{"id":149447,"date":"2020-12-04T06:14:06","date_gmt":"2020-12-04T06:14:06","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=149447"},"modified":"2020-12-04T06:14:06","modified_gmt":"2020-12-04T06:14:06","slug":"041220-afternoon-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/041220-afternoon-session-analysis\/","title":{"rendered":"041220 Afternoon Session Analysis"},"content":{"rendered":"

04 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

Pound soars on reports of progress on fisheries.<\/strong><\/span><\/p>\n

The pound sterling which traded against the dollar and other currency pairs continue to extend its gains during late Asian session after reports of U.K and EU have made progress on fishing quotas. According to sources, U.K and EU have reported to found a compromise on fishing quotas. Under the proposal, U.K. would hold onto increased stocks of fish that are sold in the U.K., while the EU will keep similar quotes of stock that are popular in the EU but not in the U.K. As the end of the transition period on Dec 31 is getting near, the positive progress after a months-long stalemate have returned hopes of a post-Brexit deal, thus spurring huge demand for the pound sterling. Still, investors will continue to remain focus as there is still other issues such as level playing field and governance that may also affect the direction of the Brexit deal. At the time of writing, GBP\/USD rose 0.03% to 1.3445.<\/p>\n

 <\/p>\n

In the commodities market, crude oil price jumped 1.64% to $46.32 per barrel as of writing as market continue to buy in over OPEC compromise. The black commodity continue to experience huge demand after Organization of the Petroleum Exporting Countries and allies (OPEC+) agreed at Thursday\u2019s ministerial meeting to ease production cuts by 500,000 barrels per day (bpd) from January 2021. On top of that, positive vaccine outlook also help to push the price higher. On the other hand, gold price remains steady and rose 0.03% to $1840.55 a troy ounce at the time of writing amid ongoing dollar weakness.<\/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 Construction PMI (Nov)<\/td>\n53.1<\/td>\n52.0<\/td>\n–<\/td>\n<\/tr>\n
21:30<\/td>\nUSD \u2013 Nonfarm Payrolls (Nov)<\/td>\n638K<\/td>\n469K<\/td>\n–<\/td>\n<\/tr>\n
21:30<\/td>\nUSD \u2013 Unemployment Rate (Nov)<\/td>\n6.9%<\/td>\n6.8%<\/td>\n–<\/td>\n<\/tr>\n
21:30<\/td>\nCAD \u2013 Employment Change<\/td>\n83.6K<\/td>\n20.0K<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n

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

\"\"<\/p>\n

DOLLAR_INDX, Weekly: <\/strong>Dollar index was traded lower while currently testing the support level at 90.10. MACD which illustrated increasing bearish momentum suggest the index to extend its losses after it successfully breakout below the support level.<\/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, H4: <\/strong>GBPUSD was traded lower following prior retracement from the resistance level at 1.3485. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 1.3295.<\/p>\n

 <\/p>\n

Resistance level: 1.3485, 1.3645<\/p>\n

Support level: 1.3295, 1.3125<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, H1: <\/strong>EURUSD was traded within a range while currently testing the resistance level at 1.2150. MACD which illustrated increasing bearish momentum suggest the pair to be traded lower in short-term.<\/p>\n

 <\/p>\n

Resistance level: 1.2150, 1.2200<\/p>\n

Support level: 1.2080, 1.2030<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, H4: <\/strong>USDJPY was traded lower while currently testing the support level at 103.85. 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: 104.30, 104.65<\/p>\n

Support level: 103.85, 103.15<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, Weekly: <\/strong>AUDUSD was traded higher following prior breakout above the previous resistance level at 0.7570. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.7570.<\/p>\n

 <\/p>\n

Resistance level: 0.7570, 0.7780<\/p>\n

Support level: 0.7370, 0.7130<\/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, H4: <\/strong>USDCAD was traded lower while currently testing the support level at 1.2845. 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: 1.2925, 1.3025<\/p>\n

Support level: 1.2845, 1.2735<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded lower following prior breakout below the previous support level at 0.8980. 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: 0.8980, 0.9090<\/p>\n

Support level: 0.8860, 0.8710<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, Weekly: <\/strong>Crude oil price was traded higher following prior breakout above the previous resistance level at 50.05. 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 higher following prior rebound from the support level at 1829.30. 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: 1857.55, 1891.30<\/p>\n

Support level: 1829.30, 1808.40<\/p>\n","protected":false},"excerpt":{"rendered":"

04 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 Pound soars on reports of progress on fisheries. The pound sterling which traded against the dollar and other currency pairs continue to extend its gains during late Asian session after reports of U.K and EU have made progress on fishing quotas. According to sources, U.K and EU have reported […]<\/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\/149447"}],"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=149447"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/149447\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=149447"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=149447"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=149447"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}