{"id":133805,"date":"2020-08-03T00:39:37","date_gmt":"2020-08-03T00:39:37","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=133805"},"modified":"2020-08-03T00:39:37","modified_gmt":"2020-08-03T00:39:37","slug":"030820-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/030820-morning-session-analysis\/","title":{"rendered":"030820 Morning Session Analysis"},"content":{"rendered":"

03 August 2020\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Morning Session Analysis<\/strong><\/p>\n

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Brexit deadlock remains pressured on pound.<\/strong><\/span><\/p>\n

Pound sterling which acts as one of the major currency dipped in early trading session today as Post-Brexit negotiation remains stalled as there are gaps in Brexit talks between UK and EU. Since UK voted to exit from EU bloc, both parties had undergone uncountable times of talk on all aspects of their future ties. Yet, there is no any official trade deal been achieved by UK and EU as the fishing conflict is remains as the major issue that need to be solved in the current condition. In details, UK and EU are now struggling on the talks with regards to the future fish industry as UK insists to block EU fishermen from its water. Prior to now, Britain reacted furiously and criticized Brussels as they demanded UK to allow their accesses of boat to UK water after transition period ended, which is simply unacceptable by UK government. Nevertheless, investors are now eyeing on the further trade talk between these two parties, which have been scheduled to be held all the way from time to time until the beginning of October. During Asian early trading session, the pair of GBP\/USD inched up 0.07% to 1.3095.<\/p>\n

 <\/p>\n

In the commodities market, crude oil price depreciated by 0.47% to $40.00 per barrel as of writing amid heightening of market worries over prospect of oil demand. According to a poll from Reuters, potential second wave of Covid-19 still remains as the major threat that could limit the pace of recovery of this black commodity market. Besides, gold price up 0.35% to $1982.95 a troy ounce as increasing in virus\u2019s cases spurred up the market\u2019s risk avoidance behaviour.<\/p>\n

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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 CAD\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Civic Holiday<\/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

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Today\u2019s Highlight Economic Data<\/u><\/p>\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
15:55<\/td>\nEUR \u2013 German Manufacturing PMI (Jul)<\/td>\n45.2<\/td>\n50.0<\/td>\n–<\/td>\n<\/tr>\n
16:30<\/td>\nGBP \u2013 Manfucturing PMI (Jul)<\/td>\n50.1<\/td>\n53.6<\/td>\n–<\/td>\n<\/tr>\n
22:00<\/td>\nUSD \u2013 ISM Manufacturing PMI (Jul)<\/td>\n52.6<\/td>\n53.6<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

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

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DOLLAR_INDX, H4: <\/strong>Dollar index was traded higher while currently testing the resistance level at 93.35. MACD which illustrate bullish bias momentum signal suggest the dollar to extend its gains after it successfully breakout above the resistance level at 93.35.<\/p>\n

 <\/p>\n

Resistance level: 93.35, 94.40<\/p>\n

Support level: 92.30, 91.25<\/p>\n

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GBPUSD, H4: <\/strong>GBPUSD was traded lower following prior retracement from the resistance level at 1.3150. MACD which illustrate bearish bias momentum signal suggest the pair to extend its losses toward the support level at 1.3055.<\/p>\n

 <\/p>\n

Resistance level: 1.3150, 1.3245<\/p>\n

Support level: 1.3055, 1.2960<\/p>\n

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EURUSD, H1: <\/strong>EURUSD was traded higher following prior rebound from the support level at 1.1775. MACD which illustrate diminishing bearish momentum suggest the pair to extend its rebound toward the resistance level at 1.1830.<\/p>\n

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Resistance level: 1.1830, 1.1900<\/p>\n

Support level: 1.1775, 1.1695<\/p>\n

 <\/p>\n

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USDJPY, H4: <\/strong>USDJPY was traded higher following prior breakout above the previous resistance level at 105.00. MACD which illustrate bullish bias momentum signal suggest the pair to extend its gains toward the resistance level at 106.15.<\/p>\n

 <\/p>\n

Resistance level: 106.15, 106.95<\/p>\n

Support level: 105.05, 104.30<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, Daily: <\/strong>AUDUSD was traded higher following prior breakout above the previous resistance level at 0.7115. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to undergo technical correction in short term.<\/p>\n

 <\/p>\n

Resistance level: 0.7295, 0.7555<\/p>\n

Support level: 0.7115, 0.7025<\/p>\n

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NZDUSD, Daily: <\/strong>NZDUSD was traded lower following prior retracement near the resistance level at 0.6755. MACD which illustrated bearish momentum suggest the pair to extend its losses toward the support level at 0.6580.<\/p>\n

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Resistance level: 0.6755, 0.6920<\/p>\n

Support level: 0.6580, 0.6480<\/p>\n

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USDCAD, H4: <\/strong>USDCAD was traded lower following prior retracement from the higher level. MACD which illustrate diminishing bullish momentum suggest the pair to extend its losses toward the support level at 1.3335.<\/p>\n

 <\/p>\n

Resistance level: 1.3505, 1.3675<\/p>\n

Support level: 1.3335, 1.3210<\/p>\n

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USDCHF, H4: <\/strong>USDCHF was traded higher following prior breakout above the previous resistance level at 0.9125. MACD which illustrate bullish bias momentum signal suggest the pair to extend its gains toward the resistance level at 0.9170.<\/p>\n

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Resistance level: 0.9170, 0.9220<\/p>\n

Support level: 0.9125, 0.9065<\/p>\n

 <\/p>\n

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CrudeOIL, H4: <\/strong>Crude oil price was traded lower while currently testing the support level at 40.10. However, MACD which illustrate diminishing bearish momentum signal suggest the commodity to undergo technical correction in short term toward the higher level.<\/p>\n

 <\/p>\n

Resistance level: 41.35, 42.50<\/p>\n

Support level: 40.10, 39.00<\/p>\n

 <\/p>\n

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GOLD_, H4: <\/strong>Gold price was traded higher following prior breakout above the previous resistance level at 1965.15. MACD which illustrate diminishing bearish momentum signal suggest the commodity to extend its gains toward the resistance level at 1990.10.<\/p>\n

 <\/p>\n

Resistance level: 1990.10, 2041.65<\/p>\n

Support level: 1965.15, 1931.20<\/p>\n

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

03 August 2020\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Morning Session Analysis   Brexit deadlock remains pressured on pound. Pound sterling which acts as one of the major currency dipped in early trading session today as Post-Brexit negotiation remains stalled as there are gaps in Brexit talks between UK and EU. Since UK voted to exit from EU bloc, both parties […]<\/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\/133805"}],"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=133805"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/133805\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=133805"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=133805"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=133805"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}