{"id":139924,"date":"2020-09-10T00:20:41","date_gmt":"2020-09-10T00:20:41","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=139924"},"modified":"2020-09-10T00:20:41","modified_gmt":"2020-09-10T00:20:41","slug":"100920-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/100920-morning-session-analysis\/","title":{"rendered":"100920 Morning Session Analysis"},"content":{"rendered":"

10 September 2020\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 Morning Session Analysis<\/strong><\/p>\n

 <\/p>\n

Canadian dollar spiked amid positive economic outlook from BoC.<\/strong><\/span><\/p>\n

Canadian dollar which broadly known as oil\u2019s currency surged significantly amid Bank of Canada hawkish stance with regards to the economy future outlook. Yesterday, BoC unanimously voted to maintain its interest rate at effective lower bound of 0.25% which in line with the market expectation. Besides, BoC also revealed that they will continues their quantitative easing program (QE) until a strong recovery reflected on the Canada\u2019s economy. In detail, BoC\u2019s scale purchase of government bond in their QE program will still stick to $5 billion per week. Nonetheless, BoC sees that the economy are shifting from reopening to recuperation, as household spending rebounded sharply over the summer season while the employment rate increased. Therefore, it also means that the nation\u2019s economy may require extraordinary monetary policy to support the pace of recuperation at the meantime. Therefore, BoC said that they will maintain their unfolding monetary policy until economic slack fully been absorbed so that 2% of economic inflation target is sustainably to achieve. As of now, the pair of USD\/CAD rose 0.07% to 1.3150.<\/p>\n

 <\/p>\n

In the commodities market, crude oil price depreciated 0.47% to $37.85 per barrel as unexpected inventory build in US dragged down the appeal of this black commodity market. According to the API, US weekly Crude Oil Stock grew by 2.970M, higher than the previous reading of -6.360M barrel. Besides, gold price appreciated 0.04% to $1947.45 a troy ounce amid increasing of market\u2019s risk avoidance behaviour.<\/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

19:45\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 EUR\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 ECB Monetary Policy Statement<\/p>\n

20:30\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 EUR \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 ECB Press Conference<\/p>\n

01:00\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 EUR\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 ECB President Lagarde Speaks<\/p>\n

(11th<\/sup>)<\/p>\n

 <\/p>\n

Today\u2019s Highlight Economic Data<\/u><\/p>\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
19:45<\/td>\nEUR \u2013 Deposit Facility Rate (Sep)<\/td>\n-0.50%<\/td>\n-0.50%<\/td>\n–<\/td>\n<\/tr>\n
19:45<\/td>\nEUR \u2013 ECB Marginal Lending Facility<\/td>\n0.25%<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n
19:45<\/td>\nEUR \u2013 ECB Interest Rate Decision<\/td>\n0.00%<\/td>\n0.00%<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nUSD \u2013 Initial Jobless Claims<\/td>\n881K<\/td>\n846K<\/td>\n–<\/td>\n<\/tr>\n
23:00<\/td>\nCrudeOIL \u2013 Crude Oil Inventories<\/td>\n-9.362M<\/td>\n-1.335M<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n

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

\"\"<\/p>\n

DOLLAR_INDX, <\/strong>H4: <\/strong>Dollar index was traded lower following prior breakout below the previous support level at 93.25. MACD which illustrated bearish bias momentum with the formation of death cross suggest the index to extend its losses toward the support level at 92.60.<\/p>\n

 <\/p>\n

Resistance level: 93.25, 94.10<\/p>\n

Support level: 92.60, 92.10<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, Daily: <\/strong>GBPUSD was traded lower following prior breakout below the previous support level at 1.3045. MACD which illustrated bearish bias momentum suggest the pair to extend its losses toward the support level at 1.2840.<\/p>\n

 <\/p>\n

Resistance level: 1.3045, 1.3255<\/p>\n

Support level: 1.2840, 1.2715<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, H4: <\/strong>EURUSD was traded higher following prior rebound form the support level at 1.1775. MACD which illustrate bullish bias momentum suggest the pair to extend its gains toward the resistance level at 1.1840.<\/p>\n

 <\/p>\n

Resistance level: 1.1840, 1.1890<\/p>\n

Support level: 1.1775, 1.1705<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, Daily: <\/strong>USDJPY was traded higher while currently testing the triangle\u2019s top level. MACD which illustrates bullish bias momentum suggest the pair to extend its gains after it successfully breakout above the top level of triangle.<\/p>\n

 <\/p>\n

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

Support level: 105.20, 104.30<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H4: <\/strong>AUDUSD was traded higher following prior breakout above the previous resistance level at 0.7265. MACD which illustrated bullish bias momentum suggest the pair to extend its gains toward the resistance level at 0.7330.<\/p>\n

 <\/p>\n

Resistance level: 0.7330, 0.7405<\/p>\n

Support level: 0.7265, 0.7205<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, Daily: <\/strong>NZDUSD was traded higher following prior rebound from the support level at 0.6615. MACD which illustrated bullish bias momentum suggest the pair to extend its gains toward the resistance level at 0.6755.<\/p>\n

 <\/p>\n

Resistance level: 0.6755, 0.6835<\/p>\n

Support level: 0.6615, 0.6535<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, Daily: <\/strong>USDCAD was traded lower while currently testing the support level at 1.3140. MACD which illustrate bearish bias 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: 1.3140, 1.3030<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded lower while currently testing the support level at 0.9120. MACD which illustrates bearish bias momentum suggest the pair to extend its losses after it successfully breakout below the support level at 0.9120.<\/p>\n

 <\/p>\n

Resistance level: 0.9200, 0.9295<\/p>\n

Support level: 0.9120, 0.9050<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H4: <\/strong>Crude oil price was traded lower while currently testing the support level at 37.65. However, MACD which illustrate bullish bias momentum suggest the commodity to undergo technical rebound in short term.<\/p>\n

 <\/p>\n

Resistance level: 38.70, 40.30<\/p>\n

Support level: 35.65, 34.25<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, Daily: <\/strong>Gold price was traded higher following prior rebound from the support level at 1926.40. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its rebound toward the resistance level at 2069.75.<\/p>\n

 <\/p>\n

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

Support level: 1926.40, 1761.65<\/p>\n","protected":false},"excerpt":{"rendered":"

10 September 2020\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 Morning Session Analysis   Canadian dollar spiked amid positive economic outlook from BoC. Canadian dollar which broadly known as oil\u2019s currency surged significantly amid Bank of Canada hawkish stance with regards to the economy future outlook. Yesterday, BoC unanimously voted to maintain its interest rate at effective lower bound of 0.25% which […]<\/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\/139924"}],"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=139924"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/139924\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=139924"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=139924"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=139924"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}