{"id":143581,"date":"2020-10-08T03:51:01","date_gmt":"2020-10-08T03:51:01","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=143581"},"modified":"2020-10-08T03:51:01","modified_gmt":"2020-10-08T03:51:01","slug":"081020-morning-session-analysis-2","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/081020-morning-session-analysis-2\/","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\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Afternoon Session Analysis<\/strong><\/p>\n

 <\/p>\n

Kiwi plunged following RBNZ negative rate talks.<\/strong><\/span><\/p>\n

During late Asian session, the New Zealand Kiwi which traded against the greenback and other currency pairs have plummet amid dovish comments by the RBNZ officials. According to reports, RBNZ Assistant Governor Christian Hawkesby stated that the inflation in New Zealand is likely to remain well below target for three years and the balance sheet will also likely to remain large for a long time period. On top of that, Hawkesby also added that the central bank is actively working on negative interest rate and funding for a lending program. The dovish comments on negative interest have attract further selling interest on the New Zealand Kiwi, thus pushing the price even lower. At the time of writing, NZD\/USD slips 0.05% to 0.6561.<\/p>\n

 <\/p>\n

In the commodities market, crude oil price steadied and edge higher 0.09$ to $39.99 per barrel as of writing amid expectation of Hurricane Delta threatening production. Following latest development, energy operators in the Gulf of Mexico have once again shut down 80% of oil production in preparation for the Hurricane Delta which expected to hit Louisiana coast. On the other hand, gold price remains weak and drop 0.04% to $1886.85 a troy ounce at the time of writing amid rebound in dollar.<\/p>\n

\u00a0<\/u><\/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

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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

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DOLLAR_INDX, Daily: <\/strong>Dollar index was traded lower while currently testing the support level at 93.50. MACD which illustrate bearish bias momentum signal suggest the dollar to extend its losses after it successfully breakout below the support level at 93.50.<\/p>\n

 <\/p>\n

Resistance level: 94.10, 94.90<\/p>\n

Support level: 93.50, 92.10<\/p>\n

 <\/p>\n

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GBPUSD, H1: <\/strong>GBPUSD was traded higher following prior rebound from the support level at 1.2865.\u00a0 MACD which illustrates bullish bias momentum suggest the pair to extend its gains toward the resistance level at 1.2945.<\/p>\n

 <\/p>\n

Resistance level: 1.2945, 1.3000<\/p>\n

Support level: 1.2865, 1.2785<\/p>\n

 <\/p>\n

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EURUSD, Daily: <\/strong>EURUSD was traded higher while currently testing the resistance level at 1.1790. MACD which illustrate bullish bias momentum signal suggest the pair to extend its gains after it successfully breakout above the resistance level at 1.1790.<\/p>\n

 <\/p>\n

Resistance level: 1.1790, 1.1950<\/p>\n

Support level: 1.1645, 1.1455<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, H4: <\/strong>USDJPY was traded higher following prior breakout above the previous resistance level at 105.75. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to undergo technical correction in short term toward the support level at 105.75.<\/p>\n

 <\/p>\n

Resistance level: 106.45, 106.95<\/p>\n

Support level: 105.75, 105.15<\/p>\n

 <\/p>\n

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AUDUSD, H4: <\/strong>AUDUSD was traded higher while currently testing the resistance level at 0.7140. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its gains after it successfully breakout above the resistance level at 0.7140.<\/p>\n

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Resistance level: 0.7140, 0.7205<\/p>\n

Support level: 0.7080, 0.7010<\/p>\n

 <\/p>\n

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NZDUSD, Daily: <\/strong>NZDUSD was traded lower following prior breakout below the previous support level at 0.6610. MACD which illustrate bearish momentum signal suggest the pair to extend its losses toward the support level at 0.6500.<\/p>\n

 <\/p>\n

Resistance level: 0.6610, 0.6685<\/p>\n

Support level: 0.6500, 0.6380<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, H4: <\/strong>USDCAD was traded lower following prior retracement from the resistance level at 1.3315. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses toward the support level at 1.3235.<\/p>\n

 <\/p>\n

Resistance level: 1.3315, 1.3420<\/p>\n

Support level: 1.3235, 1.3140<\/p>\n

 <\/p>\n

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USDCHF, H4: <\/strong>USDCHF was traded higher while currently testing the resistance level at 0.9180. MACD which display bullish bias signal suggest the pair to extend its gains after it successfully breakout above the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 0.9180, 0.9225<\/p>\n

Support level: 0.9120, 0.9050<\/p>\n

 <\/p>\n

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CrudeOIL, H4: <\/strong>Crude oil price was traded higher while currently testing the resistance level at 40.05. However, MACD which illustrate diminishing bullish momentum signal suggest the commodity to undergo technical correction in short term toward the support level at 39.30.<\/p>\n

 <\/p>\n

Resistance level: 40.05, 40.70<\/p>\n

Support level: 39.30, 38.65<\/p>\n

 <\/p>\n

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GOLD_, Daily: <\/strong>Gold price was traded lower following prior retracement from the downward trend line. MACD which illustrate diminishing bullish momentum suggest the commodity to extend its losses toward the support level at 1851.90.<\/p>\n

 <\/p>\n

Resistance level: 1926.65, 1976.00<\/p>\n

Support level: 1851.90, 1810.45<\/p>\n

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

08 October 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\u00a0\u00a0\u00a0\u00a0\u00a0 Afternoon Session Analysis   Kiwi plunged following RBNZ negative rate talks. During late Asian session, the New Zealand Kiwi which traded against the greenback and other currency pairs have plummet amid dovish comments by the RBNZ officials. According to reports, RBNZ Assistant Governor Christian Hawkesby stated that the inflation in New Zealand […]<\/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\/143581"}],"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=143581"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/143581\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=143581"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=143581"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=143581"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}