{"id":150708,"date":"2020-12-21T01:00:35","date_gmt":"2020-12-21T01:00:35","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=150708"},"modified":"2020-12-21T01:00:35","modified_gmt":"2020-12-21T01:00:35","slug":"211220-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/211220-morning-session-analysis\/","title":{"rendered":"211220 Morning Session Analysis"},"content":{"rendered":"

21 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 Morning Session Analysis<\/strong><\/p>\n

 <\/p>\n

Pound plunged after UK enters tier 4 lockdown.<\/strong><\/span><\/p>\n

Pound sterling which acting as one of the major currencies being traded in FX market received huge sell-off pressures after UK Prime Minister announced to implement new tier 4 restrictions in certain area of UK amid the recent spike in Covid-19 cases. Under the tier 4 restrictions, the capital of UK London, southeast and east of UK are the area that being affected, non-essential shops, hairdressers, and entertainment venues must close, while only people who need to travel for education, childcare or to work are allowed. The decision has been finalised by Boris Johnson as a curtailed plan for Christmas, in a response to curb the new fast-spreading strain of coronavirus. According to the latest statistics, the confirmed cases of Covid-19 in UK rose 35,928 yesterday, bringing the total number of coronavirus cases in the country to 2,040,147 while the death toll getting closer to 70K cases. Besides, lack of progress in the trade talk between UK and EU has even exerted further pressures over the pound market. According to BBC, a government source has revealed that there will be no post-Brexit trade deal unless there is substantial shift from EU in the coming days. As of now, the negotiators from both countries are still working hard in sealing a deal before the deadline of 31st<\/sup> Dec. During Asian early trading session, the pair of GBP\/USD dropped 0.82% to 1.3405.<\/p>\n

 <\/p>\n

In the commodities market, the crude oil price down by 1.44% to $48.55 per barrel as of writing amid huge increases in Saudi Arabia crude oil exports. According to the data from Joint Organisations Data Initiative (JODI), Saudi Arabia oil exports rose to 6.159 million bpd in October, while the exports in September was only 6.066 million. Besides, gold price rose 0.16% to $1884.45 per troy ounce as market are still awaiting for more catalyst to determine the further direction of 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\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

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

N\/A<\/p>\n

 <\/p>\n

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

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DOLLAR_INDX, H1: <\/strong>Dollar index was traded lower following prior retracement from the resistance level at 90.00. MACD which illustrated diminishing bullish momentum suggest the index to extend its losses toward the support level at 89.60.<\/p>\n

 <\/p>\n

Resistance level: 90.00, 90.25<\/p>\n

Support level: 89.60, 89.30<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H1: <\/strong>GBPUSD was traded lower following prior breakout below the previous support level at 1.3470. MACD which illustrated bearish bias momentum 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 lower while currently testing the support level at 1.2210. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.<\/p>\n

 <\/p>\n

Resistance level: 1.2245, 1.2280<\/p>\n

Support level: 1.2210, 1.2175<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, H4: <\/strong>USDJPY was traded higher following prior rebound from the support level at 103.00. MACD which illustrated bullish bias momentum suggest the pair to be traded higher toward the resistance level at 103.65.<\/p>\n

 <\/p>\n

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

Support level: 103.00, 102.55<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H4: <\/strong>AUDUSD was traded lower while currently testing the support level at 0.7580. MACD which illustrated bearish bias momentum suggest the pair to extend its losses after it successfully breakout below the support level.<\/p>\n

 <\/p>\n

Resistance level: 0.7580, 0.7635<\/p>\n

Support level: 0.7580, 0.7515<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded lower while currently testing the support level at 0.7100. MACD which illustrated bearish bias momentum suggest the pair to extend its losses after it successfully breakout below the support level at 0.7100.<\/p>\n

 <\/p>\n

Resistance level: 0.7175, 0.7225<\/p>\n

Support level: 0.7100, 0.7015<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, H4: <\/strong>USDCAD was traded higher following prior breakout above the previous resistance level at 1.2770. MACD which illustrated bullish bias momentum suggest the pair to extend its gains toward the resistance level at 1.2850.<\/p>\n

 <\/p>\n

Resistance level: 1.2850, 1.2950<\/p>\n

Support level: 1.2770, 1.2695<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded higher while currently testing the resistance level at 0.8855. MACD which illustrated bullish bias momentum suggest the pair to extend its gains after it successfully breakout above the resistance level at 0.8855.<\/p>\n

 <\/p>\n

Resistance level: 0.8855, 0.8915<\/p>\n

Support level: 0.8820, 0.8780<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H1: <\/strong>Crude oil price was traded lower following prior retracement from the resistance level at 49.40. MACD which illustrated bearish bias momentum suggest the commodity to extend its losses toward the support level at 48.15.<\/p>\n

 <\/p>\n

Resistance level: 49.40, 50.90<\/p>\n

Support level: 48.15, 47.10<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H1: <\/strong>Gold price was traded higher while currently testing the resistance level at 1884.10. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level at 1884.10.<\/p>\n

 <\/p>\n

Resistance level: 1884.10, 1895.40<\/p>\n

Support level: 1870.15, 1859.95<\/p>\n","protected":false},"excerpt":{"rendered":"

21 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 Morning Session Analysis   Pound plunged after UK enters tier 4 lockdown. Pound sterling which acting as one of the major currencies being traded in FX market received huge sell-off pressures after UK Prime Minister announced to implement new tier 4 restrictions in certain area of UK amid the recent spike in […]<\/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\/150708"}],"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=150708"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/150708\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=150708"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=150708"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=150708"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}