{"id":149566,"date":"2020-12-07T05:25:37","date_gmt":"2020-12-07T05:25:37","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=149566"},"modified":"2020-12-07T05:25:37","modified_gmt":"2020-12-07T05:25:37","slug":"071220-afternoon-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/071220-afternoon-session-analysis\/","title":{"rendered":"071220 Afternoon Session Analysis"},"content":{"rendered":"

07 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

 <\/p>\n

Dollar extend loss on disappointing jobs data and U.S stimulus.<\/strong><\/span><\/p>\n

During late Asian session, the dollar index which traded against a basket of six major currency pairs have continue to extend its previous losses and fell as downbeat U.S. jobs data raised expectations of fresh economic stimulus measures. According to the US Bureau of Labor Statistics, non-farm payrolls grew by 245,000, much smaller than market expectation of 469,000. The reading was also the smallest gains recorded since May. On the other hand, unemployment rate eased to 6.7%, below market forecast of 6.8. The data suggested that job recovery is losing momentum as the U.S. continues to battle a third wave of COVID-19 cases. Investors are also increasing their expectation that the disappointing data will be a catalyst for Congress to pass the latest round of stimulus measures to aid the economic recovery. As of now, the U.S Congress has until Dec. 11 to pass the measures to avoid a government shutdown. At the time of writing, dollar index slips 0.03% to $90.63.<\/p>\n

 <\/p>\n

In the commodities market, crude oil price held steady and edge higher 0.06% to $46.06 per barrel as of writing as market remains hopeful on recovering economic and demand outlook. Oil price continue to rose on optimism that energy demand wold recover quickly next year as Covid-19 vaccines are rolled out. Besides that, reports of increasing demand in Asia and North Sea market also help providing support for the commodity. On the other hand, gold price rose 0.07% to $1838.33 a troy ounce at the time of writing amid dollar weakness and progress on U.S stimulus help driving the demand for the yellow metal.<\/p>\n

\u00a0<\/u><\/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
Time<\/strong><\/td>\nNation & Data<\/strong><\/td>\nPrevious<\/strong><\/td>\nForecast<\/strong><\/td>\nActual<\/strong><\/td>\n<\/tr>\n
23:00<\/td>\nCAD \u2013 Ivey PMI (Nov)<\/td>\n54.5<\/td>\n51.5<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n

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

\"\"<\/p>\n

DOLLAR_INDX, H4: <\/strong>Dollar index was traded higher following prior rebound from the support level at 90.60. MACD which illustrate bullish bias momentum suggest the dollar to extend its gains toward the resistance level at 91.10.<\/p>\n

 <\/p>\n

Resistance level: 91.10, 91.45<\/p>\n

Support level: 90.60, 90.15<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H4: <\/strong>GBPUSD was traded lower following prior retracement from the resistance level at 1.3470. MACD which illustrates bearish momentum signal suggest the pair to extend its losses toward the support level at 1.3385.<\/p>\n

 <\/p>\n

Resistance level: 1.3470, 1.3535<\/p>\n

Support level: 1.3385, 1.3290<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, H1: <\/strong>EURUSD was traded higher while currently testing the resistance level at 1.2135. MACD which illustrate diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 1.2135, 1.2175<\/p>\n

Support level: 1.2105, 1.2045<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, H1: <\/strong>USDJPY was traded lower while currently testing the support level at 104.00. MACD which illustrate bearish bias momentum suggest the pair to extend its losses after it successfully breakout below the support level.<\/p>\n

 <\/p>\n

Resistance level: 104.35, 104.70<\/p>\n

Support level: 104.00, 103.65<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H4: <\/strong>AUDUSD was traded lower following prior retracement from the resistance level at 0.7445. MACD which illustrate bearish momentum signal suggest the pair to extend its losses toward the support level at 0.7400.<\/p>\n

 <\/p>\n

Resistance level: 0.7445, 0.7480<\/p>\n

Support level: 0.7400, 0.7365<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded lower following prior retracement from the resistance level at 0.7090. MACD which illustrate bearish bias momentum signal suggest the pair to extend its losses toward the support level at 0.7015.<\/p>\n

 <\/p>\n

Resistance level: 0.7090, 0.7175<\/p>\n

Support level: 0.7015, 0.6960<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, H4: <\/strong>USDCAD was traded lower following prior breakout below the previous support level at 1.2810. MACD which illustrate bearish bias momentum signal suggest the pair to extend its losses toward the support level at 1.2750.<\/p>\n

 <\/p>\n

Resistance level: 1.2810, 1.2855<\/p>\n

Support level: 1.2750, 1.2715<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded higher following prior rebound from the support level at 0.8895. MACD which display bullish bias momentum signal suggest the pair to extend its gains toward the resistance level at 0.8945.<\/p>\n

 <\/p>\n

Resistance level: 0.8945, 0.8985<\/p>\n

Support level: 0.8895, 0.8870<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H1: <\/strong>Crude oil price was traded lower while currently testing the bottom level of upward channel. MACD which illustrate diminishing bearish momentum signal suggest the commodity to undergo technical rebound toward higher level.<\/p>\n

 <\/p>\n

Resistance level: 46.65, 48.20<\/p>\n

Support level: 45.55, 44.65<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H1: <\/strong>Gold price was traded higher following prior rebound from the support level at 1830.65. MACD which illustrate diminishing bearish momentum signal suggest the commodity to extend its gains toward the resistance level at 1844.50.<\/p>\n

 <\/p>\n

Resistance level: 1844.50, 1855.95<\/p>\n

Support level: 1830.65, 1815.50<\/p>\n","protected":false},"excerpt":{"rendered":"

07 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 loss on disappointing jobs data and U.S stimulus. During late Asian session, the dollar index which traded against a basket of six major currency pairs have continue to extend its previous losses and fell as downbeat U.S. jobs data raised expectations of fresh economic stimulus measures. […]<\/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\/149566"}],"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=149566"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/149566\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=149566"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=149566"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=149566"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}