{"id":135429,"date":"2020-08-12T01:24:07","date_gmt":"2020-08-12T01:24:07","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=135429"},"modified":"2020-08-12T01:24:07","modified_gmt":"2020-08-12T01:24:07","slug":"120820-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/120820-morning-session-analysis\/","title":{"rendered":"120820 Morning Session Analysis"},"content":{"rendered":"

12 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

 <\/p>\n

During early Asian session, the pound sterling which traded against the greenback and other currency pairs have fell following weak employment in the UK causing the pair to struggle. According to the National Statistics, the number of people that are currently in employment have fell by 220,000 in the 2nd quarter. This was the largest fall in employment since 2009. Despite with the support from the government, the labour market in the U.K remains fragile due to the coronavirus crisis. At the same time, the unemployment rate held steady at 3.9%. However, the data also reflected a huge number of UK individuals have gave up looking for work. On top of that, the average earnings data which excluded bonus also fell to -0.2%, missing market expectation of 0.5%. Separate data also showed that the number of staff on company payrolls fell by -730,000 since March. This suggests there will be a larger increase in the country\u2019s unemployment rate. As of writing, GBP\/USD fell 0.05% to 1.3051.<\/p>\n

 <\/p>\n

In the commodities market, crude oil price slips 0.16% to $41.61 per barrel at the time of writing following fears about weaker oil demand resurfaced with the end of summer driving season. The end of the summer driving season where Americans travel and take to the road would limit the demand recovery, thus causing the commodity price to ease due to more people are now expected to work from home. On the other hand, gold price tumbles 0.45% to $1918.14 a troy ounce as of writing following a recovering dollar and expectations of a nearing U.S. stimulus.<\/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

10.00\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 NZD\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0RBNZ Rate Statement<\/p>\n

11.00\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 NZD\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0RBNZ Press Conference<\/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
10.00<\/td>\nNZD – RBNZ Interest Rate Decision<\/td>\n0.25%<\/td>\n0.25%<\/td>\n–<\/td>\n<\/tr>\n
14.00<\/td>\nGBP – GDP (MoM)<\/td>\n1.8%<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n
14.00<\/td>\nGBP – Manufacturing Production (MoM) (Jun)<\/td>\n8.4%<\/td>\n10.0%<\/td>\n–<\/td>\n<\/tr>\n
14.00<\/td>\nGBP \u2013 Monthly GDP 3M\/3M Change<\/td>\n-19.1%<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n
20.30<\/td>\nUSD – Core CPI (MoM) (Jul)<\/td>\n-7.373M<\/td>\n-2.875M<\/td>\n–<\/td>\n<\/tr>\n
22.30<\/td>\nCrudeOIL – Crude Oil Inventories<\/td>\n-7.373M<\/td>\n-2.875M<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n

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

\"\"<\/p>\n

DOLLAR_INDX, H4: <\/strong>Dollar index remain traded in a sideway channel. However, MACD which illustrate bearish momentum signal suggest the dollar to be traded lower in short term towards the support level 92.45.<\/p>\n

 <\/p>\n

Resistance level: 94.00, 95.70<\/p>\n

Support level: 92.45, 90.70<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H4: <\/strong>GBPUSD remain traded in a sideway channel while currently testing near the support level 1.3005. However, MACD which illustrate bearish bias signal suggest the pair to be traded lower after it breaks below the support level.<\/p>\n

 <\/p>\n

Resistance level: 1.3200, 1.3320<\/p>\n

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

 <\/p>\n

\"\"<\/p>\n

EURUSD, H4: <\/strong>EURUSD was traded lower following prior retracement from the resistance level 1.1795. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to be traded higher in short term back to resistance level 1.1795.<\/p>\n

 <\/p>\n

Resistance level: 1.1795, 1.1895<\/p>\n

Support level: 1.1690, 1.1575<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, H4: <\/strong>USDJPY was traded higher following recent breakout above the previous resistance level 106.20. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to experience a short term technical correction to current support level 106.20.<\/p>\n

 <\/p>\n

Resistance level: 106.75, 107.40<\/p>\n

Support level: 106.20, 105.25<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H4: <\/strong>AUDUSD was traded lower following prior retracement from the resistance level 0.7185. MACD which illustrate bearish momentum signal suggest the pair to extend its retracement towards the support level 0.7040.<\/p>\n

 <\/p>\n

Resistance level: 0.7185, 0.7290<\/p>\n

Support level: 0.7040, 0.6935<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded lower following prior breakout below the previous support level 0.6580. MACD which illustrate bearish momentum signal suggest the pair to extend its losses towards the support level 0.6510.<\/p>\n

 <\/p>\n

Resistance level: 0.6580, 0.6685<\/p>\n

Support level: 0.6510, 0.6395<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, H4: <\/strong>USDCAD was traded flat while currently retest the resistance level 1.3330. MACD which illustrate diminishing bearish momentum suggest the pair to be traded higher after it breaks above the resistance level.<\/p>\n

 <\/p>\n

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

Support level: 1.3195, 1.3095<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded higher following recent rebound from its low level. MACD which illustrate bullish momentum suggest the pair to extend its rebound towards the resistance level 0.9230.<\/p>\n

 <\/p>\n

Resistance level: 0.9230, 0.9365<\/p>\n

Support level: 0.9065, 0.8985<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H4: <\/strong>Crude oil price was traded lower following prior retracement from the resistance level 42.85. MACD which illustrate bearish momentum suggest the commodity to extend its losses towards the support level 41.05.<\/p>\n

 <\/p>\n

Resistance level: 42.60, 43.55<\/p>\n

Support level: 41.05, 39.15<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H4: <\/strong>Gold price was traded lower while currently testing the support level 1908.55. MACD which illustrate ongoing bearish momentum signal suggest the commodity to extend its losses after it breaks below the support level 1908.55.<\/p>\n

 <\/p>\n

Resistance level: 1970.60, 2016.10<\/p>\n

Support level: 1908.55, 1857.95<\/p>\n","protected":false},"excerpt":{"rendered":"

12 August 2020\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Morning Session Analysis   During early Asian session, the pound sterling which traded against the greenback and other currency pairs have fell following weak employment in the UK causing the pair to struggle. According to the National Statistics, the number of people that are currently in employment have fell by 220,000 in […]<\/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\/135429"}],"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=135429"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/135429\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=135429"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=135429"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=135429"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}