{"id":129624,"date":"2020-07-06T00:48:10","date_gmt":"2020-07-06T00:48:10","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=129624"},"modified":"2020-07-06T00:48:10","modified_gmt":"2020-07-06T00:48:10","slug":"060720-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/060720-morning-session-analysis\/","title":{"rendered":"060720 Morning Session Analysis"},"content":{"rendered":"

6 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\u00a0\u00a0\u00a0 Morning Session Analysis<\/strong><\/p>\n

Japanese Yen surged over the risk-off sentiment.<\/strong><\/span><\/p>\n

The demand for the safe-haven currency such as Japanese Yen remained stable amid acceleration of the coronavirus in the world and exacerbating of trade tensions between United States and China, which diminishing the risk appetite in the FX market while insinuating demand for the safe-haven asset. According to Reuters, Florida and Texas both reported record daily increases in coronavirus infection on last Saturday. Florida\u2019s confirmed coronavirus cases spiked up by 11,458 on Saturday. Besides that, the new coronavirus cases rose by 8,258 in Texas while the other states such as North Carolina, South Carolina, Tennessee, Alaska, Missouri, Idaho and Alabama all registered new daily high on last week. On the trade war front, the U.S. President Donald Trump criticise fake media and Democratic policymakers in order to promote himself for November month Presidential election. He wrote in Twitter that the new \u201cChina Virus\u201d cases up due to massive testing, while claiming the death rate are diminishing. However, such statement would extremely deteriorate the relationship between the United Stated and China, while spurring more racism issues of Asian community in the United States. As of writing, USD\/JPY surged 0.05% to 107.55.<\/p>\n

 <\/p>\n

In the commodities market, the crude oil priced slumped by 0.89% to $40.22 per barrel as of writing. The oil market edged lower as the rising number of new coronavirus cases had provided negative prospect for the oil demand in 2020, which spurring bearish momentum for this black-commodity. On the other hand, as of writing the gold market appreciated by 0.05% to $1775.10 per troy ounces amid worsening global geopolitics risk and also fears upon the second wave of the coronavirus, prop up the demand for this safe-haven commodity.<\/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
Time<\/strong><\/td>\nNation & Data<\/strong><\/td>\nPrevious<\/strong><\/td>\nForecast<\/strong><\/td>\nActual<\/strong><\/td>\n<\/tr>\n
22:00<\/td>\nUSD – ISM Non-Manufacturing PMI (Jun)<\/td>\n45.4<\/td>\n50.0<\/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 lower following prior retracement from the resistance level at 97.20. However, MACD which illustrated diminishing bearish momentum suggest the index to be traded higher in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 97.20, 97.65<\/p>\n

Support level: 96.80, 96.35<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H1: <\/strong>GBPUSD was lower following prior retracement from the resistance level at 1.2520. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 1.2400.<\/p>\n

 <\/p>\n

Resistance level: 1.2520, 1.2590<\/p>\n

Support level: 1.2400, 1.2330<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, H4: <\/strong>EURUSD was higher following prior rebound from the support level at 1.1230. MACD which illustrated increasing bullish momentum suggest the pair to extend its gain toward resistance level at 1.1285.<\/p>\n

 <\/p>\n

Resistance level: 1.1285, 1.1350<\/p>\n

Support level: 1.1230, 1.1170<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, H4: <\/strong>USDJPY was traded within a range while currently testing the support level at 107.35. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 107.90, 108.45<\/p>\n

Support level: 107.35, 106.80<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H4: <\/strong>AUDUSD was traded higher while currently testing the resistance level at 0.6965. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 0.6965, 0.7010<\/p>\n

Support level: 0.6925, 0.6880<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded higher following prior breakout above the previous resistance level at 0.6520. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.6585.<\/p>\n

 <\/p>\n

Resistance level: 0.6585, 0.6645<\/p>\n

Support level: 0.6520, 0.6465<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, H4: <\/strong>USDCAD was traded lower following prior breakout below the previous support level at 1.3565. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 1.3565, 1.3635<\/p>\n

Support level: 1.3510, 1.3445<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded lower while currently testing the support level at 0.9435. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.<\/p>\n

 <\/p>\n

Resistance level: 0.9470, 0.9530<\/p>\n

Support level: 0.9435, 0.9375<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H4: <\/strong>Crude oil price was traded higher while currently testing the resistance level at 40.40. However, MACD which illustrated increasing bearish momentum suggest the commodity to be traded lower in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 40.40, 41.40<\/p>\n

Support level: 39.25, 37.75<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H1: <\/strong>Gold price was traded within a range while currently testing the support level at 1772.80. MACD which illustrated increasing bearish momentum suggest the commodity to be traded lower after it successfully breakout below the support level.<\/p>\n

 <\/p>\n

Resistance level: 1781.30, 1788.05<\/p>\n

Support level: 1772.80, 1766.15<\/p>\n

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

6 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\u00a0\u00a0\u00a0 Morning Session Analysis Japanese Yen surged over the risk-off sentiment. The demand for the safe-haven currency such as Japanese Yen remained stable amid acceleration of the coronavirus in the world and exacerbating of trade tensions between United States and China, which diminishing the risk appetite in the FX market while insinuating demand […]<\/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\/129624"}],"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=129624"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/129624\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=129624"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=129624"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=129624"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}