{"id":132711,"date":"2020-07-24T01:05:51","date_gmt":"2020-07-24T01:05:51","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=132711"},"modified":"2020-07-24T01:05:51","modified_gmt":"2020-07-24T01:05:51","slug":"240720-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/240720-morning-session-analysis\/","title":{"rendered":"240720 Morning Session Analysis"},"content":{"rendered":"

24 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 plummets following doubts on economic recovery.<\/strong><\/span><\/p>\n

During early Asian session, the dollar index which traded against a basket of six major currency pairs remains weak and reached 22-month lows following further signs of slowing U.S economic recovery in the wake of coronavirus. The U.S was expected for a strong rebound in the third quarter, but initial jobless claims. According to U.S Labor Department, 1.4 million filed for unemployment benefits for the week ended July, the number is higher than market expectation of 1.3 million. The prospect of slower-than-expected recovery have diminished investor hopes for a V-shaped rebound, thus dragging further down the value of the greenback. At the time of writing, dollar index fell 0.22% to 94.67.<\/p>\n

 <\/p>\n

In the commodities market, crude oil price fell 0.07% to $41.01 per barrel as of writing amid weakening airline outlook. According to reports, two of the U.S.\u2019s biggest airlines, Southwest and American, both said on Thursday that they will pare their autumn flight schedules given the ongoing weakness in demand for air travel. The news adding further salt to the wound after EIA reported an increase in oil supply recently which already affecting the commodity. On the other hand, gold price jumps 0.09% to $1887.03 a troy ounce at the time of writing following heightening risk-off mood that continue to drive demand for the 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

All Day\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 JPY\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 National Sports Day<\/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\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 – Retail Sales (MoM) (Jun)<\/td>\n12.0%<\/td>\n8.0%<\/td>\n–<\/td>\n<\/tr>\n
15.30<\/td>\nEUR – German Manufacturing PMI (Jul)<\/td>\n45.2<\/td>\n48.0<\/td>\n–<\/td>\n<\/tr>\n
16.30<\/td>\nGBP – Composite PMI<\/td>\n47.7<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n
16.30<\/td>\nGBP – Manufacturing PMI<\/td>\n50.1<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n
16.30<\/td>\nGBP – Services PMI<\/td>\n47.1<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n
22.00<\/td>\nUSD – New Home Sales (Jun)<\/td>\n676K<\/td>\n700K<\/td>\n–<\/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 near the support level 94.35. However, MACD which illustrate diminishing bearish momentum suggest the dollar to experience a technical correction towards the resistance level 95.70.<\/p>\n

 <\/p>\n

Resistance level: 95.70, 97.55<\/p>\n

Support level: 94.35, 93.15<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H4: <\/strong>GBPUSD was traded flat following recent rebound from its low levels. However, MACD which illustrate bearish bias signal with the formation of death cross suggest the pair to be traded lower in short term towards the support level 1.2660.<\/p>\n

 <\/p>\n

Resistance level: 1.2810, 1.3005<\/p>\n

Support level: 1.2660, 1.2510<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, H4: <\/strong>EURUSD was traded higher while currently testing the resistance level 1.1610. However, MACD which display diminishing bullish momentum signal suggest the pair to experience a technical correction towards the support level 1.1505.<\/p>\n

 <\/p>\n

Resistance level: 1.1610, 1.1715<\/p>\n

Support level: 1.1505, 1.1435<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, H4: <\/strong>USDJPY remain traded in a sideway channel while currently testing near the support level 106.60. However, MACD which illustrate bearish momentum signal suggest the pair to be traded lower after it breaks below the support 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 lower following prior retracement from the resistance level 0.7160. MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to extend it losses towards the support level 0.7030.<\/p>\n

 <\/p>\n

Resistance level: 0.7160, 0.7290<\/p>\n

Support level: 0.7030, 0.6935<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded lower following prior retracement from the resistance level 0.6670. MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to extend its retracement towards the support level 0.6580.<\/p>\n

 <\/p>\n

Resistance level: 0.6670, 0.6745<\/p>\n

Support level: 0.6580, 0.6490<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, H4: <\/strong>USDCAD was traded higher following prior rebound from the support level 1.3330. 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 1.3485.<\/p>\n

 <\/p>\n

Resistance level: 1.3485, 1.3685<\/p>\n

Support level: 1.3330, 1.3195<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded lower while currently testing near the support level 0.9230. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to experience a short term technical correction towards the resistance level 0.9315.<\/p>\n

 <\/p>\n

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

Support level: 0.9230, 0.9165<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H4: <\/strong>Crude oil price was traded lower following prior breakout below the support level 41.30. MACD which display bearish bias signal with the formation of death cross suggest the commodity to extend its losses 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 was traded higher while currently testing the resistance level 1896.65. However, MACD which display diminishing bullish momentum signal suggest the commodity to experience a technical correction towards the support level 1850.00.<\/p>\n

 <\/p>\n

Resistance level: 1896.65, 1930.00<\/p>\n

Support level: 1850.00, 1814.20<\/p>\n","protected":false},"excerpt":{"rendered":"

24 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 plummets following doubts on economic recovery. During early Asian session, the dollar index which traded against a basket of six major currency pairs remains weak and reached 22-month lows following further signs of slowing U.S economic recovery in the wake of coronavirus. The U.S was expected for […]<\/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\/132711"}],"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=132711"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/132711\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=132711"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=132711"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=132711"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}