{"id":289281,"date":"2022-12-07T00:32:21","date_gmt":"2022-12-07T00:32:21","guid":{"rendered":"https:\/\/www.gcmasia.co\/analysis\/en\/?p=289281"},"modified":"2022-12-07T00:53:21","modified_gmt":"2022-12-07T00:53:21","slug":"20221207-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/20221207-morning-session-analysis\/","title":{"rendered":"071222 Morning Session Analysis"},"content":{"rendered":"

7 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

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Greenback surged amid risk-off sentiment heightened.<\/strong><\/span><\/p>\n

The dollar index, which was traded against a basket of six major currencies, lingered near the recent high, but still recorded some gains over the previous trading session despite the market was lack of catalyst. Yesterday, the dollar index received some buy-in pressures as the stock market was hit badly amid recession worries jolt markets. In the recent weeks, some major layoffs have been noticed in the giant companies, which further increases the odds that a hard landing in 2023 and enter a deep recession might be happened. The recent layoff trend has been extended following the news that Morgan Stanley is planning to cut 2% of its workforce as sluggish deal markets weigh on its profits. As such, the greenback benefited from the bearish sentiment in the equity market, and thus, pushing the value of the US dollar slightly higher in the last trading session. As of writing, the dollar index headed up 0.26% to 105.55.<\/p>\n

 <\/p>\n

In the commodities market, the crude oil price plummeted by -3.89% to $74.70 per barrel as the recession worries jitter the market sentiment. Besides, the gold prices jumped 0.17% to $1771.15 per troy ounce amid the strengthening of dollar index.<\/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

23:00\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 CAD\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\u00a0 BoC Rate Statement<\/p>\n

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Today\u2019s Highlight Economic Data<\/u><\/p>\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
23:00<\/td>\nCAD \u2013 BoC Interest Rate Decision<\/td>\n3.75%<\/td>\n4.25%<\/td>\n–<\/td>\n<\/tr>\n
23:30<\/td>\nCrudeOIL \u2013 Crude Oil Inventories<\/td>\n-12.580M<\/td>\n-3.305M<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

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 <\/p>\n

 <\/p>\n

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

\"\"<\/p>\n

DOLLAR_INDX, Daily: <\/strong>Dollar index was traded higher following prior breakout above the previous resistance level at 105.00. MACD which illustrated diminishing bearish momentum suggests the index to extend its gains toward the resistance level at 106.65.<\/p>\n

 <\/p>\n

 <\/p>\n

Resistance level: 106.65, 107.95<\/p>\n

Support level: 105.00, 103.15<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, Daily: <\/strong>GBPUSD was traded lower while currently testing the support level at 1.2200. 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: 1.2345, 1.2470<\/p>\n

Support level: 1.2200, 1.2000<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, Daily: <\/strong>EURUSD was traded lower while currently testing the support level at 1.0475.\u00a0 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: 1.0615, 1.0775<\/p>\n

Support level: 1.0475, 1.0365<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, Daily: <\/strong>USDJPY was traded higher while currently testing the resistance level at 136.45. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 136.45, 138.90<\/p>\n

Support level: 134.15, 131.25<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, Daily: <\/strong>AUDUSD was traded lower following prior breakout below the previous support level at 0.6725. MACD which illustrated bearish bias momentum suggest the pair to extend its losses toward the support level at 0.6640.<\/p>\n

 <\/p>\n

Resistance level: 0.6725, 0.6860<\/p>\n

Support level: 0.6640, 0.6530<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, Daily: <\/strong>NZDUSD was traded lower following prior breakout below the previous support level at 0.6355. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward the support level at 0.6255.<\/p>\n

 <\/p>\n

Resistance level: 0.6355, 0.6460<\/p>\n

Support level: 0.6255, 0.6170<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, Daily: <\/strong>USDCAD was traded higher while currently testing the resistance level at 1.3600. MACD which illustrated bullish bias momentum suggests the pair to extend it gains after it successfully breakout above the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 1.3600, 1.3740<\/p>\n

Support level: 1.3505, 1.3400<\/p>\n

 <\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, Daily: <\/strong>USDCHF was traded higher following prior breakout above the previous resistance level at 0.9405. MACD which illustrated bullish bias momentum suggest the pair to extend its gains toward the resistance level at 0.9530.<\/p>\n

 <\/p>\n

Resistance level: 0.9530, 0.9625<\/p>\n

Support level: 0.9405, 0.9310<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, Daily: <\/strong>Crude oil price was traded lower following prior breakout below the previous support level at 76.10. MACD which illustrated diminishing bullish momentum suggest the commodity to extend its losses toward the support level at 72.35.<\/p>\n

 <\/p>\n

Resistance level: 76.10, 80.60<\/p>\n

Support level: 72.35, 66.25<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H4: <\/strong>Gold price was traded lower following prior retracement from the higher level. However, MACD which illustrated diminishing bearish momentum suggests the commodity to undergo technical correction in short term.<\/p>\n

 <\/p>\n

Resistance level: 1786.00, 1807.30<\/p>\n

Support level: 1759.15, 1729.85<\/p>\n","protected":false},"excerpt":{"rendered":"

7 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   Greenback surged amid risk-off sentiment heightened. The dollar index, which was traded against a basket of six major currencies, lingered near the recent high, but still recorded some gains over the previous trading session despite the market was lack of catalyst. Yesterday, the dollar index received some buy-in […]<\/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\/289281"}],"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=289281"}],"version-history":[{"count":3,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/289281\/revisions"}],"predecessor-version":[{"id":289434,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/289281\/revisions\/289434"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=289281"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=289281"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=289281"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}