{"id":118304,"date":"2020-05-11T00:02:14","date_gmt":"2020-05-11T00:02:14","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=118304"},"modified":"2020-05-11T00:02:14","modified_gmt":"2020-05-11T00:02:14","slug":"110520-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/110520-morning-session-analysis\/","title":{"rendered":"110520 Morning Session Analysis"},"content":{"rendered":"

11 May 2020\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 seesawed following pessimistic job data released.<\/strong><\/span><\/p>\n

Dollar index which gauge its value against a basket of six major currencies was traded up and down following the job data shows that US labour market was remain vulnerable and weak. According to the Bureau of Labour Statistics, US Nonfarm Payroll data was came in at -20,500K, slightly better than the economist forecast of -22,000K, but recording the historical worst slump amid the profound damage of virus\u2019s pandemic. Besides, lockdown implementation has also caused the entire economy activity halted and eventually sending the US unemployment rate for the month of April to 14.7%, blowing the economist forecast of 16.0%. Since the terrible virus started to attack and spread widely across the countries, it has sent the global economy into freezing state as countries was being forced to implement country\u2019s lockdown measure to combat the virus. Among all the countries that being infected by the virus, US is still the country that recorded highest coronavirus cases and death toll, the nation economy undoubtedly is still struggle within the fallout of virus, unlikely to snuggle up from economy downturn within short time frame. As of writing, dollar index notched up 0.09% to 99.85.<\/p>\n

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In the commodities market, crude oil prices up 0.02% to $25.90 per barrel as market confidence was boosted up following more countries gradually reopen their economy, lifting up the prospect of this black commodity market. Besides, market participant also believes that oil production cut from OPEC and its allies may effectively solve the supply glut condition. Besides, gold price quoted down 0.02% to $1703.30 amid strengthening of US dollar.<\/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

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>Dollar index was traded lower while currently testing the support level at 99.75. However, MACD which illustrate diminishing bearish momentum suggest the pair to undergo technical rebound in short term.<\/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 retracement from the resistance level at 1.2435. MACD which illustrates diminishing bullish momentum suggest the pair to extend its losses toward the support level at 1.2370.<\/p>\n

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Resistance level: 1.2435, 1.2520<\/p>\n

Support level: 1.2370, 1.2305<\/p>\n

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EURUSD, Daily: <\/strong>EURUSD was traded lower below the resistance level at 1.0830. Due to lack of signal from MACD, it is suggested to wait for further confirmation before entering into the market.<\/p>\n

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

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

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USDJPY, Daily: <\/strong>USDJPY was traded higher following prior rebound from the support level at 106.25. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its gains toward the resistance level at 107.20.<\/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 higher following prior rebound from the support level at 0.6370. MACD which illustrates diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 0.6705.<\/p>\n

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Resistance level: 0.6705, 0.7005<\/p>\n

Support level: 0.6370, 0.6180<\/p>\n

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\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded lower following prior retracement from the resistance level at 0.6150. MACD which illustrates diminishing bullish momentum suggest the pair to extend its losses toward the support level at 0.6065.<\/p>\n

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Resistance level: 0.6150, 0.6205<\/p>\n

Support level: 0.6065, 0.5995<\/p>\n

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USDCAD, H4: <\/strong>USDCAD was traded higher following prior rebound from the lower level. MACD which illustrates diminishing bearish momentum suggest the pair to extend its rebound toward the resistance level at 1.3980.<\/p>\n

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

Support level: 1.3855, 1.3670<\/p>\n

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\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded higher following prior breakout above the previous resistance level at 0.9710. MACD which illustrates diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 0.9750.<\/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 higher while currently testing near the resistance level at 26.40. MACD which illustrate diminishing bearish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level at 26.40.<\/p>\n

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Resistance level: 26.40, 28.75<\/p>\n

Support level: 23.15, 18.05<\/p>\n

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GOLD_, H4: <\/strong>Gold price was traded lower while currently testing the support level at 1699.75. MACD which illustrate diminishing bullish momentum signal suggest the commodity to extend its losses after it successfully breakout below the support level.<\/p>\n

 <\/p>\n

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

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

11 May 2020\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 seesawed following pessimistic job data released. Dollar index which gauge its value against a basket of six major currencies was traded up and down following the job data shows that US labour market was remain vulnerable and weak. According to the Bureau of Labour Statistics, US […]<\/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\/118304"}],"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=118304"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/118304\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=118304"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=118304"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=118304"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}