{"id":141678,"date":"2020-09-22T00:56:02","date_gmt":"2020-09-22T00:56:02","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=141678"},"modified":"2020-09-22T00:56:02","modified_gmt":"2020-09-22T00:56:02","slug":"220920-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/220920-morning-session-analysis\/","title":{"rendered":"220920 Morning Session Analysis"},"content":{"rendered":"

22 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

Euro plummets amid fears of second wave.<\/strong><\/span><\/p>\n

During early Asian session, the Euro which traded against the greenback and other currency pairs have experience a tremendous selling pressure and plummet following the resurgence of coronavirus cases have increased the odds of Europe to re-impose lockdown measures. According to WHO regional director Hans Kluge, Europe have reported 300,000 new infections last week, the most significant weekly increase ever. European health ministers have once again aware on the potential impact of a second wave. German Heath Minister Jens Spahn warned that Germany could also see infection spikes following a spread in countries such as France, Austria and Netherlands. Some countries like Denmark and Greece have announced new restrictions while U.K also consider plans of new lockdown. Following the worsening situation, a stricter restriction may be imposed that would completely affect the recovery from coronavirus and forcing the ECB to add more stimulus, thus dragging the Euro with huge pressure. At the time of writing, EUR\/USD fell 0.09% to 1.1765.<\/p>\n

 <\/p>\n

In the commodities market, crude oil price slips 0.15% to $39.85 per barrel as of writing amid concerns over coronavirus. Crude demand outlook is taking a hit once again after statistic on Monday showed more than 30 million infected people worldwide. A stricter lockdown could be re-imposed which may affect the already fragile demand for the commodity, thus triggering a massive sell off in the market. On the other hand, gold price slides 0.31% to $1915.06 a troy ounce at the time of writing amid strong dollar.<\/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

10.00\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 NZD\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 RBNZ Rate Statement<\/p>\n

22.30\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 USD\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Fed Chair Powell Testifies<\/p>\n

 <\/p>\n

Today\u2019s Highlight Economic Data<\/u><\/p>\n\n\n\n\n
Time<\/strong><\/td>\nNation & Data<\/strong><\/td>\nPrevious<\/strong><\/td>\nForecast<\/strong><\/td>\nActual<\/strong><\/td>\n<\/tr>\n
22.00<\/td>\nUSD \u2013 Existing Home Sales (Aug)<\/td>\n5.86M<\/td>\n6.00M<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n

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

\"\"<\/p>\n

DOLLAR_INDX, H4: <\/strong>Dollar index remain traded in a sideway channel while currently testing near the resistance level 93.85. However, MACD which illustrate bullish momentum signal suggest the dollar to be traded higher after it successfully breaks above the resistance level.<\/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 while currently testing the support level 1.2810. MACD which illustrate ongoing bearish momentum signal suggest the pair to extend its losses after it breaks below the support level.<\/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 lower while currently testing near the support level 1.1715. MACD which illustrate ongoing bearish momentum signal suggest the pair to extend its losses after it breaks below the support level.<\/p>\n

 <\/p>\n

Resistance level: 1.1890, 1.1995<\/p>\n

Support level: 1.1715, 1.1575<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, H4: <\/strong>USDJPY was traded higher following prior rebound from the support level 104.25. MACD which illustrate bullish momentum signal with the recent formation of golden cross suggest the pair to extend its rebound towards the resistance level 105.20.<\/p>\n

 <\/p>\n

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

Support level: 104.25, 103.65<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H4: <\/strong>AUDUSD was traded lower while currently testing near the support level 0.7200. MACD which illustrate bearish momentum signal suggest the pair to extend its losses after it breaks below the support level.<\/p>\n

 <\/p>\n

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

Support level: 0.7200, 0.7105<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded lower following prior breakout below the previous support level 0.6685. MACD which illustrate ongoing bearish momentum signal suggest the pair to extend its losses towards the support level 0.6595.<\/p>\n

 <\/p>\n

Resistance level: 0.6685, 0.6775<\/p>\n

Support level: 0.6595, 0.6510<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, H4: <\/strong>USDCAD was traded higher while currently testing near the resistance level 1.3330. MACD which display ongoing bullish momentum suggest the pair to be traded higher after it breaks above the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 1.3330, 1.3455<\/p>\n

Support level: 1.3230, 1.3115<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded higher following recent breakout above the previous resistance level 0.9125. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to experience a short term technical correction back towards the current support level 0.9125.<\/p>\n

 <\/p>\n

Resistance level: 0.9225, 0.9365<\/p>\n

Support level: 0.9125, 0.9000<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H4: <\/strong>Crude oil price was traded lower while currently testing near the support level 39.00. MACD which display bearish momentum signal with the recent formation of death cross suggest the commodity to extend its losses after it breaks below 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 following recent rebound from the support level 1902.20. MACD which illustrate diminishing bearish momentum signal suggest the commodity to extend its rebound towards the resistance level 1970.55.<\/p>\n

 <\/p>\n

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

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

22 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   Euro plummets amid fears of second wave. During early Asian session, the Euro which traded against the greenback and other currency pairs have experience a tremendous selling pressure and plummet following the resurgence of coronavirus cases have increased the odds of Europe to re-impose lockdown measures. According to […]<\/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\/141678"}],"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=141678"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/141678\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=141678"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=141678"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=141678"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}