{"id":129399,"date":"2020-07-03T00:34:48","date_gmt":"2020-07-03T00:34:48","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=129399"},"modified":"2020-07-03T00:34:48","modified_gmt":"2020-07-03T00:34:48","slug":"030720-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/030720-morning-session-analysis\/","title":{"rendered":"030720 Morning Session Analysis"},"content":{"rendered":"

03 July 2020\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 soars following unexpected job growth appeared.<\/strong><\/span><\/p>\n

Dollar index which gauges its value against a basket of six major currencies surged after US released a series of positive bias job data yesterday. According to the Bureau of Labor Statistics, US NonFarm Payroll data came in at 4,800K, blowing the estimation of economist at 3,000K, showing that the US labour market has entered into strong recovery phase after US lifted the movement restriction. Besides, the unemployment data which also acts as the important indicator of measuring the current labour market condition has been reduced from 13.3% to 11.1%, while lower than the economist forecast at 12.3% as well. Nonetheless, most experts disagreed that the NFP data and unemployment rate are reflecting the exact situation of US labour market now as the data are not designed for a pandemic induced recession. Besides, there is a flare-up of virus cases can be seen in the every state of US country late June and urged the states\u2019 governor to re-implement lockdown measure in order to limit the negative effect of this fast-spreading virus. During Asian early trading session, dollar index rose 0.02% to 97.20.<\/p>\n

 <\/p>\n

In the commodities market, crude oil price inched down 0.86% to $40.30 as the market still remains cautious while awaits for more catalyst. In the past few days, US recorded surprise drop in its crude oil inventory level and lifted up the appeal of this black commodity product. However, the gains of crude oil were limited by the situation of virus\u2019s pandemic heightened. Besides, gold price rose 0.05% to $1776.30 a troy ounce as market worries over the pandemic exacerbated.<\/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

All Day\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 USD\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 Independence Day<\/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
16:30<\/td>\nGBP \u2013 Composite PMI (Jun)<\/td>\n47.6<\/td>\n47.6<\/td>\n–<\/td>\n<\/tr>\n
16:30<\/td>\nGBP \u2013 Services PMI (Jun)<\/td>\n47.0<\/td>\n47.0<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n

Technical Analysis<\/u><\/strong><\/p>\n

\"\"<\/p>\n

DOLLAR_INDX, H4: <\/strong>Dollar index was traded higher following prior rebound from the bottom level of upward channel. MACD which diminishing bearish momentum signal suggest the pair to extend its gains toward the resistance level at 97.55.<\/p>\n

 <\/p>\n

Resistance level: 97.55, 98.75<\/p>\n

Support level: 96.90, 96.10<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H4: <\/strong>GBPUSD was traded lower following prior retracement from the resistance level at 1.2525. MACD which illustrate diminishing bearish momentum suggest the pair to extend its losses toward the support level at 1.2435.<\/p>\n

 <\/p>\n

Resistance level: 1.2525, 1.2625<\/p>\n

Support level: 1.2435, 1.2335<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, H4: <\/strong>EURUSD was traded lower following prior breakout below the previous support level at 1.1245. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses toward the support level at 1.1165.<\/p>\n

 <\/p>\n

Resistance level: 1.1245, 1.1320<\/p>\n

Support level: 1.1165, 1.1095<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, H4: <\/strong>USDJPY was traded higher following prior rebound near the support level at 107.45. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its gains toward the resistance level at 107.90.<\/p>\n

 <\/p>\n

Resistance level: 107.90, 108.35<\/p>\n

Support level: 107.45, 106.80<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, Daily: <\/strong>AUDUSD was traded higher following prior rebound from the support level at 0.6810. MACD which display diminishing bearish momentum signal suggest the pair to extend its gains toward the resistance level at 0.7115.<\/p>\n

 <\/p>\n

Resistance level: 0.7115, 0.7295<\/p>\n

Support level: 0.6810, 0.6500<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, Daily: <\/strong>NZDUSD was traded higher following prior breakout above the previous resistance level at 0.6480. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its gains toward the resistance level at 0.6580.<\/p>\n

 <\/p>\n

Resistance level: 0.6580, 0.6755<\/p>\n

Support level: 0.6480, 0.6380<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, Daily: <\/strong>USDCAD was traded lower following prior retracement from the resistance level at 1.3675. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses toward the support level at 1.3500.<\/p>\n

 <\/p>\n

Resistance level: 1.3675, 1.3865<\/p>\n

Support level: 1.3500, 1.3355<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded higher following prior rebound from the support level at 0.9425. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its gains toward the resistance level at 0.9475.<\/p>\n

 <\/p>\n

Resistance level: 0.9475, 0.9535<\/p>\n

Support level: 0.9430, 0.9380<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H4: <\/strong>Crude oil price was traded higher following prior breakout above the previous resistance level at 39.15. However, MACD which illustrate diminishing bullish momentum suggest the commodity to undergo short term technical correction toward the lower level.<\/p>\n

 <\/p>\n

Resistance level: 41.35, 43.75<\/p>\n

Support level: 39.15, 37.45<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H4: <\/strong>Gold price was traded higher while currently testing the resistance level at 1778.00. 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: 1778.00, 1788.05<\/p>\n

Support level: 1765.75, 1757.85<\/p>\n","protected":false},"excerpt":{"rendered":"

03 July 2020\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 soars following unexpected job growth appeared. Dollar index which gauges its value against a basket of six major currencies surged after US released a series of positive bias job data yesterday. According to the Bureau of Labor Statistics, US NonFarm Payroll data came in at 4,800K, blowing […]<\/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\/129399"}],"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=129399"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/129399\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=129399"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=129399"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=129399"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}