{"id":149636,"date":"2020-12-08T00:21:20","date_gmt":"2020-12-08T00:21:20","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=149636"},"modified":"2020-12-08T00:21:20","modified_gmt":"2020-12-08T00:21:20","slug":"081220-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/081220-morning-session-analysis\/","title":{"rendered":"081220 Morning Session Analysis"},"content":{"rendered":"

08 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

Dollar slumped amid stimulus hopes.<\/strong><\/span><\/p>\n

The Dollar index which traded against a basket of six major currency slumped on Monday amid the spiking numbers of the Covid-19 cases and hopes upon the new Covid-19 U.S. stimulus deal had sapped the market demand on the US Dollar. According to the latest data, the Covid-19 infections from the U.S. region had notched up more than 173,000 people on yesterday, which dialled down market optimism toward the economic progression in the United States following some of the Covid-19 restrictions were imposed. Though, as for now market participants would continue to scrutinize the latest updates with regards of the Covid-19 vaccine development in order to receive further trading signal. Besides, the US Dollar extend its losses amid the hopes upon the U.S. stimulus plan emerged. According to Reuters, the White House economic adviser Larry Kudlow on Monday claimed that another round of stimulus funding to deal with deadly Covid-19 pandemic are getting closer to agreement. In fact, investors speculated that the Federal Reserve would continue to expand its quantitative easing programme later in this month, which spurring further negative prospect for the US Dollar. As of writing, the Dollar Index depreciated 0.19% to 90.80.<\/p>\n

 <\/p>\n

In the commodities market, the crude oil price was surged 0.07% to $45.85 per barrel as of writing amid positive development of the Covid-19 vaccine had spurred market optimism toward the oil demand in future. On the other hand, the gold price appreciated by 0.04% to $1863.35 per troy ounces as of writing amid weakening US Dollar.<\/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

20:00\u00a0\u00a0\u00a0\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\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 EIA Short-Term Energy Outlook<\/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
18:00<\/td>\nEUR – German ZEW Economic Sentiment (Dec)<\/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, Daily: <\/strong>Dollar index was traded lower while currently testing the support level at 90.45. However, MACD which illustrated diminishing bearish momentum suggest the index to be traded higher in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 91.80, 94.05<\/p>\n

Support level: 90.45, 89.10<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H1: <\/strong>GBPUSD was traded lower following prior retracement from the resistance level at 1.3405. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 1.3330.<\/p>\n

 <\/p>\n

Resistance level: 1.3405, 1.3490<\/p>\n

Support level: 1.3330, 1.3250<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, H4: <\/strong>EURUSD was traded lower following prior retracement from the resistance level at 1.2165. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.2075.<\/p>\n

 <\/p>\n

Resistance level: 1.2165, 1.2230<\/p>\n

Support level: 1.2075, 1.1985<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, Daily: <\/strong>USDJPY was traded within a range while currently testing the resistance level at 104.50. However, 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: 104.50, 105.95<\/p>\n

Support level: 103.10, 101.25<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, Daily: <\/strong>AUDUSD was traded higher while currently testing the resistance level at 0.7435. However, 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: 0.7435, 0.7680<\/p>\n

Support level: 0.7135, 0.6825<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, Daily: <\/strong>NZDUSD was traded higher following prior breakout above the previous resistance level at 0.6930. However, MACD which illustrated increasing bearish momentum suggest the pair to be traded lower in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 0.7160, 0.7345<\/p>\n

Support level: 0.6930, 0.6755<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, Daily: <\/strong>USDCAD was traded lower while currently testing the support level at 1.2765. 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: 1.3025, 1.3370<\/p>\n

Support level: 1.2765, 1.2520<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, Daily: <\/strong>USDCHF was traded lower while currently near the support level at 0.8815. 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: 0.9095, 0.9325<\/p>\n

Support level: 0.8815, 0.8585<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, Weekly: <\/strong>Crude oil price was traded higher following prior breakout above the previous resistance level at 41.65. 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, 60.65<\/p>\n

Support level: 41.65, 33.35<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H4: <\/strong>Gold price was traded higher while currently testing the resistance level at 1864.10. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 1864.10, 1888.30<\/p>\n

Support level: 1840.35, 1811.45<\/p>\n","protected":false},"excerpt":{"rendered":"

08 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 slumped amid stimulus hopes. The Dollar index which traded against a basket of six major currency slumped on Monday amid the spiking numbers of the Covid-19 cases and hopes upon the new Covid-19 U.S. stimulus deal had sapped the market demand on the US Dollar. According to the […]<\/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\/149636"}],"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=149636"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/149636\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=149636"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=149636"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=149636"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}