{"id":151612,"date":"2020-12-30T00:52:06","date_gmt":"2020-12-30T00:52:06","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=151612"},"modified":"2020-12-30T00:52:06","modified_gmt":"2020-12-30T00:52:06","slug":"301220-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/301220-morning-session-analysis\/","title":{"rendered":"301220 Morning Session Analysis"},"content":{"rendered":"

30 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

US Dollar slumped over the bearish economic outlook.<\/strong><\/span><\/p>\n

The Dollar Index which traded against a basket of six major currency pairs hovered near two-years low amid investors speculated that an increase in U.S. fiscal stimulus plan is unlikely to launch in short-term period, which dialled down the market optimism toward the economic progression in the United States. According to Reuters, the U.S. Senate Majority Leader Mitch McConnell on Tuesday blocked immediate consideration of a measure from US President Donald Trump to increase the Covid-19 relief payments from $600 to $2000. Besides, the fears upon the Covid-19 mutation from the U.S. region had also dragged down the appeal of the US Dollar. The first known U.S. case of highly infectious coronavirus variant was detected in Colorado on Tuesday. In fact, the President-elect Joe Biden warned that it could take years for most Americans to be vaccinated for the Covid-19 at current supply rates. According to latest statistics, the US had reported more than 186,000 of Covid-19 infections while more than 1900 people were killed by the virus on yesterday. As of writing, the Dollar Index depreciated by 0.41% to 89.97.<\/p>\n

 <\/p>\n

In the commodities market, the crude oil price surged 0.21% to $48.05 per barrel as of writing over the backdrop of positive inventory data. According to American Petroleum Institute, the U.S. API Weekly Crude Oil Stock had notched down significantly from the previous reading of -2.100M to<\/p>\n

-4.785M, lower than the market forecast at 2.700M. On the other hand, the gold price appreciated by 0.05% to $1878.60 per troy ounces as of writing as weakening US Dollar.<\/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\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 Pending Home Sales (MoM) (Nov)<\/td>\n-1.1%<\/td>\n0.2%<\/td>\n–<\/td>\n<\/tr>\n
23:30<\/td>\nCrudeOIL – Crude Oil Inventories<\/td>\n-0.562M<\/td>\n-2.583M<\/td>\n <\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n

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

\"\"<\/p>\n

DOLLAR_INDX, H1: <\/strong>Dollar index was lower while currently testing the support level at 89.85. However, MACD which illustrated diminishing bearish momentum suggest the index to be traded higher in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 90.20, 90.50<\/p>\n

Support level: 89.85, 89.55<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H4: <\/strong>GBPUSD was traded higher while currently testing the resistance level at 1.3520. 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: 1.3520, 1.3620<\/p>\n

Support level: 1.3450, 1.3365<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, H4: <\/strong>EURUSD was traded higher while currently testing the resistance level at 1.2260. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 1.2260, 1.2330<\/p>\n

Support level: 1.2165, 1.2075<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, H4: <\/strong>USDJPY was traded lower following prior retracement from the resistance level at 103.70. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 103.30.<\/p>\n

 <\/p>\n

Resistance level: 103.70, 104.-5<\/p>\n

Support level: 103.30, 102.85<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H4: <\/strong>AUDUSD was traded higher while currently testing the resistance level at 0.7625. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 0.7625, 0.7690<\/p>\n

Support level: 0.7510, 0.7425<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded higher while currently testing the resistance level at 0.7165. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 0.7165, 0.7235<\/p>\n

Support level: 0.7110, 0.7015<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, H4: <\/strong>USDCAD was traded higher while currently testing the resistance level at 1.2825. 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: 1.2825, 1.2920<\/p>\n

Support level: 1.2765, 1.2690<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded lower while currently testing the support level at 0.8835. 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: 0.8915, 0.8980<\/p>\n

Support level: 0.8835, 0.8755<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H1: <\/strong>Crude oil price was traded lower following prior retracement from the resistance level at 48.45. MACD which illustrated diminishing bullish momentum suggest the commodity to extend its losses toward support level at 47.55.<\/p>\n

 <\/p>\n

Resistance level: 48.45, 48.95<\/p>\n

Support level: 47.55, 47.10<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H4: <\/strong>Gold price was traded lower following prior retracement from the resistance level at 1900.20. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses toward support level at 1856.80.<\/p>\n

 <\/p>\n

Resistance level: 1900.20, 1931.40<\/p>\n

Support level: 1856.80, 1825.85<\/p>\n

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

30 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 US Dollar slumped over the bearish economic outlook. The Dollar Index which traded against a basket of six major currency pairs hovered near two-years low amid investors speculated that an increase in U.S. fiscal stimulus plan is unlikely to launch in short-term period, which dialled down the market optimism […]<\/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\/151612"}],"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=151612"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/151612\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=151612"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=151612"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=151612"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}