{"id":131830,"date":"2020-07-20T00:46:54","date_gmt":"2020-07-20T00:46:54","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=131830"},"modified":"2020-07-20T00:46:54","modified_gmt":"2020-07-20T00:46:54","slug":"200720-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/200720-morning-session-analysis\/","title":{"rendered":"200720 Morning Session Analysis"},"content":{"rendered":"

20 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

 <\/p>\n

Dollar extend losses following doubts on recovery.<\/strong><\/span><\/p>\n

The dollar index which traded against a basket of six major currency pairs have continue to extend its decline during early Asian session following weak economic data and increasing coronavirus cases cast doubts on U.S ability to recover its economy. On data front, the Michigan Consumer Sentiment have fell to 73.2 in early June, missing market expectation of 79.0. Besides that, worsening conditions of coronavirus in the U.S remain as a key driver for the greenback weakness. At the moment, U.S remain at the top with the total cases reached 3,890,259 while total death stands at 143,236. Due to U.S struggling to contain the virus, market have started to question the ability of the world\u2019s biggest economy, thus diminishing the appeal of the greenback. At the time of writing, dollar index edge lower 0.03% to 95.83.<\/p>\n

 <\/p>\n

In the commodities market, crude oil price remain balanced and rose 1.41% to $40.75 per barrel as of writing following a drop in oil rigs. According to Bakers Hughes, the number of oil rigs have reduced to record low of 180 for 11th weeks straight. As U.S oil and gas rig count served as an early indicator for future output, the reduction have also help exert demand for the commodity. On the other hand, gold price rose 0.05% to $1810.02 a troy ounce at the time of writing following dollar weak and coronavirus continue to support demand for safe-haven markets.<\/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

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

N\/A<\/p>\n

 <\/p>\n

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

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DOLLAR_INDX, H4: <\/strong>Dollar index was traded lower while currently testing the support level 95.85. MACD which illustrate bearish bias signal with the starting formation of death cross suggest the dollar to extend its losses after it breaks below the support level.<\/p>\n

 <\/p>\n

Resistance level: 97.55, 98.80<\/p>\n

Support level: 95.85, 94.65<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H4: <\/strong>GBPUSD remain traded in a sideway channel. Due to lack of momentum and clear direction from MACD, it is suggested to wait until further signal appear before entering the market.<\/p>\n

 <\/p>\n

Resistance level: 1.2660, 1.2810<\/p>\n

Support level: 1.2510, 1.2340<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, H4: <\/strong>EURUSD traded higher following prior rebound from the support level 1.1420. MACD which illustrate diminishing bearish momentum suggest the pair to extend its rebound towards the resistance level 1.1505.<\/p>\n

 <\/p>\n

Resistance level: 1.1505, 1.1610<\/p>\n

Support level: 1.1420, 1.1320<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, H4: <\/strong>USDJPY was traded lower following prior retracement from the resistance level 107.40. MACD which illustrate bearish momentum signal suggest the pair to extend its losses towards the support level 106.60.<\/p>\n

 <\/p>\n

Resistance level: 107.40, 108.00<\/p>\n

Support level: 106.60, 106.00<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H4: <\/strong>AUDUSD was traded higher following prior rebound from the MA lines. MACD which illustrate diminishing bearish momentum signal with the starting formation of golden cross suggest the pair to extend its rebound towards the resistance level 0.7055.<\/p>\n

 <\/p>\n

Resistance level: 0.7055, 0.7195<\/p>\n

Support level: 0.6935, 0.6820<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded higher following prior rebound from the MA lines. MACD which illustrate bullish bias signal with the starting formation of golden cross suggest the pair to extend its rebound in short term towards the resistance level 0.6580.<\/p>\n

 <\/p>\n

Resistance level: 0.6580, 0.6670<\/p>\n

Support level: 0.6490, 0.6370<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, H4: <\/strong>USDCAD remain traded flat in a sideway channel. However, MACD which display bullish momentum signal suggest the pair to be traded higher towards the resistance level 1.3685.<\/p>\n

 <\/p>\n

Resistance level: 1.3685, 1.3820<\/p>\n

Support level: 1.3485, 1.3330<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded lower while currently testing near the support level 0.9365. MACD which illustrate bearish momentum signal suggest the pair to extend its losses after it breaks below the support level.<\/p>\n

 <\/p>\n

Resistance level: 0.9430, 0.9480<\/p>\n

Support level: 0.9365, 0.9315<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H4: <\/strong>Crude oil price was traded flat near the resistance level 41.30. However MACD which display bearish momentum signal suggest the commodity to be traded lower towards the support level 37.70.<\/p>\n

 <\/p>\n

Resistance level: 41.30, 43.85<\/p>\n

Support level: 37.70, 34.70<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H4: <\/strong>Gold price remain traded in a sideway channel while currently testing near the resistance level 1817.10. However, MACD which illustrate bullish momentum signal suggest the commodity to be traded higher after it breaks above the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 1817.10, 1840.00<\/p>\n

Support level: 1790.05, 1764.25<\/p>\n","protected":false},"excerpt":{"rendered":"

20 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   Dollar extend losses following doubts on recovery. The dollar index which traded against a basket of six major currency pairs have continue to extend its decline during early Asian session following weak economic data and increasing coronavirus cases cast doubts on U.S ability to recover its economy. On […]<\/p>\n","protected":false},"author":54,"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\/131830"}],"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\/54"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/comments?post=131830"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/131830\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=131830"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=131830"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=131830"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}