{"id":123878,"date":"2020-06-02T23:58:25","date_gmt":"2020-06-02T23:58:25","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=123878"},"modified":"2020-06-02T23:58:25","modified_gmt":"2020-06-02T23:58:25","slug":"030620-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/030620-morning-session-analysis\/","title":{"rendered":"030620 Morning Session Analysis"},"content":{"rendered":"

3 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

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

Brexit trade dispute restrained the gains of pound.<\/strong><\/span><\/p>\n

Among all the majority currencies market, Sterling pound having a mixed pattern of trading on yesterday as Brexit\u2019s trade talk between EU and UK remain stumbled, no sign of tolerance from both parties. In fact, UK have officially exited the European Union on 31 January 2020 and thereafter enter into transition period where allowing UK to negotiate for new free trade deal with EU before the end of year 2020. However, recent news shows that UK and EU unwilling to \u2018step back\u2019 in formulating the trade deal, seemingly that an extensions of transition period is needed for UK as of now. However, UK Prime Minister Boris Johnson reiterated that they will withdraw from European Union entirely despite no trade deal is being achieved. Hard stance of Boris Johnson further lifted up the worry of investors toward UK economy as failure to reach a deal would convulse global trade, eventually would affect the economy operation tremendously. As of now, negotiation of Brexit is still ongoing from time to time while market participant\u2019s attention is being paid to latest news of Brexit. As of writing, the pair of GBP\/USD was notched up 0.01% to 1.2550.<\/p>\n

 <\/p>\n

In the commodities market, the crude oil price appreciates by 0.68% to $37.10 per barrel as news showed that OPEC and its allies are considering extending the oil cut production plan into July or August. According to Reuters, an online meeting likely to be held on 4th<\/sup> June to further discuss about the extensions of oil cut. Besides, gold price rose 0.14% to $1730.00 a troy ounce as geopolitical tensions tampered the market confidence toward riskier asset.<\/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

22:00\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 CAD\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 BoC Rate Statement<\/p>\n

 <\/p>\n

Today\u2019s Highlight Economic Data<\/u><\/p>\n\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
15:55<\/td>\nEUR \u2013 German Unemployment Change (May)<\/td>\n373K<\/td>\n200K<\/td>\n–<\/td>\n<\/tr>\n
16:30<\/td>\nGBP \u2013 Composite PMI (May)<\/td>\n28.9<\/td>\n28.9<\/td>\n–<\/td>\n<\/tr>\n
16:30<\/td>\nGBP \u2013 Services PMI (May)<\/td>\n27.8<\/td>\n28.0<\/td>\n–<\/td>\n<\/tr>\n
20:15<\/td>\nUSD \u2013 ADP Nonfarm Employment Change (May)<\/td>\n-20,236K<\/td>\n-9,000K<\/td>\n–<\/td>\n<\/tr>\n
22:00<\/td>\nUSD \u2013 ISM Non-Manufacturing PMI (May)<\/td>\n41.8<\/td>\n44.0<\/td>\n–<\/td>\n<\/tr>\n
22:00<\/td>\nCAD \u2013 BoC Interest Rate Decision<\/td>\n0.25%<\/td>\n0.25%<\/td>\n–<\/td>\n<\/tr>\n
22:30<\/td>\nCrudeOIL \u2013 Crude Oil Inventories<\/td>\n7.928M<\/td>\n3.300M<\/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 while currently testing the support level at 97.60. MACD which illustrate bearish bias momentum suggest the pair to extend its losses after it successfully breakout below 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 higher following prior breakout above the previous resistance level at 1.2495. However, MACD which illustrate diminishing bullish momentum suggest the pair to undergo technical correction toward the support level at 1.2495.<\/p>\n

 <\/p>\n

Resistance level: 1.2625, 1.2750<\/p>\n

Support level: 1.2495, 1.2435<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, H1: <\/strong>EURUSD was traded lower following prior retracement from the resistance level at 1.1195. MACD which illustrate bearish bias momentum signal suggest the pair to extend its losses toward the support level at 1.1155.<\/p>\n

 <\/p>\n

Resistance level: 1.1195, 1.1250<\/p>\n

Support level: 1.1155, 1.1115<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, Daily: <\/strong>USDJPY was traded higher following prior breakout above the previous resistance level at 108.20. MACD which illustrate bullish bias momentum signal suggest the pair to extend its gains toward the resistance level at 109.40.<\/p>\n

 <\/p>\n

Resistance level: 109.40, 111.35<\/p>\n

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

 <\/p>\n

\"\"<\/p>\n

AUDUSD, Daily: <\/strong>AUDUSD was traded higher following prior breakout above the previous resistance level at 0.6810. MACD which illustrates bullish bias momentum signal suggest the pair to extend its gains toward the resistance level at 0.7005.<\/p>\n

 <\/p>\n

Resistance level: 0.7005, 0.7205<\/p>\n

Support level: 0.6810, 0.6655<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded higher following prior breakout above the previous resistance level at 0.6325. MACD which illustrates bullish bias momentum suggest the pair to extend its gains toward the resistance level at 0.6385.<\/p>\n

 <\/p>\n

Resistance level: 0.6385, 0.6430<\/p>\n

Support level: 0.6325, 0.6250<\/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 bullish bias 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. MACD which illustrate bullish bias momentum suggest the commodity to extend its gains toward the resistance level at 38.00.<\/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 lower while currently testing the support level at 1727.45. MACD which illustrate bearish bias momentum signal suggest the commodity to extend its losses after it successfully breakout below the support level at 1727.45.<\/p>\n

 <\/p>\n

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

Support level: 1727.45, 1718.20<\/p>\n

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

\u00a0<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

3 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   \u00a0 Brexit trade dispute restrained the gains of pound. Among all the majority currencies market, Sterling pound having a mixed pattern of trading on yesterday as Brexit\u2019s trade talk between EU and UK remain stumbled, no sign of tolerance from both parties. In fact, UK have officially exited […]<\/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\/123878"}],"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=123878"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/123878\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=123878"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=123878"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=123878"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}