{"id":141018,"date":"2020-09-17T00:45:28","date_gmt":"2020-09-17T00:45:28","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=141018"},"modified":"2020-09-17T00:45:28","modified_gmt":"2020-09-17T00:45:28","slug":"170920-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/170920-morning-session-analysis\/","title":{"rendered":"170920 Morning Session Analysis"},"content":{"rendered":"

17 September 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 Morning Session Analysis<\/strong><\/p>\n

 <\/p>\n

Fed to maintain low interest rate until inflation rebounds.<\/strong><\/span><\/p>\n

As widely expected, US Federal Reserve maintained their benchmark rate at 0.25% during policy meeting earlier this morning. However, Fed made a bold new promise: to keep interest rate low for a longer period of time until inflation is right on track to \u201cmoderately exceed\u201d central bank\u2019s target of 2% \u201cfor some time\u201d. A shift in their tone marks adherence to their new guidance introduced last month which aimed to offset years of weak inflation and allow the economy to keep adding job for as long as possible. During press conference, Fed Chair Jerome Powell reiterates that monetary policy would remain highly accommodative until the economy is far beyond its recovery phase. However, Powell noted that the ongoing pace of economic recovery is expected to be slow and it requires continuous support from the Fed as well as further government spending. In addition, Fed has also upgraded its quarterly economic projections whereby GDP, unemployment and inflation forecasts receives positive revision as compared to June forecasts. Reacting to the hawkish sentiment with regards to future economic momentum, the dollar index rose 0.06% to 93.07.<\/p>\n

 <\/p>\n

In the commodities market, crude oil price rose 0.22% to $40.26 per barrel. According to Energy Information Administration, crude oil stocks for last week was down by -4.389 million barrels, significantly better than forecast of 1.271 million barrels. On the other hand, gold price slumped 0.02% to $1,959.56 a troy ounce due to strong greenback.<\/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 \u00a0Market\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0Event<\/strong><\/p>\n

12:30\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 JPY\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 BoJ Monetary Policy Statement<\/p>\n

15:00\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 JPY\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 BoJ Press Conference<\/p>\n

19:00\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\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 BoE MPC Meeting Minutes<\/p>\n

\u00a0<\/u><\/p>\n

Today\u2019s Highlight Economic Data<\/u><\/p>\n\n\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
17:00<\/td>\nEUR \u2013 CPI (YoY) (Aug)<\/td>\n–<\/td>\n-0.2%<\/td>\n-0.2%<\/td>\n<\/tr>\n
19:00<\/td>\nGBP \u2013 BoE Interest Rate Decision (Sep)<\/td>\n–<\/td>\n0.10%<\/td>\n0.10%<\/td>\n<\/tr>\n
20:30<\/td>\nUSD \u2013 Building Permits (Aug)<\/td>\n–<\/td>\n1.510M<\/td>\n1.483M<\/td>\n<\/tr>\n
20:30<\/td>\nUSD \u2013 Initial Jobless Claims<\/td>\n–<\/td>\n850K<\/td>\n884K<\/td>\n<\/tr>\n
20:30<\/td>\nUSD \u2013 Philadelphia Fed Manufacturing Index (Sep)<\/td>\n–<\/td>\n15.5<\/td>\n17.2<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

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

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

\"\"<\/p>\n

DOLLAR_INDX, H1: <\/strong>Dollar index was traded higher following prior rebound from the lower level. MACD which illustrate bullish signal suggests the index to extend its gains in mid-term.<\/p>\n

 <\/p>\n

Resistance level: 93.10, 93.35<\/p>\n

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

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H1: <\/strong>GBPUSD was traded lower following prior retrace from the higher level. MACD which illustrate bearish signal suggest the pair to be traded lower in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 1.2985, 1.3030<\/p>\n

Support level: 1.2930, 1.2825<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, H4: <\/strong>EURUSD was traded lower while currently testing at 1.1800. MACD which illustrate bearish signal suggests the pair to extend its losses after closing below the support level.<\/p>\n

 <\/p>\n

Resistance level: 1.1835, 1.1895<\/p>\n

Support level: 1.1800, 1.1760<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, H4: <\/strong>USDJPY as traded higher following prior rebound from 104.80. MACD which illustrate diminished downward momentum suggests the pair to experience short-term technical correction.<\/p>\n

 <\/p>\n

Resistance level: 105.30, 105.60<\/p>\n

Support level: 104.80, 104.50<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H1: <\/strong>AUDUSD was traded lower following prior retrace from the top level. MACD which illustrate bearish signal suggests the pair to extend its losses in short-term.<\/p>\n

 <\/p>\n

Resistance level: 0.7330, 0.7365<\/p>\n

Support level: 0.7300, 0.7275<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H1: <\/strong>NZDUSD was traded lower following prior retrace from the higher level. MACD which illustrate bearish signal suggests the pair to be traded lower in short-term.<\/p>\n

 <\/p>\n

Resistance level: 0.6745, 0.6760<\/p>\n

Support level: 0.6715, 0.6695<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, H1: <\/strong>USDCAD was traded flat in between 1.3155 and 1.3195. Due to the lack of signal from MACD and price action, it is suggested to wait for a breakout before entering the market.<\/p>\n

 <\/p>\n

Resistance level: 1.3195, 1.3225<\/p>\n

Support level: 1.3155, 1.3125<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded higher following prior rebound from the lower level. MACD which illustrate bullish signal suggests the pair to extend its gains after closing above 0.9110.<\/p>\n

 <\/p>\n

Resistance level: 0.9110, 0.9145<\/p>\n

Support level: 0.9050, 0.9005<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H4: <\/strong>Crude oil price was traded higher following prior rebound from the lower level. MACD which illustrate bullish signal suggests its price to extend its gains after closing above 40.70.<\/p>\n

 <\/p>\n

Resistance level: 40.70, 41.90<\/p>\n

Support level: 39.85, 39.00<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H4: <\/strong>Gold price was traded lower following prior retrace from the higher level. MACD which illustrate bearish signal suggests its price to be traded lower in short-term.<\/p>\n

 <\/p>\n

Resistance level: 1966.00, 1990.40<\/p>\n

Support level: 1941.70, 1911.55<\/p>\n

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

17 September 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 Morning Session Analysis   Fed to maintain low interest rate until inflation rebounds. As widely expected, US Federal Reserve maintained their benchmark rate at 0.25% during policy meeting earlier this morning. However, Fed made a bold new promise: to keep interest rate low for a longer period of time until inflation is […]<\/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\/141018"}],"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=141018"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/141018\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=141018"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=141018"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=141018"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}