{"id":262488,"date":"2022-08-04T00:13:41","date_gmt":"2022-08-04T00:13:41","guid":{"rendered":"https:\/\/www.gcmasia.co\/analysis\/en\/?p=262488"},"modified":"2022-08-04T00:13:41","modified_gmt":"2022-08-04T00:13:41","slug":"040822-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/040822-morning-session-analysis\/","title":{"rendered":"040822 Morning Session Analysis"},"content":{"rendered":"

4 August 2022\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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Dollar recovered further on the back of upbeat data.<\/strong><\/span><\/p>\n

The dollar index, which traded against a basket of six major currencies, continued to enjoy a revival yesterday as upbeat economic data restrained the index from falling further. According to the Institute for Supply Management (ISM), US ISM Non-Manufacturing PMI rose from the prior month reading of 55.3 to 56.7 in July. To take note, a reading above 50 indicates an expansion in the services sector, while a reading below 50 signals a recession in the particular sector. The increase has put the prior 3 straight monthly declines into an end, while showing that the US services industry picked up amid solid new orders. Undoubtedly, the upbeat services PMI data has also erased the views that US economy is currently in a recession stage. On the other side, the hawkish statement to rein in the high inflation from the Fed officials continue to spur the value of the US dollar. In the statement, the Fed officials signaled that they are committed to cool down the overheating economy, whereby the long-term inflation target will still be around 2%. As of writing, the dollar index rose by 0.13% to 106.40.<\/p>\n

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In the commodities market, the crude oil price dropped 0.10% to $91.05 a barrel after the US Crude Oil Inventories showed a huge stockpile, dragging the appeal of this black commodity. According to the EIA, the US crude oil inventories level rose by 4.467M, while the consensus forecast was expecting to see a -0.629M of inventories drawdown. Besides, the gold prices rose 0.01% to $1764.25 per troy ounce on the back of US dollar weakened.<\/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

19:30\u00a0\u00a0\u00a0\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\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 BoE Gov Bailey Speaks<\/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
16:30<\/td>\nGBP \u2013 Construction PMI (Jul)<\/td>\n52.6<\/td>\n52.0<\/td>\n–<\/td>\n<\/tr>\n
19:00<\/td>\nGBP – BoE Interest Rate Decision (Aug)<\/td>\n1.25%<\/td>\n1.75%<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nUSD – Initial Jobless Claims<\/td>\n256K<\/td>\n259K<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

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 <\/p>\n

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

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DOLLAR_INDX, Daily: <\/strong>Dollar index was traded higher following prior breakout above the previous resistance level at 106.10. MACD which illustrated diminishing bearish momentum suggests the index to extend its gains toward the next resistance level at 107.15.<\/p>\n

 <\/p>\n

Resistance level: 107.15, 107.60<\/p>\n

Support level: 106.10, 105.15<\/p>\n

 <\/p>\n

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GBPUSD, Daily: <\/strong>GBPUSD was traded lower following prior breakout below the previous support level at 1.2175. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward the support level at 1.2035.<\/p>\n

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Resistance level: 1.2175, 1.2355<\/p>\n

Support level: 1.2035, 1.1900<\/p>\n

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EURUSD, H4: <\/strong>EURUSD was traded lower while currently testing the support level at 1.0155. MACD which illustrated bearish bias momentum suggest the pair to extend its losses after it successfully breakout below the support level.<\/p>\n

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Resistance level: 1.0265, 1.0370<\/p>\n

Support level: 1.0155, 1.0075<\/p>\n

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USDJPY, Daily: <\/strong>USDJPY was traded higher while currently testing the resistance level at 133.15. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after its candle successfully close above the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 133.15, 135.25<\/p>\n

Support level: 131.35, 128.80<\/p>\n

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\"\"<\/p>\n

AUDUSD, Daily: <\/strong>AUDUSD was traded lower following prior breakout below the previous support level at 0.6985. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward the support level at 0.6855.<\/p>\n

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Resistance level: 0.6985, 0.7115<\/p>\n

Support level: 0.6855, 0.6725<\/p>\n

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NZDUSD, Daily: <\/strong>NZDUSD was traded higher while retesting the resistance level at 0.6245. MACD which illustrated bullish bias momentum suggest the pair to extend its gains after its candle successfully close above the resistance level.<\/p>\n

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Resistance level: 0.6245, 0.6360<\/p>\n

Support level: 0.6140, 0.6050<\/p>\n

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USDCAD, Daily: <\/strong>USDCAD was traded higher following prior rebound near the support level at 1.2805. \u00a0MACD which illustrated diminishing bearish momentum suggests the pair to extend its gains toward the resistance level at 1.2925.<\/p>\n

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Resistance level: 1.2925, 1.2985<\/p>\n

Support level: 1.2805, 1.2730<\/p>\n

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USDCHF, Daily: <\/strong>USDCHF was traded higher while currently testing the resistance level at 0.9590. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 0.9590, 0.9675<\/p>\n

Support level: 0.9520, 0.9450<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H4: <\/strong>Crude oil price was traded lower following prior breakout below the previous support level at 91.80. MACD which illustrated bearish bias momentum suggests the commodity to extend its losses toward the support level at 89.55.<\/p>\n

 <\/p>\n

Resistance level: 91.80, 93.15<\/p>\n

Support level: 89.55, 86.00<\/p>\n

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\"\"<\/p>\n

GOLD_, Daily: <\/strong>Gold price was traded lower following prior retracement from the resistance level at 1770.05. MACD which illustrated diminishing bullish momentum suggest the commodity to extend its losses toward the support level at 1729.25.<\/p>\n

 <\/p>\n

Resistance level: 1770.05, 1783.20<\/p>\n

Support level: 1729.25, 1707.90<\/p>\n

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

4 August 2022\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Morning Session Analysis   Dollar recovered further on the back of upbeat data. The dollar index, which traded against a basket of six major currencies, continued to enjoy a revival yesterday as upbeat economic data restrained the index from falling further. According to the Institute for Supply Management (ISM), US ISM Non-Manufacturing […]<\/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\/262488"}],"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=262488"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/262488\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=262488"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=262488"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=262488"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}