{"id":146297,"date":"2020-11-05T00:47:48","date_gmt":"2020-11-05T00:47:48","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=146297"},"modified":"2020-11-05T00:47:48","modified_gmt":"2020-11-05T00:47:48","slug":"051120-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/051120-morning-session-analysis\/","title":{"rendered":"051120 Morning Session Analysis"},"content":{"rendered":"

05 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

Dollar fell as Biden close to victory.<\/strong><\/span><\/p>\n

During early Asian session, the dollar index which traded against a basket of six major currency pairs have fell from its high following signs of former Vice President Joe Biden gathers momentum to the White House. According to latest development, President Donald Trump’s path to maintain in the White House has suffered a blow after previous VP Joe Biden expanded his lead over the president following a success in Wisconsin. Biden now leads Trump with the score of 264-214 with only 6 left needed for Biden to secure victory. Following the increasing prospect of Biden administration, the dollar suffered selling pressure led by bets of Democrats taking the White House and Congress would increase debt and deficit levels. At the time of writing, dollar index fell 0.08% to 93.39.<\/p>\n

 <\/p>\n

In the commodities market, crude oil price remain strong and gains 0.09% to $39.03 per barrel as of writing following a decline in stockpiles. According to EIA, U.S crude stockpiles have fell 8 million last week, better than market expectation with the increase of 890,000 barrels. The decline was caused by Hurrricane Zeta that made landfall on Oct 26 and became the third storm in six weeks to disrupt productions. On the other hand, gold price rose 0.12% to $1905.45 a troy ounce at the time of writing following dollar weakness caused by confidence towards Biden presidency.<\/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

19.00\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 GBP\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0BoE MPC Meeting Minutes<\/p>\n

20.30\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 GBP\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0BoE Gov Bailey Speaks<\/p>\n

 <\/p>\n

Today\u2019s Highlight Economic Data<\/u><\/p>\n\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
15.00<\/td>\nGBP – BoE Interest Rate Decision (Nov)<\/td>\n0.10%<\/td>\n0.10%<\/td>\n–<\/td>\n<\/tr>\n
17.30<\/td>\nGBP – Construction PMI (Oct)<\/td>\n56.8<\/td>\n55.0<\/td>\n–<\/td>\n<\/tr>\n
21.00<\/td>\nUSD \u2013 Initial Jobless Claims<\/td>\n751K<\/td>\n732K<\/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 lower following recent retracement from the resistance level 93.80. MACD which illustrate bearish momentum signal suggest the dollar to extend its losses towards the support level 93.00.<\/p>\n

 <\/p>\n

Resistance level: 93.80, 94.65<\/p>\n

Support level: 93.00, 92.45<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H4: <\/strong>GBPUSD 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 pair to extend its losses towards the support level 1.2870.<\/p>\n

 <\/p>\n

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

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

 <\/p>\n

\"\"<\/p>\n

EURUSD, H4: <\/strong>EURUSD was traded higher while currently testing near the resistance level 1.1765. MACD which illustrate ongoing bullish momentum signal suggest the pair to extend its gains after it breaks above the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 1.1765, 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 while testing near the support level 104.25. However, MACD which illustrate bearish momentum signal suggest the pair to be traded lower after it breaks below the support level.<\/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 while currently testing near the resistance level 0.7200. MACD which illustrate bullish bias signal suggest the pair to extend its gains after it breaks above the resistance level.<\/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 higher following prior breakout above the previous resistance level 0.6670. MACD which illustrate ongoing bullish momentum signal suggest the pair to extend its gains towards the resistance level 0.6725.<\/p>\n

 <\/p>\n

Resistance level: 0.6725, 0.6775<\/p>\n

Support level: 0.6670, 0.6595<\/p>\n


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

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

USDCAD, H4: <\/strong>USDCAD was traded lower while currently testing the support level 1.3105. MACD which illustrate ongoing bearish momentum signal suggest the pair to extend its losses after it breaks below the support level.<\/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 lower while currently testing near the support level 0.9085. MACD which illustrate bearish bias signal suggest the pair to extend its losses after it breaks below the support level.<\/p>\n

 <\/p>\n

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

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

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H4: <\/strong>Crude oil price was traded higher while currently testing the resistance level 39.25. However, MACD which illustrate diminishing bullish momentum signal suggest the commodity to experience a technical correction towards the support level 36.55.<\/p>\n

 <\/p>\n

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

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

 <\/p>\n

\"\"<\/p>\n

GOLD_, H4: <\/strong>Gold price remain traded in sideway channel. However, MACD which illustrate diminishing bullish momentum signal suggest the commodity to be traded lower in short term towards the support level 1879.05.<\/p>\n

 <\/p>\n

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

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

05 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   Dollar fell as Biden close to victory. During early Asian session, the dollar index which traded against a basket of six major currency pairs have fell from its high following signs of former Vice President Joe Biden gathers momentum to the White House. According to latest development, President […]<\/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\/146297"}],"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=146297"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/146297\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=146297"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=146297"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=146297"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}