{"id":214361,"date":"2021-12-05T23:56:13","date_gmt":"2021-12-05T23:56:13","guid":{"rendered":"https:\/\/www.gcmasia.co\/analysis\/en\/?p=214361"},"modified":"2021-12-05T23:56:13","modified_gmt":"2021-12-05T23:56:13","slug":"061221-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/061221-morning-session-analysis\/","title":{"rendered":"061221 Morning Session Analysis"},"content":{"rendered":"

06 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 amid mixed economic data.<\/strong><\/span><\/p>\n

The Dollar Index which traded against a basket of six major currency pairs was traded within a range over the backdrop of mixed economic data from the United States last week. According to Bureau of Labor Statistics, U.S. Unemployment Rate notched down significantly from the previous reading of 4.6% to 4.2%, better than the market forecast at 4.5%. Though, U.S. Nonfarm Payrolls came in at 210K, worse than the market forecast at 550K. The overall economic prospect for the United States as for now remained vague amid uncertainty with regards of Omicron variant as well as mixed economic data, thus investors would continue to scrutinize the latest updates of further data to gauge the likelihood movement for the US Dollar. On the monetary policy front, the Federal funds rate futures, which track short-term interest rate expectations, was priced in a 74% chance of a 25-basis point increase in the benchmark overnight interest rate by May 2022 following the released of the jobs report. Contractionary monetary policy and rising interest rate would decrease the money circulation in the market, which spurring bullish momentum for the US Dollar. As of writing, the Dollar Index appreciated by 0.08% to 96.20.<\/p>\n

 <\/p>\n

In the commodities market, the crude oil price slumped 0.05% to $67.95 per barrel as of writing amid rising numbers of Covid-19 variant around the world had continue to limit the prospect for this black-commodity in future. On the other hand, the gold price surged 0.03% to $1782.65 per troy ounces as of writing amid uncertainty of the Covid-19 pandemic had stoked a shift in sentiment toward the safe-haven asset.<\/p>\n

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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

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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
17:30<\/td>\nGBP – Construction PMI (Nov)<\/td>\n54.6<\/td>\n52.0<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

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

\"\"<\/p>\n

DOLLAR_INDX, H4: <\/strong>Dollar index was traded higher while currently testing the resistance level at 96.15. However, MACD which illustrated diminishing bullish momentum suggest the index to be traded lower in short-term as technical correction.<\/p>\n

 <\/p>\n

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

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

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\"\"<\/p>\n

GBPUSD, H4: <\/strong>GBPUSD was traded lower while currently testing the support level at 1.3195. 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: 1.3355, 1.3505<\/p>\n

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

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\"\"<\/p>\n

EURUSD, H4: <\/strong>EURUSD was traded lower following prior retracement from the resistance level at 1.1370. 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: 1.1370, 1.1530<\/p>\n

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

 <\/p>\n

\"\"<\/p>\n

USDJPY, H4: <\/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 following prior breakout below the previous support level at 0.7115. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.6915.<\/p>\n

 <\/p>\n

Resistance level: 0.7115, 0.7300<\/p>\n

Support level: 0.6915, 0.6715<\/p>\n

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

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

NZDUSD, Daily: <\/strong>NZDUSD was traded lower following prior breakout below the previous 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: 0.6810, 0.6935<\/p>\n

Support level: 0.6640, 0.6495<\/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 lower while currently testing the support level at 0.9155. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support 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, H4: <\/strong>Crude oil price was traded lower while currently testing the support level at 66.95. However, MACD which illustrated increasing bullish momentum suggest the pair 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 higher while currently testing the resistance level at 1783.80. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance 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

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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":"

06 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 amid mixed economic data. The Dollar Index which traded against a basket of six major currency pairs was traded within a range over the backdrop of mixed economic data from the United States last week. According to Bureau of Labor Statistics, U.S. Unemployment Rate notched down […]<\/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\/214361"}],"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=214361"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/214361\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=214361"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=214361"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=214361"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}