{"id":288348,"date":"2022-12-02T00:49:56","date_gmt":"2022-12-02T00:49:56","guid":{"rendered":"https:\/\/www.gcmasia.co\/analysis\/en\/?p=288348"},"modified":"2022-12-02T00:49:56","modified_gmt":"2022-12-02T00:49:56","slug":"021222-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/021222-morning-session-analysis\/","title":{"rendered":"021222 Morning Session Analysis"},"content":{"rendered":"

2 December 2022\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 Morning Session Analysis<\/strong><\/p>\n

US Dollar beaten down amid the easing inflationary risk. \u00a0<\/strong><\/span><\/p>\n

The Dollar Index which traded against a basket of six major currencies remained its bearish trend following the easing of inflationary risk in the US. According to Bureau of Economic Analysis, the US Core PCE Price Index MoM that excluding the food and energy consumption notched down from the previous reading of 0.5% to 0.2%, missing the consensus forecast of 0.3%. Besides that, the US ISM Manufacturing Purchasing Managers Index (PMI) had given a downbeat reading, which post at the figures at 49.0 as well as lower than market expectation of 49.8. The lower-than-expected PCE figures add to signs that US inflation is falling, while the weakened manufacturing sector has dialed down the market optimism toward economic progression in the US. With such background, investors were anticipating that the lower rate hike would likely to be implemented in the December meeting, says 50 basis point. As of now, the announcement of NFP data tonight still highly attract the eye of investors, as it could provide a clearer view of interest rate decision. As of writing, the Dollar Index depreciated by 1.17% to 104.66.<\/p>\n

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In the commodities market, the crude oil price dropped by 0.11% to $81.33 per barrel as of writing following the various other officials of the oil producing alliance have privately told media that OPEC+ will likely stand pat on production at Sunday\u2019s meeting. In addition, the gold price eased by 0.03% to $1802.30 per troy ounce as of writing over the strengthening of US Dollar.<\/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

10:40\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 EUR\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\u00a0 ECB President Lagarde Speaks<\/p>\n

12:30\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 NZD\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\u00a0 RBNZ Gov Orr Speaks<\/p>\n

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Today\u2019s Highlight Economic Data<\/u><\/p>\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
21:30<\/td>\nUSD – Nonfarm Payrolls (Nov)<\/td>\n261K<\/td>\n200K<\/td>\n–<\/td>\n<\/tr>\n
21:30<\/td>\nCAD – Employment Change (Nov)<\/td>\n108.3K<\/td>\n5.0K<\/td>\n–<\/td>\n<\/tr>\n
22:56<\/td>\nUSD – Unemployment Rate (Nov)<\/td>\n3.7%<\/td>\n3.7%<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

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

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DOLLAR_INDX, Daily: <\/strong>Dollar index was traded lower following prior breakout below the previous support level. MACD which illustrated increasing bearish momentum suggest the index to extend its losses.<\/p>\n

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Resistance level: 105.20, 107.05<\/p>\n

Support level: 103.45, 101.70<\/p>\n

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GBPUSD, Daily: <\/strong>GBPUSD was traded while currently testing the resistance level. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains if successfully breakout the resistance level.<\/p>\n

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Resistance level: 1.2245, 1.2485<\/p>\n

Support level: 1.2040, 1.1835<\/p>\n

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EURUSD, H4: <\/strong>EURUSD was traded higher following prior breakout above the previous resistance level. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains.<\/p>\n

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Resistance level: 1.0600, 1.0740<\/p>\n

Support level: 1.0465, 1.0335<\/p>\n

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USDJPY, Daily: <\/strong>USDJPY was traded lower following prior breakout below the previous support level. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses.<\/p>\n

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Resistance level: 135.35, 139.00<\/p>\n

Support level: 131.30, 126.65<\/p>\n

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AUDUSD, H4: <\/strong>AUDUSD was traded higher while currently testing the resistance level. However, MACD which illustrated decreasing bullish momentum suggest the pair to be traded lower as technical correction.<\/p>\n

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Resistance level: 0.6830, 0.6960<\/p>\n

Support level: 0.6705, 0.6590<\/p>\n

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NZDUSD, Daily: <\/strong>NZDUSD was traded higher following prior breakout above the previous resistance level. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains.<\/p>\n

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Resistance level: 0.6460, 0.6560<\/p>\n

Support level: 0.6360, 0.6260<\/p>\n

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USDCAD, H4: <\/strong>USDCAD was traded higher while currently testing the support level. MACD which illustrated decreasing bearish momentum suggest the pair to extend its gains if successfully breakout the resistance level.<\/p>\n

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Resistance level: 1.3455, 1.3635<\/p>\n

Support level: 1.3320, 1.3155<\/p>\n

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USDCHF, H4: <\/strong>USDCHF was traded lower following prior breakout below the previous support level. However, MACD which illustrated decreasing bearish momentum suggest the pair to be traded lower as technical correction.<\/p>\n

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Resistance level: 0.9400, 0.9550<\/p>\n

Support level: 0.9235, 0.9095<\/p>\n

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CrudeOIL, H4: <\/strong>Crude oil price was traded higher following prior breakout above the previous resistance level. However, MACD which illustrated decreasing bullish momentum suggest the commodity to be traded lower as technical correction.<\/p>\n

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Resistance level: 83.55, 86.10<\/p>\n

Support level: 80.15, 77.40<\/p>\n

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GOLD_, H4: <\/strong>Gold price was traded higher while currently testing the resistance level. However, MACD which illustrated decreasing bullish momentum suggest the commodity to be traded lower as technical correction.<\/p>\n

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Resistance level: 1808.55, 1833.00<\/p>\n

Support level: 1783.50, 1756.05<\/p>\n","protected":false},"excerpt":{"rendered":"

2 December 2022\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 Morning Session Analysis US Dollar beaten down amid the easing inflationary risk. \u00a0 The Dollar Index which traded against a basket of six major currencies remained its bearish trend following the easing of inflationary risk in the US. According to Bureau of Economic Analysis, the US Core PCE Price Index MoM that […]<\/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\/288348"}],"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=288348"}],"version-history":[{"count":1,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/288348\/revisions"}],"predecessor-version":[{"id":288435,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/288348\/revisions\/288435"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=288348"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=288348"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=288348"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}