{"id":90867,"date":"2019-12-03T06:26:39","date_gmt":"2019-12-03T06:26:39","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=90867"},"modified":"2019-12-03T06:26:39","modified_gmt":"2019-12-03T06:26:39","slug":"031219-afternoon-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/031219-afternoon-session-analysis\/","title":{"rendered":"031219 Afternoon Session Analysis"},"content":{"rendered":"

3 December 2019\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 Afternoon Session Analysis<\/strong><\/p>\n

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Greenback plunged amid escalation of trade tensions.<\/strong><\/span><\/p>\n

Dollar index which gauge its value against a basket of six major currencies rebounded after falling to one week low level amid heightening of trade tensions between US and China. After returning from Thanksgiving holiday, Donald Trump administration is prepared to levy more duties which amounted to $156 billion on Chinese imported goods in the absence of a trade deal, said by Commerce Secretary Wilbur Ross. Moreover, Donald Trump also accused that Federal Reserve (Fed) should act in the way that other countries unable to exploit strong US dollar even they further devalue their currency value. Back then, US Central bank has cut their interest rate for 3 times while majority of the market participants are expecting there will be another round of 0.25% rate cut in the coming Fed meeting, according to Fed Rate Monitor Tool. As of writing, dollar index quoted up 0.07% to 97.80. On the other hand, the pair of EUR\/USD down 0.04% to 1.1070 after a dovish bias speech conducted by ECB Chairman Christine Lagarde. In her speech, Christine Lagarde reiterated that EU current economic growth is still remain weak while the outlook expectedly will\u00a0 be remained sluggish and uncertain due to the ongoing risk of global growth slowing down and trade war issue remain deadlocked.<\/p>\n

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In the commodities market, crude oil price rose 0.38% to $56.15 per barrel amid hints of OPEC and its allies will deepen their oil cut production by additional 0.4 million barrels per day in the upcoming meeting in Vienna. However, the gains was limited after recent news showed that Trump administration may slap additional tariff on China goods if no deal. Besides, gold price inched up 0.01% to $1462.15 a troy ounce due to heightening of trade dispute.<\/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

Tentative\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 GBP\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 BoE MPC Treasury Committee Hearings<\/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
17:30<\/td>\nGBP \u2013 Construction PMI (Nov)<\/td>\n44.2<\/td>\n44.5<\/td>\n–<\/td>\n<\/tr>\n
05:30<\/p>\n

(04th<\/sup>)<\/td>\n

CrudeOIL- API Weekly Crude Oil Stock<\/td>\n3.639M<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

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

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

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DOLLAR_INDX, H4: <\/strong>Dollar index was traded higher following prior rebound from the support level at 97.70. MACD which illustrate diminishing bearish momentum suggest the dollar to extend its gains toward the resistance level at 98.20.<\/p>\n

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Resistance level: 98.20, 98.80<\/p>\n

Support level: 97.70, 97.25<\/p>\n

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GBPUSD, H4: <\/strong>GBPUSD was traded lower following prior retracement from the resistance level 1.2945. However, MACD which illustrate bullish momentum suggest the pair to be traded higher in short term toward the resistance level at 1.2945.<\/p>\n

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Resistance level: 1.2945, 1.2970<\/p>\n

Support level: 1.2890, 1.2855<\/p>\n

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EURUSD, Daily: <\/strong>EURUSD was traded higher while currently testing near the resistance level 1.1075. MACD which illustrate bullish bias signal suggest the pair to extend its gains after it breaks above the resistance level 1.1075.<\/p>\n

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Resistance level: 1.1075, 1.1170<\/p>\n

Support level: 1.1005, 1.0930<\/p>\n

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USDJPY, H4: <\/strong>USDJPY was traded higher following prior rebound from the support level at 109.00. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its gains towards the resistance level at 109.40.<\/p>\n

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Resistance level: 109.40, 109.80<\/p>\n

Support level: 109.00, 108.40<\/p>\n

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AUDUSD, H4: <\/strong>AUDUSD was traded higher following prior breakout above the previous resistance level at 0.6810. MACD which illustrate bullish momentum signal suggest the pair to extend its gains toward the next resistance level at 0.6840.<\/p>\n

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Resistance level: 0.6840, 0.6880<\/p>\n

Support level: 0.6810, 0.6770<\/p>\n

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NZDUSD, H4: <\/strong>NZDUSD was traded higher following prior breakout above the previous resistance level at 0.6490. MACD which illustrate bullish bias momentum suggest the pair to extend its gains toward the next resistance level at 0.6535.<\/p>\n

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Resistance level: 0.6535, 0.6570<\/p>\n

Support level: 0.6490, 0.6460<\/p>\n

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USDCAD, H4: <\/strong>USDCAD was traded higher following prior rebound from the support level at 1.3270. MACD which illustrate bullish momentum signal suggest the pair to extend its rebound toward the resistance level at 1.3335.<\/p>\n

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Resistance level: 1.3335, 1.3395<\/p>\n

Support level: 1.3270, 1.3210<\/p>\n

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USDCHF, Daily: <\/strong>USDCHF was traded lower while currently testing the support level 0.9915. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses after it breaks below the support level.<\/p>\n

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Resistance level: 0.9945, 0.9985<\/p>\n

Support level: 0.9915, 0.9885<\/p>\n

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CrudeOIL, H4: <\/strong>Crude oil price was traded higher following prior rebound near the support level near 55.30. MACD which illustrate diminishing bearish momentum suggest the commodity to extend its gains toward the resistance level at 56.25.<\/p>\n

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Resistance level: 56.25, 56.80<\/p>\n

Support level: 55.30, 54.65<\/p>\n

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GOLD_, H4: <\/strong>Gold price was traded lower following prior retracement from the higher level. MACD which illustrate diminishing bullish momentum signal suggest the commodity to extend its losses toward the support level at 1458.55.<\/p>\n

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Resistance level: 1471.65, 1480.95<\/p>\n

Support level: 1458.55, 1448.95<\/p>\n","protected":false},"excerpt":{"rendered":"

3 December 2019\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 Afternoon Session Analysis     Greenback plunged amid escalation of trade tensions. Dollar index which gauge its value against a basket of six major currencies rebounded after falling to one week low level amid heightening of trade tensions between US and China. After returning from Thanksgiving holiday, Donald Trump administration is prepared […]<\/p>\n","protected":false},"author":54,"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\/90867"}],"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\/54"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/comments?post=90867"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/90867\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=90867"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=90867"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=90867"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}