{"id":130285,"date":"2020-07-09T00:33:50","date_gmt":"2020-07-09T00:33:50","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=130285"},"modified":"2020-07-09T00:33:50","modified_gmt":"2020-07-09T00:33:50","slug":"090720-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/090720-morning-session-analysis\/","title":{"rendered":"090720 Morning Session Analysis"},"content":{"rendered":"

9 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

Sterling rallied on economic stimulus plan.<\/strong><\/span><\/p>\n

Pound Steady extend its gains following the UK Chancellor Rishi Sunak made an announcement with regards of the economic stimulus plan in order to combat the damage of the coronavirus pandemic. According to Reuters, Rishi Sunak claimed that the UK government would provide extra subsidies for employers to hire back workers back to their jobs. Besides, he reiterated that the government would reduce value-added tax (VAT) on spending at hotels, tourist attractions, restaurants and subsidise temporary discounts on eating out to boost the market demand for services sector. Such stimulus plan had dialled up the market optimism toward the economic progression in the UK, while spurring significant demand for the Pound Sterling. Nonetheless, the gains experienced by the Pound Sterling was still limited amid market participants still doubt against the renewed Brexit talks which would be resumed in this week. Hence, at this time investors would continue to scrutinize the latest updates with regards of the post-Brexit talks in order to receive further trading signal. As of writing, GBP\/USD appreciated by 0.04% to 1.2612.<\/p>\n

 <\/p>\n

In the commodities market, as of writing the crude oil price slumped 0.15% to $40.90 per barrel over the backdrop of the negative reading of EIA crude oil inventories data. According to Energy Information Administration (EIA), the U.S. Crude Oil Inventories notched up from the preliminary reading of -7.195M to 5.654M, exceeding the market forecast at -3.114M. On the other hand, the gold price appreciated by 0.08% to $1809.30 per troy ounces amid the resurgence of new coronavirus cases globally, which insinuating demand for the 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
20:30<\/td>\nUSD – Initial Jobless Claims<\/td>\n1,427K<\/td>\n1,378K<\/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 while currently testing the support level at 96.35. MACD which illustrated increasing bearish momentum suggest the index to extend its losses after it successfully breakout below the support level.<\/p>\n

 <\/p>\n

Resistance level: 96.80, 97.20<\/p>\n

Support level: 96.35, 95.90<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H4: <\/strong>GBPUSD was traded higher following prior breakout above the previous resistance level at 1.2590. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.2660.<\/p>\n

 <\/p>\n

Resistance level: 1.2660, 1.2740<\/p>\n

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

 <\/p>\n

\"\"<\/p>\n

EURUSD, H4: <\/strong>EURUSD was traded higher while currently testing the resistance level at 1.1340. 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: 1.1340, 1.1395<\/p>\n

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

 <\/p>\n

\"\"<\/p>\n

USDJPY, H4: <\/strong>USDJPY was traded lower following prior breakout below the previous support level at 107.35. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 106.90.<\/p>\n

 <\/p>\n

Resistance level: 107.35, 107.90<\/p>\n

Support level: 106.90, 106.40<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H4: <\/strong>AUDUSD was traded higher following prior rebound from the support level at 0.6930. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 0.7015.<\/p>\n

 <\/p>\n

Resistance level: 0.7015, 0.7115<\/p>\n

Support level: 0.6930, 0.6840<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was higher while currently testing the resistance level at 0.6585. MACD 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: 0.6585, 0.6635<\/p>\n

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

 <\/p>\n

\"\"<\/p>\n

USDCAD, Daily: <\/strong>USDCAD was traded lower while currently testing the support level at 1.3510. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.<\/p>\n

 <\/p>\n

Resistance level: 1.3635, 1.3735<\/p>\n

Support level: 1.3510, 1.3375<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded lower while currently testing the support level at 0.9375. 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: 0.9435, 0.9470<\/p>\n

Support level: 0.9375, 0.9320<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, Daily: <\/strong>Crude oil price was traded higher while currently testing the resistance level at 40.80. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 40.80, 47.90<\/p>\n

Support level: 34.25, 28.35<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H4: <\/strong>Gold price was traded higher following prior breakout above the previous resistance level at 1790.70. 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: 1822.80, 1849.90<\/p>\n

Support level: 1790.70, 1761.25<\/p>\n","protected":false},"excerpt":{"rendered":"

9 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 Sterling rallied on economic stimulus plan. Pound Steady extend its gains following the UK Chancellor Rishi Sunak made an announcement with regards of the economic stimulus plan in order to combat the damage of the coronavirus pandemic. According to Reuters, Rishi Sunak claimed that the UK government would provide […]<\/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\/130285"}],"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=130285"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/130285\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=130285"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=130285"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=130285"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}