{"id":130488,"date":"2020-07-10T01:05:32","date_gmt":"2020-07-10T01:05:32","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=130488"},"modified":"2020-07-10T01:05:32","modified_gmt":"2020-07-10T01:05:32","slug":"100720-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/100720-morning-session-analysis\/","title":{"rendered":"100720 Morning Session Analysis"},"content":{"rendered":"

10 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

Oil price slumped, triggered sell-off for Loonie.<\/strong><\/span><\/p>\n

Canadian dollar slumped following crude oil price suffered from the strong selling pressure on yesterday. Since the Canada has the third largest oil reserves in the world and it\u2019s the world\u2019s fourth largest oil exporter, the depreciation of the crude oil price would be dialling down market confidence toward the economic progression in the Canada while spurring significant selloff for the currency. According to Reuters, there are more than 60,000 new coronavirus infections were reported from the region of United States on yesterday, the greatest single-day tally of cases by any country since the coronavirus emerged last year. Meanwhile, the U.S. deaths from the virus notched up by more than 900 for the second day. As the coronavirus cases had spiked up significantly, it triggered some states to roll back reopening measures while providing negative prospect for this black-commodity. However, the losses experienced by the Canadian dollar was limited over the backdrop of the positive housing data. According to Canadian Mortgage and Housing Corporation, the Canada Housing Starts notched up from the previous reading of 195.5K to 211.7K, much better than the market forecast at 198.0K. As of writing, USD\/CAD appreciated by 0.03% to 1.3580.<\/p>\n

 <\/p>\n

In the commodities market, the crude oil price slumped 0.22% to $39.55 per barrel as of writing. The oil market edged lower amid the resurgence of the coronavirus, which dragged down the appeal of the crude oil. On the other hand, the gold market surged 0.03% to $1803.80 per troy ounces amid the risk-off sentiment in the FX market, which prompting investors to shift their portfolio toward 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

16:00\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 CrudeOIL\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 IEA Monthly Report<\/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
20:30<\/td>\nUSD \u2013 PPI (MoM) (Jun)<\/td>\n0.4%<\/td>\n0.4%<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nCAD \u2013 Employment Change (Jun)<\/td>\n289.6K<\/td>\n800.0K<\/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 while currently testing the resistance level at 96.75. MACD which illustrated increasing bullish momentum suggest the index to extend its gains after it successfully breakout above the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 96.75, 97.20<\/p>\n

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

 <\/p>\n

\"\"<\/p>\n

GBPUSD, Daily: <\/strong>GBPUSD was traded higher while currently testing the resistance level at 1.2615. 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: 1.2615, 1.2800<\/p>\n

Support level: 1.2340, 1.2065<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, H4: <\/strong>EURUSD was traded lower while currently testing the support level at 1.1275. 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: 1.1335, 1.1390<\/p>\n

Support level: 1.1275, 1.1215<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, H4: <\/strong>USDJPY was traded lower while currently testing the support level at 107.20. 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: 107.20, 106.85<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H4: <\/strong>AUDUSD was traded lower following prior retracement from the resistance level at 0.7000. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.6940.<\/p>\n

 <\/p>\n

Resistance level: 0.7000, 0.7065<\/p>\n

Support level: 0.6940, 0.6850<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded lower following prior retracement from the resistance level at 0.6585. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.9520.<\/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, H4: <\/strong>USDCAD was traded higher following prior rebound from the support level at 1.3510. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.3630.<\/p>\n

 <\/p>\n

Resistance level: 1.3630, 1.3730<\/p>\n

Support level: 1.3510, 1.3430<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded higher following prior rebound from the support level at 0.9375. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.9435.<\/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, H4: <\/strong>Crude oil price was traded lower while currently near the support level at 39.05. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 40.80, 43.20<\/p>\n

Support level: 39.05, 37.10<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H4: <\/strong>Gold price was traded lower following prior retracement from the resistance level at 1817.85. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses toward support level at 1790.70.<\/p>\n

 <\/p>\n

Resistance level: 1817.85, 1849.90<\/p>\n

Support level: 1790.70, 1761.25<\/p>\n

 <\/p>\n

 <\/p>\n

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

10 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 Oil price slumped, triggered sell-off for Loonie. Canadian dollar slumped following crude oil price suffered from the strong selling pressure on yesterday. Since the Canada has the third largest oil reserves in the world and it\u2019s the world\u2019s fourth largest oil exporter, the depreciation of the crude oil price […]<\/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\/130488"}],"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=130488"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/130488\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=130488"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=130488"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=130488"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}