{"id":101913,"date":"2020-02-17T00:40:40","date_gmt":"2020-02-17T00:40:40","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=101913"},"modified":"2020-02-17T00:40:40","modified_gmt":"2020-02-17T00:40:40","slug":"170220-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/170220-morning-session-analysis\/","title":{"rendered":"170220 Morning Session Analysis"},"content":{"rendered":"

17 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\u00a0 Morning Session Analysis<\/strong><\/p>\n

EUR\/USD slumped amid to bleak data.<\/strong><\/span><\/p>\n

EUR\/USD extend its losses on last Friday over the backdrop of the bleak data from the European region. According to Statistisches Bundesamt Deutschland, the Germany Gross Domestic Product (GDP) for last month decrease from the previous reading of 0.2% to 0.0%, missing the economist forecast at 0.1%. Meanwhile, the Eurozone Gross Domestic Product (GDP) for last month notched down from the preliminary reading of 1.2% to 0.9%, weaker than the economist forecast at 1.0%. As both data fared worse than expectation, which dialing down market optimism towards the economic progression in the European Union, while prompting a greater expectation for the European central bank to decrease its interest rate in the future in order to boost back the economic growth. Besides that, the euro received a further bearish momentum as the risk-off sentiment in the FX market due to the fears upon the outbreak of coronavirus. Such negative sentiment had prompted the investors to shift their investment to the safe-haven asset such as Japanese Yen and US Dollar, while spurring a further selloff for the riskier asset such as the euro. According to CNBC, the China\u2019s latest figures showed 68,500 cases of the coronavirus while 1,665 people were killed by the virus. As of writing, EUR\/USD appreciated by 0.08% to 1.0837.<\/p>\n

 <\/p>\n

In the commodities market, the crude oil priced depreciated by 0.11% to $52.37 per barrel as of writing. However, the oil market was traded higher on last Friday with market hoping for OPEC+ to either deepen or extending oil output cuts in the future. On the other hand, the gold price was traded higher on last Friday amid to the concerns of the coronavirus, insinuating the demand for the safe-haven metal. However, as of writing, the gold price slumped 0.10% to $1581.88 per troy ounces amid to technical correction.<\/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

All day\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 USD\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 United States- Washington\u2019s Birthday<\/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

N\/A<\/p>\n

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Today\u2019s Highlight Economic Data<\/u><\/p>\n

N\/A<\/p>\n

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

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DOLLAR_INDX, Daily<\/strong>\uff1a<\/strong>Dollar index was traded higher while currently testing the resistance level at 99.00. However, MACD which illustrated diminishing bullish momentum suggest the index to be traded lower in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 99.00, 99.80<\/p>\n

Support level: 98.35, 97.70<\/p>\n

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GBPUSD, H4: <\/strong>GBPUSD was traded higher following prior rebound from the support level at 1.3020. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 1.3065, 1.3110<\/p>\n

Support level: 1.3020, 1.2985<\/p>\n

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EURUSD, Daily: <\/strong>EURUSD was traded lower following prior breakout below the previous support level at 1.0900. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.<\/p>\n

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Resistance level: 1.0900, 1.1005<\/p>\n

Support level: 1.0785, 1.0655<\/p>\n

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USDJPY, H4: <\/strong>USDJPY was traded within a range while currently testing the resistance level at 109.70. MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 110.15, 110.65<\/p>\n

Support level: 109.70, 109.05<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H4: <\/strong>AUDUSD was traded higher following prior rebound from the support level at 0.6705. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 0.6750.<\/p>\n

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Resistance level: 0.6750, 0.6795<\/p>\n

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

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NZDUSD, H4: <\/strong>NZDUSD was traded lower while currently testing near the support level 0.6425. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 0.6490, 0.6540<\/p>\n

Support level: 0.6425, 0.6380<\/p>\n

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USDCAD, Daily: <\/strong>USDCAD was traded lower while currently testing the support level at 1.3240. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it breakout below the support level.<\/p>\n

 <\/p>\n

Resistance level: 1.3330, 1.3395<\/p>\n

Support level: 1.3240, 1.3180<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded higher while currently testing the resistance level at 0.9825. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 0.9825, 0.9870<\/p>\n

Support level: 0.9780, 0.9750<\/p>\n

 <\/p>\n

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CrudeOIL, H1: <\/strong>Crude oil price was traded lower following prior retracement from the resistance level at 52.50. However, MACD which illustrated increasing bullish momentum suggest the commodity to be traded higher in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 52.50, 53.45<\/p>\n

Support level: 51.75, 50.85<\/p>\n

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GOLD_, H1: <\/strong>Gold price was traded higher while currently testing the resistance level at 1583.45. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 1583.40, 1590.05<\/p>\n

Support level: 1576.45, 1564.50<\/p>\n

 <\/p>\n

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

\u00a0<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

17 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\u00a0 Morning Session Analysis EUR\/USD slumped amid to bleak data. EUR\/USD extend its losses on last Friday over the backdrop of the bleak data from the European region. According to Statistisches Bundesamt Deutschland, the Germany Gross Domestic Product (GDP) for last month decrease from the previous reading of 0.2% to 0.0%, missing the […]<\/p>\n","protected":false},"author":61,"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\/101913"}],"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\/61"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/comments?post=101913"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/101913\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=101913"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=101913"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=101913"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}