{"id":213683,"date":"2021-12-03T00:22:14","date_gmt":"2021-12-03T00:22:14","guid":{"rendered":"https:\/\/www.gcmasia.co\/analysis\/en\/?p=213683"},"modified":"2021-12-03T00:22:14","modified_gmt":"2021-12-03T00:22:14","slug":"031221-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/031221-morning-session-analysis\/","title":{"rendered":"031221 Morning Session Analysis"},"content":{"rendered":"

03 December 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

Dollar traded flat ahead of crucial NFP data.<\/strong><\/span><\/p>\n

\u00a0<\/strong>The Dollar Index which traded against a basket of six major currency pairs was traded flat on yesterday amid investors are still waiting crucial jobs data from United States tonight before entering the Dollar market. Nonetheless, the overall long-term momentum for the US Dollar remained bullish amid market participants anticipated the Federal Reserve would consider at its December meeting in order to faster tapering its bond-buying program, which could lead to earlier interest rates hikes in next year. Besides, Cleveland Fed President Loretta Mester claimed that she expects two 25 basis point hikes next year from Fed to combat the recent high inflation risk. On the Omicron virus front, the overall information with regards of the virus remained unknown, though the World Health Organization (WHO) claimed that they expect to have more information on its transmissibility within days. Besides, Australia\u2019s Chief Medical Officer Paul Kelly was quoted as for now there was no evidence to suggest it was more dangerous than the Delta variant. As for now, investors would continue to scrutinize the latest updates with regards of tonight\u2019s jobs data as well as Covid-19 development to receive further trading signal. As of writing, the Dollar Index appreciated by 0.11% to 96.15.<\/p>\n

 <\/p>\n

In the commodities market, the crude oil price slumped 0.28% to $67.72 per barrel as of writing following the OPEC+ decided to boost output monthly by 400,000 barrels per day. On the other hand, the gold price depreciated by 0.04% to $1769.50 per troy ounces as of writing amid the hawkish expectation from the Federal Reserve.<\/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

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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\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\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 – Composite PMI (Nov)<\/td>\n57.7<\/td>\n57.6<\/td>\n–<\/td>\n<\/tr>\n
17:30<\/td>\nGBP – Services PMI (Nov)<\/td>\n58.6<\/td>\n58.6<\/td>\n–<\/td>\n<\/tr>\n
21:30<\/td>\nUSD – Nonfarm Payrolls (Nov)<\/td>\n531K<\/td>\n550K<\/td>\n–<\/td>\n<\/tr>\n
21:30<\/td>\nUSD – Unemployment Rate (Nov)<\/td>\n4.60%<\/td>\n4.50%<\/td>\n–<\/td>\n<\/tr>\n
21:30<\/td>\nCAD – Employment Change (Nov)<\/td>\n31.2K<\/td>\n40.0K<\/td>\n–<\/td>\n<\/tr>\n
23:00<\/td>\nUSD – ISM Non-Manufacturing PMI (Nov)<\/td>\n66.7<\/td>\n65<\/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 while currently testing the resistance level at 96.10. MACD which illustrated increasing bullish momentum suggest the index to extend its gains after it successfully breakout above the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 96.10, 96.75<\/p>\n

Support level: 95.50, 94.90<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H4: <\/strong>GBPUSD was traded higher while currently testing the resistance level at 1.3355. 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: 1.3355, 1.3505<\/p>\n

Support level: 1.3195, 1.3050<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, H4: <\/strong>EURUSD was traded lower following prior retracement from the resistance level at 1.1370. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.1175.<\/p>\n

 <\/p>\n

Resistance level: 1.1370, 1.1530<\/p>\n

Support level: 1.1175, 1.1010<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, Daily: <\/strong>USDJPY was traded lower while currently testing the support level at 112.80. 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: 114.40, 115.40<\/p>\n

Support level: 112.80, 112.05<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, D<\/strong>aily: <\/strong>AUDUSD was traded lower while currently testing the support level at 0.7085. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 0.7300, 0.7435<\/p>\n

Support level: 0.7085, 0.6915<\/p>\n

\u00a0<\/strong><\/p>\n

\"\"<\/strong><\/p>\n

NZDUSD, Daily: <\/strong>NZDUSD was traded lower while currently testing the support level at 0.6810. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 0.6935, 0.7075<\/p>\n

Support level: 0.6810, 0.6640<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, H4: <\/strong>USDCAD was traded higher while currently testing the resistance level at 1.2825. 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: 1.2825, 1.2950<\/p>\n

Support level: 1.2720, 1.2610<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded higher while currently testing the resistance level at 0.9225. 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: 0.9225, 0.9315<\/p>\n

Support level: 0.9155, 0.9090<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, Daily: <\/strong>Crude oil price was traded lower while currently testing the support level at 66.95. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 71.35, 76.10<\/p>\n

Support level: 66.95, 61.75<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H4: <\/strong>Gold price was traded lower while currently testing the support level at 1762.20. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses after it successfully breakout below the support level.<\/p>\n

 <\/p>\n

Resistance level: 1783.80, 1809.10<\/p>\n

Support level: 1762.20, 1729.60<\/p>\n

 <\/p>\n

 <\/p>\n

 <\/p>\n

 <\/p>\n

 <\/p>\n

 <\/p>\n

 <\/p>\n

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 <\/p>\n

Risk Statement:
\nForex, Gold, Crude Oil, Commodities, CFD and all other margin trading investment products involve high level of risk and may not be suitable for all investors. Your previous investment success in stock, futures or any other investment achieved does not mean that all your future investment will obtain the same results. You should carefully consider your investment objectives; risk associated and seek professional advice before deciding to trade or if you have any doubts.<\/p>\n","protected":false},"excerpt":{"rendered":"

03 December 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 traded flat ahead of crucial NFP data. \u00a0The Dollar Index which traded against a basket of six major currency pairs was traded flat on yesterday amid investors are still waiting crucial jobs data from United States tonight before entering the Dollar market. Nonetheless, the overall long-term momentum for […]<\/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\/213683"}],"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=213683"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/213683\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=213683"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=213683"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=213683"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}