{"id":149700,"date":"2020-12-08T04:10:51","date_gmt":"2020-12-08T04:10:51","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=149700"},"modified":"2020-12-08T04:10:51","modified_gmt":"2020-12-08T04:10:51","slug":"081220-afternoon-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/081220-afternoon-session-analysis\/","title":{"rendered":"081220 Afternoon 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 Afternoon Session Analysis<\/strong><\/p>\n

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Pound recoup losses following last effort for Brexit deal.<\/strong><\/span><\/p>\n

During late Asian session, the pound sterling which traded against a basket of six major currency pairs have recovered some of its losses as U.K Prime Minister Boris Johnson is heading to Brussels in a last-ditch effort to achieve Brexit deal. Following a joint statement from both parties, Boris Johnson and European Commission President Ursula von der Leyen will try to solve the remaining differences on a post-Brexit trade deal in the coming days. As of now, some of the critical issues level playing field, governance and fisheries. Both sides have upped the mixed messages on post-Brexit deal progress recently which casting doubt among investors on whether any progress has been made. Market will now focus on the meeting and its conclusion in order to attain more signal for the pound sterling. At the time of writing, GBP\/USD rose 0.02% to 1.3349.<\/p>\n

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On the other hand, crude oil price slips 0.46% to $45.40 per barrel as of writing following concerns on spike in cases as well as supply. News of record-high COVID-19 cases in the U.S. and spikes in places like Germany and South Korea, which spurred new lockdowns and have increased fears that demand could plummet in the short term. Adding more to the pressure was Iran may be getting ready to boost production within three months. Next, gold price soars 0.31% to $1868.34 a troy ounce at the time of writing following dollar weakness and decreasing risk appetite.<\/p>\n

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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 Market\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Event<\/strong><\/p>\n

N\/A<\/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 Market\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 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 EIA Short-Term Energy Outlook<\/p>\n

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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

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

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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

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

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

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GBPUSD, H4: <\/strong>GBPUSD was traded lower following prior retracement from the resistance level at 1.3385. MACD which illustrates diminishing bullish momentum signal suggest the pair to extend its losses toward the support level at 1.3290.<\/p>\n

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Resistance level: 1.3385, 1.3470<\/p>\n

Support level: 1.3290, 1.3195<\/p>\n

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EURUSD, H4: <\/strong>EURUSD was traded lower while currently testing the support level at 1.2105. MACD which illustrate bearish bias momentum suggest the pair to extend its losses after it successfully breakout below the support level at 1.2105.<\/p>\n

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

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

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USDJPY, H1: <\/strong>USDJPY was traded higher following prior rebound from the support level at 104.00. MACD which illustrate diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 104.35.<\/p>\n

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

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

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

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

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

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NZDUSD, H4: <\/strong>NZDUSD was traded lower following prior retracement from the higher level.\u00a0 MACD which illustrate bearish bias momentum signal suggest the pair to extend its losses toward the support level at 0.7015.<\/p>\n

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

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

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USDCAD, H1: <\/strong>USDCAD was traded lower following prior retracement from the resistance level at 1.2815. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses toward the support level at 1.2770.<\/p>\n

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

Support level: 1.2770, 1.2715<\/p>\n

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USDCHF, H1: <\/strong>USDCHF was traded higher following prior breakout above the previous resistance 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

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

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

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CrudeOIL, H1: <\/strong>Crude oil price was traded lower following prior breakout below the previous support level at 45.50. MACD which illustrate bearish bias momentum signal suggest the commodity to extend its losses toward the support level at 44.65.<\/p>\n

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Resistance level: 45.50, 46.65<\/p>\n

Support level: 44.65, 43.95<\/p>\n

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GOLD_, H1: <\/strong>Gold price was traded higher following prior rebound from the support level at 1859.95. However, MACD which illustrate diminishing bullish momentum signal suggest the commodity to undergo technical correction in short term toward the lower level.<\/p>\n

 <\/p>\n

Resistance level: 1870.15, 1883.65<\/p>\n

Support level: 1859.95, 1844.50<\/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 Afternoon Session Analysis   Pound recoup losses following last effort for Brexit deal. During late Asian session, the pound sterling which traded against a basket of six major currency pairs have recovered some of its losses as U.K Prime Minister Boris Johnson is heading to Brussels in a last-ditch effort to achieve […]<\/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\/149700"}],"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=149700"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/149700\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=149700"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=149700"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=149700"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}