{"id":39267,"date":"2018-11-26T06:48:46","date_gmt":"2018-11-26T06:48:46","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=39267"},"modified":"2018-11-26T06:48:46","modified_gmt":"2018-11-26T06:48:46","slug":"261118-afternoon-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/261118-afternoon-session-analysis\/","title":{"rendered":"261118 Afternoon Session Analysis"},"content":{"rendered":"

26 November 2018\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 Afternoon Session Analysis<\/strong><\/p>\n

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Dollar fell ahead of meeting between US and China. <\/strong><\/p>\n

Dollar was traded lower against a basket of six major currencies ahead of early European trading session amid Friday\u2019s meeting between US President Donald Trump and China President Xi Jinping right before the G20 summit. The meeting will be crucial for the ongoing trade war between the two countries, where investors are hoping for a hawkish tone from the meeting which could stop tensions from growing as two of the world\u2019s largest economy engage in tariff imposing on each other. In other news, pair of GBP\/USD was traded higher amid fall of dollar. Currently the outlook for the pound market remains subtle after EU\u2019s approval of UK Prime Minister Theresa May\u2019s Brexit withdrawal agreement. Investors will now focus on UK Parliament\u2019s decision towards the draft where a rejection will be devastating for the pound. Dollar index fell by 0.04% to 96.75 while pair of GBP\/USD inched higher by 0.06% to 1.2820 as of writing.<\/p>\n

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As for commodities market, crude oil price rallied by 0.26% to $51.15 per barrel ahead of early European trading session as a technical correction after plunging to a 13-month low. Sentiment remains cloudy in the oil market as participants are waiting for a possible change in trend after OPEC\u2019s meeting on 6th<\/sup> December. On the other hand, gold price increased by 0.19% to $1,224.95 a troy ounce due to dollar\u2019s fall.<\/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

22:00\u00a0\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 ECB President Draghi Speaks<\/p>\n

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Today\u2019s Highlight Economic Data<\/u><\/p>\n\n\n\n\n
Time<\/strong><\/td>\nMarket & Data<\/strong><\/td>\nPrevious<\/strong><\/td>\nForecast<\/strong><\/td>\nActual<\/strong><\/td>\n<\/tr>\n
17:00<\/td>\nEUR \u2013 German Ifo Business Climate Index<\/td>\n102.8<\/td>\n102.3<\/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, H4: <\/strong>Dollar index was traded higher following prior breakout above previous resistance level at 96.70. MACD which illustrate diminishing bullish momentum suggest dollar to be traded lower after breaking below the support level 96.70.<\/p>\n

 <\/p>\n

Resistance level: 97.00, 97.40<\/p>\n

Support level: 96.70, 96.40<\/p>\n

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\"\"<\/p>\n

GBPUSD, H1: <\/strong>GBPUSD was traded higher following prior rebound from the support level 1.2800. MACD which illustrate starting bullish momentum and the formation of golden cross suggest the pair to extend its rebound towards the resistance level 1.2855.<\/p>\n

 <\/p>\n

Resistance level: 1.2855, 1.2905<\/p>\n

Support level: 1.2800, 1.2740<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, H1: <\/strong>EURUSD was traded higher while currently testing near the resistance level 1.1340. MACD which display bullish momentum and the formation of golden cross suggest the pair to extend its gains after a breakout above the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 1.1340, 1.1370<\/p>\n

Support level: 1.1310, 1.1270<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, H1: <\/strong>USDJPY was traded higher while currently testing near the resistance level 113.25. MACD which illustrate diminishing bullish momentum suggest the pair to undergo short-term technical correction and retrace from the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 113.25, 113.50<\/p>\n

Support level: 112.95, 112.60<\/p>\n

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\"\"<\/p>\n

AUDUSD, H4: <\/strong>AUDUSD was traded higher following prior rebound from the support level 0.7230. MACD which illustrate bullish momentum and starting formation of golden cross suggest the pair to extend its rebound towards the resistance level 0.7265.<\/p>\n

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Resistance level: 0.7265, 0.7290<\/p>\n

Support level: 0.7230, 0.7200<\/p>\n

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\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded higher while currently testing the resistance level 0.6795. MACD which display bullish momentum suggest the pair to extend its gains after a breakout above the resistance level.<\/p>\n

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Resistance level: 0.6795, 0.6845<\/p>\n

Support level: 0.6755, 0.6710<\/p>\n

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\"\"<\/p>\n

USDCAD, H1: <\/strong>USDCAD was traded lower following prior breakout below the previous support level 1.3210. MACD which display bearish momentum and the formation of death cross suggest the pair to extend its losses towards the support level 1.3180.<\/p>\n

