{"id":152243,"date":"2021-01-06T04:26:21","date_gmt":"2021-01-06T04:26:21","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=152243"},"modified":"2021-01-06T04:26:21","modified_gmt":"2021-01-06T04:26:21","slug":"060121-afternoon-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/060121-afternoon-session-analysis\/","title":{"rendered":"060121 Afternoon Session Analysis"},"content":{"rendered":"

06 January 2021\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Afternoon Session Analysis<\/strong><\/p>\n

 <\/p>\n

Dollar plunged, while Georgia run-off in focus.<\/strong><\/span><\/p>\n

Dollar index which gauges its value against a basket of six major currencies lingered near the lowest level in two and a half years ahead of the election result in Georgia, which will determine if Democrats or Republican control the power over the House of Senate. According to the BBC news, both senate run-off elections in Georgia were too close to calls as the polls closed in the early morning. The races were not only drawing outsized attention of the American, but also global investors as it is paving the way for further stimulus measure if Democratic Party successfully strives the control of senate away from Republican. As Joe Biden has said that his first priority is to implement further coronavirus relief package after taking offices, hence the process and time consumed to pass through the proposal would be shortened and easier if Democrats manages to unify the House of Congress. As of writing, dollar index rose by 0.14% to 89.55.<\/p>\n

 <\/p>\n

In the commodities market, the crude oil price surged by 0.32% to $50.00 per barrel amid Saudi Arabia surprise cut over the oil production in February and March. With voluntary additional cuts from Saudi Arabia, the total production cuts for upcoming two months will be 8.125 million bpd and 8.05 million bpd respectively. Besides, gold price appreciated by 0.08% to $1947.85 per troy ounce amid uncertainty over Georgia run-off sparked investors demand toward safe-haven asset.<\/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

23:30\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 GBP\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\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 BoE Gov Bailey Speaks<\/p>\n

 <\/p>\n

Today\u2019s Highlight Economic Data<\/u><\/p>\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
17:30<\/td>\nGBP \u2013 Composite PMI (Dec)<\/td>\n50.7<\/td>\n50.7<\/td>\n–<\/td>\n<\/tr>\n
17:30<\/td>\nGBP \u2013 Services PMI (Dec)<\/td>\n49.9<\/td>\n49.9<\/td>\n–<\/td>\n<\/tr>\n
21:15<\/td>\nUSD – ADP Nonfarm Employment Change<\/td>\n307K<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n
23:30<\/td>\nUSD – Crude Oil Inventories<\/td>\n-6.065M<\/td>\n–<\/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 higher following prior rebound from the support level at 89.30. MACD which illustrated diminishing bearish momentum suggest the index to extend its gains toward the resistance level at 89.60.<\/p>\n

 <\/p>\n

Resistance level: 89.60, 90.25<\/p>\n

Support level: 89.30, 88.95<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H4: <\/strong>GBPUSD was traded higher while currently testing the resistance level at 1.3620. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level at 1.3620.<\/p>\n

 <\/p>\n

Resistance level: 1.3620, 1.3710<\/p>\n

Support level: 1.3535, 1.3470<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, H4: <\/strong>EURUSD was traded lower following prior retracement from the resistance level at 1.2300. MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower toward the support level at 1.2260.<\/p>\n

 <\/p>\n

Resistance level: 1.2300, 1.2325<\/p>\n

Support level: 1.2260, 1.2205<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, H4: <\/strong>USDJPY was traded higher following prior rebound from the support level at 102.55. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 103.00.<\/p>\n

 <\/p>\n

Resistance level: 103.00, 103.65<\/p>\n

Support level: 102.55, 102.00<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H1: <\/strong>AUDUSD was traded lower while currently testing the support level at 0.7740. MACD which illustrated bearish momentum suggest the pair to extend its losses after it closed below the support level at 0.7740.<\/p>\n

 <\/p>\n

Resistance level: 0.7785, 0.7820<\/p>\n

Support level: 0.7740, 0.7680<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H1: <\/strong>NZDUSD was traded lower while currently testing the support level at 0.7235. MACD which illustrated bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level at 0.7235.<\/p>\n

 <\/p>\n

Resistance level: 0.7270, 0.7325<\/p>\n

Support level: 0.7235, 0.7175<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, H4: <\/strong>USDCAD was traded higher following prior rebound from the lower level. However, MACD which illustrated bearish bias momentum suggest the pair to be traded lower toward the support level<\/p>\n

 <\/p>\n

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

Support level: 1.2625, 1.2530<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H1: <\/strong>USDCHF was traded higher following prior rebound from the support level at 0.8775. MACD which illustrated bullish bias momentum suggest the pair to extend its gains toward the support level at 0.8820.<\/p>\n

 <\/p>\n

Resistance level: 0.8820, 0.8855<\/p>\n

Support level: 0.8775, 0.8740<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H4: <\/strong>Crude oil price was traded higher while currently testing the resistance level at 50.20. MACD which illustrated bullish bias momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level at 50.20.<\/p>\n

 <\/p>\n

Resistance level: 50.20, 50.90<\/p>\n

Support level: 49.40, 48.65<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H1: <\/strong>Gold price was traded lower following prior retracement from the resistance level at 1951.95. MACD which illustrated bearish bias momentum suggest the commodity to extend tis losses toward the support level at 1936.90.<\/p>\n

 <\/p>\n

Resistance level: 1951.95, 1960.35<\/p>\n

Support level: 1936.90, 1923.65<\/p>\n","protected":false},"excerpt":{"rendered":"

06 January 2021\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Afternoon Session Analysis   Dollar plunged, while Georgia run-off in focus. Dollar index which gauges its value against a basket of six major currencies lingered near the lowest level in two and a half years ahead of the election result in Georgia, which will determine if Democrats or Republican control the power […]<\/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\/152243"}],"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=152243"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/152243\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=152243"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=152243"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=152243"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}