendered":"

24 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\u00a0 Morning Session Analysis   Dollar surge following upbeat PMI data. During early Asian session, the dollar index which traded against a basket of six major currency pairs have strengthen and continue to advance following positive data. According to Markit Economics, U.S Manufacturing PMI unexpectedly jumped to 56.7, exceed market expectation of 53.0 […]<\/p>\n","protected":false},"author":54,"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\/148099"}],"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\/54"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/comments?post=148099"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/148099\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=148099"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=148099"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=148099"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}