{"id":253478,"date":"2022-06-24T00:57:02","date_gmt":"2022-06-24T00:57:02","guid":{"rendered":"https:\/\/www.gcmasia.co\/analysis\/en\/?p=253478"},"modified":"2022-06-24T01:02:00","modified_gmt":"2022-06-24T01:02:00","slug":"240622-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/240622-morning-session-analysis\/","title":{"rendered":"240622 Morning Session Analysis"},"content":{"rendered":"

24 June 2022\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

US Dollar depreciated after Fed Chairman speech.<\/strong><\/span><\/p>\n

The Dollar Index which traded against a basket of six major currencies eased on Thursday after the US Fed Chair Powell Testifies. According to Reuters, Federal Reserve Chairman Jerome Powell reiterated his comments on yesterday, which claimed that the Fed is \u201cunconditional\u201d to stabilize the soaring inflation risk, even though the rate hike would likely to push up unemployment rate. He also mentioned that the Fed have to implement aggressive tightening monetary policy in order to have a sustained period of maximum employment where the benefits are spread very widely. Despite the implementation of rate hike would likely to combat inflation risk, it would also increase the borrowing cost while diminishing the consumer and corporation spending in short-time period. It led investors to shift their capitals out of US market temporarily and look for other currencies. Besides, the Dollar Index extend its losses over the downbeat economic data. According to US Department of Labor, the US Initial Jobless Claims came in at the reading of 229K, which exceeding the market forecast of 227K. The higher-than-expected reading indicated that the current US labor market remained fragile, which brought negative prospects toward economic progression in US. As of writing, the Dollar Index edged up by 0.17% to 104.16.<\/p>\n

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In the commodities market, crude oil price appreciated by 0.20% to $104.50 per barrel as of writing. Nonetheless, the overall trend of oil price remained bearish following the fears of rate hikes might slow economic growth. On the other hands, gold price depreciated by 0.24% to $1825.40 per troy ounce as of writing amid the Fed Chairman was fully committed to bring prices down.<\/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

18:00\u00a0\u00a0\u00a0\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\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 EU Leaders Summit<\/p>\n

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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
14:00<\/td>\nGBP – Retail Sales (MoM) (May)<\/td>\n1.4%<\/td>\n-0.9%<\/td>\n–<\/strong><\/td>\n<\/tr>\n
16:00<\/td>\nEUR – German Ifo Business Climate Index (Jun)<\/td>\n93.0<\/td>\n92.9<\/td>\n–<\/strong><\/td>\n<\/tr>\n
22:00<\/td>\nUSD – New Home Sales (May)<\/td>\n591K<\/td>\n585K<\/td>\n–<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

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

\"\"<\/p>\n

DOLLAR_INDX, Daily: <\/strong>Dollar index was traded lower following prior breakout below the previous support level. MACD which illustrated decreasing bullish momentum suggest the index to extend its losses.<\/p>\n

 <\/p>\n

Resistance level: 104.80, 105.90<\/p>\n

Support level: 103.65, 102.50<\/p>\n

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GBPUSD, H4: <\/strong>GBPUSD was traded higher while currently testing the resistance level. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains if successfully breakout the resistance level.<\/p>\n

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Resistance level: 1.2270, 1.2360<\/p>\n

Support level: 1.2190, 1.2080<\/p>\n

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

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Resistance level: 1.0530, 1.0605<\/p>\n

Support level: 1.0450, 1.0385<\/p>\n

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USDJPY, H4: <\/strong>USDJPY was traded lower following prior breakout below the previous support level. However, MACD which illustrated decreasing bearish momentum suggest the pair to be traded higher as technical correction.<\/p>\n

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Resistance level: 135.55, 136.65<\/p>\n

Support level: 134.25, 133.10<\/p>\n

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AUDUSD, H4: <\/strong>AUDUSD was traded lower following prior breakout below the previous support level. However, MACD which illustrated decreasing bearish momentum suggest the pair to be traded higher as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 0.6930, 0.7005<\/p>\n

Support level: 0.6850, 0.6770<\/p>\n

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NZDUSD, H4: <\/strong>NZDUSD was traded higher while currently testing the resistance level. MACD which illustrated decreasing bearish momentum suggest the pair to extend its gains if successfully breakout the resistance level.<\/p>\n

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Resistance level: 0.6295, 0.6350<\/p>\n

Support level: 0.6235, 0.6145<\/p>\n

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

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Resistance level: 1.3030, 1.3095<\/p>\n

Support level: 1.2940, 1.2875<\/p>\n

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USDCHF, H4: <\/strong>USDCHF was traded lower while currently testing the support level. MACD which illustrated decreasing bullish momentum suggest the pair to extend its losses if successfully breakout the support level.<\/p>\n

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Resistance level: 0.9675, 0.9740<\/p>\n

Support level: 0.9595, 0.9520<\/p>\n

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CrudeOIL, H4: <\/strong>Crude oil price was traded lower following prior retracement from the resistance level. However, MACD which illustrated increasing bullish momentum suggest the commodity to be traded higher as technical correction.<\/p>\n

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Resistance level: 106.95, 111.25<\/p>\n

Support level: 102.20, 98.80<\/p>\n

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GOLD_, H4: <\/strong>Gold price was traded lower following prior breakout below the previous support level. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses.<\/p>\n

 <\/p>\n

Resistance level: 1829.90, 1841.85<\/p>\n

Support level: 1819.70, 1807.95<\/p>\n","protected":false},"excerpt":{"rendered":"

24 June 2022\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 US Dollar depreciated after Fed Chairman speech. The Dollar Index which traded against a basket of six major currencies eased on Thursday after the US Fed Chair Powell Testifies. According to Reuters, Federal Reserve Chairman Jerome Powell reiterated his comments on yesterday, which claimed that the Fed is \u201cunconditional\u201d […]<\/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\/253478"}],"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=253478"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/253478\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=253478"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=253478"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=253478"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}