{"id":264132,"date":"2022-08-11T00:37:48","date_gmt":"2022-08-11T00:37:48","guid":{"rendered":"https:\/\/www.gcmasia.co\/analysis\/en\/?p=264132"},"modified":"2022-08-11T00:37:48","modified_gmt":"2022-08-11T00:37:48","slug":"110822-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/110822-morning-session-analysis\/","title":{"rendered":"110822 Morning Session Analysis"},"content":{"rendered":"

11 August 2022\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 dived as inflation pressure soften.<\/strong><\/span><\/p>\n

The Dollar Index which traded against a basket of six major currencies slumped on yesterday after the CPI data has been unleashed. According to the US Bureau of Labor Statistics, the US Consumer Price Index (CPI) YoY for July notched down from the previous reading of 9.1% to 8.5%, lower than the market forecast of 8.7%. Besides, the US Core Consumer Price Index (CPI) MoM, which excluding food and energy price, has posted at the reading of 0.3% while it was lower than the consensus expectation of 0.5%. The lower-than-expected inflationary data has showed that the inflation risk in the US has reached its peak and easing. Thus, it might indicate that the less aggressive rate hikes from Fed would be implemented. According to CME FedWatch Tool, the possibility of 50 basis point rate hike is about 57.5% while the chance of 75 basis point rate increase has reduced to 42.5%. As of writing, the Dollar Index depreciated by 1.08% to 105.10.<\/p>\n

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In the commodities market, the crude oil price dropped by 0.55% to $91.42 per barrel as of writing. Nonetheless, the oil price received bullish momentum during the overnight trading session amid the slump of US Dollar. On the other hand, the gold price eased by 0.39% to $1791.11 per troy ounce as of writing. Though, the trend of gold price remained bullish amid the rising tensions between US and China.<\/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 Event <\/strong><\/p>\n

All Day \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\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Japan – Mountain Day<\/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

N\/A<\/p>\n

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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
20:30<\/td>\nUSD – Initial Jobless Claims<\/td>\n260K<\/td>\n263K<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nUSD – PPI (MoM) (Jul)<\/td>\n1.10%<\/td>\n0.30%<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

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

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

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Resistance level: 105.25, 106.30<\/p>\n

Support level: 104.45, 103.60<\/p>\n

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

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Resistance level: 1.2270, 1.2345<\/p>\n

Support level: 1.2170, 1.2070<\/p>\n

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EURUSD, H4: <\/strong>EURUSD was traded lower following prior retracement from the resistance level. MACD which illustrated decreasing bullish momentum suggest the pair to extend its losses.<\/p>\n

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Resistance level: 1.0315, 1.0385<\/p>\n

Support level: 1.0235, 1.0160<\/p>\n

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

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Resistance level: 133.40, 134.90<\/p>\n

Support level: 131.65, 129.35<\/p>\n

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AUDUSD, H4: <\/strong>AUDUSD was traded lower while currently testing the support level. However, MACD which illustrated increasing bullish momentum suggest the pair to be traded higher as technical correction.<\/p>\n

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Resistance level: 0.7145, 0.7220<\/p>\n

Support level: 0.7075, 0.7005<\/p>\n

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

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Resistance level: 0.6465, 0.6555<\/p>\n

Support level: 0.6355, 0.6270<\/p>\n

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

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Resistance level: 1.2825, 1.2935<\/p>\n

Support level: 1.2700, 1.2615<\/p>\n

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USDCHF, H4: <\/strong>USDCHF 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: 0.9455, 0.9520<\/p>\n

Support level: 0.9380, 0.9300<\/p>\n

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CrudeOIL, H1: <\/strong>Crude oil price was traded lower following prior breakout below the previous support level. MACD which illustrated decreasing bullish momentum suggest the commodity to extend its losses.<\/p>\n

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Resistance level: 91.50, 93.25<\/p>\n

Support level: 89.75, 87.85<\/p>\n

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GOLD_, H4: <\/strong>Gold price was traded higher following prior breakout above the previous resistance level. However, MACD which illustrated increasing bearish momentum suggest the commodity to be traded lower as technical correction.<\/p>\n

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Resistance level: 1807.65, 1836.10<\/p>\n

Support level: 1778.80, 1756.95<\/p>\n","protected":false},"excerpt":{"rendered":"

11 August 2022\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Morning Session Analysis US Dollar dived as inflation pressure soften. The Dollar Index which traded against a basket of six major currencies slumped on yesterday after the CPI data has been unleashed. According to the US Bureau of Labor Statistics, the US Consumer Price Index (CPI) YoY for July notched down from […]<\/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\/264132"}],"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=264132"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/264132\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=264132"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=264132"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=264132"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}