{"id":130699,"date":"2020-07-13T00:59:25","date_gmt":"2020-07-13T00:59:25","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=130699"},"modified":"2020-07-13T00:59:25","modified_gmt":"2020-07-13T00:59:25","slug":"130720-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/130720-morning-session-analysis\/","title":{"rendered":"130720 Morning Session Analysis"},"content":{"rendered":"

13 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

Coronavirus fears, spurring sell-off for Aussie.<\/strong><\/span><\/p>\n

The Australian dollar received bearish momentum amid diminishing risk appetite in the FX market following the global coronavirus infections continually to hit record high, which stoked a shift in sentiment toward safe-haven assets while spurring significant selloff for the riskier currency such as Australian Dollar. According to the latest updates, the World Health Organization (WHO) announced the record high daily new cases of the coronavirus pandemic on Sunday. The coronavirus infections spiked up by 230,370 while more than 5,000 people were killed by the coronavirus on Sunday, according to Worldometers. In the Australia region, the virus condition in Victoria continue to increase with the weekly infections of 273 people. Such circumstances had caused the Australia government to hardened state-border restrictions on last week. However, the losses experienced by the Australia dollar was limited amid the positive vaccine development had diminished the fears upon the coronavirus pandemic. According to CGTN, the Chinese vaccine developer Cansino Biologics is in talks with Russia, Brazil, Chile and Saudi Arabia to launch a Phase III trial of its experimental coronavirus\u2019s vaccine. As of writing, AUD\/USD slumped 0.03% to 0.6949.<\/p>\n

 <\/p>\n

In the commodities market, the crude oil price surged 0.33% to $40.37 per barrels. The oil market edged higher as market participants expected that the coronavirus vaccine would be fully developed by the end of the year, which providing positive prospect for this black-commodity. On the other hand, the gold market surged 0.06% to $1800.00 per troy ounces over the backdrop of the negative economic data from the United States on last Friday. According to U.S. Bureau of Labor Statistics, the U.S. Producer Price Index (PPI) for last month notched down from the previous reading of 0.4% to -0.2%, missing the economist forecast at 0.4%.<\/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

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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

 <\/p>\n

Today\u2019s Highlight Economic Data<\/u><\/p>\n

N\/A<\/p>\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 96.45. However, MACD which illustrated diminishing bullish momentum suggest the index to be traded lower in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 96.85, 97.25<\/p>\n

Support level: 96.45, 96.10<\/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 higher following prior rebound from the support level at 1.1270. MACD which illustrated diminishing bearish 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: 1.1270, 1.1215<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, H4: <\/strong>USDJPY was traded higher following prior rebound from the support level at 106.75. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 107.30.<\/p>\n

 <\/p>\n

Resistance level: 107.30, 107.90<\/p>\n

Support level: 106.75, 106.35<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H4: <\/strong>AUDUSD was traded lower while currently testing the support level at 0.6940. 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: 0.7000, 0.7065<\/p>\n

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

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded within a range while currently testing the resistance level at 0.6570. MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher after it successfully breakout above the resistance level.<\/p>\n

 <\/p>\n

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

Support level: 0.6505, 0.6465<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, H4: <\/strong>USDCAD was traded higher while currently testing the resistance level at 1.3630. 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: 1.3630, 1.3730<\/p>\n

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

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded lower following prior retracement from the resistance level at 0.9435. MACD which illustrated diminishing bullish momentum suggest the pair to extend tis losses toward support level at 0.9375.<\/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 higher following prior rebound from the support level at 39.05. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains toward resistance level at 41.10.<\/p>\n

 <\/p>\n

Resistance level: 41.10, 44.20<\/p>\n

Support level: 39.05, 37.15<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H4: <\/strong>Gold price was traded lower while currently near the support level at 1790.70. 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: 1817.85, 1849.90<\/p>\n

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

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

13 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 Coronavirus fears, spurring sell-off for Aussie. The Australian dollar received bearish momentum amid diminishing risk appetite in the FX market following the global coronavirus infections continually to hit record high, which stoked a shift in sentiment toward safe-haven assets while spurring significant selloff for the riskier currency such as […]<\/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\/130699"}],"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=130699"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/130699\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=130699"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=130699"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=130699"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}