{"id":143361,"date":"2020-10-07T00:42:08","date_gmt":"2020-10-07T00:42:08","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=143361"},"modified":"2020-10-07T00:42:08","modified_gmt":"2020-10-07T00:42:08","slug":"071020-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/071020-morning-session-analysis\/","title":{"rendered":"071020 Morning Session Analysis"},"content":{"rendered":"

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

Dollar surged following stimulus hopes faded.<\/strong><\/span><\/p>\n

The Dollar Index which gauges its value against a basket of six major currencies surged amid hopes for aggressive U.S. stimulus bill faded, which diminishing risk appetite in the FX market while prompting investors to shift their portfolio toward safe-haven US Dollar. According to Reuters, U.S. President Donald Trump had rejected to negotiate with Congress over the large coronavirus stimulus plans, sending riskier currencies and equities sharply lower. Besides, he also instructed his staff to stop negotiating until after the election, which mean that unemployed Americans and struggling business would not receive any more help until December. Nonetheless, the gains experienced by the US Dollar was limited over the backdrop of negative economic data on yesterday. According to Bureau of Labor Statistics, the U.S. JOLTs Job Openings had notched down from the previous reading of 6.697M to 6.493M, worse than the market forecast at 6.685M. On the coronavirus front, the United States has an estimated 7.5 million coronavirus cases and more than 210,600 deaths, the highest in the world. As of writing, the Dollar Index appreciated by 0.36% to 93.85.<\/p>\n

 <\/p>\n

In the commodities market, the crude oil price slumped 0.42% to $39.70 per barrel as of writing. The oil market edged lower yesterday following the American Petroleum Institute (API) reported that the U.S. crude inventories rose by 951,000 barrels last week, which intensifying worries about the demand outlook on this black-commodity. On the other hand, the gold price slumped 0.04% to $1878.05 per troy ounces as of writing amid strengthening US 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

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
22:00<\/td>\nCAD – Ivey PMI (Sep)<\/td>\n67.8<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n
22:30<\/td>\nCrudeOIL – Crude Oil Inventories<\/td>\n-1.980M<\/td>\n0.294M<\/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 higher following breakout above the previous resistance level at 93.55. MACD which illustrated increasing bullish momentum suggest the index to extend its gains toward resistance level at 94.00.<\/p>\n

 <\/p>\n

Resistance level: 94.00, 94.75<\/p>\n

Support level: 93.55, 93.20<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H4: <\/strong>GBPUSD was traded lower following prior breakout below the previous support level at 1.2900. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.2810.<\/p>\n

 <\/p>\n

Resistance level: 1.2900, 1.2975<\/p>\n

Support level: 1.2810, 1.2700<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, H4: <\/strong>EURUSD was traded lower following prior breakout below the previous support level at 1.1765. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.1705.<\/p>\n

 <\/p>\n

Resistance level: 1.1765, 1.1810<\/p>\n

Support level: 1.1705, 1.1660<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, H4: <\/strong>USDJPY was traded within a range while currently testing the support level at 105.40. MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower following it successfully breakout below the support level.<\/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 lower while currently testing the support level at 0.7100. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.<\/p>\n

 <\/p>\n

Resistance level: 0.7160, 0.7210<\/p>\n

Support level: 0.7035, 0.7100<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, Daily: <\/strong>NZDUSD was traded lower while currently near the support level at 0.6510. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.<\/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 higher while currently testing the resistance level at 1.3320. 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: 1.3320, 1.3365<\/p>\n

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

 <\/p>\n

\"\"<\/p>\n

USDCHF, Daily: <\/strong>USDCHF was traded lower while currently testing the support level at 0.9145. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.<\/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 40.55. MACD which illustrated diminishing bullish momentum suggest the commodity to extend its losses toward support level at 39.25.<\/p>\n

 <\/p>\n

Resistance level: 40.55, 41.40<\/p>\n

Support level: 39.25, 38.05<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H1: <\/strong>Gold price was traded lower while currently testing the support level at 1875.15. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 1896.55, 1916.00<\/p>\n

Support level: 1875.15, 1852.15<\/p>\n

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

07 October 2020\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Morning Session Analysis Dollar surged following stimulus hopes faded. The Dollar Index which gauges its value against a basket of six major currencies surged amid hopes for aggressive U.S. stimulus bill faded, which diminishing risk appetite in the FX market while prompting investors to shift their portfolio toward safe-haven US Dollar. According […]<\/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\/143361"}],"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=143361"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/143361\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=143361"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=143361"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=143361"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}