{"id":117655,"date":"2020-05-07T00:17:26","date_gmt":"2020-05-07T00:17:26","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=117655"},"modified":"2020-05-07T00:17:26","modified_gmt":"2020-05-07T00:17:26","slug":"070520-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/070520-morning-session-analysis\/","title":{"rendered":"070520 Morning Session Analysis"},"content":{"rendered":"

7 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

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Dollar wobbles amid weakening of job data.<\/strong><\/span><\/p>\n

Dollar index which gauge its value against a basket of six major currencies plunged as the latest labour sector data weakened amid novel of coronavirus. According to ADP, the private payroll slumped by more than 20 million jobs in April as companies laid off most of their employees during the period of shutdown. Although the job losses of this scale is the biggest drop in history, however it is still understates the actual damage of the pandemic as the virus-spreading turn sourer and even worse throughout the month of April. In details, the virus has rippled the entire economy, not even single sector was able to survive from the fallout of Covid-19, especially the services and hospitality were the sectors that hit hardest by virus. As of writing, dollar index notched down 0.05% to 100.15. On the other hand, the pair of GBP\/USD quoted down 0.09% to 1.2330 after UK Construction PMI showed a significant drop from 39.3 to 8.2, showing that the construction sector halted all the activity during the shutdown of country.<\/p>\n

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In the commodities market, crude oil price depreciates 1.78% to $23.70 per barrel as oversupply concern continues to weigh on this black commodity market. However, the loss of oil was limited after a report shows lower than expected rise in oil inventory. According to EIA, US crude oil inventories rose by 4.590M, lower than the economist\u2019 forecast of 7.759M. Besides, gold price notched down 0.03% to $1684.50 a troy ounce due to heightening of market risk appetite.<\/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

19:00\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 Inflation Report<\/p>\n

19:00\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 BoE MPC Meeting Minutes<\/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
14:00<\/td>\nGBP \u2013 BoE Interest Rate Decision (May)<\/td>\n0.10%<\/td>\n0.10%<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nUSD \u2013 Initial Jobless Claims<\/td>\n3,839K<\/td>\n3,000K<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

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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 99.75. MACD which illustrate diminishing bearish momentum suggest the pair to extend its gains toward the next resistance level at 100.85.<\/p>\n

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Resistance level: 100.85, 102.90<\/p>\n

Support level: 99.75, 98.30<\/p>\n

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GBPUSD, H4: <\/strong>GBPUSD was traded lower following prior breakout below the previous support level at 1.2370. MACD which illustrates bearish bias momentum signal suggest the pair to extend its losses toward the support level at 1.2305.<\/p>\n

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

Support level: 1.2305, 1.2215<\/p>\n

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EURUSD, Daily: <\/strong>EURUSD was traded lower following prior breakout below the previous support level at 1.0830. MACD which illustrate diminishing bullish momentum suggest the pair to extend its losses toward 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 lower while currently testing the support level at 106.25. MACD which illustrate bearish bias momentum signal suggest the pair to extend its losses after it successfully breakout below the support level.<\/p>\n

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

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

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AUDUSD, Daily: <\/strong>AUDUSD was traded lower following prior retracement from the resistance level at 0.6460. MACD which illustrates bearish momentum with the formation of death cross suggest the pair to extend its losses toward the support level at 0.6180.<\/p>\n

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

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

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NZDUSD, H4: <\/strong>NZDUSD was traded lower while currently testing the support level at 0.5995. MACD which illustrates bearish bias momentum suggest the pair to extend its losses after it successfully breakout below the support level.<\/p>\n

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Resistance level: 0.6065, 0.6120<\/p>\n

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

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USDCAD, H4: <\/strong>USDCAD was traded higher following prior breakout above the previous resistance level at 1.4120. MACD which illustrates bullish bias momentum suggest the pair to extend its gains toward the resistance level at 1.4240.<\/p>\n

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

Support level: 1.4120, 1.3980<\/p>\n

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USDCHF, Daily: <\/strong>USDCHF was traded higher while currently testing the resistance level at 0.9750. MACD which illustrates diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.<\/p>\n

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Resistance level: 0.9750, 0.9795<\/p>\n

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

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CrudeOIL, H4: <\/strong>Crude oil price was traded lower following prior retracement from the resistance level at 25.90. MACD which illustrate bearish bias momentum suggest the commodity to extend its losses toward the support level at 21.80.<\/p>\n

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Resistance level: 25.90, 28.75<\/p>\n

Support level: 21.80, 18.05<\/p>\n

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GOLD_, H4: <\/strong>Gold price was traded lower while currently testing the support level at 1683.50. MACD which illustrate bearish momentum signal suggest the commodity to extend its losses after it successfully breakout below the support level.<\/p>\n

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Resistance level: 1699.75, 1711.25<\/p>\n

Support level: 1683.50, 1666.25<\/p>\n","protected":false},"excerpt":{"rendered":"

7 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     Dollar wobbles amid weakening of job data. Dollar index which gauge its value against a basket of six major currencies plunged as the latest labour sector data weakened amid novel of coronavirus. According to ADP, the private payroll slumped by more than 20 million jobs in April […]<\/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\/117655"}],"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=117655"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/117655\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=117655"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=117655"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=117655"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}