{"id":132103,"date":"2020-07-21T00:56:48","date_gmt":"2020-07-21T00:56:48","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=132103"},"modified":"2020-07-21T00:56:48","modified_gmt":"2020-07-21T00:56:48","slug":"210720-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/210720-morning-session-analysis\/","title":{"rendered":"210720 Morning Session Analysis"},"content":{"rendered":"

21 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

Euro advanced on recovery fund optimism.<\/strong><\/span><\/p>\n

During early Asian session, the Euro which traded against the dollar and other currency pairs continue to extend gains following the potential agreement for the EU recovery fund from the EU summit. Following latest development, EU leaders are yet to agree on a few factors such as structures and condition of the recovery fund. They have agreed to return on Monday afternoon to finish the remaining negotiations. However, markets were lifted after Bloomberg reported that the four governments which is Austria, Netherlands, Denmark and Sweden that previously rejected the fund are now satisfied with 390 billion euro funds being made available as grant. The news have since help lifted the demand for the euro as the potential deal is one step closer of going through and could boost the future outlook for the struggling EU economy. At the time of writing, EUR\/USD rose 0.07% to 1.1451.<\/p>\n

 <\/p>\n

In the commodities market, crude oil price remains stable and edge higher 0.05% to $40.76 per barrel as of writing following hopes of vaccine. AZD1222, a vaccine developed by Oxford University and licensed to AstraZeneca was put into large scale trials and have already signed deal to produce and supply over 2 billion doses once the shot proven successful. As coronavirus continue to hurt the outlook for demand, the news help oil market to stay afloat. On the other hand, gold price advanced 0.06% to $1818.30 a troy ounce at the time of writing due to ongoing dollar weakness and coronavirus concerns.<\/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\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>\nCAD \u2013 Core Retail Sales (MoM) (May)<\/td>\n–<\/td>\n12.0%<\/td>\n-22.0%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\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 95.70. MACD which illustrate bearish bias signal 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: 95.70, 94.35<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H4: <\/strong>GBPUSD remain traded in a sideway channel while currently testing the resistance level 1.2660. However, MACD which illustrate bullish momentum signal suggest the pair to be traded higher after it breaks above the resistance level.<\/p>\n

 <\/p>\n

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

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

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\"\"<\/p>\n

EURUSD, H4: <\/strong>EURUSD was traded higher following prior breakout above the previous resistance level 1.1435. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its gains towards the resistance level 1.1505.<\/p>\n

 <\/p>\n

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

Support level: 1.1435, 1.1365<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, H4: <\/strong>USDJPY remain traded in a sideway channel near the resistance level 107.40. However, MACD which illustrate bullish momentum signal suggest the pair to be traded higher after it breaks above the resistance level.<\/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 while currently testing the resistance level 0.7030. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to extend its gain after it breaks above the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 0.7030, 0.7160<\/p>\n

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

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded higher while currently testing the resistance level 0.6580. MACD which illustrate bullish momentum signal suggest the pair to extend its gains after it breaks above the resistance level.<\/p>\n

 <\/p>\n

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

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

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\"\"<\/p>\n

USDCAD, H4: <\/strong>USDCAD remain traded in a sideway channel while currently testing near the support level 1.3485. However, MACD which illustrate bearish bias signal with the formation of death cross suggest the pair to be traded lower after it breaks below the support level.<\/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. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to experience a short term technical correction towards the resistance level 0.9430.<\/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

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GOLD_, H4: <\/strong>Gold price was traded higher following prior breakout above the previous resistance level 1814.20. MACD which illustrate bullish momentum signal suggest the commodity to extend its gains towards the resistance level 1850.00.<\/p>\n

 <\/p>\n

Resistance level: 1850.00, 1880.15<\/p>\n

Support level: 1814.20, 1790.05<\/p>\n

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

21 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   Euro advanced on recovery fund optimism. During early Asian session, the Euro which traded against the dollar and other currency pairs continue to extend gains following the potential agreement for the EU recovery fund from the EU summit. Following latest development, EU leaders are yet to agree 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\/132103"}],"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=132103"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/132103\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=132103"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=132103"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=132103"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}