{"id":150457,"date":"2020-12-17T01:17:43","date_gmt":"2020-12-17T01:17:43","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=150457"},"modified":"2020-12-17T01:17:43","modified_gmt":"2020-12-17T01:17:43","slug":"171220-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/171220-morning-session-analysis\/","title":{"rendered":"171220 Morning Session Analysis"},"content":{"rendered":"

17 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

 <\/p>\n

Dollar extend loss following dovish Fed and Powell.<\/strong><\/span><\/p>\n

During early Asian session, the dollar index which traded against a basket of six major currency pair have fell following recent FOMC initial rate decision announcement. As widely anticipated, the US Federal Reserve kept the interest rate in a range of 0% to 0.25% while policymakers are committed to supporting the economy until they see \u201csubstantial further progress\u201d in employment and inflation. However, Powell has emphasised that the FOMC\u2019s ultra-accommodative policy stance is not going anywhere any time soon. He also stated that that the FOMC could deliver more stimulus if required. The dovish statement and inaction from the Fed have disappointed the market as investors initially expected further easing, thus dragging the greenback further below. At the time of writing, dollar index slips 0.25% to 90.08.<\/p>\n

 <\/p>\n

In the commodities market, crude oil price rose 0.09% to $48.02 per barrel as of writing following positive data from EIA. According to EIA, crude inventories fell 3.1 million barrels last week, more than the 1.937 million-barrel drawdown forecast by analysts. At the same time, the commodity also continues to draw support from hopes of a faster demand recovery as countries across the globe approve coronavirus vaccines. On the other hand, gold price soars 0.03% to $1864.89 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

16.30\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 CHF\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0SNB Monetary Policy Assessment<\/p>\n

17.00\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 CHF\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0SNB Press Conference<\/p>\n

 <\/p>\n

Today\u2019s Highlight Economic Data<\/u><\/p>\n\n\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
16.30<\/td>\nCHF – SNB Interest Rate Decision<\/td>\n-0.75%<\/td>\n-0.75%<\/td>\n–<\/td>\n<\/tr>\n
18.00<\/td>\nEUR – CPI (YoY) (Nov)<\/td>\n-0.3%<\/td>\n-0.3%<\/td>\n–<\/td>\n<\/tr>\n
20.00<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 GBP – BoE Interest Rate Decision (Dec)<\/td>\n0.10%<\/td>\n0.10%<\/td>\n–<\/td>\n<\/tr>\n
21.30<\/td>\nUSD \u2013 Building Permits (Nov)<\/td>\n1.544M<\/td>\n1.550M<\/td>\n–<\/td>\n<\/tr>\n
21.30<\/td>\nUSD \u2013 Initial Jobless Claims<\/td>\n853K<\/td>\n800K<\/td>\n–<\/td>\n<\/tr>\n
21.30<\/td>\nUSD – Philadelphia Fed Manufacturing Index (Dec)<\/td>\n26.3<\/td>\n20.0<\/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 lower while currently testing near the support level 89.95. MACD which illustrate persistent bearish bias signal suggest the dollar to extend its losses after it breaks below the support level.<\/p>\n

 <\/p>\n

Resistance level: 90.55, 91.40<\/p>\n

Support level: 89.95, 89.35<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H4: <\/strong>GBPUSD was traded higher while currently testing the resistance level 1.3505. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to experience a technical correction in short term towards the support level 1.3300.<\/p>\n

 <\/p>\n

Resistance level: 1.3505, 1.3735<\/p>\n

Support level: 1.3300, 1.3150<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, H4: <\/strong>EURUSD was traded higher following prior breakout above the previous resistance level 1.2165. MACD which illustrate bullish momentum signal suggest the pair to extend its gains towards the resistance level 1.2355.<\/p>\n

 <\/p>\n

Resistance level: 1.2355, 1.2575<\/p>\n

Support level: 1.2165, 1.2010<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, H4: <\/strong>USDJPY was traded lower following prior retracement from the resistance level 103.65. MACD which illustrate bearish bias signal suggest the pair to be traded lower towards the support level 103.20<\/p>\n

 <\/p>\n

Resistance level: 103.65, 104.50<\/p>\n

Support level: 103.20, 102.70<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H4: <\/strong>AUDUSD was traded higher while currently testing the resistance level 0.7570. However, MACD which bearish momentum signal suggest the pair to experience a technical correction towards the support level 0.7450.<\/p>\n

 <\/p>\n

Resistance level: 0.7570, 0.7655<\/p>\n

Support level: 0.7450, 0.7340<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded higher while currently testing the resistance level 0.7105. MACD which illustrate bullish bias signal with the starting formation of golden cross suggest the pair to extend its gains after it breaks above the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 0.7105, 0.7175<\/p>\n

Support level: 0.7010, 0.6900<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, H4: <\/strong>USDCAD was traded higher following prior rebound from the support level 1.2680. MACD which illustrate bullish momentum signal suggest the pair to extend its rebound towards the resistance level 1.2830.<\/p>\n

 <\/p>\n

Resistance level: 1.2830, 1.2955<\/p>\n

Support level: 1.2680, 1.2540<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded lower while currently testing the support level 0.8850. However, MACD which illustrate bullish bias signal with the formation of golden cross suggest the pair to be traded higher as a technical correction towards the resistance level 0.8920.<\/p>\n

 <\/p>\n

Resistance level: 0.8920, 0.8985<\/p>\n

Support level: 0.8850, 0.8775<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H4: <\/strong>Crude oil price was traded higher while currently testing near the resistance level 48.60. MACD which illustrate persistent bullish momentum signal suggest the commodity to extend its gains after it breaks above the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 48.60, 50.85<\/p>\n

Support level: 46.40, 43.45<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H4: <\/strong>Gold price was traded higher following prior breakout above the previous resistance level 1850.45. MACD which illustrate ongoing bullish momentum signal suggest the commodity to extend its gains towards the resistance level 1881.25.<\/p>\n

 <\/p>\n

Resistance level: 1881.25, 1920.00<\/p>\n

Support level: 1850.45, 1815.15<\/p>\n","protected":false},"excerpt":{"rendered":"

17 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 extend loss following dovish Fed and Powell. During early Asian session, the dollar index which traded against a basket of six major currency pair have fell following recent FOMC initial rate decision announcement. As widely anticipated, the US Federal Reserve kept the interest rate in a range […]<\/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\/150457"}],"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=150457"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/150457\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=150457"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=150457"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=150457"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}