{"id":100211,"date":"2020-02-05T02:15:15","date_gmt":"2020-02-05T02:15:15","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=100211"},"modified":"2020-02-05T02:15:15","modified_gmt":"2020-02-05T02:15:15","slug":"050220-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/050220-morning-session-analysis\/","title":{"rendered":"050220 Morning Session Analysis"},"content":{"rendered":"

05 February 2020\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

 <\/p>\n

Australia\u2019s interest rate remain unchanged.<\/strong><\/span><\/p>\n

Among all the major currencies, Aussie dollars managed to gain bullish momentum on yesterday following Australia central bank decided to leave its monetary policy unchanged, no hint of imminent rate cut at the moment. In the RBA rate statement, board members of RBA keep their interest rate at 0.75% as widely expected while turned their tone to optimistic view toward the future growth outlook in Australia\u2019s economy. At this point, the central bank is forecasting that the Australian economy to grow by 2.75% this year and 3% in the subsequent year. However, it is foreseeable that the outbreak of new coronavirus and bushfires will temporarily weigh on the domestic growth. Anyhow, RBA did not rule out the possibility of further rate cut or further ease their monetary policy if the economic growth goes aversely against their expectation. As of writing, the pair of AUD\/USD rose by 0.01% to 0.6740. On the other hand, the pair of GBP\/USD managed to recover part of its previous losses after falling to the lowest level in one month. At this moment, pound sterling market lifted up marginally by the positive economic data following huge sell off pressure which exerted by obstinate stance from UK Prime Minister Boris Johnson toward the issue of Brexit. According to CIPS, UK Construction PMI was came in at 48.4, stronger than economist forecast of 46.6 while recording the highest level in eight months. During early Asian trading session, GBP\/USD inched up 0.02% to 1.3030.<\/p>\n

 <\/p>\n

In the commodities market, crude oil price rose 0.38% to $49.80 per barrel after hitting the lowest level since 9th<\/sup> January 2019. Prior to now, sell-off pressure on crude oil market spiked up after API data showed a large amount of stockpile in US crude oil inventories. According to API, US weekly crude oil stock was came in at 4.180M, unexpectedly higher than economist forecast of -4.270M. Besides, gold price notched up 0.23% to $1555.70 a troy ounce amid rising of risk-off sentiment around the global market.<\/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

 <\/p>\n

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

20:15\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 ECB President Lagarde Speaks<\/p>\n

 <\/p>\n

Today\u2019s Highlight Economic Data<\/u><\/p>\n\n\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
17:30<\/td>\nGBP \u2013 Composite PMI (Jan)<\/td>\n52.4<\/td>\n52.4<\/td>\n–<\/td>\n<\/tr>\n
17:30<\/td>\nGBP \u2013 Services PMI (Jan)<\/td>\n52.9<\/td>\n52.9<\/td>\n–<\/td>\n<\/tr>\n
21:15<\/td>\nUSD – ADP Nonfarm Employment Change (Jan)<\/td>\n202K<\/td>\n159K<\/td>\n–<\/td>\n<\/tr>\n
23:00<\/td>\nUSD – ISM Non-Manufacturing PMI (Jan)<\/td>\n55.0<\/td>\n55.1<\/td>\n–<\/td>\n<\/tr>\n
23:30<\/td>\nCrudeOIL \u2013 Crude Oil Inventories<\/td>\n3.548M<\/td>\n–<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 –<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\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 97.70. MACD which illustrate bullish signal suggests the pair to extend its gains toward the resistance level at 98.20<\/p>\n

 <\/p>\n

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

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

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H4: <\/strong>GBPUSD was traded lower following prior retracement from the resistance level at 1.3035. However, MACD which illustrate bullish signal suggests the pair to undergo technical correction in short term toward the resistance level at 1.3035.<\/p>\n

 <\/p>\n

Resistance level: 1.3035, 1.3100<\/p>\n

Support level: 1.2965, 1.2895<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, H4: <\/strong>EURUSD was traded higher following prior rebound from the support level at 1.1035. MACD which illustrate diminishing bearish momentum signal suggests the pair to extend its gains towards the direction of 1.1075.<\/p>\n

 <\/p>\n

Resistance level: 1.1075, 1.1110<\/p>\n

Support level: 1.1035, 1.1000<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, H4: <\/strong>USDJPY was traded lower following prior retracement from the higher level. MACD which illustrate diminishing bullish momentum signal suggests the pair to be traded lower in short term toward the support level at 109.25.<\/p>\n

 <\/p>\n

Resistance level: 109.65, 110.20<\/p>\n

Support level: 109.25, 108.80<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H4: <\/strong>AUDUSD was traded lower following prior retracement from the higher level. MACD which illustrate diminishing bullish momentum signal suggests the pair to extend its losses toward the support level at 0.6705.<\/p>\n

 <\/p>\n

Resistance level: 0.6760, 0.6805<\/p>\n

Support level: 0.6705, 0.6665<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H1: <\/strong>NZDUSD was traded lower following prior retracement from the resistance level at 0.6495. MACD which illustrate bearish signal suggests the pair to extend its losses toward the support level at 0.6455.<\/p>\n

 <\/p>\n

Resistance level: 0.6495, 0.6535<\/p>\n

Support level: 0.6455, 0.6430<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, Daily: <\/strong>USDCAD was traded higher following prior breakout above the previous resistance level at 1.3265. However, MACD which illustrate diminishing upward momentum suggests the pair to be traded lower in short-term as technical correction.<\/p>\n

 <\/p>\n

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

Support level: 1.3265, 1.3210<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, Daily: <\/strong>USDCHF was traded higher while currently testing the resistance level at 0.9690. MACD which illustrate bullish momentum signal suggests the pair to extend its gains after it successfully breakout above the resistance level at 0.9690.<\/p>\n

 <\/p>\n

Resistance level: 0.9690, 0.9735<\/p>\n

Support level: 0.9665, 0.9635<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H1: <\/strong>Crude oil price was traded higher while currently testing the resistance level at 50.05. MACD which illustrate diminished downward momentum suggests this commodity to extend its gains after it successfully breakout above the resistance level at 50.05.<\/p>\n

 <\/p>\n

Resistance level: 50.05, 51.55<\/p>\n

Support level: 48.80, 47.35<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H1: <\/strong>Gold price was traded higher following prior rebound from the support level at 1551.10. MACD which illustrate diminishing bearish momentum signal suggests its price to be traded higher toward the next resistance level.<\/p>\n

 <\/p>\n

Resistance level: 1564.15, 1571.35<\/p>\n

Support level: 1551.10, 1544.90<\/p>\n","protected":false},"excerpt":{"rendered":"

05 February 2020\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   Australia\u2019s interest rate remain unchanged. Among all the major currencies, Aussie dollars managed to gain bullish momentum on yesterday following Australia central bank decided to leave its monetary policy unchanged, no hint of imminent rate cut at the moment. In the RBA rate statement, board members of RBA […]<\/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\/100211"}],"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=100211"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/100211\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=100211"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=100211"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=100211"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}