{"id":143186,"date":"2020-10-06T00:51:59","date_gmt":"2020-10-06T00:51:59","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=143186"},"modified":"2020-10-06T00:51:59","modified_gmt":"2020-10-06T00:51:59","slug":"061020-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/061020-morning-session-analysis\/","title":{"rendered":"061020 Morning Session Analysis"},"content":{"rendered":"

06 October 2020\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Morning Session Analysis<\/strong><\/p>\n

Pound Sterling rose amid positive economic data.<\/strong><\/span><\/p>\n

Pound Sterling surged over the backdrop of a string of upbeats economic data from the United Kingdom region yesterday. According to Markit Economics, U.K. Composite Purchasing Managers\u2019 Index (PMI) came in at 56.5, confounding market forecast for a reading of up to 55.7. Similarly. The U.K. Services Purchasing Managers Index (PMI) came in at 56.1, which also better than the market forecast at 55.1. As both crucial economic data had fared better than expectation, which dialed up the market optimism toward the economic progression in the UK while spurring significant demand on the Pound Sterling. Besides, Pound Sterling received further bullish momentum amid positive prospect for the Brexit\u2019s talks. According to Reuters, the British Prime Minister Boris Johnson and the head of the European Union\u2019s executive, Ursula von der Leyen, had reached consensus in a phone call to step up Brexit talks to close \u201csignificant gaps\u201d barring a new trade partnership. Nonetheless, the uncertainty over the \u201chard-Brexit\u201d still persisted in the market, hence investors would continue to scrutinize the latest updates with regards of the meeting between EU and UK in order to gauge the likelihood movement for the pair. As of writing, GBP\/USD surged 0.09% to 1.2986.<\/p>\n

 <\/p>\n

In the commodities market, the crude oil price surged 0.08% to $39.27 per barrel as of writing. The oil market edged higher amid fears over the supply disruptions for the oil industry. According to Reuters, a strike is looming in the Norwegian oil and gas industry while analysts estimated that as much as 330,000 barrels of oil equivalent would be lost per day. On the other hand, the gold price was traded flat at $1913.20 per troy ounces amid market participants still waited for further trading signal before entering the 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

11:30\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 AUD\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 RBA Rate Statement<\/p>\n

20:00\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 CrudeOIL\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 EIA Short-Term Energy Outlook<\/p>\n

 <\/p>\n

Today\u2019s Highlight Economic Data<\/u><\/p>\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
11:30<\/td>\nAUD – RBA Interest Rate Decision (Oct)<\/td>\n0.25%<\/td>\n0.25%<\/td>\n–<\/td>\n<\/tr>\n
16:30<\/td>\nGBP – Construction PMI (Sep)<\/td>\n54.6<\/td>\n54.3<\/td>\n–<\/td>\n<\/tr>\n
22:00<\/td>\nUSD – JOLTs Job Openings (Aug)<\/td>\n6.618M<\/td>\n6.000M<\/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 93.55. MACD which illustrated increasing bearish momentum suggest the index to extend its losses toward support level at 93.20.<\/p>\n

 <\/p>\n

Resistance level: 93.55, 94.00<\/p>\n

Support level: 93.20, 92.85<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H4: <\/strong>GBPUSD was traded higher while currently testing the resistance level at 1.3005. 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: 1.3005, 1.3095<\/p>\n

Support level: 1.2900, 1.2810<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, H4: <\/strong>EURUSD was traded higher following prior breakout above the previous resistance level at 1.1765. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.1810.<\/p>\n

 <\/p>\n

Resistance level: 1.1810, 1.1855<\/p>\n

Support level: 1.1765, 1.1705<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, D<\/strong>aily: <\/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 106.70.<\/p>\n

 <\/p>\n

Resistance level: 106.70, 108.00<\/p>\n

Support level: 105.40, 104.55<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H4: <\/strong>AUDUSD was traded higher following prior rebound from the support level at 0.7160. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 0.7210.<\/p>\n

 <\/p>\n

Resistance level: 0.7210, 0.7255<\/p>\n

Support level: 0.7160, 0.7100<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, Daily: <\/strong>NZDUSD was traded higher following prior rebound from the support level at 0.6510. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.6755.<\/p>\n

 <\/p>\n

Resistance level: 0.6755, 0.6880<\/p>\n

Support level: 0.6510, 0.6265<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, H4: <\/strong>USDCAD was traded lower while currently testing the support level at 1.3255. 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: 1.3320, 1.3365<\/p>\n

Support level: 1.3255, 1.3205<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded lower while currently testing the support level at 0.9145. 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: 0.9275, 0.9385<\/p>\n

Support level: 0.9145, 0.9060<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H4: <\/strong>Crude oil price was traded lower following prior retracement from the resistance level at 39.25. MACD which illustrated diminishing bullish momentum suggest the commodity to extend its losses toward support level at 38.05.<\/p>\n

 <\/p>\n

Resistance level: 39.25, 40.55<\/p>\n

Support level: 38.05, 37.00<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H4: <\/strong>Gold price was traded higher while currently testing the resistance level at 1916.00. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 1916.00, 1954.85<\/p>\n

Support level: 1852.15, 1813.70<\/p>\n

 <\/p>\n

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

06 October 2020\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Morning Session Analysis Pound Sterling rose amid positive economic data. Pound Sterling surged over the backdrop of a string of upbeats economic data from the United Kingdom region yesterday. According to Markit Economics, U.K. Composite Purchasing Managers\u2019 Index (PMI) came in at 56.5, confounding market forecast for a reading of up to […]<\/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\/143186"}],"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=143186"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/143186\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=143186"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=143186"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=143186"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}