{"id":129844,"date":"2020-07-07T00:50:56","date_gmt":"2020-07-07T00:50:56","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=129844"},"modified":"2020-07-07T00:50:56","modified_gmt":"2020-07-07T00:50:56","slug":"070720-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/070720-morning-session-analysis\/","title":{"rendered":"070720 Morning Session Analysis"},"content":{"rendered":"

7 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

Dollar slumped over the accelerating risk appetite.<\/strong><\/span><\/p>\n

The safe-haven US Dollar slumped amid accelerating risk appetite in the global financial market on the positive expectation of a strong economic rebound following major countries had been easing their coronavirus lockdown restriction, which prompting investors to shift their portfolio toward riskier asset. On yesterday, the index of China\u2019s blue-chip shares soared to its highest in five years as traders remained positive toward the revival in China\u2019s economy. Meanwhile, the Nasdaq closed at a record high on Monday as mega-cap tech stocks continue to extend its gain. However, the losses experienced by the US Dollar was limited amid the fears upon the second wave of the coronavirus still persisted. According to Reuters, Florida and Texas had both reported new single-day records for infections over the weekend. Besides, positive economic data from the US region had also dialled up some market optimism toward the economic progression in the United States, which also spurring some market demand on the US Dollar. According to Institute for Supply Management, the U.S. ISM Non-Manufacturing Purchasing Managers Index (PMI) notched up significantly from the preliminary reading of 45.4 to 57.1, confounding market forecast for a reading of up to 50.1. As of writing, the Dollar Index slumped 0.42% to 96.70.<\/p>\n

 <\/p>\n

In the commodities market, the crude oil price appreciated by 0.34% to $40.65 per barrels. The oil market edged higher amid the expectation of the reduction in Libyan oil exportation after the government in Tripoli continued to block the oil shipment out of the North African country. On the other hand, the gold market surged 0.12% to $1786.05 per troy ouns as of writing amid the unstoppable increase of coronavirus infections in the United States, which insinuating 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

12:30\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0 AUD\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 RBA Interest Rate Decision (Jun)<\/p>\n

 <\/p>\n

Today\u2019s Highlight Economic Data<\/u><\/p>\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
12:30<\/td>\nAUD – RBA Interest Rate Decision (Jun)<\/td>\n0.25%<\/td>\n0.25%<\/td>\n–<\/td>\n<\/tr>\n
14:00<\/td>\nEUR – German Industrial Production (MoM) (May)<\/td>\n-17.9%<\/td>\n10.0%<\/td>\n–<\/td>\n<\/tr>\n
22:00<\/td>\nUSD – JOLTs Job Openings (May)<\/td>\n5.046M<\/td>\n4.850M<\/td>\n–<\/td>\n<\/tr>\n
22:00<\/td>\nCAD – Ivey PMI (Jun)<\/td>\n39.1<\/td>\n–<\/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 breakout below the previous support level at 96.85. 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: 96.85, 97.20<\/p>\n

Support level: 96.40, 95.90<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H4: <\/strong>GBPUSD was traded higher while currently testing the resistance level at 1.2520. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.<\/p>\n

 <\/p>\n

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

Support level: 1.2410, 1.2330<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, H4: <\/strong>EURUSD was higher following prior breakout above the previous resistance level at 1.1285. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.1335.<\/p>\n

 <\/p>\n

Resistance level: 1.1335, 1.1390<\/p>\n

Support level: 1.1285, 1.1230<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, H4: <\/strong>USDJPY was traded lower while currently testing the support level at 107.25 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: 107.90, 108.45<\/p>\n

Support level: 107.25, 106.80<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H4: <\/strong>AUDUSD was traded higher following prior breakout above the previous resistance level at 0.6960. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 0.7010, 0.7050<\/p>\n

Support level: 0.6960, 0.6925<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded higher while currently testing the resistance level at 0.6570. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 0.6570, 0.6635<\/p>\n

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

 <\/p>\n

\"\"<\/p>\n

USDCAD, H4: <\/strong>USDCAD was traded lower while currently testing the support level at 1.3520. 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: 1.3595, 1.3645<\/p>\n

Support level: 1.3520, 1.3445<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, Daily: <\/strong>USDCHF was traded lower following prior breakout below the previous support level at 0.9435. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.9365.<\/p>\n

 <\/p>\n

Resistance level: 0.9435, 0.9515<\/p>\n

Support level: 0.9365, 0.9270<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H4: <\/strong>Crude oil price was traded higher following prior breakout above the previous resistance level at 40.30. 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: 41.40, 42.55<\/p>\n

Support level: 40.30, 39.25<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H1: <\/strong>Gold price was traded higher while currently near the resistance level at 1788.05. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 1788.05, 1798.15<\/p>\n

Support level: 1779.40, 1770.15<\/p>\n

 <\/p>\n

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

7 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 Dollar slumped over the accelerating risk appetite. The safe-haven US Dollar slumped amid accelerating risk appetite in the global financial market on the positive expectation of a strong economic rebound following major countries had been easing their coronavirus lockdown restriction, which prompting investors to shift their portfolio toward riskier […]<\/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\/129844"}],"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=129844"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/129844\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=129844"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=129844"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=129844"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}