{"id":130936,"date":"2020-07-14T01:13:00","date_gmt":"2020-07-14T01:13:00","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=130936"},"modified":"2020-07-14T01:13:00","modified_gmt":"2020-07-14T01:13:00","slug":"140720-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/140720-morning-session-analysis\/","title":{"rendered":"140720 Morning Session Analysis"},"content":{"rendered":"

14 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

Pound slumped over the risk-off sentiment.<\/strong><\/span><\/p>\n

Pound Sterling slumped on yesterday amid risk-off sentiment in the FX market following California moved to shut down all indoor activities, which spurring significant selloff for the risky currency such as Pound Sterling. According to Reuters, California Governor Cavin Newsom claimed that all the counties in the state must close indoor restaurants, shutting bars, gyms and hair salons following the number of the coronavirus infections spiked up in the states. In fact, he also reiterated that the move is critical to stemming a new surge in coronavirus cases that have strained hospitals in several of California\u2019s rural counties. Besides that, the Pound Sterling received further bearish momentum amid fears over the Brexit development continue to weigh on the Pound Sterling. According to the report from Institute of Directors (IoD), it showed that only one in four companies being prepared for Britain\u2019s fully departure from the European Union. Hence, failure of achieving the trade consensus between UK and Europe would significantly damage the economic growth for both countries. Nonetheless, investors would continue to eye on the latest development with regards of the coronavirus vaccine as well as the Brexit updates in order to gauge the likelihood movement for the currency. As of writing, GBP\/USD depreciated by 0.05% to 1.2560.<\/p>\n

 <\/p>\n

In the commodities market, the crude oil price depreciated by 0.11% to $39.75 per barrel as of writing. The oil market edged lower following the unstoppable acceleration of the coronavirus infections, which weighing the market demand on this black-commodity. On the other hand, the gold market surged 0.02% to $1802.00 per troy ounces amid diminishing risk appetite, 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

19:00\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 OPEC Monthly Report<\/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
14:00<\/td>\nGBP – Claimant Count Change (Jun)<\/td>\n528.9K<\/td>\n400.0K<\/td>\n–<\/td>\n<\/tr>\n
14:00<\/td>\nGBP – GDP (MoM)<\/td>\n-20.4%<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n
14:00<\/td>\nGBP – Manufacturing Production (MoM) (May)<\/td>\n-24.3%<\/td>\n8.0%<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nUSD – Core CPI (MoM) (Jun)<\/td>\n-0.1%<\/td>\n0.1%<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n

Technical Analysis<\/u><\/strong><\/p>\n

\"\"<\/p>\n

DOLLAR_INDX, Daily: <\/strong>Dollar index was traded lower while currently testing the support level at 96.35. MACD which illustrated diminishing bullish momentum suggest the index to extend its losses after it successfully breakout below the support level.<\/p>\n

 <\/p>\n

Resistance level: 97.55, 98.90<\/p>\n

Support level: 96.35, 94.90<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H4: <\/strong>GBPUSD was traded lower following prior retracement from the resistance level at 1.2670. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.2515.<\/p>\n

 <\/p>\n

Resistance level: 1.2670, 1.2800<\/p>\n

Support level: 1.2515, 1.2340<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, H4: <\/strong>EURUSD was traded lower following prior retracement from the resistance level at 1.1360. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 1.1325.<\/p>\n

 <\/p>\n

Resistance level: 1.1360, 1.1390<\/p>\n

Support level: 1.1325, 1.1270<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, H4: <\/strong>USDJPY was traded higher while currently testing the resistance level at 107.35. 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: 107.35, 107.90<\/p>\n

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

 <\/p>\n

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AUDUSD, H4: <\/strong>AUDUSD was traded lower while currently testing the support level at 0.6925. 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: 0.7000, 0.7065<\/p>\n

Support level: 0.6925, 0.6850<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded lower following prior retracement from the resistance level at 0.6565. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.6505.<\/p>\n

 <\/p>\n

Resistance level: 0.6565, 0.6635<\/p>\n

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

 <\/p>\n

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USDCAD, H4: <\/strong>USDCAD was traded higher following prior rebound from the support level at 1.3555. 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, 1.3685<\/p>\n

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

 <\/p>\n

\"\"<\/p>\n

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

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

 <\/p>\n

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CrudeOIL, H4: <\/strong>Crude oil price was traded lower following prior retracement from the resistance level at 41.10. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses toward support level at 39.05.<\/p>\n

 <\/p>\n

Resistance level: 41.10, 43.00<\/p>\n

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

 <\/p>\n

\"\"<\/p>\n

GOLD_, H1: <\/strong>Gold price was traded lower following prior retracement from the resistance level at 1808.45. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses toward support level at 1794.55.<\/p>\n

 <\/p>\n

Resistance level: 1808.45, 1817.85<\/p>\n

Support level: 1794.55, 1783.75<\/p>\n

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

14 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 Pound slumped over the risk-off sentiment. Pound Sterling slumped on yesterday amid risk-off sentiment in the FX market following California moved to shut down all indoor activities, which spurring significant selloff for the risky currency such as Pound Sterling. According to Reuters, California Governor Cavin Newsom claimed that all […]<\/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\/130936"}],"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=130936"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/130936\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=130936"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=130936"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=130936"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}