{"id":149020,"date":"2020-12-02T00:32:42","date_gmt":"2020-12-02T00:32:42","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=149020"},"modified":"2020-12-02T00:32:42","modified_gmt":"2020-12-02T00:32:42","slug":"021220-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/021220-morning-session-analysis\/","title":{"rendered":"021220 Morning Session Analysis"},"content":{"rendered":"

02 December 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 plunged as stimulus hopes faded.<\/strong><\/span><\/p>\n

Dollar index which gauges its value against a basket of six major currencies sank after McConnell shoots down the bipartisan $908 billion relief plan yesterday. Recently, a group of bipartisan group of senators have introduced a Covid-19 aid proposal which worth about $908 billion, with an aim to break the impasses over emergency relief plan for curbing the fallout of pandemic. In details, the plan was mainly aimed to provide monetary form of support to small business and local government, but would not include direct payment to Americans. However, the plan has been rejected by the Senate majority Leader Mitch McConnell while emphasizing that they are now currently running out of time for a coronavirus relief plan as government will shut down at 11th<\/sup> Dec. Besides, Mitch McConnell also revealed that he is seeking for a better proposal of stimulus plan as Congressional inaction has slowdown the US economy recovery pace. As of now, investors are putting their attention over the news on further stimulus plan\u2019s talks in order to gauge the further direction of dollar index. As of writing, dollar index dropped 0.74% to 91.20.<\/p>\n

 <\/p>\n

In the commodities market, the crude oil price depreciated by 0.14% to $44.35 per barrel amid a stockpiles in US oil inventory. According to the API, US Crude Oil Inventories data came in at 4.146M, unexpectedly higher than the economist forecast at -2.272M, lifting the market worries over the unbalancing of oil market. Besides, gold price rose 0.10% to 1814.20 per troy ounce amid stalemate of stimulus plan in US.<\/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

23:00\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 USD\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Fed Chair Powell Testifies<\/p>\n

 <\/p>\n

Today\u2019s Highlight Economic Data<\/u><\/p>\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
21:15<\/td>\nUSD \u2013 ADP Nonfarm Employment Change(Nov)<\/td>\n365K<\/td>\n410K<\/td>\n–<\/td>\n<\/tr>\n
23:30<\/td>\nCrudeOIL \u2013 Crude OIL Inventories<\/td>\n-0.754M<\/td>\n-2.358M<\/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 lower following prior breakout below the previous support level at 91.20. MACD which illustrate bearish bias momentum signal suggest the dollar to extend its losses toward the support level at 91.00.<\/p>\n

 <\/p>\n

Resistance level: 91.20, 91.50<\/p>\n

Support level: 91.00, 90.75<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H1: <\/strong>GBPUSD was traded higher while currently testing the resistance level at 1.3230. However, MACD which illustrates diminishing bullish momentum suggest the pair to undergo technical correction in short term toward the support level at 1.3390.<\/p>\n

 <\/p>\n

Resistance level: 1.3430, 1.3465<\/p>\n

Support level: 1.3390, 1.3350<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, H4: <\/strong>EURUSD was traded lower while currently testing the resistance level at 1.2065. MACD which illustrate bullish bias momentum signal suggest the pair to extend its gains after it successfully breakout above the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 1.2065, 1.2130<\/p>\n

Support level: 1.1990, 1.1935<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, H1: <\/strong>USDJPY was traded lower following prior retracement from the resistance level at 104.40. MACD which illustrate bearish bias momentum signal suggest the pair to extend its losses toward the support level at 104.20.<\/p>\n

 <\/p>\n

Resistance level: 104.40, 104.65<\/p>\n

Support level: 104.20, 103.90<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H4: <\/strong>AUDUSD was traded higher following prior rebound from the support level at 0.7330. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 0.7405.<\/p>\n

 <\/p>\n

Resistance level: 0.7405, 0.7480<\/p>\n

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

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H1: <\/strong>NZDUSD was traded higher following prior breakout above the previous resistance level at 0.7045. MACD which illustrate ongoing bullish momentum signal suggest the pair to extend its gains toward the resistance level at 0.7075.<\/p>\n

 <\/p>\n

Resistance level: 0.7075, 0.7100<\/p>\n

Support level: 0.7045, 0.7010<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, H4: <\/strong>USDCAD was traded lower following prior breakout below the previous support level at 1.2950. MACD which illustrate bearish bias momentum signal suggest the pair to extend its losses toward the support level at 1.2920.<\/p>\n

 <\/p>\n

Resistance level: 1.2950, 1.2995<\/p>\n

Support level: 1.2920, 1.2885<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, Daily: <\/strong>USDCHF was traded lower while currently testing the support level at 0.8990. MACD which display diminishing bearish bias momentum signal suggest the pair to extend its losses after it successfully breakout below the support level at 0.8990.<\/p>\n

 <\/p>\n

Resistance level: 0.9035, 0.9080<\/p>\n

Support level: 0.8990, 0.8930<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H1: <\/strong>Crude oil price was traded lower while currently testing the support level at 44.05. MACD which display diminishing bearish bias momentum signal suggest the commodity to extend its losses after it successfully breakout below the support level at 44.05.<\/p>\n

 <\/p>\n

 <\/p>\n

Resistance level: 44.65, 45.50<\/p>\n

Support level: 44.05, 43.35<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H1: <\/strong>Gold price was traded lower following prior retracement from the resistance level at 1816.00. MACD which illustrate diminishing bullish momentum suggest the commodity to extend its losses toward the support level at 1802.25.<\/p>\n

 <\/p>\n

Resistance level: 1816.00, 1833.65<\/p>\n

Support level: 1802.25, 1789.75<\/p>\n","protected":false},"excerpt":{"rendered":"

02 December 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 plunged as stimulus hopes faded. Dollar index which gauges its value against a basket of six major currencies sank after McConnell shoots down the bipartisan $908 billion relief plan yesterday. Recently, a group of bipartisan group of senators have introduced a Covid-19 aid proposal which worth about […]<\/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\/149020"}],"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=149020"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/149020\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=149020"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=149020"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=149020"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}