{"id":136789,"date":"2020-08-21T00:59:13","date_gmt":"2020-08-21T00:59:13","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=136789"},"modified":"2020-08-21T00:59:13","modified_gmt":"2020-08-21T00:59:13","slug":"210820-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/210820-morning-session-analysis\/","title":{"rendered":"210820 Morning Session Analysis"},"content":{"rendered":"

21 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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Dollar index plunged amid disappointed economic data.<\/strong><\/span><\/p>\n

Dollar index which gauges its value against a basket of six major currencies edged lower as a series of bleak economic data on yesterday faded the shininess of dollar index market. According to the Department of Labour, there was around 1,106K American filed for initial jobless claims last week, showing that novel pandemic continues suppressed the economy. The elevated figure of people filed for unemployment insurance raised the market doubt over the recovery of US economy, while the number of confirmed cases per day is still in its fastest pace without sign of slowing down. Besides, US Philadelphia Fed Manufacturing index also came in at a disappointed reading of only 17.2, missing the economist forecast at 21.0, further cementing the market view over the easing of US economy recovery. On the geopolitical front, China criticized that \u2018Beijing will take all necessary measures\u2019 to protect Huawei Technologies from the unfair treatment by US. However, China did not reveal their plan on retaliation against US, but emphasized that US should correct their mistake immediately. As of writing, dollar index inched down 0.10% to 92.70.<\/p>\n

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In the commodities market, crude oil price depreciated by 0.03% to $42.70 per barrel amid market cautious view over the future prospect of oil market. Furthermore, an internal document has also showed that OPEC and its allies are urged to compensate for May-July 2.31 million barrels per day overproduction in August and September. Besides, gold price appreciated by 0.29% to $1953.00 a troy ounce amid dollar weakened.<\/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

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

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\u00a0<\/u><\/p>\n

Today\u2019s Highlight Economic Data<\/u><\/p>\n\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 \u2013 Retail Sales (MoM)(Jul)<\/td>\n13.9%<\/td>\n2.0%<\/td>\n–<\/td>\n<\/tr>\n
15:30<\/td>\nEUR \u2013 German Manufacturing PMI (Aug)<\/td>\n51.0<\/td>\n52.5<\/td>\n–<\/td>\n<\/tr>\n
16:30<\/td>\nGBP \u2013 Composite PMI<\/td>\n57.0<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n
16:30<\/td>\nGBP \u2013 Manufacturing PMI<\/td>\n53.3<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n
16:30<\/td>\nGBP \u2013 Services PMI<\/td>\n56.5<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nCAD \u2013 Core Retail Sales (MoM)(Jun)<\/td>\n10.6%<\/td>\n15.0%<\/td>\n–<\/td>\n<\/tr>\n
22:00<\/td>\nUSD \u2013 Existing Home Sales (Jul)<\/td>\n4.72M<\/td>\n5.38M<\/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 lower while currently testing the support level at 92.55. MACD which illustrate bearish bias momentum signal suggest the dollar to extend its losses after it successfully breakout below the support level.<\/p>\n

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Resistance level: 94.10, 95.95<\/p>\n

Support level: 92.55, 91.45<\/p>\n

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\"\"<\/p>\n

GBPUSD, H4: <\/strong>GBPUSD was traded higher while currently testing the resistance level at 1.3220. MACD which illustrate bullish momentum signal suggest the pair to extend its gains after it successfully breakout above the resistance level.<\/p>\n

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Resistance level: 1.3220, 1.3265<\/p>\n

Support level: 1.3175, 1.3125<\/p>\n

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\"\"<\/p>\n

EURUSD, H4: <\/strong>EURUSD was traded higher following prior rebound from the support level at 1.1840. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its gains toward the resistance level at 1.1900.<\/p>\n

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Resistance level: 1.1900, 1.1985<\/p>\n

Support level: 1.1840, 1.1780<\/p>\n

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\"\"<\/p>\n

USDJPY, H4: <\/strong>USDJPY was traded lower following prior retracement from the resistance level at 106.15. MACD which display diminishing bullish momentum suggest the pair to extend its losses toward the support level at 105.05.<\/p>\n

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

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

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\"\"<\/p>\n

AUDUSD, H1: <\/strong>AUDUSD was traded higher following prior breakout above the previous resistance level at 0.7190. MACD which illustrate bullish bias momentum signal suggest the pair to extend its gains toward the resistance level at 0.7235.<\/p>\n

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Resistance level: 0.7235, 0.7290<\/p>\n

Support level: 0.7190, 0.7145<\/p>\n

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NZDUSD, Daily: <\/strong>NZDUSD was traded lower while currently testing the support level at 0.6535. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to undergo technical correction toward higher level.<\/p>\n

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Resistance level: 0.6615, 0.6755<\/p>\n

Support level: 0.6535, 0.6480<\/p>\n

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USDCAD, Daily: <\/strong>USDCAD was traded lower following prior retracement from the resistance level at 1.3210. MACD which illustrates bearish bias momentum suggest the pair to extend its losses toward the support level at 1.3055.<\/p>\n

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

Support level: 1.3055, 1.2955<\/p>\n

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\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded lower following prior breakout below the previous support level at 0.9120. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses toward the support level at 0.9050.<\/p>\n

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Resistance level: 0.9120, 0.9200<\/p>\n

Support level: 0.9050, 0.8975<\/p>\n

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CrudeOIL, H4: <\/strong>Crude oil price was traded higher following prior rebound from upward trend line. MACD which illustrate diminishing bearish momentum suggest the commodity to extend its gains toward the resistance level at 43.40.<\/p>\n

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Resistance level: 43.40, 44.35<\/p>\n

Support level: 42.70, 42.05<\/p>\n

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\"\"<\/p>\n

GOLD_, Daily: <\/strong>Gold price was traded higher following prior rebound from the lower level. MACD which illustrate diminishing bearish momentum signal suggest the commodity to extend its gains toward the resistance level at 2069.75.<\/p>\n

 <\/p>\n

Resistance level: 2069.75, 2147.50<\/p>\n

Support level: 1905.85, 1761.65<\/p>\n

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

21 August 2020\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Morning Session Analysis     Dollar index plunged amid disappointed economic data. Dollar index which gauges its value against a basket of six major currencies edged lower as a series of bleak economic data on yesterday faded the shininess of dollar index market. According to the Department of Labour, there was around […]<\/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\/136789"}],"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=136789"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/136789\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=136789"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=136789"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=136789"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}