{"id":137051,"date":"2020-08-24T00:29:54","date_gmt":"2020-08-24T00:29:54","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=137051"},"modified":"2020-08-24T00:29:54","modified_gmt":"2020-08-24T00:29:54","slug":"240820-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/240820-morning-session-analysis\/","title":{"rendered":"240820 Morning Session Analysis"},"content":{"rendered":"

24 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

Dollar jumped amid upbeat economic data.<\/strong><\/span><\/p>\n

The Dollar index which gauge against its value against a basket of six major currencies edged higher over the backdrop of the positive economic data from the United Stated on last Friday, which spurring significant demand on the US Dollar. According to National Association of Realtor, the U.S. Existing Home Sales notched up significantly from the previous reading of 4.70M to 5.86M, better than the market forecast at 5.38M. Similarly, the Markit reported that the U.S. Manufacturing and Services Purchasing Managers Index (PMI) had came in at 53.6 and 54.8, which fared better than the market forecast at 51.9 and 51.0 respectively. Nonetheless, the spiking numbers of the coronavirus infections in the United Stated had been diminishing positive prospect for the economic growth in the United States. Market participants would continue to expect the Federal Reserve would stick to its expansionary monetary policy much longer than the earlier expectation, which limited the gains experienced by the US Dollar. Nonetheless, investors would scrutinize the updates with regards of the coronavirus development as well as the further economic stimulus from the Fed in order to gauge the likelihood movement for the pair. As of writing, the Dollar Index depreciated by 0.09% to 93.15.<\/p>\n

 <\/p>\n

In the commodities market, the crude oil price surged 1.79% to 42.46 per barrel as of writing following the U.S. Government claimed that the energy firms had shut 1.07 million barrels per day (bdp) of the crude oil production in the U.S Gulf of Mexico amid twin threat from Hurricane Marco and Tropical Storm Laura. On the other hand, the gold price depreciated by 0.17% to 1937.98 per troy ounces amid positive economic data from the United Stated, which spurring risk appetite in the FX market.<\/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\/A<\/p>\n

 <\/p>\n

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

\"\"<\/p>\n

DOLLAR_INDX, Weekly: <\/strong>Dollar index was traded lower while currently testing the support level at 92.95. However, MACD which illustrated diminishing bearish momentum suggest the index to be traded higher in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 95.55, 97.65<\/p>\n

Support level: 92.95, 91.25<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H1: <\/strong>GBPUSD was traded lower while currently testing the support level at 1.3085. 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: 1.3175, 1.3250<\/p>\n

Support level: 1.3085, 1.3010<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, H1: <\/strong>EURUSD was traded higher following prior rebound from the support level at 1.1785. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.1885.<\/p>\n

 <\/p>\n

Resistance level: 1.1885, 1.2040<\/p>\n

Support level: 1.1785, 1.1710<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, H4: <\/strong>USDJPY was traded higher following prior rebound from the support level at 105.40. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 106.40.<\/p>\n

 <\/p>\n

Resistance level: 106.40, 107.35<\/p>\n

Support level: 105.40, 104.25<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H4: <\/strong>AUDUSD was traded lower while currently near the support level at 0.7140. 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: 0.7210, 0.7270<\/p>\n

Support level: 0.7140, 0.7075<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded lower while currently testing the support level at 0.6525. 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: 0.6575, 0.6625<\/p>\n

Support level: 0.6520, 0.6465<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, H1: <\/strong>USDCAD was traded lower while currently testing the support level at 1.3160. 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: 1.3235, 1.3315<\/p>\n

Support level: 1.3160, 1.3100<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded higher following prior rebound from the support level at 0.9060. 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: 0.9195, 0.9330<\/p>\n

Support level: 0.9060, 0.8860<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H4: <\/strong>Crude oil price was traded higher following prior rebound from the support level at 41.50. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains toward resistance level at 43.05.<\/p>\n

 <\/p>\n

Resistance level: 43.05, 43.90<\/p>\n

Support level: 41.50, 40.65<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H4: <\/strong>Gold price was traded higher while currently testing the resistance level at 1937.65. 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: 1937.65, 1959.40<\/p>\n

Support level: 1910.50, 1885.55<\/p>\n

 <\/p>\n

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

24 August 2020\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Morning Session Analysis Dollar jumped amid upbeat economic data. The Dollar index which gauge against its value against a basket of six major currencies edged higher over the backdrop of the positive economic data from the United Stated on last Friday, which spurring significant demand on the US Dollar. According to National […]<\/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\/137051"}],"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=137051"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/137051\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=137051"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=137051"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=137051"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}