{"id":151552,"date":"2020-12-29T06:33:12","date_gmt":"2020-12-29T06:33:12","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=151552"},"modified":"2020-12-29T06:33:12","modified_gmt":"2020-12-29T06:33:12","slug":"291220-afternoon-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/291220-afternoon-session-analysis\/","title":{"rendered":"291220 Afternoon Session Analysis"},"content":{"rendered":"

29 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 Afternoon Session Analysis<\/strong><\/p>\n

 <\/p>\n

Pound slips following increasing worries over trade.<\/strong><\/span><\/p>\n

During late Asian session, the pound sterling which traded against the greenback and other currency pars have remains weak and fell as investors concerns over UK trade will slow down after the crucial service sector was largely excluded from the deal. According to reports, Boris Johnson has admitted that the Brexit trade deal failed to meet his ambitions on financial services, as Brussels signalled that the City of London must wait until after January 1 to learn what market access it will have in future. The new trading relationship will take effect on January 1, assuming the treaty is passed by the UK parliament next week and EU approval processes proceed smoothly. Following the lack of details in service sector, the economy in U.K also affected, thus pressuring the market sentiment. At the same time, the increasing cases of new coronavirus also continue to weigh heavily on the pair. At the time of writing, GBP\/USD slips 0.03% to 1.3481.<\/p>\n

 <\/p>\n

In the commodities market, crude oil price fell 0.11% to $47.77 per barrel as of writing amid reports of increased production from Russia. Following latest development, Russia\u2019s deputy prime minister said the nation plans to support a further gradual increase in OPEC+ production at the group\u2019s next meeting in January because crude prices are within an optimal range. The alliance already plans to return 500,000 barrels a day of output to the market from next month. Besides that, soaring cases of coronavirus also weigh on the commodity. On the other hand, gold price traded steady and rose 0.02% to $1875.41 a troy ounce at the time of writing amid dollar weakness and decreasing risk appetite.<\/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

N\/A<\/p>\n

 <\/p>\n

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
23:00<\/td>\nUSD \u2013 CB Consumer Confidence (Dec)<\/td>\n96.1<\/td>\n97.0<\/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 near the support level 89.95. MACD which illustrate 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 lower following recent breakout below the previous support level 1.3490. MACD which illustrate bearish momentum signal with the recent formation of death cross suggest the pair to extend its losses towards the support level 1.3300.<\/p>\n

 <\/p>\n

Resistance level: 1.3490, 1.3625<\/p>\n

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

 <\/p>\n

\"\"<\/p>\n

EURUSD, H4: <\/strong>EURUSD was traded higher following recent rebound from the support level 1.2165. MACD which illustrate bullish momentum signal with the recent formation of golden cross suggest the pair to extend its rebound towards the resistance level 1.2355.<\/p>\n

 <\/p>\n

Resistance level: 1.2355, 1.2515<\/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 103.70. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its retracement towards the support level 102.90.<\/p>\n

 <\/p>\n

Resistance level: 103.70, 104.50<\/p>\n

Support level: 102.90, 102.05<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H4: <\/strong>AUDUSD was traded higher following prior rebound from the support level 0.7555. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its gains towards the resistance level 0.7655.<\/p>\n

 <\/p>\n

Resistance level: 0.7655, 0.7755<\/p>\n

Support level: 0.7555, 0.7450<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded higher following prior rebound from the support level 0.7095. MACD which illustrate persistent bullish momentum signal suggest the pair to extend its gains towards the resistance level 0.7175.<\/p>\n

 <\/p>\n

Resistance level: 0.7175, 0.7280<\/p>\n

Support level: 0.7095, 0.7010<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, H4: <\/strong>USDCAD was traded lower while currently testing the support level 1.2830. MACD which illustrate ongoing bearish momentum signal suggest the pair to extend its losses after it breaks below the support level.<\/p>\n

 <\/p>\n

Resistance level: 1.2955, 1.3100<\/p>\n

Support level: 1.2830, 1.2680<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF remain traded in a sideway channel following recent retracement from the resistance level 0.8920. However, MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to be traded lower in short term towards the support level 0.8840.<\/p>\n

 <\/p>\n

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

Support level: 0.8840, 0.8775<\/p>\n

 <\/p>\n

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CrudeOIL, H4: <\/strong>Crude oil price was traded lower following prior retracement from the resistance level 48.60. MACD which illustrate bearish bias signal with the formation of death cross suggest the commodity to extend its retracement towards the support level 46.40.<\/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 lower following prior retracement from the resistance level 1895.30. MACD which illustrate bearish momentum signal with the formation of death cross suggest the commodity to extend its retracement towards the support level 1852.80.<\/p>\n

 <\/p>\n

Resistance level: 1895.30, 1925.60<\/p>\n

Support level: 1852.80, 1815.15.<\/p>\n","protected":false},"excerpt":{"rendered":"

29 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 Afternoon Session Analysis   Pound slips following increasing worries over trade. During late Asian session, the pound sterling which traded against the greenback and other currency pars have remains weak and fell as investors concerns over UK trade will slow down after the crucial service sector was largely excluded from the deal. […]<\/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\/151552"}],"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=151552"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/151552\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=151552"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=151552"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=151552"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}