{"id":143518,"date":"2020-10-08T00:44:50","date_gmt":"2020-10-08T00:44:50","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=143518"},"modified":"2020-10-08T00:44:50","modified_gmt":"2020-10-08T00:44:50","slug":"081020-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/081020-morning-session-analysis\/","title":{"rendered":"081020 Morning Session Analysis"},"content":{"rendered":"

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

Dollar slumped on latest stimulus hopes from Trump.<\/strong><\/span><\/p>\n

The Dollar Index which gauges its value against a basket of six major currencies slumped amid positive hopes of at least some new fiscal stimulus would be implemented before the 3rd<\/sup> November 2020 U.S. Presidential election, which spurring risk appetite in the FX market while prompting investors to shift their portfolio toward other riskier currencies such as Euro and Pound. According to Reuters, US President Donald Trump urged the Congress on yesterday that they should quickly extend $25 billion in new payroll assistance to U.S. airlines industries as air travel remains down sharply amid the coronavirus pandemic. Besides, the US Dollar received further bearish momentum over the backdrop of the dovish tone from the Federal Reserve. The Federal Reserve\u2019s Williams had stated that the economic outlook for the global economic is highly uncertain while reiterated that some parts of the economy were still struggling from the coronavirus pandemic. Meanwhile, the Chicago Federal Reserve President Charles Evans claimed that the U.S. Central bank will likely to remain its expansionary monetary policy stance in long-term in order to meet its inflation goal. As of writing, the Dollar Index depreciated by 0.09%.<\/p>\n

 <\/p>\n

In the commodities market, the crude oil price surged 0.07% to $40.01 per barrel as of writing. The oil market edged higher as market participants expected that the new hopes for the fiscal stimulus from the US government would able to boost the global economy growth, which providing positive prospect for the market demand on this black-commodity in the future. On the other hand, the gold price appreciated by 0.03% to $1887.60 per troy ounces as of writing amid weakening 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

19:30\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\u00a0 ECB Monetary Policy Statement<\/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
20:30<\/td>\nUSD – Initial Jobless Claims<\/td>\n837K<\/td>\n820K<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n

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

\"\"<\/p>\n

DOLLAR_INDX, Daily: <\/strong>Dollar index was traded lower while currently testing the support level at 93.45. MACD which illustrated increasing bearish momentum suggest the index to extend its losses after it successfully breakout below the support level.<\/p>\n

 <\/p>\n

Resistance level: 94.60, 95.95<\/p>\n

Support level: 93.45, 92.15<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H4: <\/strong>GBPUSD was traded higher following prior rebound from the support level at 1.2890. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 1.2985.<\/p>\n

 <\/p>\n

Resistance level: 1.2985, 1.3095<\/p>\n

Support level: 1.2890, 1.2810<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, H4: <\/strong>EURUSD was traded higher while currently testing the resistance level at 1.1765. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.<\/p>\n

 <\/p>\n

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

Support level: 1.1725, 1.1675<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, Daily: <\/strong>USDJPY was traded higher following prior breakout above the previous resistance 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 0.7100. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 0.7160.<\/p>\n

 <\/p>\n

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

Support level: 0.7100, 0.7040<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded lower following prior breakout below the previous support level at 0.6600. 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: 0.6600, 0.6655<\/p>\n

Support level: 0.6520, 0.6445<\/p>\n

 <\/p>\n

\"\"<\/p>\n

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

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

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded higher following prior rebound from the support level at 0.9145. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.9275.<\/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 higher following prior rebound from the support level at 39.25. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 40.55, 41.45<\/p>\n

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

 <\/p>\n

\"\"<\/p>\n

GOLD_, H4: <\/strong>Gold price was traded lower following prior retracement from the resistance level at 1916.00. 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: 1916.00, 1954.85<\/p>\n

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

 <\/p>\n

\u00a0<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

08 October 2020\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Morning Session Analysis Dollar slumped on latest stimulus hopes from Trump. The Dollar Index which gauges its value against a basket of six major currencies slumped amid positive hopes of at least some new fiscal stimulus would be implemented before the 3rd November 2020 U.S. Presidential election, which spurring risk appetite in […]<\/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\/143518"}],"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=143518"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/143518\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=143518"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=143518"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=143518"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}