{"id":132335,"date":"2020-07-22T00:55:49","date_gmt":"2020-07-22T00:55:49","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=132335"},"modified":"2020-07-22T00:55:49","modified_gmt":"2020-07-22T00:55:49","slug":"220720-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/220720-morning-session-analysis\/","title":{"rendered":"220720 Morning Session Analysis"},"content":{"rendered":"

22 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

EU revive plan, sparkling demand for Euro.<\/strong><\/span><\/p>\n

The Euro surged on yesterday following the European Union countries had reached a record massive stimulus plan in order to combat the economic damage which hobbled by the coronavirus during the year of 2020. According to Reuters, a compromise on concerns that states considered to be frugal such as Austria, Sweden and Netherlands had promised to help for their profligate neighbours, which dialling up the market optimism toward the economic progression for the European countries in future. An unprecedented 750 billion euros fund have been agreed to raise by the European Commission in order to revive the economic growth while boost up the liquidity and solvency ratio in the financial market. Besides that, positive results from the several Coronavirus vaccines trials on Monday had also spurred the risk-on sentiment in the FX market, which sparkling further demand for the Euro. Nonetheless, investors should be eyeing on global growth risk such as the development of the coronavirus as well as further economic stimulus from the global central banks in order to gauge the likelihood movement for the pair in the future. As of writing, EUR\/USD surged 0.04% to 1.1529.<\/p>\n

 <\/p>\n

In the commodities market, the crude oil price appreciated by 0.20% to $41.55 per barrel as of writing. The oil market edged higher amid investors are still digesting the positive news with regards of the coronavirus vaccine trials, sparkling bullish momentum for this black-commodity. On the other hand, the gold price appreciated by 0.04% to $1842.30 per troy ounces as of writing amid weakening US Dollar amid spiking cases of the coronavirus infections from the U.S region, prompting investors to shift their portfolio from the United States into other countries.<\/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

 <\/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
09:30<\/td>\nAUD \u2013 Retail Sales (MoM)<\/td>\n16.9%<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nCAD \u2013 Core CPI (MoM) (Jun)<\/td>\n-0.1%<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n
22:00<\/td>\nUSD \u2013 Existing Home Sales (Jun)<\/td>\n3.91M<\/td>\n4.86M<\/td>\n–<\/td>\n<\/tr>\n
22:30<\/td>\nCrudeOIL \u2013 EIA Crude Oil Inventories<\/td>\n-7.493M<\/td>\n-2.098M<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n

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

\"\"<\/p>\n

DOLLAR_INDX, Weekly: <\/strong>Dollar index was traded lower following prior breakout below the previous support level at 95.95. MACD which illustrated increasing bearish momentum suggest the index to extend its losses toward support level at 94.10.<\/p>\n

 <\/p>\n

Resistance level: 95.95, 97.80<\/p>\n

Support level: 94.10, 91.80<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H4: <\/strong>GBPUSD was traded higher while currently testing the resistance level at 1.2740. 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: 1.2740, 1.2795<\/p>\n

Support level: 1.2660, 1.2575<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, Daily: <\/strong>EURUSD was traded higher following prior breakout above the previous resistance level at 1.1450. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.1710.<\/p>\n

 <\/p>\n

Resistance level: 1.1710, 1.2035<\/p>\n

Support level: 1.1450, 1.1185<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, H4: <\/strong>USDJPY was traded lower while currently testing 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, H1: <\/strong>AUDUSD was traded higher while currently testing the resistance level at 0.7145. 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: 0.7145, 0.7235<\/p>\n

Support level: 0.7025, 0.6925<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded higher following prior breakout above the previous resistance level at 0.6565. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.6735.<\/p>\n

 <\/p>\n

Resistance level: 0.6735, 0.6855<\/p>\n

Support level: 0.6565, 0.6465<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, H4: <\/strong>USDCAD was traded lower while currently testing the support level at 1.3420. 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: 1.3500, 1.3570<\/p>\n

Support level: 1.3420, 1.3365<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, Daily: <\/strong>USDCHF was traded lower following prior breakout below the previous support level at 0.9335. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.9255.<\/p>\n

 <\/p>\n

Resistance level: 0.9335, 0.9455<\/p>\n

Support level: 0.9255, 0.9180<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, Daily: <\/strong>Crude oil price was traded higher while currently testing the resistance level at 43.05. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 43.05, 47.75<\/p>\n

Support level: 36.05, 29.10<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H4: <\/strong>Gold price was traded higher while currently testing the resistance level at 1852.20. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 1852.20, 1914.45<\/p>\n

Support level: 1806.55, 1752.65<\/p>\n","protected":false},"excerpt":{"rendered":"

22 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 EU revive plan, sparkling demand for Euro. The Euro surged on yesterday following the European Union countries had reached a record massive stimulus plan in order to combat the economic damage which hobbled by the coronavirus during the year of 2020. According to Reuters, a compromise on concerns that […]<\/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\/132335"}],"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=132335"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/132335\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=132335"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=132335"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=132335"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}