{"id":150861,"date":"2020-12-22T01:03:43","date_gmt":"2020-12-22T01:03:43","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=150861"},"modified":"2020-12-22T01:03:43","modified_gmt":"2020-12-22T01:03:43","slug":"221220-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/221220-morning-session-analysis\/","title":{"rendered":"221220 Morning Session Analysis"},"content":{"rendered":"

22 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 zig zag amid mixed market sentiment.<\/strong><\/span><\/p>\n

Pound sterling which acting as one of the major currencies being traded in FX market was having mixed pattern yesterday amid market concern over Covid-19 mutation while UK appears to make concession in Brexit negotiation. Yesterday, UK Prime Minister Boris Johnson offered to give further ground on fishing rights to EU, aiming to secure a deal before the scheduled deadline on 31st<\/sup> Dec. In the latest proposal, UK reduced the value of the fish it catches in UK waters by about one third, while UK was insisting the EU must accept a 60% cut during last weekend. A concession from UK showed the sign of willingness to seal deal in order to avoid Hard-Brexit, boosted up the appeal of pound market on yesterday. Despite, concern about the new strain of coronavirus in UK punched the pound badly and tier 4 of lockdown measure is being implemented in most of the UK areas in order to curb the fast-spreading virus. Besides, more than 20 countries have also shut their boarders to Britain due to the fears about the new mutation of Covid-19 in UK. As of now, UK virus cases surpassed the defences line of 2 million cases, while the death numbers still heading upward at an amazing speed. During Asian trading session, the pair of GBP\/USD dropped 0.06% to 1.3455.<\/p>\n

 <\/p>\n

In the commodities market, the crude oil price down by 0.04% to $47.90 per barrel as of writing amid mutated virus in UK raised the market concern over the oil demand outlook. Recently, more than 20 countries across the globe have decided to close their borders to Britain amid fears of the new strain of coronavirus. Besides, gold price rose 0.15% to $1879.70 a troy ounce amid mutated of virus lifted the demand of safe-haven asset.<\/p>\n

\u00a0<\/u><\/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

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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

 <\/p>\n

Today\u2019s Highlight Economic Data<\/u><\/p>\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
15:00<\/td>\nGBP \u2013 GDP (QoQ)(Q3)<\/td>\n-19.8%<\/td>\n15.5%<\/td>\n–<\/td>\n<\/tr>\n
21:30<\/td>\nUSD \u2013 GDP (QoQ)(Q3)<\/td>\n-31.4%<\/td>\n33.1%<\/td>\n–<\/td>\n<\/tr>\n
23:00<\/td>\nUSD \u2013 CB Consumer Confidence (Dec)<\/td>\n96.1<\/td>\n97.0<\/td>\n–<\/td>\n<\/tr>\n
23:00<\/td>\nUSD \u2013 Existing Home Sales (Nov)<\/td>\n6.85M<\/td>\n6.70M<\/td>\n–<\/td>\n<\/tr>\n
05:30<\/p>\n

(22nd<\/sup>)<\/td>\n

CrudeOIL \u2013 API Weekly Crude Oil Stock<\/td>\n1.973M<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n

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

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DOLLAR_INDX, H4: <\/strong>Dollar index was traded lower while currently testing the support level at 90.00. MACD which illustrated diminishing bullish momentum suggest the index to extend its losses after it successfully breakout below the support level at 90.00.<\/p>\n

 <\/p>\n

Resistance level: 90.25, 90.60<\/p>\n

Support level: 90.00, 89.60<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H4: <\/strong>GBPUSD was traded higher while currently testing the resistance level at 1.3470. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.<\/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 higher while currently testing the resistance level at 1.2245. However, MACD which illustrated diminishing bullish momentum suggest the pair to undergo technical correction in short term.<\/p>\n

 <\/p>\n

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

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

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\"\"<\/p>\n

USDJPY, H4: <\/strong>USDJPY was traded lower following prior retracement from the resistance level at 103.65. MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower toward the support level at 103.00.<\/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. However, MACD which illustrated diminishing bearish momentum suggest the pair to undergo technical rebound in short term toward higher level.<\/p>\n

 <\/p>\n

Resistance level: 0.7635, 0.7680<\/p>\n

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

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\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded higher while currently testing the resistance level at 0.7100. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level at 0.7100.<\/p>\n

 <\/p>\n

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

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

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USDCAD, H4: <\/strong>USDCAD was traded higher following prior breakout above the previous resistance level at 1.2850. However, MACD which illustrated diminishing bullish momentum suggest the pair to undergo technical correction in short term.<\/p>\n

 <\/p>\n

Resistance level: 1.2950, 1.3025<\/p>\n

Support level: 1.2850, 1.2770<\/p>\n

 <\/p>\n

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USDCHF, H4: <\/strong>USDCHF was traded lower following prior breakout below the previous support level at 0.8855. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward the support level at 0.8820.<\/p>\n

 <\/p>\n

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

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

 <\/p>\n

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CrudeOIL, H4: <\/strong>Crude oil price was traded higher following prior rebound from the upward trendline. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains toward the resistance level at 48.15.<\/p>\n

 <\/p>\n

Resistance level: 48.15, 49.40<\/p>\n

Support level: 47.10, 46.20<\/p>\n

 <\/p>\n

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GOLD_, H1: <\/strong>Gold price was traded higher following prior rebound from the support level at 1870.15. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains toward 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

 <\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

22 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 zig zag amid mixed market sentiment. Pound sterling which acting as one of the major currencies being traded in FX market was having mixed pattern yesterday amid market concern over Covid-19 mutation while UK appears to make concession in Brexit negotiation. Yesterday, UK Prime Minister Boris Johnson […]<\/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\/150861"}],"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=150861"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/150861\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=150861"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=150861"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=150861"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}