{"id":146688,"date":"2020-11-11T00:31:39","date_gmt":"2020-11-11T00:31:39","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=146688"},"modified":"2020-11-11T00:31:39","modified_gmt":"2020-11-11T00:31:39","slug":"111120-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/111120-morning-session-analysis\/","title":{"rendered":"111120 Morning Session Analysis"},"content":{"rendered":"

11 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

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Pound surged after government voting down the Internal Market Bill.<\/strong><\/span><\/p>\n

Pound sterling which act as one of the major currencies which being traded by market participants in the FX market jumped amid the Internal Market Bill was taken off from the table after UK Prime Minister face a huge defeat by 433 votes to 165 yesterday. In the voting session, UK House of Lord voted overwhelmingly to remove one of the section of the bill that would allow the Minister to break the international law, which successfully avoided Boris Johnson to breach the UK\u2019s exit treaty. As getting closer to the end of transition period, market are now becoming more concern about the possibility of achieving a deal between EU and UK before Britain officially exit European Zone by 1st<\/sup> January. On the other side, EU\u2019s chief negotiator Michel Barnier reiterated that the cost for no deal Brexit would be very high to EU but not only UK, and hence he is still very hopeful to seal a deal with UK. With the current situation, fisheries and level of playing field are still the major issues which focusing by the both sides to have a breakthrough in recent negotiation. During Asian early trading session, the pair of GBP\/USD dropped 0.03% to 1.3265.<\/p>\n

 <\/p>\n

In the commodities market, the crude oil price surged by 0.67% to $42.05 as of writing amid surprise draw in US crude oil inventory. According to the API data, US Weekly Crude Oil Stock declined by 5.147M, far above the market expectation on inventory\u2019s draw at 0.900M. Besides, gold price depreciated by 0.10% to $1875.45 a troy ounce as encouraging vaccine news lifted the market risk appetite.<\/p>\n

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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

21:00\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 President Lagarde Speaks<\/p>\n

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Today\u2019s Highlight Economic Data<\/u><\/p>\n

N\/A<\/p>\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 the resistance level at 92.75. MACD which illustrate diminishing bullish momentum signal suggest the dollar to extend it losses toward the support level at 92.40.<\/p>\n

 <\/p>\n

Resistance level: 92.75, 93.00<\/p>\n

Support level: 92.40, 92.10<\/p>\n

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\"\"<\/p>\n

GBPUSD, H1: <\/strong>GBPUSD was traded lower following prior retracement from the higher level. MACD which illustrates diminishing bullish momentum suggest the pair to extend its losses toward the support level at 1.3230.<\/p>\n

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Resistance level: 1.3290, 1.3350<\/p>\n

Support level: 1.3230, 1.3185<\/p>\n

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EURUSD, H1: <\/strong>EURUSD was traded higher following prior rebound from the support level at 1.1805. MACD which illustrate bullish bias momentum signal suggest the pair to extend its gains toward the resistance level at 1.1845.<\/p>\n

 <\/p>\n

Resistance level: 1.1845, 1.1870<\/p>\n

Support level: 1.1810, 1.1765<\/p>\n

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\"\"<\/p>\n

USDJPY, H4: <\/strong>USDJPY was traded lower following prior retracement from the resistance level at 105.45. MACD which illustrate diminishing bullish momentum suggest the pair to extend its losses toward the support level at 104.90.<\/p>\n

 <\/p>\n

Resistance level: 105.45, 106.05<\/p>\n

Support level: 104.90, 104.20<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H4: <\/strong>AUDUSD was traded higher following prior rebound from the support level at 0.7265. MACD which illustrate diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 0.7330.<\/p>\n

 <\/p>\n

Resistance level: 0.7330, 0.7405<\/p>\n

Support level: 0.7265, 0.7205<\/p>\n

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\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded higher while currently testing the resistance level at 0.6835. However, MACD which illustrate bearish bias momentum signal suggest the pair to undergo technical correction in short term toward a lower level.<\/p>\n

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Resistance level: 0.6835, 0.6870<\/p>\n

Support level: 0.6785, 0.6725<\/p>\n

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\"\"<\/p>\n

USDCAD, H4: <\/strong>USDCAD was traded higher while currently testing the resistance level at 1.3035. MACD which illustrate bullish bias momentum signal suggest the pair to extend its gains after it successfully breakout above the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 1.3035, 1.3095<\/p>\n

Support level: 1.2960, 1.2885<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded higher following prior breakout above the previous resistance level at 0.9135. However, MACD which display diminishing bullish momentum signal suggest the pair to undergo technical correction in short term.<\/p>\n

 <\/p>\n

Resistance level: 0.9175, 0.9200<\/p>\n

Support level: 0.9135, 0.9100<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H4: <\/strong>Crude oil price was traded higher while currently testing the resistance level at 41.50. MACD which illustrate bullish bias momentum signal suggest the commodity to extend its gains after it successfully breakout above the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 41.50, 42.20<\/p>\n

Support level: 40.75, 39.90<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H1: <\/strong>Gold price was traded higher following prior rebound from the lower level. However, MACD which illustrate diminishing bullish momentum signal suggest the commodity to undergo technical correction toward the lower level.<\/p>\n

 <\/p>\n

Resistance level: 1888.30, 1905.15<\/p>\n

Support level: 1867.70, 1854.45<\/p>\n

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

11 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 surged after government voting down the Internal Market Bill. Pound sterling which act as one of the major currencies which being traded by market participants in the FX market jumped amid the Internal Market Bill was taken off from the table after UK Prime Minister face a […]<\/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\/146688"}],"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=146688"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/146688\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=146688"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=146688"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=146688"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}