{"id":130044,"date":"2020-07-08T01:19:06","date_gmt":"2020-07-08T01:19:06","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=130044"},"modified":"2020-07-08T01:19:06","modified_gmt":"2020-07-08T01:19:06","slug":"080720-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/080720-morning-session-analysis\/","title":{"rendered":"080720 Morning Session Analysis"},"content":{"rendered":"

8 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

Pound surged amid positive prospect for Brexit talks.<\/strong><\/span><\/p>\n

Pound sterling rallied on yesterday amid positive prospect for the post-Brexit negotiation between UK and EU. According to Reuters, a spokesman for UK Prime Minister Boris Johnson claimed that the chief negotiators for UK and EU would be dining in Number 10 Downing Street for informal talks on the trading relationship between each country. Besides that, Pound Sterling received further bullish momentum amid the optimism upon the UK economic stimulus plan in order to combat the economy damage of the coronavirus. Chancellor Rishi Sunak will unveil more spending measures on Wednesday. As for now, Chancellor Rishi Sunak is considering to provide cash of 500 pounds for adults and 250 pounds for children in order to boost up the consumer spending in the United Kingdom. Yet, investors still remained cautious toward the outlook for the United Kingdom amid the post-Brexit relationship between UK and EU remained uncertain. Hence, at this time investors would still need to scrutinize the latest updates with regards of the post-Brexit trade deal as well as the latest UK economic stimulus plans which will be announced today in order to gauge the likelihood movement for the currency. As of writing, GBP\/USD appreciated by 0.06% to 1.2545.<\/p>\n

 <\/p>\n

In the commodities market, the crude oil price slumped 0.05% to $40.35 per barrel as of writing. The oil market slumped over the backdrop of the bleak inventory data. According to American Petroleum Institute (API), the U.S. API Weekly Crude Oil Stock notched up significantly from the previous reading of -8.156M to 2.000M, higher than the market forecast at 3.700M. On the other hand, the gold price surged 0.04% to $1795.00 per troy ouns as a wave of new coronavirus infections in United States had stoked a shift in sentiment toward safe-haven asset.<\/p>\n

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 <\/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

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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

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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
22:30<\/td>\nCrudeOIL – EIA Crude Oil Inventories<\/td>\n-7.195M<\/td>\n-0.710M<\/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 support level at 96.70. MACD which illustrated increasing bullish momentum suggest the index to extend its gains toward resistance level at 97.30.<\/p>\n

 <\/p>\n

Resistance level: 97.30, 98.05<\/p>\n

Support level: 96.70, 95.85<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H4: <\/strong>GBPUSD was traded lower following prior retracement from the resistance level at 1.2595. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 1.2520.<\/p>\n

 <\/p>\n

Resistance level: 1.2595, 1.2660<\/p>\n

Support level: 1.2520, 1.2400<\/p>\n

 <\/p>\n

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EURUSD, H1: <\/strong>EURUSD was lower while currently testing the support level at 1.1265. 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: 1.1315, 1.1355<\/p>\n

Support level: 1.1265, 1.1230<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, H4: <\/strong>USDJPY was traded higher following prior rebound from the support level at 107.35. However, MACD which illustrated increasing bearish momentum suggest the pair to be traded lower 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, H1: <\/strong>AUDUSD was traded lower following prior retracement from the resistance level at 0.6970. 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: 0.6970, 0.7010<\/p>\n

Support level: 0.6925, 0.6885<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was higher while currently testing the resistance level at 0.6570. AMCD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 0.6570, 0.6645<\/p>\n

Support level: 0.6490, 0.6405<\/p>\n

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USDCAD, H4: <\/strong>USDCAD was traded higher following prior breakout above the previous resistance level at 1.3555. MACD which illustrated increasing bullish momentum suggest the pair to exgtend its gains toward resistance level at 1.3635.<\/p>\n

 <\/p>\n

Resistance level: 1.3635, 1.3685<\/p>\n

Support level: 1.3555, 1.3510<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded higher following prior rebound from the support level at 0.9380. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.9440.<\/p>\n

 <\/p>\n

Resistance level: 0.9440, 0.9525<\/p>\n

Support level: 0.9380, 0.9280<\/p>\n

 <\/p>\n

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CrudeOIL, H4: <\/strong>Crude oil price was traded within a range while currently testing the support level at 40.30. MACD which illustrated increasing bearish momentum suggest the pair to be traded lower after it successfully breakout below the support level.<\/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_, Daily: <\/strong>Gold price was traded higher following prior breakout above the previous resistance level at 1756.20. 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: 1810.50, 1847.20<\/p>\n

Support level: 1756.20, 1715.85<\/p>\n","protected":false},"excerpt":{"rendered":"

8 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 Pound surged amid positive prospect for Brexit talks. Pound sterling rallied on yesterday amid positive prospect for the post-Brexit negotiation between UK and EU. According to Reuters, a spokesman for UK Prime Minister Boris Johnson claimed that the chief negotiators for UK and EU would be dining in Number […]<\/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\/130044"}],"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=130044"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/130044\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=130044"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=130044"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=130044"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}