{"id":150116,"date":"2020-12-14T05:42:10","date_gmt":"2020-12-14T05:42:10","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=150116"},"modified":"2020-12-14T05:42:10","modified_gmt":"2020-12-14T05:42:10","slug":"141220-afternoon-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/141220-afternoon-session-analysis\/","title":{"rendered":"141220 Afternoon Session Analysis"},"content":{"rendered":"

14 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

 <\/p>\n

Dollar plunged, market eyes on Fed meeting.<\/strong><\/span><\/p>\n

Dollar index which gauges its value against a basket of six major currencies received tremendous sell-off pressure as market participants chose to flee away from dollar market ahead of the Federal Reserve Meeting. Amidst the resurgence of virus in US, US government has tried to deliver a relief package to the American in order to support the local businesses and household through the fallout of the pandemic. However, US congress missed another deadline of on Friday to implement an economic stimulus package to help US economy weather the pandemic. As time getting closer to the expiry date of last round stimulus plan, it is projected that 12 million workers could lose the jobless benefits by the end of this month if US congress fails to achieve a funding package before the US government shutdown. With such a backdrop, Investors start betting that US central bank Federal Reserve will most likely loosen their monetary policy further through adjusting their Qualitative Easing Program as well as emphasizing the need for more fiscal support measures as Covid-19 continue weigh on the US economy. As of writing, dollar index dropped 0.21% to 90.80.<\/p>\n

 <\/p>\n

In the commodities market, crude oil price rose 0.17% to $46.78 per barrel as the rollout of vaccines in US lifted up the market optimism toward this black commodity product. After US Food and Drug Administration (FDA) approved the emergency authorization of the Pfizer vaccine, market participants are expecting that the global oil demand will be recovered back to the level before the outbreak of pandemic soon. Besides, gold price depreciated by 0.24% to $1835.20 a troy ounce as positive vaccine news continues weigh on this yellow metal.<\/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 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

 <\/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 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

 <\/p>\n

Today\u2019s Highlight Economic Data<\/u><\/p>\n

N\/A<\/p>\n

 <\/p>\n

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

\"\"<\/p>\n

DOLLAR_INDX, H4: <\/strong>Dollar index was traded lower following prior retracement from the resistance level at 91.10. MACD which illustrate diminishing bullish momentum signal suggest the index to extend its losses toward the support level at 90.60.<\/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 higher following prior rebound from the support level at 1.3290. MACD which illustrates bullish momentum signal with the formation of golden cross suggest the pair to extend its gains toward the resistance level at 1.3385.<\/p>\n

 <\/p>\n

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

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

 <\/p>\n

\"\"<\/p>\n

EURUSD, H1: <\/strong>EURUSD was traded higher following prior rebound from the support level at 1.2105. MACD which illustrate bullish bias momentum suggest the pair to extend its gains toward the resistance level at 1.2135.<\/p>\n

 <\/p>\n

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

Support level: 1.2105, 1.2075<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, H4: <\/strong>USDJPY was traded flat near the resistance level at 104.00. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its gains after it successfully breakout above the resistance level at 104.00.<\/p>\n

 <\/p>\n

Resistance level: 104.00, 104.35<\/p>\n

Support level: 103.65, 103.15<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H1: <\/strong>AUDUSD was traded higher following prior rebound from the support level at 0.7520. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its gains toward the resistance level at 0.7565.<\/p>\n

 <\/p>\n

Resistance level: 0.7565, 0.7605<\/p>\n

Support level: 0.7520, 0.7480<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded higher while currently testing the resistance level at 0.7100.\u00a0 However, MACD which illustrate diminishing bullish momentum signal suggest the pair to undergo technical correction in short term.<\/p>\n

 <\/p>\n

Resistance level: 0.7100, 0.7175<\/p>\n

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

 <\/p>\n

\"\"<\/p>\n

USDCAD, H1: <\/strong>USDCAD was traded lower following prior retracement from the resistance level at 1.2770. MACD which illustrate bearish bias momentum signal suggest the pair to extend its losses toward the support level at 1.2715.<\/p>\n

 <\/p>\n

Resistance level: 1.2770, 1.2815<\/p>\n

Support level: 1.2715, 1.2670<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded lower following prior retracement from the resistance level at 0.8915. MACD which display diminishing bullish momentum signal suggest the pair to extend its losses toward the support level at 0.8855.<\/p>\n

 <\/p>\n

Resistance level: 0.8915, 0.8985<\/p>\n

Support level: 0.8855, 0.8780<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H1: <\/strong>Crude oil price was traded higher following prior rebound from the support level at 46.45. MACD which illustrate diminishing bearish momentum signal suggest the commodity to extend its gains toward the resistance level at 48.00.<\/p>\n

 <\/p>\n

Resistance level: 48.00, 49.40<\/p>\n

Support level: 46.45, 45.50<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H4: <\/strong>Gold price was traded lower following prior retracement from the resistance level at 1844.50. However, MACD which illustrate diminishing bearish momentum signal suggest the commodity to undergo technical rebound toward the resistance level at 1844.50.<\/p>\n

 <\/p>\n

Resistance level: 1844.50, 1859.95<\/p>\n

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

14 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   Dollar plunged, market eyes on Fed meeting. Dollar index which gauges its value against a basket of six major currencies received tremendous sell-off pressure as market participants chose to flee away from dollar market ahead of the Federal Reserve Meeting. Amidst the resurgence of virus in US, US […]<\/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\/150116"}],"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=150116"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/150116\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=150116"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=150116"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=150116"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}