{"id":131380,"date":"2020-07-16T01:15:58","date_gmt":"2020-07-16T01:15:58","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=131380"},"modified":"2020-07-16T01:15:58","modified_gmt":"2020-07-16T01:15:58","slug":"160720-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/160720-morning-session-analysis\/","title":{"rendered":"160720 Morning Session Analysis"},"content":{"rendered":"

16 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

Loonie surged over the hawkish statement from BoC.<\/strong><\/span><\/p>\n

Canadian dollar rallied on yesterday, buoyed by the hawkish statement from the Bank of Canada on yesterday. According to Monetary Policy Report, the Bank of Canada would maintain its benchmark interest rate at the effective lower bound of 0.25% and vowed to keep rates unchanged until 2023. They reiterated that the liquidity programs which announced since March had reduced the market strains, while successfully boosting the economy growth for Canada. In fact, they noted that after a sharp economic recession in the first half of 2020, the global economic activity is slowly picking up. This return to growth reflects the relaxation of necessary containment measures put in place to slow the spread of the coronavirus, combined with the expansionary fiscal and monetary policy support. The prices of the most commodities, including oil, have also rebound from very low levels. Nonetheless, after the economies are re-opening, the global outlook is extremely uncertain, given the unpredictability of the course of the coronavirus pandemic. Hence, at this time investors would continue to scrutinize the latest updates with regards of the coronavirus development in order to gauge the likelihood movement for the pair. As of writing, USD\/CAD depreciated by 0.02% to 1.3505.<\/p>\n

 <\/p>\n

In the commodities market, the crude oil price surged 0.05% to $41.16 per barrel as of writing. The oil market was traded higher over the backdrop of the positive oil inventory data on yesterday. According to Energy Information Administration (EIA), the U.S. Crude Oil Inventories declined from the previous reading of 5.654M to -7.493M, better than the market forecast at -2.098M. On the other hand, the gold price surged 0.12% to $1812.00 per troy ounces amid the spiking number of the new coronavirus infections, spurring the risk-off sentiment in the FX market.<\/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

19:45\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 EUR \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 ECB Monetary Policy Statement<\/p>\n

20:30\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 EUR \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 ECB Press Conference<\/p>\n

 <\/p>\n

Today\u2019s Highlight Economic Data<\/u><\/p>\n\n\n\n\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
10:00<\/td>\nCNY – GDP (YoY) (Q2)<\/td>\n-6.8%<\/td>\n2.1%<\/td>\n–<\/td>\n<\/tr>\n
10:00<\/td>\nCNY – Industrial Production (YoY) (Jun)<\/td>\n4.4%<\/td>\n4.7%<\/td>\n–<\/td>\n<\/tr>\n
14:00<\/td>\nGBP – Average Earnings Index +Bonus (May)<\/td>\n1.0%<\/td>\n-0.4%<\/td>\n–<\/td>\n<\/tr>\n
14:00<\/td>\nGBP – Claimant Count Change (Jun)<\/td>\n528.9K<\/td>\n250.0K<\/td>\n–<\/td>\n<\/tr>\n
19:45<\/td>\nEUR – ECB Interest Rate Decision (Jul)<\/td>\n0.00%<\/td>\n0.00%<\/td>\n <\/td>\n<\/tr>\n
20:30<\/td>\nUSD – Initial Jobless Claims<\/td>\n1,314K<\/td>\n1,250K<\/td>\n <\/td>\n<\/tr>\n
20:30<\/td>\nUSD – Philadelphia Fed Manufacturing Index (Jul)<\/td>\n27.5<\/td>\n20.0<\/td>\n <\/td>\n<\/tr>\n
20:30<\/td>\nUSD – Core Retail Sales (MoM) (Jun)<\/td>\n12.4%<\/td>\n5.0%<\/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 95.85. 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: 97.55, 98.85<\/p>\n

Support level: 95.85, 94.70<\/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 diminishing bullish 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, Daily: <\/strong>EURUSD was traded higher while currently testing the resistance level at 1.1415. 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: 1.1415, 1.1485<\/p>\n

Support level: 1.1305, 1.1175<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, H4: <\/strong>USDJPY was traded lower while currently near the support level at 106.75. 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: 107.35, 107.95<\/p>\n

Support level: 106.75, 106.40<\/p>\n

 <\/p>\n

\"\"<\/p>\n

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

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

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded higher while currently testing the resistance level at 0.6575. 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: 0.6575, 0.6635<\/p>\n

Support level: 0.6510, 0.6465<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, H4: <\/strong>USDCAD was traded lower while currently testing the support level at 1.3505. 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: 1.3555, 1.3630<\/p>\n

Support level: 1.3505, 1.3430<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded higher following prior breakout above the previous resistance level at 0.9435. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.9470.<\/p>\n

 <\/p>\n

Resistance level: 0.9470, 0.9530<\/p>\n

Support level: 0.9435, 0.9375<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H4: <\/strong>Crude oil price was traded higher while currently testing the resistance level at 41.40. 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: 41.40, 43.00<\/p>\n

Support level: 39.35, 37.60<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H4: <\/strong>Gold price was traded higher while currently testing the resistance level at 1817.20. 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: 1817.20, 1845.10<\/p>\n

Support level: 1789.60, 1764.75<\/p>\n

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

16 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 Loonie surged over the hawkish statement from BoC. Canadian dollar rallied on yesterday, buoyed by the hawkish statement from the Bank of Canada on yesterday. According to Monetary Policy Report, the Bank of Canada would maintain its benchmark interest rate at the effective lower bound of 0.25% and vowed […]<\/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\/131380"}],"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=131380"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/131380\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=131380"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=131380"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=131380"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}