{"id":137484,"date":"2020-08-26T00:47:32","date_gmt":"2020-08-26T00:47:32","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=137484"},"modified":"2020-08-26T00:47:32","modified_gmt":"2020-08-26T00:47:32","slug":"260820-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/260820-morning-session-analysis\/","title":{"rendered":"260820 Morning Session Analysis"},"content":{"rendered":"

26 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

Euro surged amid positive economic data.<\/strong><\/span><\/p>\n

EUR\/USD surged over the backdrop of string of the upbeat economic data from the German region on yesterday. According to Statistisches Bundesamt Deutschland, the Germany Gross Domestic Product (GDP) for last quarter came in at -9.7%, unexpectedly better than the economist forecast at -10.01%. Similarly, the ifo Institute for Economic Research reported that the Germany Ifo Business Climate Index had notched up from the preliminary reading of 90.4 to 92.6, confounding market forecast for a reading of up to 92.2. As both data were fared better than market expectation, which dialled up the market optimism toward the economic progression from the European Union while spurring bullish momentum for the Euro. On the Brexit front, the trade talks between the European region and UK have made little progress despite months of negotiations, making a no deal scenario more likely by the day. Besides, the EU\u2019s chief negotiator Michel Barnier said he felt disappointed with the stalemate last week. Hence, such negative sentiment had limited the gains experienced by the Euro. As of writing, EUR\/USD appreciated by 0.03% to 1.1835.<\/p>\n

 <\/p>\n

In the commodities market, the crude oil price surged 0.23% to $43.42 per barrel as of writing. The oil market edged higher following the U.S. oil stockpiles declined by 4.5-million-barrel last week, according to the American Petroleum Institute (API). Hence, such positive data had provided positive prospect for the oil demand in future while providing further bullish support for this black-commodity. On the other hand, the gold price slumped 0.06% to $1928.50 per troy ounces amid positive existing home sales data from the United State region.<\/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\n\n\n\n
Time<\/strong><\/td>\nNation & Data<\/strong><\/td>\nPrevious<\/strong><\/td>\nForecast<\/strong><\/td>\nActual<\/strong><\/td>\n<\/tr>\n
20:30<\/td>\nUSD – Core Durable Goods Orders (MoM) (Jul)<\/td>\n3.6%<\/td>\n2.1%<\/td>\n–<\/td>\n<\/tr>\n
22:30<\/td>\nCrudeOIL – Crude Oil Inventories<\/td>\n-1.632M<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n

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

\"\"<\/p>\n

DOLLAR_INDX, <\/strong>H1: <\/strong>Dollar index was traded lower following prior retracement from the resistance level at 93.25. MACD which illustrated increasing bearish momentum suggest the index to extend its losses toward support level at 92.55.<\/p>\n

 <\/p>\n

Resistance level: 93.30, 93.80<\/p>\n

Support level: 92.55, 92.05<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H1: <\/strong>GBPUSD was traded higher while currently testing the resistance level at 1.3150. 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: 1.3150, 1.3250<\/p>\n

Support level: 1.3060, 1.3000<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, H4: <\/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 1.1890.<\/p>\n

 <\/p>\n

Resistance level: 1.1890, 1.2040<\/p>\n

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

 <\/p>\n

\"\"<\/p>\n

USDJPY, Daily: <\/strong>USDJPY was traded higher while currently testing the resistance level at 106.55. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 106.55, 107.35<\/p>\n

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

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H4: <\/strong>AUDUSD was traded higher while currently testing the resistance level at 0.7205. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 0.7205, 0.7235<\/p>\n

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

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded higher following prior rebound from the support level at 0.6525. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.6575.<\/p>\n

 <\/p>\n

Resistance level: 0.6575, 0.6690<\/p>\n

Support level: 0.6525, 0.6465<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, H4: <\/strong>USDCAD was traded lower following prior retracement from the resistance level at 1.3225. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.3130.<\/p>\n

 <\/p>\n

Resistance level: 1.3225, 1.3315<\/p>\n

Support level: 1.3130, 1.2950<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded lower following prior retracement from the downward trend line. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.9005.<\/p>\n

 <\/p>\n

Resistance level: 0.9185, 0.9385<\/p>\n

Support level: 0.9005, 0.8795<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H1: <\/strong>Crude oil price was higher while currently testing the resistance level at 43.40. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 43.40, 43.75<\/p>\n

Support level: 43.05, 42.65<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H4: <\/strong>Gold price was traded higher following prior rebound from the support level at 1910.50. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains toward resistance level at 1956.60.<\/p>\n

 <\/p>\n

Resistance level: 1956.60, 2005.65<\/p>\n

Support level: 1910.50, 1867.70<\/p>\n","protected":false},"excerpt":{"rendered":"

26 August 2020\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Morning Session Analysis Euro surged amid positive economic data. EUR\/USD surged over the backdrop of string of the upbeat economic data from the German region on yesterday. According to Statistisches Bundesamt Deutschland, the Germany Gross Domestic Product (GDP) for last quarter came in at -9.7%, unexpectedly better than the economist forecast at […]<\/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\/137484"}],"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=137484"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/137484\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=137484"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=137484"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=137484"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}