{"id":146020,"date":"2020-11-03T01:15:29","date_gmt":"2020-11-03T01:15:29","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=146020"},"modified":"2020-11-03T01:15:29","modified_gmt":"2020-11-03T01:15:29","slug":"031120-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/031120-morning-session-analysis\/","title":{"rendered":"031120 Morning Session Analysis"},"content":{"rendered":"

03 November 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 Morning Session Analysis<\/strong><\/p>\n

 <\/p>\n

Pound slips following easing expectation from BoE.<\/strong><\/span><\/p>\n

During early Asian session, the pound sterling which traded against the dollar and other currency pairs have gave up its gains and fell amid increasing market expectations of BoE to step up monetary policy easing. Following latest report, BoE is expected to launch a \u00a3100 billion asset purchases on Thursday. The expectation came after U.K recently announced that the country will entered a second lockdown which will demand people to stay at home unless it\u2019s for essential purpose like medical reasons, education and groceries for a month period in order to curb the spread of COVID-19 infections. On Monday, U.K records another 18950 COVID-19 cases with 136 deaths. As the speculation continue to grow, the expectation also weigh on the sentiment, thus exert pressure for the pair. At the time of writing, GBP\/USD slips 0.03% to 1.2914.<\/p>\n

 <\/p>\n

In the commodities market, crude oil price soars 0.11% to $37.01 per barrel as of writing following extension of oil production cuts from OPEC. The top executives of Russia\u2019s oil companies have discussed the future of the OPEC+ deal on Monday with Russian Energy Minister Alexander Novak, including an option to extend the cuts as-is for three months until March 2021. On the other hand, gold price also jumps 0.09% to $1895.66 a troy ounce at the time of writing following COVID-19 and U.S election uncertainty boosted the demand for safe-haven asset.<\/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

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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

11.30\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 AUD\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0RBA Rate Statement<\/p>\n

21.00\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 USD\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 U.S Presidential Election<\/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
11.30<\/td>\nAUD \u2013 RBA Interest Rate Decision (Nov)<\/td>\n0.25%<\/td>\n0.10%<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

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

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DOLLAR_INDX, H4: <\/strong>Dollar index was traded lower following prior retracement from its high level. MACD which illustrate bearish bias signal with the starting formation of death cross suggest the dollar to extend its retracement in short term towards the support level 93.80.<\/p>\n

 <\/p>\n

Resistance level: 94.65, 95.75<\/p>\n

Support level: 93.80, 93.00<\/p>\n

 <\/p>\n

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GBPUSD, H4: <\/strong>GBPUSD was traded higher following prior rebound from the support level 1.2870. MACD which illustrate bullish bias signal with the starting formation of golden cross suggest the pair to extend its rebound towards the resistance level 1.3060.<\/p>\n

 <\/p>\n

Resistance level: 1.3060, 1.3230<\/p>\n

Support level: 1.2870, 1.2700<\/p>\n

 <\/p>\n

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EURUSD, H4: <\/strong>EURUSD was traded lower while currently testing the support level 1.1615. However, MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to be experience a technical correction towards the resistance level 1.1765.<\/p>\n

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Resistance level: 1.1765, 1.1880<\/p>\n

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

 <\/p>\n

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USDJPY, H4: <\/strong>USDJPY remain traded in a sideway channel. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to be traded lower towards the support level 104.25.<\/p>\n

 <\/p>\n

Resistance level: 105.10, 105.80<\/p>\n

Support level: 104.25, 103.65<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H4: <\/strong>AUDUSD was traded higher following prior rebound from the support level 0.7005. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to extend its rebound towards the resistance level 0.7105.<\/p>\n

 <\/p>\n

Resistance level: 0.7105, 0.7200<\/p>\n

Support level: 0.7005, 0.6925<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded higher following prior rebound from the support level 0.6595. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to extend its rebound towards the resistance level 0.6670.<\/p>\n

 <\/p>\n

Resistance level: 0.6670, 0.6725<\/p>\n

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

 <\/p>\n


\n<\/strong><\/p>\n

\u00a0\"\"<\/strong><\/p>\n

USDCAD, H4: <\/strong>USDCAD was traded lower following prior breakout below the support level 1.3240. MACD which illustrate bearish momentum signal suggest the pair to extend its losses towards the support level 1.3105.<\/p>\n

 <\/p>\n

Resistance level: 1.3240, 1.3335<\/p>\n

Support level: 1.3105, 1.2995<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded higher while currently testing the resistance level 0.9185. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to experience a technical correction towards the support level 0.9085.<\/p>\n

 <\/p>\n

Resistance level: 0.9185, 0.9295<\/p>\n

Support level: 0.9085, 0.9000<\/p>\n

 <\/p>\n

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CrudeOIL, H4: <\/strong>Crude oil price was traded higher following prior breakout above the previous resistance level 36.55. MACD which illustrate bullish bias signal with the formation of golden cross suggest the commodity to extend its gains towards the resistance level 39.25.<\/p>\n

 <\/p>\n

Resistance level: 39.25, 41.55<\/p>\n

Support level: 36.55, 34.10<\/p>\n

 <\/p>\n

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GOLD_, H4: <\/strong>Gold price remain traded in sideway channel following recent breakout above the previous resistance level 1879.05. However, MACD which illustrate bullish momentum signal suggest the commodity to extend its gains in short term towards the resistance level 1919.00.<\/p>\n

 <\/p>\n

Resistance level: 1919.00, 1970.55<\/p>\n

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

03 November 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 Morning Session Analysis   Pound slips following easing expectation from BoE. During early Asian session, the pound sterling which traded against the dollar and other currency pairs have gave up its gains and fell amid increasing market expectations of BoE to step up monetary policy easing. Following latest report, BoE is expected […]<\/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\/146020"}],"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=146020"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/146020\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=146020"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=146020"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=146020"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}