{"id":95830,"date":"2020-01-06T05:14:32","date_gmt":"2020-01-06T05:14:32","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=95830"},"modified":"2020-01-06T05:14:32","modified_gmt":"2020-01-06T05:14:32","slug":"060120-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/060120-morning-session-analysis\/","title":{"rendered":"060120 Morning Session Analysis"},"content":{"rendered":"

06 January 2020\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Morning Session Analysis<\/strong><\/p>\n

 <\/p>\n

Dollar slumped amid pessimistic economic data.<\/strong><\/span><\/p>\n

Dollar index which gauge its value against a basket of six major currencies plummeted amid recent economic data showed that US manufacturing sector is still within downturn stage. According to Institute for Supply Management, US ISM Manufacturing PMI data came in at a reading of 47.2, missing the economist forecast at 49.0, factory activity shrinks for the fifth consecutive month while recording the worst drop in more than 10 years. Despite recent de-escalation in trade war between US and China, uncertainties over trade war is still continue to weigh on US economic growth, haunting the economic performance of US region since the beginning of trade war. Besides, recent escalated tensions between US and Iran also tampered the dollar market sentiment even further. After US launched an air strike on Iran last Friday, Iran vowed that they will revenge and retaliate against US. On the other side, US President Donald Trump commented that if Iran really strikes back US, US will definitely hit back Iran \u2018very fast and very hard\u2019 while 52 important Iranian Sites have been targeted by US. Besides, Trump also revealed that Iran has been giving a lot of problem to the world for many years, and US wants no more threats, emphasized via twitter. As of writing, dollar index inched down 0.03% to 96.40.<\/p>\n

 <\/p>\n

In the commodities market, crude oil price skyrocketed 2.46% to $64.60 per barrel amid heightening of geopolitical tensions in Middle East region expected will significantly disrupt the crude oil supplies. As of now, market are still awaiting for further news regarding to US-Iran\u2019s tensions to determine the direction of crude oil. Besides, gold prices rose 1.72% to $1578.10 a troy ounce as market risk-off sentiment lifted up this yellow metal\u2019s demand.<\/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
17:30<\/td>\nGBP \u2013 Composite PMI (Dec)<\/td>\n48.5<\/td>\n48.6<\/td>\n–<\/strong><\/td>\n<\/tr>\n
17:30<\/td>\nGBP \u2013 Services PMI (Dec)<\/td>\n49.0<\/td>\n49.1<\/td>\n–<\/strong><\/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 prior retracement from the 50 moving average line (Blue). MACD which illustrated diminishing bullish momentum suggest the index to extend its losses toward the support level at 96.25.<\/p>\n

 <\/p>\n

Resistance level: 96.85, 97.25<\/p>\n

Support level: 96.25, 95.45<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H4: <\/strong>GBPUSD was traded higher while currently testing the resistance level at 1.3085. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level at 1.3085.<\/p>\n

 <\/p>\n

Resistance level: 1.3085, 1.3165<\/p>\n

Support level: 1.3035, 1.2965<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, H4: <\/strong>EURUSD was traded higher while currently testing the resistance level at 1.1170. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level at 1.1170.<\/p>\n

 <\/p>\n

Resistance level: 1.1170, 1.1240<\/p>\n

Support level: 1.1075, 1.1005<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, H4: <\/strong>USDJPY was traded higher following prior breakout above the previous resistance level at 107.95. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 108.15.<\/p>\n

 <\/p>\n

Resistance level: 108.15, 108.45<\/p>\n

Support level: 107.95, 107.70<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H4: <\/strong>AUDUSD was traded higher following prior rebound from the support level at 0.6925. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 0.6965.<\/p>\n

 <\/p>\n

Resistance level: 0.6965, 0.7005<\/p>\n

Support level: 0.6925, 0.6880<\/p>\n

 <\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H1: <\/strong>NZDUSD was traded lower following prior retracement from the resistance level at 0.6665. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward the support level at 0.6640.<\/p>\n

 <\/p>\n

Resistance level: 0.6665, 0.6695<\/p>\n

Support level: 0.6640, 0.6620<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, H4: <\/strong>USDCAD was traded lower while currently testing the support level at 1.2970. MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower after it successfully breakout below the support level at 1.2970.<\/p>\n

 <\/p>\n

Resistance level: 1.3020, 1.3085<\/p>\n

Support level: 1.2970, 1.2935<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded flat near the 20 moving average line (Red). MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short term toward the support level at 0.9690.<\/p>\n

 <\/p>\n

Resistance level: 0.9725, 0.9775<\/p>\n

Support level: 0.9690, 0.9660<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H1: <\/strong>Crude oil price was traded higher following prior breakout above the resistance level at 64.40. MACD which illustrated bullish momentum suggest the commodity to extend its gains toward the resistance level at 65.45.<\/p>\n

 <\/p>\n

Resistance level: 65.45, 66.45<\/p>\n

Support level: 64.40, 63.60<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H1: <\/strong>Gold price was traded higher following prior breakout above the previous resistance level at 1572.10. However, MACD which illustrated diminishing bullish momentum suggest the commodity to undergo technical correction toward the lower level.<\/p>\n

 <\/p>\n

Resistance level: 1591.10, 1611.80<\/p>\n

Support level: 1572.10, 1551.10<\/p>\n

 <\/p>\n

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

06 January 2020\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Morning Session Analysis   Dollar slumped amid pessimistic economic data. Dollar index which gauge its value against a basket of six major currencies plummeted amid recent economic data showed that US manufacturing sector is still within downturn stage. According to Institute for Supply Management, US ISM Manufacturing PMI data came in at […]<\/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\/95830"}],"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=95830"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/95830\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=95830"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=95830"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=95830"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}