{"id":212489,"date":"2021-11-29T01:18:30","date_gmt":"2021-11-29T01:18:30","guid":{"rendered":"https:\/\/www.gcmasia.co\/analysis\/en\/?p=212489"},"modified":"2021-11-29T01:18:30","modified_gmt":"2021-11-29T01:18:30","slug":"291121-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/291121-morning-session-analysis\/","title":{"rendered":"291121 Morning Session Analysis"},"content":{"rendered":"

29 November 2021\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

 <\/p>\n

Dollar slumped amid dovish market repricing.<\/strong><\/span><\/p>\n

The Dollar Index which traded against a basket of six major currency pairs slumped significantly amid dovish repricing from the market. Despite Fed\u2019s contractionary monetary policy expectation had been being brought forward amid strong US data, high inflation and hawkish talk by Fed members, the strike of new Covid-19 variant known as Omicron leaves the US dollar more vulnerable to a dovish repricing in Fed policy expectations. The discovery of Omicron by the World Health Organization has caused worries around the world as it could resist vaccinations and is potentially more contagious than previous variants of the disease. Likewise, risks of the new variant of Covid-19 are hampering expectations for rate hike next year from the world’s major central banks, hence resulting in a potential setback for the US dollar. According to Reuters, market has no longer fully price a 25-basis-point interest rate rise by the Federal Reserve by June 2022 amid the fear of coronavirus. As of writing, the Dollar Index depreciated by 0.81% to 96.05.<\/p>\n

 <\/p>\n

In the commodities market, the crude oil price slumped 0.34% to $70.80 as of writing amid bearish oil demand outlook. According to Reuters, the large oil importer countries such as UK, India and EU have imposed travel ban on Southern Africa in order to stem the spread of coronavirus. On the other hand, the gold price was up 0.24% to $1792.35 per troy ounces amid 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

23:00\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0USD\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Fed Chair Powell Testifies<\/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 – Pending Home Sales (MoM) (Oct)<\/td>\n-2.30%<\/td>\n1.00%<\/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 lower following prior retracement from higher levels. MACD which illustrate downward momentum suggests the index to be traded lower in short-term.<\/p>\n

 <\/p>\n

Resistance level: 96.15, 96.50<\/p>\n

Support level: 95.75, 95.35<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H4: <\/strong>GBPUSD was traded lower following prior retracement from higher level. MACD which illustrate diminished upward momentum suggests the pair to be traded lower in short-term.<\/p>\n

 <\/p>\n

Resistance level: 1.3355, 1.3410<\/p>\n

Support level: 1.3290, 1.3220<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, H4: <\/strong>EURUSD was traded lower following prior retrace from higher level. MACD which illustrate diminished upward momentum suggests the pair to be traded lower after closing below 1.1285.<\/p>\n

 <\/p>\n

Resistance level: 1.1370, 1.1440<\/p>\n

Support level: 1.1285, 1.1210<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, H4: <\/strong>USDJPY was traded higher following prior rebound from lower levels. MACD which illustrate diminished bearish momentum suggests the pair to be traded higher in short-term.<\/p>\n

 <\/p>\n

Resistance level: 114.25, 114.90<\/p>\n

Support level: 113.60, 112.80<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H4: <\/strong>AUDUSD was traded higher following rebound from lower level. MACD which illustrate diminished bearish momentum suggests the pair to be traded loin short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 0.7170, 0.7210<\/p>\n

Support level: 0.7105, 0.7025<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, Weekly: <\/strong>NZDUSD was traded lower following prior closure below 0.6905. MACD which begins to form bearish signal suggests the pair to be traded lower after closing below 0.6810.<\/p>\n

 <\/p>\n

Resistance level: 0.6905, 0.7065<\/p>\n

Support level: 0.6810, 0.6660<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, H4: <\/strong>USDCAD was traded lower following prior retrace from higher levels. MACD which illustrate diminished upward momentum suggests the pair to be traded lower after closing below 1.2720.<\/p>\n

 <\/p>\n

Resistance level: 1.2775, 1.2820<\/p>\n

Support level: 1.2720, 1.2660<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H1: <\/strong>USDCHF was traded higher following prior rebound from lower level. MACD which illustrate bullish signal suggests the pair to be traded higher in short-term.<\/p>\n

 <\/p>\n

Resistance level: 0.9255, 0.9280<\/p>\n

Support level: 0.9230, 0.9210<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, Daily: <\/strong>Crude oil price was traded lower following prior closure below 72.40. MACD which illustrate bearish signal suggests its price to be traded lower in short-term.<\/p>\n

 <\/p>\n

Resistance level: 72.80, 76.30<\/p>\n

Support level: 67.80, 61.70<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H4: <\/strong>Gold price was traded lower following prior retrace from higher level. MACD which illustrate diminished upward momentum suggests the pair to be traded lower in short-term.<\/p>\n

 <\/p>\n

Resistance level: 1799.70, 1817.15<\/p>\n

Support level: 1782.25, 1760.65<\/p>\n

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

29 November 2021\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   Dollar slumped amid dovish market repricing. The Dollar Index which traded against a basket of six major currency pairs slumped significantly amid dovish repricing from the market. Despite Fed\u2019s contractionary monetary policy expectation had been being brought forward amid strong US data, high inflation and hawkish talk by […]<\/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\/212489"}],"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=212489"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/212489\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=212489"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=212489"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=212489"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}