{"id":141460,"date":"2020-09-21T01:00:49","date_gmt":"2020-09-21T01:00:49","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=141460"},"modified":"2020-09-21T01:00:49","modified_gmt":"2020-09-21T01:00:49","slug":"210920-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/210920-morning-session-analysis\/","title":{"rendered":"210920 Morning Session Analysis"},"content":{"rendered":"

21 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

Loonie slips following weak Retail Sales.<\/strong><\/span><\/p>\n

The Canadian Loonie which traded against the dollar and other currency pairs have fell during early Asian session amid disappointing release of July Retail Sales recently. According to Statistics Canada, Canada\u2019s Retail Sales in July have rose by 0.6% to $52.9 billion. The result was fell short of market expectation for an increase of 1% and also below the previous month\u2019s increase of 0.7%. At the same time, core retail sales which exclude auto sales also came in weaker with the reading of -0.4% against market expectation of 0.5%. At the moment, the Loonie remains weighed down by the weak data while investors awaits for more catalyst to determine further direction. At the time of writing, USD\/CAD rose 0.05% to 1.3200.<\/p>\n

 <\/p>\n

In the commodities market, crude oil price remain supported and gain 0.11% to $41.02 per barrel at the time of writing following Saudi Arabia reassurance. Despite with recent downbeat reports from IEA, the price was lifted by Saudi Arabia pledge to commit towards OPEC output cuts. Saudi Arabia have criticized noncompliant mmembers for trying to fool the market with overproduction and giving deadlines until December to make up for any overproduction. On the other hand, gold price remains stable and edge higher 0.02% to $1950.47 a troy ounce at the time of writing amid ongoing uncertainty on coronavirus and relations between U.S and China continue to support the safe-haven commodity.<\/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

22.00\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 USD\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0Fed Chair Powell Speaks<\/p>\n

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Today\u2019s Highlight Economic Data<\/u><\/p>\n

N\/A<\/p>\n

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

\"\"<\/p>\n

DOLLAR_INDX, H4: <\/strong>Dollar index remain traded in a sideway channel. However, MACD which illustrate bullish bias signal suggest the dollar to be traded higher in short term towards the resistance level 93.85.<\/p>\n

 <\/p>\n

Resistance level: 93.85, 95.70<\/p>\n

Support level: 92.05, 90.70<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H4: <\/strong>GBPUSD was traded lower following prior retracement from the resistance level 1.3005. MACD which display bearish bias signal with the formation of death cross suggest the pair to extend its retracement towards the support level 1.2810.<\/p>\n

 <\/p>\n

Resistance level: 1.3005, 1.3165<\/p>\n

Support level: 1.2810, 1.2660<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, H4: <\/strong>EURUSD was traded flat while currently testing near the resistance level 1.1875. However, MACD which illustrate diminishing bullish momentum suggest the pair to experience a technical correction in short term towards the support level 1.1775.<\/p>\n

 <\/p>\n

Resistance level: 1.1875, 1.1965<\/p>\n

Support level: 1.1775, 1.1700<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, H4: <\/strong>USDJPY was traded lower while currently testing near the support level 104.35. However, MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to experience a technical correction towards the resistance level 105.20.<\/p>\n

 <\/p>\n

Resistance level: 105.20, 106.20<\/p>\n

Support level: 104.35, 103.65<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H4: <\/strong>AUDUSD was traded lower following recent retracement from its high. MACD which illustrate bearish momentum signal suggest the pair to extend its retracement towards the support level 0.7200.<\/p>\n

 <\/p>\n

Resistance level: 0.7340, 0.7410<\/p>\n

Support level: 0.7200, 0.7075<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded lower following prior retracement from the resistance level 0.6775. MACD which illustrate diminishing bullish momentum signal with the formation of death cross suggest the pair to extend its retracement towards the support level 0.6685.<\/p>\n

 <\/p>\n

Resistance level: 0.6775, 0.6830<\/p>\n

Support level: 0.6685, 0.6595<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, H4: <\/strong>USDCAD remain traded in a sideway channel. However, MACD which illustrate bullish bias signal with the formation of golden cross suggest the pair to be traded higher in short term towards the resistance level 1.3230.<\/p>\n

 <\/p>\n

Resistance level: 1.3230, 1.3330<\/p>\n

Support level: 1.3115, 1.2995<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded flat near the resistance level 0.9125. However, MACD which illustrate bullish momentum signal suggest the pair to be traded higher after it breaks above the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 0.9125, 0.9225<\/p>\n

Support level: 0.8985, 0.8880<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H4: <\/strong>Crude oil price was traded higher while currently testing the resistance level 41.35. However, MACD which illustrate diminishing bullish momentum signal with the formation of death cross suggest the commodity to be traded lower as a technical correction towards the support level 39.00.<\/p>\n

 <\/p>\n

Resistance level: 41.35, 43.95<\/p>\n

Support level: 39.00, 36.65<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H4: <\/strong>Gold price remain traded in a sideway channel. Due to lack of clear direction and momentum from MACD, it is suggested to wait until further signal appear before entering the market.<\/p>\n

 <\/p>\n

Resistance level: 1970.55, 2008.05<\/p>\n

Support level: 1902.20, 1857.95<\/p>\n","protected":false},"excerpt":{"rendered":"

21 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   Loonie slips following weak Retail Sales. The Canadian Loonie which traded against the dollar and other currency pairs have fell during early Asian session amid disappointing release of July Retail Sales recently. According to Statistics Canada, Canada\u2019s Retail Sales in July have rose by 0.6% to $52.9 billion. […]<\/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\/141460"}],"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=141460"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/141460\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=141460"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=141460"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=141460"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}