{"id":96256,"date":"2020-01-08T01:51:55","date_gmt":"2020-01-08T01:51:55","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=96256"},"modified":"2020-01-08T01:51:55","modified_gmt":"2020-01-08T01:51:55","slug":"080120-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/080120-morning-session-analysis\/","title":{"rendered":"080120 Morning Session Analysis"},"content":{"rendered":"

08 January 2020\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 climbs on positive service data.<\/strong><\/span><\/p>\n

Dollar index which traded against a basket of six major currency pairs have rose during early Asian after recent service data suggest that the U.S economy remains on strong footing. According to Institute for Supply Management (ISM), ISM non-manufacturing data for December have improved to 55, surpassed market forecast of 54.5. As the service sector holds roughly 80% of U.S. private-sector gross domestic product (GDP), the upbeat data have since boosting the appeal for the greenback. Dollar index rose 0.31% to 96.97 as of writing. Meanwhile, GBP\/USD fell 0.07% to 1.3115 at the time of writing amid dovish comments from BOE\u2019s Carney. According to Financial Times, Governor BOE Mark Carney have emphasized that the central bank rates can still to be cut close to zero. At the same time, the lingering concern in Brexit also exert further pressure for the pound sterling as the members of UK Parliament are now began to debate on UK Prime Minster Boris Johnson\u2019s EU Withdrawal Agreement Bill.<\/p>\n

 <\/p>\n

In the commodities market, crude oil price soars 2.68% to $64.38 per barrel at the time of writing following API data and Iran Crisis. According to API, crude stockpiles have dropped by 5.9 million barrels for the week ended Jan. 3. At the same time, the tension in Middle East have provide further catalyst for buyers as Iran have stated that it retaliate with \u201ctens of missiles\u201d at Al Asad airbase that hosted U.S military. On the other hand, gold price also soars 1.42% to $1595.75 a troy ounce at the time of writing as market continue to position themselves in the safe-haven market amid a potential full-blown war in the Iran.<\/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
21.15<\/td>\nUSD – ADP Nonfarm Employment Change (Dec)<\/td>\n67K<\/td>\n160K<\/td>\n–<\/strong><\/td>\n<\/tr>\n
23.30<\/td>\nCrudeOIL \u2013 Crude Oil Inventories<\/td>\n-11.463M<\/td>\n-3.572M<\/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 higher following prior breakout above the previous resistance level 96.50. However, MACD which illustrate diminishing bullish momentum suggest the dollar to experience a technical correction back towards the current support level 96.50.<\/p>\n

 <\/p>\n

Resistance level: 96.95, 97.55<\/p>\n

Support level: 96.50, 96.05<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H4: <\/strong>GBPUSD was traded lower while currently testing the support level 1.3095. MACD which display bearish bias with the formation of death cross suggest the pair to extend its losses after it breaks below the support level.<\/p>\n

 <\/p>\n

Resistance level: 1.3225, 1.3320<\/p>\n

Support level: 1.3095, 1.2965<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, H4: <\/strong>EURUSD was traded lower following prior retracement from the resistance level 1.1175. MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to extend its retracement towards the support level 1.1105.<\/p>\n

 <\/p>\n

Resistance level: 1.1175, 1.1250<\/p>\n

Support level: 1.1105, 1.1045<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, H4: <\/strong>USDJPY was traded lower while currently testing near the support level 107.90. MACD which illustrate diminishing bullish momentum with the starting formation of death cross suggest the pair to extend its losses after it breaks below the support level.<\/p>\n

 <\/p>\n

Resistance level: 108.45, 108.90<\/p>\n

Support level: 107.90, 107.40<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H4: <\/strong>AUDUSD was traded lower while currently testing near the support level 0.6850. MACD which illustrate ongoing bearish momentum suggest the pair to extend its losses after it breaks below the support level.<\/p>\n

 <\/p>\n

Resistance level: 0.6890, 0.6925<\/p>\n

Support level: 0.6850, 0.6805<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded lower following prior breakout below the previous support level 0.6640. MACD which illustrate bearish momentum suggest the pair to extend its losses towards the support level 0.6565.<\/p>\n

 <\/p>\n

Resistance level: 0.6640, 0.6740<\/p>\n

Support level: 0.6565, 0.6500<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, H4: <\/strong>USDCAD was traded flat while currently testing near the resistance level 1.3010. However, MACD which illustrate diminishing bullish momentum suggest the pair to be traded lower towards the support level 1.2925.<\/p>\n

 <\/p>\n

Resistance level: 1.3010, 1.3065<\/p>\n

Support level: 1.2925, 1.2865<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded lower following prior retracement from the resistance level 0.9725. MACD which illustrate diminishing bullish momentum with the starting formation of death cross suggest the pair to extend its retracement towards the support level 0.9650.<\/p>\n

 <\/p>\n

Resistance level: 0.9725, 0.9780<\/p>\n

Support level: 0.9650, 0.9590<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H4: <\/strong>Crude oil price was traded higher while currently testing the resistance level 64.70. MACD which display bullish bias signal with the formation of golden cross suggest the commodity to extend its gains after it breaks above the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 64.70, 66.25<\/p>\n

Support level: 62.45, 60.85<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H4: <\/strong>Gold price was traded higher while currently testing the resistance level 1589.00. MACD which illustrate bullish bias signal suggest the commodity to extend its gains after it breaks above the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 1589.00, 1613.35<\/p>\n

Support level: 1556.95, 1533.25<\/p>\n","protected":false},"excerpt":{"rendered":"

08 January 2020\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0 Morning Session Analysis   Dollar climbs on positive service data. Dollar index which traded against a basket of six major currency pairs have rose during early Asian after recent service data suggest that the U.S economy remains on strong footing. According to Institute for Supply Management (ISM), ISM non-manufacturing data for […]<\/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\/96256"}],"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=96256"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/96256\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=96256"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=96256"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=96256"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}