{"id":110999,"date":"2020-04-07T00:12:46","date_gmt":"2020-04-07T00:12:46","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=110999"},"modified":"2020-04-07T00:12:46","modified_gmt":"2020-04-07T00:12:46","slug":"070420-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/070420-morning-session-analysis\/","title":{"rendered":"070420 Morning Session Analysis"},"content":{"rendered":"

7 April 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 Morning Session Analysis<\/strong><\/p>\n

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Pound sterling dips amid pessimistic economic data.<\/strong><\/span><\/p>\n

Among all the major currencies market, pound sterling plummeted against other currencies following the release of downbeat construction data in UK. According to CIPS, UK Construction PMI came in at a reading of 39.3, weaker than the economist expectation of 44.0 as Covid-19 restriction halted the construction activity across the entire nation. Since the outbreak of coronavirus, global economy has been affected tremendously, while no any indication of weakening in virus spreading. A series of bleak data from UK shows that the economy is contracting in a fastest pace since the economic crisis. The full damage on UK nation is doomed to reflect during UK spring time as the pandemic of virus is getting worse. Moreover, pound\u2019s outlook turned sour as the news of Boris Johnson was admitted to hospital created fresh uncertainty. According to CNBC, a spokesman from Downing Street revealed that UK Prime Minister Boris Johnson suffered from persistent symptoms of virus, running with high temperature. Hence, a \u2018precautionary step\u2019 is forced to be taken in order to avoid unnecessary outcome happened. Despite, Boris Johnson is still in charge of the government and in contact with ministerial. As of writing, the pair of GBP\/USD notched down 0.20% to 1.2205.<\/p>\n

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In the commodities market, crude oil price appreciated by 1.19% to $26.38 per barrel as market participants are still remain optimistic toward the prospect of this black commodity market despite a postponement on meeting between Saudi Arabia and Russia. The meeting was precedingly scheduled to held on Monday in order to discuss the issue of oil output. Besides, gold price quoted up 0.25% to $1,667.30 a troy ounce amid heightening of virus\u2019s uncertainty.<\/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

12:30\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 AUD\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 RBA Rate Statement<\/p>\n

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Today\u2019s Highlight Economic Data<\/u><\/p>\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
12:30<\/td>\nAUD \u2013 RBA Interest Rate Decision (Apr)<\/td>\n0.25%<\/td>\n0.25%<\/td>\n–<\/td>\n<\/tr>\n
22:00<\/td>\nUSD \u2013 JOLTs Job Openings (Feb)<\/td>\n6.963M<\/td>\n6.476M<\/td>\n–<\/td>\n<\/tr>\n
22:00<\/td>\nCAD \u2013 Ivey PMI (Mar)<\/td>\n54.1<\/td>\n41.0<\/td>\n–<\/td>\n<\/tr>\n
04:30<\/p>\n

(8th<\/sup>)<\/td>\n

CrudeOIL \u2013 API Weekly Crude Oil Stock<\/td>\n10.485M<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

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

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

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DOLLAR_INDX, Daily: <\/strong>Dollar index was traded higher following prior breakout above the previous resistance level at 99.80. MACD which illustrate diminishing bearish momentum suggest the dollar to extend its gains toward the resistance level at 101.20.<\/p>\n

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Resistance level: 101.20, 102.90<\/p>\n

Support level: 99.80, 98.30<\/p>\n

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GBPUSD, H4: <\/strong>GBPUSD was traded lower while currently testing the support level at 1.2215. MACD which illustrate bearish bias momentum suggest the pair to extend its losses after it successfully breakout below the support level at 1.2215.<\/p>\n

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Resistance level: 1.2340, 1.2470<\/p>\n

Support level: 1.2215, 1.2115<\/p>\n

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EURUSD, Daily: <\/strong>EURUSD was traded lower while currently testing the support level at 1.0765. MACD which illustrate bearish bias momentum suggests the pair to extend its losses after it successfully breakout below the support level at 1.0765.<\/p>\n

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Resistance level: 1.0830, 1.0940<\/p>\n

Support level: 1.0765, 1.0655<\/p>\n

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USDJPY, Daily: <\/strong>USDJPY was traded higher while currently testing the resistance level at 109.25. MACD which illustrate diminishing bearish momentum signal suggests the pair to extend its gains after it successfully breakout above the resistance level.<\/p>\n

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Resistance level: 109.25, 110.10<\/p>\n

Support level: 108.55, 107.50<\/p>\n

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AUDUSD, Daily: <\/strong>AUDUSD was traded higher following prior rebound from the support level at 0.5975. MACD which illustrate bullish bias momentum suggest the pair to extend its gains toward the resistance level at 0.6180.<\/p>\n

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Resistance level: 0.6180, 0.6460<\/p>\n

Support level: 0.5975, 0.5720<\/p>\n

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NZDUSD, Daily: <\/strong>NZDUSD was traded higher following prior rebound from the support level at 0.5865. MACD which illustrate bullish bias momentum suggest the pair to extend its gains toward the resistance level at 0.6075.<\/p>\n

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Resistance level: 0.6075, 0.6250<\/p>\n

Support level: 0.5865, 0.5620<\/p>\n

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USDCAD, H4: <\/strong>USDCAD was traded lower while currently testing the support level at 1.4105. Due to lack of signal from MACD, it is suggested to wait for further confirmation such as breakout or rebound before entering into the market.<\/p>\n

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Resistance level: 1.4240, 1.4390<\/p>\n

Support level: 1.4105, 1.3990<\/p>\n

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USDCHF, H4: <\/strong>USDCHF was traded lower while currently testing the upward trendline. MACD which illustrate diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the upward trendline.<\/p>\n

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Resistance level: 0.9825, 0.9900<\/p>\n

Support level: 0.9745, 0.9685<\/p>\n

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CrudeOIL, H1: <\/strong>Crude oil price was traded higher following prior rebound from the support level at 25.90. MACD which illustrate diminishing bearish momentum suggest the commodity to extend its rebound toward the resistance level at 27.40.<\/p>\n

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Resistance level: 27.40, 28.75<\/p>\n

Support level: 25.90, 23.90<\/p>\n

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GOLD_, H1: <\/strong>Gold price was traded higher following prior breakout above the previous resistance level at 1663.80. However, MACD which illustrate diminishing bullish momentum suggest the commodity to undergo technical correction in short term toward the support level at 1663.80.<\/p>\n

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Resistance level: 1681.50, 1701.20<\/p>\n

Support level: 1663.80, 1651.40<\/p>\n","protected":false},"excerpt":{"rendered":"

7 April 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 Morning Session Analysis     Pound sterling dips amid pessimistic economic data. Among all the major currencies market, pound sterling plummeted against other currencies following the release of downbeat construction data in UK. According to CIPS, UK Construction PMI came in at a reading of 39.3, weaker than the economist expectation of […]<\/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\/110999"}],"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=110999"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/110999\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=110999"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=110999"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=110999"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}