 <\/p>\n

Resistance level: 1.3210, 1.3260<\/p>\n

Support level: 1.3180, 1.3145<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H1: <\/strong>USDCHF was traded lower following prior retracement near the resistance level 0.9990. MACD which illustrate bearish momentum and the formation of death cross suggest the pair to extend its retracement towards the support level 0.9955.<\/p>\n

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Resistance level: 0.9990, 1.0030<\/p>\n

Support level: 0.9955, 0.9915<\/p>\n

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\"\"<\/p>\n

CrudeOIL, H4: <\/strong>Crude oil price was traded higher while currently testing near the resistance level 51.35. MACD which illustrate diminishing bearish momentum suggest the commodity to extend its gains after a breakout above the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 51.35, 52.45<\/p>\n

Support level: 49.60, 48.00<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H4: <\/strong>Gold price was traded higher while currently testing near the resistance level 1225.50. MACD which display diminishing bearish momentum suggest the commodity to extend its gains after a breakout above the resistance level.<\/p>\n

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Resistance level: 1225.50, 1231.00<\/p>\n

Support level: 1221.10, 1216.80<\/p>\n

 <\/p>\n

 <\/p>\n

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Highlighted economy data and events for the week: <\/u><\/strong>November 26 \u2013 30 <\/u><\/strong><\/p>\n\n\n\n\n\n\n\n
Monday, November 26<\/strong><\/td>\n <\/p>\n

Data<\/strong><\/p>\n

EUR \u2013 <\/strong>German Ifo Business Climate Index<\/p>\n

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

Events<\/strong><\/p>\n

EUR \u2013 <\/strong>ECB President Draghi Speaks<\/p>\n

 <\/td>\n<\/tr>\n

Tuesday, November 27<\/strong><\/td>\n <\/p>\n

Data<\/strong><\/p>\n

NZD \u2013 <\/strong>Trade Balance (MoM) (Oct)<\/p>\n

USD \u2013 <\/strong>CB Consumer Confidence (Nov)<\/p>\n

 <\/p>\n

Events<\/strong><\/p>\n

GBP \u2013 <\/strong>BoE Gov Carney Speaks<\/p>\n

 <\/td>\n<\/tr>\n

Wednesday, November 28<\/strong><\/td>\n <\/p>\n

Data<\/strong><\/p>\n

USD \u2013 <\/strong>GDP (QoQ) (Q3)<\/p>\n

USD \u2013 <\/strong>New Home Sales (Oct)<\/p>\n

CrudeOIL \u2013 <\/strong>API Weekly Crude Oil Stock<\/p>\n

CrudeOIL \u2013 <\/strong>Crude Oil Inventories<\/p>\n

 <\/p>\n

Events<\/strong><\/p>\n

NZD \u2013 <\/strong>RBNZ Gov Orr Speaks<\/p>\n

 <\/td>\n<\/tr>\n

Thursday, <\/strong>November 29<\/strong><\/td>\n\u00a0<\/strong><\/p>\n

Data<\/strong><\/p>\n

EUR \u2013 <\/strong>German Unemployment Change (Nov)<\/p>\n

USD \u2013 <\/strong>Pending Home Sales (MoM) (Oct)<\/p>\n

 <\/p>\n

Events<\/strong><\/p>\n

USD \u2013 <\/strong>Fed Chair Powell Speaks<\/p>\n

EUR \u2013 <\/strong>ECB President Draghi Speaks<\/p>\n

 <\/td>\n<\/tr>\n

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

Friday, November 30<\/strong><\/p>\n

\u00a0<\/strong><\/td>\n

 <\/p>\n

Data<\/strong><\/p>\n

CNY \u2013 <\/strong>Manufacturing PMI (Nov)<\/p>\n

EUR \u2013 <\/strong>CPI (YoY) (Nov)<\/p>\n

CAD \u2013 <\/strong>GDP (MoM) (Sep)<\/p>\n

 <\/p>\n

Events<\/strong><\/p>\n

USD \u2013 <\/strong>FOMC Meeting Minutes<\/p>\n

 <\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

26 November 2018\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 Afternoon Session Analysis   Dollar fell ahead of meeting between US and China. Dollar was traded lower against a basket of six major currencies ahead of early European trading session amid Friday\u2019s meeting between US President Donald Trump and China President Xi Jinping right before the G20 summit. The meeting will be […]<\/p>\n","protected":false},"author":20,"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\/39267"}],"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\/20"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/comments?post=39267"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/39267\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=39267"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=39267"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=39267"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}