{"id":144622,"date":"2020-10-20T00:40:49","date_gmt":"2020-10-20T00:40:49","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=144622"},"modified":"2020-10-20T00:40:49","modified_gmt":"2020-10-20T00:40:49","slug":"201020-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/201020-morning-session-analysis\/","title":{"rendered":"201020 Morning Session Analysis"},"content":{"rendered":"

20 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 dips amid risk of Hard-Brexit surged.<\/strong><\/span><\/p>\n

Pound sterling which act as one of the major currency in the FX market was sold off by the market participants tremendously after Brexit trade negotiations stumbled again as European Union refused to discuss legal texts. As the Boris Johnson\u2019s deadline on Brexit negotiation passed, the Minister for the Cabinet Office Michael Gove reiterated that the trade talks had \u2018effectively ended\u2019 after 15th<\/sup> Oct while accusing that the EU bloc were not engaging seriously in the negotiations of trade talks. As of now, the major issues of Post-Brexit trade talks are still revolved around the fisheries and fair trading environment. Moreover, Michael Gove also emphasized that there is not basis which EU and UK could reach an agreement at present as EU is still sticking with their current hard stance where no tolerance was shown by the bloc. An Australian style arrangement likely will be embraced by Britain if no breakthrough between the negotiation between UK and EU, which also means that UK-EU trade will then fall back on World Trade Organization (WTO) rules in 2021. As of writing, the pair of GBP\/USD dropped 0.02% to 1.2945.<\/p>\n

 <\/p>\n

In the commodities market, the crude oil price depreciated by 0.49% to $40.85 per barrel as disappointing economic data from China and fears over resurgence of Covid-19 cases in Eurozone. Besides, recent report showed that Libya oil production has increased to around 500K barrels per day (bpd) after the country largest oilfield managed to resume its operation last week. Besides, gold price inched down 0.08% to $1902.65 a troy ounce as dollar strengthen.<\/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
20:30<\/td>\nUSD \u2013 Building Permits (Sep)<\/td>\n1.476M<\/td>\n1.520M<\/td>\n–<\/td>\n<\/tr>\n
04:30<\/p>\n

(21st<\/sup>)<\/td>\n

CrudeOIL \u2013 API Weekly Crude Oil Stock<\/td>\n-5.422M<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n


\n<\/u><\/strong><\/p>\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 93.50. MACD which illustrate bearish bias momentum signal suggest the dollar to extend its losses after its candle successfully closed below the support level.<\/p>\n

 <\/p>\n

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

Support level: 93.50, 92.70<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H4: <\/strong>GBPUSD was traded lower following prior breakout below the previous support level at 1.2955. MACD which illustrates diminishing bullish momentum suggest the pair to extend its losses toward the support level at 1.2885.<\/p>\n

 <\/p>\n

Resistance level: 1.2955, 1.3000<\/p>\n

Support level: 1.2885, 1.2815<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, H4: <\/strong>EURUSD was traded lower while currently testing the support level at 1.1765. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses after it successfully breakout below the support level at 1.1765.<\/p>\n

 <\/p>\n

Resistance level: 1.1810, 1.1860<\/p>\n

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

 <\/p>\n

\"\"<\/p>\n

USDJPY, H4: <\/strong>USDJPY was traded higher following prior rebound from the support level at 105.15. MACD which illustrate bullish bias momentum suggest the pair to extend its gains toward the resistance level at 105.75.<\/p>\n

 <\/p>\n

Resistance level: 105.75, 106.05<\/p>\n

Support level: 105.15, 104.80<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H4: <\/strong>AUDUSD was traded lower following prior breakout below the previous support level at 0.7075. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses toward the support level at 0.7010.<\/p>\n

 <\/p>\n

Resistance level: 0.7075, 0.7140<\/p>\n

Support level: 0.7010, 0.6930<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H4: <\/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 0.6570.<\/p>\n

 <\/p>\n

Resistance level: 0.6610, 0.6660<\/p>\n

Support level: 0.6570, 0.6515<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, H4: <\/strong>USDCAD was traded higher following prior rebound from the support level at 1.3140. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its gains toward the resistance level at 1.3235.<\/p>\n

 <\/p>\n

Resistance level: 1.3235, 1.3315<\/p>\n

Support level: 1.3140, 1.3025<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded higher following prior rebound from the support level at 0.9090. MACD which display diminishing bearish momentum signal suggest the pair to extend its gains toward the resistance level at 0.9120.<\/p>\n

 <\/p>\n

Resistance level: 0.9120, 0.9180<\/p>\n

Support level: 0.9090, 0.9050<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H4: <\/strong>Crude oil price was traded higher while currently testing near the resistance level at 40.90. However, MACD which illustrate bearish bias momentum signal suggest the commodity to be traded lower as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 40.90, 41.40<\/p>\n

Support level: 40.40, 39.85<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H4: <\/strong>Gold price was traded higher following prior rebound from the support level at 1899.40. Due to lack of signal from the MACD, it is suggested to wait for further confirmation such as breakout before entering into the market.<\/p>\n

 <\/p>\n

Resistance level: 1915.75, 1939.60<\/p>\n

Support level: 1899.40, 1876.85<\/p>\n","protected":false},"excerpt":{"rendered":"

20 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 dips amid risk of Hard-Brexit surged. Pound sterling which act as one of the major currency in the FX market was sold off by the market participants tremendously after Brexit trade negotiations stumbled again as European Union refused to discuss legal texts. As the Boris Johnson\u2019s deadline […]<\/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\/144622"}],"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=144622"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/144622\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=144622"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=144622"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=144622"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}