{"id":117024,"date":"2020-05-05T00:06:55","date_gmt":"2020-05-05T00:06:55","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=117024"},"modified":"2020-05-05T00:06:55","modified_gmt":"2020-05-05T00:06:55","slug":"050520-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/050520-morning-session-analysis\/","title":{"rendered":"050520 Morning Session Analysis"},"content":{"rendered":"

5 May 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 Morning Session Analysis<\/strong><\/p>\n

 <\/p>\n

Euro sinks amid economy hit hard by pandemic.<\/strong><\/span><\/p>\n

Among all the major currencies market, euro currency was traded lower following the release of downbeat economic data from Europe region. According to the Markit Economics, Germany Manufacturing PMI was came in at 34.5, slightly higher than the economist forecast of 34.4 while lower than the previous month reading of 45.4. The credential drop in Germany output was mainly due to large number of manufacturers either temporarily closed down their factories or shorten the working hour to abide the rules of economy\u2019s shutdown, as an effort to combat the negative effect of Covid-19. Since the outbreak of coronavirus, the pandemic has sent the global economy into recession, particularly the worst-hit countries like Italy, France and Germany. As of now, market participants are still having pessimistic view toward the future outlook of EU\u2019s economy growth despite more manufacturers start get back to steam as fast-spreading pandemic are still acting as a big stumbling block which putting the global demand into the doubt. During Asian early trading session, the pair of EUR\/USD dropped 0.02% to 1.0905.<\/p>\n

 <\/p>\n

In the commodities market, crude oil price depreciates 0.02% to $21.10 per barrel as market worries over supply glut persists while heightening of tensions between US and China tempered the black commodity market outlook. Besides, gold price up 0.03% to $1702.00 a troy ounce amid market concerned over crisis of Covid-19.<\/p>\n

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 <\/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\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 JPY\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\u00a0\u00a0 Special Holiday<\/p>\n

All Day\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 CNY\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 Labor Day<\/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

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 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\u00a0\u00a0\u00a0 EU Economic Forecasts<\/p>\n

 <\/p>\n

Today\u2019s Highlight Economic Data<\/u><\/p>\n\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
12:30<\/td>\nAUD \u2013 RBA Interest Rate Decision<\/td>\n0.25%<\/td>\n0.25%<\/td>\n–<\/td>\n<\/tr>\n
16:30<\/td>\nGBP \u2013 Composite PMI (Apr)<\/td>\n36.0<\/td>\n12.9<\/td>\n–<\/td>\n<\/tr>\n
16:30<\/td>\nGBP – Construction PMI (Apr)<\/td>\n39.3<\/td>\n44.0<\/td>\n–<\/td>\n<\/tr>\n
16:30<\/td>\nGBP \u2013 Services PMI (Apr)<\/td>\n12.3<\/td>\n12.2<\/td>\n–<\/td>\n<\/tr>\n
22:00<\/td>\nUSD \u2013 ISM Non-Manufacturing PMI (Apr)<\/td>\n52.5<\/td>\n44.0<\/td>\n–<\/td>\n<\/tr>\n
04:30<\/p>\n

(6th<\/sup>)<\/td>\n

CrudeOIL \u2013 API Weekly Crude Oil Stock<\/td>\n10.000M<\/td>\n–<\/td>\n–<\/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 rebound from the lower level. MACD which illustrate diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 99.75.<\/p>\n

 <\/p>\n

Resistance level: 99.75, 100.85<\/p>\n

Support level: 98.30, 97.60<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H4: <\/strong>GBPUSD was traded higher following prior rebound near the support level at 1.2435. MACD which illustrate diminishing bearish momentum signal suggest the pair to be traded higher toward the resistance level at 1.2520.<\/p>\n

 <\/p>\n

Resistance level: 1.2520, 1.2620<\/p>\n

Support level: 1.2435, 1.2370<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, Daily: <\/strong>EURUSD was traded lower following prior breakout below the previous support level at 1.0940. MACD which illustrate diminishing bullish momentum suggest the pair to extend its losses toward the support level at 1.0830.<\/p>\n

 <\/p>\n

Resistance level: 1.0940, 1.1025<\/p>\n

Support level: 1.0830, 1.0765<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, Daily: <\/strong>USDJPY was traded lower following prior retracement from the resistance level at 107.20. MACD which illustrate bearish bias momentum signal suggest the pair to extend its losses toward the support level at 106.25.<\/p>\n

 <\/p>\n

Resistance level: 107.20, 108.20<\/p>\n

Support level: 106.25, 104.50<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, Daily: <\/strong>AUDUSD was traded higher following prior rebound from the 20 moving average line (Red). However, MACD which illustrate diminishing bullish momentum with the formation of death cross suggest the pair to undergo technical correction in short term.<\/p>\n

 <\/p>\n

Resistance level: 0.6460, 0.6705<\/p>\n

Support level: 0.6180, 0.5975<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded higher while currently testing the resistance level at 0.6055. MACD which illustrate diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 0.6055, 0.6120<\/p>\n

Support level: 0.5995, 0.5945<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, H4: <\/strong>USDCAD was traded lower following prior retracement from the resistance level at 1.4120. MACD which illustrate diminishing bullish momentum suggests the pair to extend its retracement toward the support level at 1.3980.<\/p>\n

 <\/p>\n

Resistance level: 1.4120, 1.4240<\/p>\n

Support level: 1.3980, 1.3855<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded higher while currently testing the resistance level at 0.9660. MACD which illustrate bullish bias momentum suggest the pair to extend its gains after it successfully breakout above the resistance level at 0.9660.<\/p>\n

 <\/p>\n

Resistance level: 0.9660, 0.9710<\/p>\n

Support level: 0.9585, 0.9510<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H4: <\/strong>Crude oil price was traded higher following prior rebound from the support level at 18.05. MACD which illustrate bullish bias momentum suggest the commodity to extend its gains toward the resistance level at 21.80.<\/p>\n

 <\/p>\n

Resistance level: 21.80, 25.85<\/p>\n

Support level: 18.05, 15.70<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H4: <\/strong>Gold price was traded lower following prior retracement from the resistance level at 1711.25. MACD which illustrate diminishing bullish momentum signal suggest the commodity to be traded lower toward the support level at 1699.75.<\/p>\n

 <\/p>\n

Resistance level: 1711.25, 1718.20<\/p>\n

Support level: 1699.75, 1683.50<\/p>\n","protected":false},"excerpt":{"rendered":"

5 May 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 Morning Session Analysis   Euro sinks amid economy hit hard by pandemic. Among all the major currencies market, euro currency was traded lower following the release of downbeat economic data from Europe region. According to the Markit Economics, Germany Manufacturing PMI was came in at 34.5, slightly higher than the economist forecast […]<\/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\/117024"}],"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=117024"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/117024\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=117024"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=117024"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=117024"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}