{"id":123544,"date":"2020-06-02T00:04:47","date_gmt":"2020-06-02T00:04:47","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=123544"},"modified":"2020-06-02T00:04:47","modified_gmt":"2020-06-02T00:04:47","slug":"020620-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/020620-morning-session-analysis\/","title":{"rendered":"020620 Morning Session Analysis"},"content":{"rendered":"

2 June 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

 <\/p>\n

Dollar surged as geopolitical tensions remained.<\/strong><\/span><\/p>\n

Dollar index which gauges its value against a basket of six major currencies soars on Monday as exacerbating of tensions between US and China lifted the market conservatism, where prompting investor to rush for the safe haven dollar. Yesterday, China government threatened against US after President Donald Trump slandered the implementation of national security law by China on Hong Kong has deprived the idea of \u2018one country, two systems\u2019, while imposed a series of sanctions against China. Soon after the press conference, China media hit back US\u2019s decision to withdraw the preferential custom of Hong Kong and implement sanction against HK and China.\u00a0\u00a0 As retaliation, China has stated that they will halt some US farm imports including soybeans, while looking to pause more US agriculture goods in near term. Recent renewed of geopolitical tensions between these two biggest economy bodies has put the unfolding trade deal into jeopardy, despite US revealed that recent criticism against China would not affect the trade deal progress. During Asian early trading session, dollar index rose 0.02% to 97.85.<\/p>\n

 <\/p>\n

In the commodities market, the crude oil price depreciates by 0.31% to $35.50 per barrel despite OPEC and Russia are moving closer to compromise the extension of oil cut production plan beyond year 2020. In fact, renewed tensions between US and China have marginally tampered the prospect of oil market, dragging down the investor\u2019s confidence toward this black commodity market. Besides, gold price notched up 0.06% to $1740.60 a troy ounce as market risk avoidance behaviour heightened.<\/p>\n

 <\/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

N\/A<\/p>\n

 <\/p>\n

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

 <\/p>\n

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
12:30<\/td>\nAUD \u2013 RBA Interest Rate Decision (Jun)<\/td>\n0.25%<\/td>\n0.25%<\/td>\n–<\/td>\n<\/tr>\n
04:30<\/p>\n

(3rd<\/sup>)<\/td>\n

CrudeOIL \u2013 API Weekly Crude Oil Stock<\/td>\n8.700M<\/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 lower following prior breakout below the previous support level at 98.25. MACD which illustrate bearish bias momentum suggest the pair to extend its losses toward the support level at 97.60.<\/p>\n

 <\/p>\n

Resistance level: 98.25, 98.80<\/p>\n

Support level: 97.60, 96.85<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H4: <\/strong>GBPUSD was traded lower following prior retracement from the higher level. MACD which illustrate diminishing bullish momentum suggest the pair to extend its retracement toward the support level at 1.2435.<\/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, H1: <\/strong>EURUSD was traded higher following prior rebound near the support level at 1.1115. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its gains toward the resistance level at 1.1155.<\/p>\n

 <\/p>\n

Resistance level: 1.1155, 1.1195<\/p>\n

Support level: 1.1115, 1.1080<\/p>\n

 <\/p>\n

\"\"<\/p>\n

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

 <\/p>\n

Resistance level: 108.20, 109.40<\/p>\n

Support level: 107.20, 106.25<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, Daily: <\/strong>AUDUSD was traded higher while currently testing the resistance level at 0.6810. MACD which illustrates bullish bias momentum signal suggest the pair to extend its gains after it successfully breakout above the resistance level at 0.6810.<\/p>\n

 <\/p>\n

Resistance level: 0.6810, 0.7005<\/p>\n

Support level: 0.6655, 0.6530<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded higher following prior breakout above the previous resistance level at 0.6250. MACD which illustrates bullish bias momentum suggest the pair to extend its gains toward the resistance level at 0.6325.<\/p>\n

 <\/p>\n

Resistance level: 0.6325, 0.6385<\/p>\n

Support level: 0.6250, 0.6150<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, Daily: <\/strong>USDCAD was traded lower following prior breakout below the previous support level at 1.3670. MACD which illustrates bearish bias momentum suggest the pair to extend its losses toward the support level at 1.3380.<\/p>\n

 <\/p>\n

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

Support level: 1.3380, 1.3095<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded higher following prior rebound from the support level at 0.9595. MACD which illustrates diminishing bearish momentum signal suggest the pair to extend its gains toward the resistance level at 0.9650.<\/p>\n

 <\/p>\n

Resistance level: 0.9650, 0.9700<\/p>\n

Support level: 0.9595, 0.9575<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H4: <\/strong>Crude oil price was traded higher following prior breakout above the previous resistance level at 34.35. However, MACD which illustrate diminishing bullish momentum suggest the commodity to undergo technical correction toward the support level at 34.35.<\/p>\n

 <\/p>\n

Resistance level: 38.00, 41.05<\/p>\n

Support level: 34.35, 31.25<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H4: <\/strong>Gold price was traded higher while currently testing the resistance level at 1739.90. However, MACD which illustrate diminishing bullish momentum signal suggest the commodity to be traded lower in short term toward the lower level.<\/p>\n

 <\/p>\n

Resistance level: 1739.90, 1750.90<\/p>\n

Support level: 1726.05, 1718.20<\/p>\n","protected":false},"excerpt":{"rendered":"

2 June 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   Dollar surged as geopolitical tensions remained. Dollar index which gauges its value against a basket of six major currencies soars on Monday as exacerbating of tensions between US and China lifted the market conservatism, where prompting investor to rush for the safe haven dollar. Yesterday, China government threatened […]<\/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\/123544"}],"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=123544"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/123544\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=123544"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=123544"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=123544"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}