{"id":144084,"date":"2020-10-14T01:18:23","date_gmt":"2020-10-14T01:18:23","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=144084"},"modified":"2020-10-14T01:18:23","modified_gmt":"2020-10-14T01:18:23","slug":"141020-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/141020-morning-session-analysis\/","title":{"rendered":"141020 Morning Session Analysis"},"content":{"rendered":"

14 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 Morning Session Analysis<\/strong><\/p>\n

 <\/p>\n

Pound sterling tumbled following Brexit fears.<\/strong><\/span><\/p>\n

During early Asian session, the pound sterling which traded against the dollar and its peers have experienced a sharp sell-off and losing 1% following concerns over a no-deal Brexit and potential lockdown due to coronavirus. As Brexit negotiations approach their deadline on Oct 15, previous hopes of reaching an agreement with the EU have faded. French foreign minister Jean-Yves Le Drian stated that the possibility of UK leaving the EU without any trade deal is now a \u201ccredible hypothesis\u201d, which have added further confirmation on potential hard Brexit. As of now, French government remains reluctant to follow UK demands over control of its fisheries which the issue has been a major blockade for both sides to reach a consensus. On top of that, the pound sentiment also been diminished further by fears of another lockdown. As UK continue to record daily spike in cases, two leading government advisers touting the idea of a two-week lockdown during the school break from Oct. 24 to Nov. 7. At the time of writing, GBP\/USD plunged 0.22% to 1.2932.<\/p>\n

 <\/p>\n

In the commodities market, crude oil price gains 0.11% to $40.55 per barrel as of writing amid improving demand from China. According to data by General Administration of Customs, crude oil imports in China have rose to 1.18 million barrels in September. The data managed to help eased market concerns about the COVID-19 impact towards oil global demand. On the other hand, gold price slips 0.09% to $1892.20 a troy ounce at the time of writing following dollar strength which boosted by fading economic stimulus hopes.<\/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 Market\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Event<\/strong><\/p>\n

16.00\u00a0\u00a0\u00a0\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 \u00a0ECB President Lagarde Speaks<\/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 \u2013 PPI (MoM)(Sep)<\/td>\n0.3%<\/td>\n0.2%<\/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 was traded higher while currently testing the resistance level 93.55. MACD which illustrate bullish momentum signal with the recent formation of golden cross suggest the dollar to extend its gains after it breaks above the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 93.55, 94.65<\/p>\n

Support level: 92.70, 91.75<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H4: <\/strong>GBPUSD was traded lower following prior breakout below the previous support level 1.3005. MACD which illustrate ongoing bearish momentum signal suggest the pair to extend its losses towards the support level 1.2775.<\/p>\n

 <\/p>\n

Resistance level: 1.3005, 1.3260<\/p>\n

Support level: 1.2775, 1.2510<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, H4: <\/strong>EURUSD was traded lower following prior breakout below the previous support level 1.1760. MACD which illustrate bearish bias signal suggest the pair to extend its losses towards the support level 1.1615.<\/p>\n

 <\/p>\n

Resistance level: 1.1760, 1.1880<\/p>\n

Support level: 1.1615, 1.1455<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, H4: <\/strong>USDJPY remain traded in a sideway channel. However, MACD which illustrate bullish bias signal with the starting formation of golden cross suggest the pair to be traded higher in short term towards the resistance level 105.80.<\/p>\n

 <\/p>\n

Resistance level: 105.80, 106.45<\/p>\n

Support level: 105.15, 104.25<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H4: <\/strong>AUDUSD was traded lower following recent breakout below the previous support level 0.7200. MACD which illustrate bearish momentum signal suggest the pair to extend its losses towards the support level 0.7105.<\/p>\n

 <\/p>\n

Resistance level: 0.7200, 0.7340<\/p>\n

Support level: 0.7105, 0.7005<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded flat while currently testing the resistance level 0.6655. However, MACD which illustrate bearish bias signal with the recent formation of death cross suggest the pair to extend its losses towards the support level 0.6595.<\/p>\n

 <\/p>\n

Resistance level: 0.6655, 0.6725<\/p>\n

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

 <\/p>\n

\"\"<\/p>\n

USDCAD, H4: <\/strong>USDCAD was traded flat while currently testing the resistance level 1.3145. However, MACD which illustrate bullish momentum signal with the recent formation of golden cross suggest the pair to be traded higher after it breaks above the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 1.3145, 1.3240<\/p>\n

Support level: 1.2995, 1.2890<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded higher following prior rebound from the support level 0.9080. MACD which illustrate bullish momentum signal suggest the pair to extend its gains towards the resistance level 0.9185.<\/p>\n

 <\/p>\n

Resistance level: 0.9185, 0.9235<\/p>\n

Support level: 0.9080, 0.9000<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H4: <\/strong>Crude oil price remain traded in a sideway channel. However, MACD which illustrate bullish bias signal with the starting formation of golden cross suggest the commodity to be traded higher in short term towards the resistance level 41.40.<\/p>\n

 <\/p>\n

Resistance level: 41.40, 43.95<\/p>\n

Support level: 39.00, 36.55<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H4: <\/strong>Gold price was traded lower while currently testing near the support level 1879.05. MACD which illustrate ongoing bearish momentum signal suggest the commodity to extend its losses after it breaks below the support level.<\/p>\n

 <\/p>\n

Resistance level: 1918.90, 1970.55<\/p>\n

Support level: 1879.05, 1847.70<\/p>\n","protected":false},"excerpt":{"rendered":"

14 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 Morning Session Analysis   Pound sterling tumbled following Brexit fears. During early Asian session, the pound sterling which traded against the dollar and its peers have experienced a sharp sell-off and losing 1% following concerns over a no-deal Brexit and potential lockdown due to coronavirus. As Brexit negotiations approach their deadline on […]<\/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\/144084"}],"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=144084"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/144084\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=144084"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=144084"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=144084"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}