{"id":149264,"date":"2020-12-03T05:50:33","date_gmt":"2020-12-03T05:50:33","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=149264"},"modified":"2020-12-03T05:50:33","modified_gmt":"2020-12-03T05:50:33","slug":"031220-afternoon-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/031220-afternoon-session-analysis\/","title":{"rendered":"031220 Afternoon Session Analysis"},"content":{"rendered":"

03 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 Afternoon Session Analysis<\/strong><\/p>\n

Dollar extend losses as vaccine optimism dominates.<\/strong><\/span><\/p>\n

During late Asian session, the dollar index which traded against a basket of six major currency pairs have reached 2 year low and continue to extend its downfall following the expectation of beginning COVID-19 vaccinations would support riskier assets. On vaccine development, U.K have approved a COVID-19 vaccine developed by Pfizer and BioNTecH. U.K also stated that they will start vaccinating those most at risk early next week. It is also expected that other countries such as France will follow suit. With expectation of mass vaccination starting, investors are slowly regaining its confidence that the global economic outlook could recover to its previous level. At the same time, U.S stimulus also continue to weigh on the sentiment where investors expect lawmakers to reach a deal eventually with the two parties also facing a Dec. 11 deadline to pass a $1.4 trillion budget or risk a shutdown of the government. At the time of writing, dollar index fell 0.12% to $90.93.<\/p>\n

 <\/p>\n

In the commodities market, crude oil price held steady and gains 0.67% to $45.20 per barrel at the time of writing following vaccine and Saudi Arabia. According to data, OPEC kingpin Saudi Arabia exporting its least to U.S. shores in 35 years in a strident enforcement of the cartel\u2019s production with just 73,000 barrels a day. On top that, U.K\u2019s approval of vaccine also help lifting up the commodity sentiment where demand outlook is expected to recover. On the other hand, gold price recovers 0.09% to $1829.09 a troy ounce at the time of writing following dollar weakness and prospect of U.S stimulus.<\/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\n
Time<\/strong><\/td>\nNation & Data<\/strong><\/td>\nPrevious<\/strong><\/td>\nForecast<\/strong><\/td>\nActual<\/strong><\/td>\n<\/tr>\n
17:30<\/td>\nGBP \u2013 Composite PMI (Nov)<\/td>\n47.4<\/td>\n47.4<\/td>\n–<\/td>\n<\/tr>\n
17:30<\/td>\nGBP \u2013 Services PMI (Nov)<\/td>\n45.8<\/td>\n45.8<\/td>\n–<\/td>\n<\/tr>\n
21:30<\/td>\nUSD \u2013 Initial Jobless Claims<\/td>\n778K<\/td>\n775K<\/td>\n–<\/td>\n<\/tr>\n
23:00<\/td>\nUSD \u2013 ISM Non-Manufacturing PMI<\/td>\n56.6<\/td>\n56.0<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n

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

\"\"<\/p>\n

DOLLAR_INDX, Daily: <\/strong>Dollar index was traded lower following prior breakout below the previous support level at 91.75. MACD which illustrated increasing bearish momentum suggest the index to extend its losses toward support level at 90.10.<\/p>\n

 <\/p>\n

Resistance level: 91.75, 94.05<\/p>\n

Support level: 90.10, 88.05<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H1: <\/strong>GBPUSD was traded higher while currently testing the resistance level at 1.3390. 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: 1.3390, 1.3435<\/p>\n

Support level: 1.3305, 1.3265<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, H4: <\/strong>EURUSD was traded higher following prior breakout above the previous resistance level at 1.2055. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.2160.<\/p>\n

 <\/p>\n

Resistance level: 1.2160, 1.2230<\/p>\n

Support level: 1.2055, 1.1955<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, H4: <\/strong>USDJPY was traded lower following prior retracement from the resistance level at 104.65. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 104.30.<\/p>\n

 <\/p>\n

Resistance level: 104.65, 104.95<\/p>\n

Support level: 104.30, 103.85<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H4: <\/strong>AUDUSD was traded higher while currently testing the resistance level at 0.7410. 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: 0.7410, 0.7495<\/p>\n

Support level: 0.7325, 0.7220<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, Weekly: <\/strong>NZDUSD was traded higher while currently testing the resistance level at 0.7110. 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: 0.7110, 0.7340<\/p>\n

Support level: 0.6905, 0.6760<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, Daily: <\/strong>USDCAD was traded lower following prior breakout below the previous support level at 1.3060. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.2835.<\/p>\n

 <\/p>\n

Resistance level: 1.3060, 1.3365<\/p>\n

Support level: 1.2935, 1.2625<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded lower while currently testing the support level at 0.8925. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.<\/p>\n

 <\/p>\n

Resistance level: 0.8980, 0.9035<\/p>\n

Support level: 0.8925, 0.8855<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, <\/strong>Weekly: <\/strong>Crude oil price was traded higher following prior breakout above the previous resistance level at 41.75. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains toward resistance level at 50.05.<\/p>\n

 <\/p>\n

Resistance level: 50.05, 61.85<\/p>\n

Support level: 41.75, 33.45<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H4: <\/strong>Gold price was traded breakout above the previous resistance level at 1826.25. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 1853.10, 1888.85<\/p>\n

Support level: 1826.25, 1802.90<\/p>\n","protected":false},"excerpt":{"rendered":"

03 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 Afternoon Session Analysis Dollar extend losses as vaccine optimism dominates. During late Asian session, the dollar index which traded against a basket of six major currency pairs have reached 2 year low and continue to extend its downfall following the expectation of beginning COVID-19 vaccinations would support riskier assets. On vaccine development, […]<\/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\/149264"}],"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=149264"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/149264\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=149264"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=149264"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=149264"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}