{"id":265593,"date":"2022-08-17T00:35:41","date_gmt":"2022-08-17T00:35:41","guid":{"rendered":"https:\/\/www.gcmasia.co\/analysis\/en\/?p=265593"},"modified":"2022-08-17T00:35:41","modified_gmt":"2022-08-17T00:35:41","slug":"170822-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/170822-morning-session-analysis\/","title":{"rendered":"170822 Morning Session Analysis"},"content":{"rendered":"

17 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

 <\/p>\n

Dollar lingers ahead of Retail Sales and Fed meeting minutes.<\/strong><\/span><\/p>\n

The dollar index, which traded against a basket of six currencies, traded flat yesterday as the market participants are waiting for the data on retail sales in the US as well as the central bank\u2019s meeting minutes of the July meeting. Since the beginning of this week, the dollar index has bounced back from the six-week low as the heightening of global recession risk triggered the market risk-off sentiment, prompting the investors\u2019 demand for the safe haven currency. It is noteworthy to mention that the US delegation’s visit to Taiwan has further increased the uncertainty in the global outlook as China immediately announced a fresh military drill near Taiwan as a dissatisfying response to the issue. Besides, Russian President Vladimir Putin also accused the US is seeking to prolong the conflict in Ukraine as the nation is obviously trying to fuel the conflicts elsewhere in the world. On the other side, the greenback managed to regain its previous losses as investors ramped up the bets that the US would continue to hike rates aggressively as the Fed officials maintained their hawkish tone on the tightening path of the monetary policy. At this juncture, investors will eye the crucial economic data such as Retail Sales, as well as the Fed meeting minutes to scrutiny the aggressiveness of the rate hike going forward. As of writing, the dollar index dropped 0.06% to 106.50.<\/p>\n

 <\/p>\n

In the commodities market, the crude oil price is down 0.36% to $86.50 a barrel amid the uncertainty over the Iran nuclear deal, where the investors are not sure if the US and Iran will achieve a consensus on sealing a deal.\u00a0 Besides, the gold prices appreciated by 0.01% to $1775.35 a troy ounce amid the weakening of the dollar index.<\/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

11:00\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 NZD\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 RBNZ Press Conference<\/p>\n

02:00\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 USD\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 FOMC Meeting Minutes<\/p>\n

(18th<\/sup>)<\/p>\n

 <\/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
10:00<\/td>\nNZD – RBNZ Interest Rate Decision<\/td>\n2.50%<\/td>\n3.00%<\/td>\n–<\/td>\n<\/tr>\n
14:00<\/td>\nGBP – CPI (YoY) (Jul)<\/td>\n9.4%<\/td>\n9.8%<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nUSD – Core Retail Sales (MoM) (Jul)<\/td>\n1.0%<\/td>\n-0.1%<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nUSD – Retail Sales (MoM) (Jul)<\/td>\n1.0%<\/td>\n0.1%<\/td>\n–<\/td>\n<\/tr>\n
22:30<\/td>\nCrudeOIL – Crude Oil Inventories<\/td>\n5.458M<\/td>\n-0.275M<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n

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

\"\"<\/p>\n

DOLLAR_INDX, Daily: <\/strong>Dollar index was traded higher following prior breakout above the previous upward trendline. MACD which illustrated diminishing bearish momentum suggests the index to extend its gains toward the 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

\"\"<\/p>\n

GBPUSD, Daily: <\/strong>GBPUSD was traded lower while currently testing the support level at 1.2035. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.<\/p>\n

 <\/p>\n

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

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

 <\/p>\n

\"\"<\/p>\n

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

 <\/p>\n

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

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

 <\/p>\n

\"\"<\/p>\n

USDJPY, Daily: <\/strong>USDJPY was traded higher following prior rebound from the support level at 133.15. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 135.25.<\/p>\n

 <\/p>\n

Resistance level: 135.25, 136.65<\/p>\n

Support level: 133.15, 131.30<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, Daily: <\/strong>AUDUSD was traded lower following prior retracement from the resistance level at 0.7115. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward the support level at 0.6985.<\/p>\n

 <\/p>\n

Resistance level: 0.7115, 0.7220<\/p>\n

Support level: 0.6985, 0.6860<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, Daily: <\/strong>NZDUSD was traded lower following prior breakout below the previous support level at 0.6360. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward the support level at 0.6245.<\/p>\n

 <\/p>\n

Resistance level: 0.6360, 0.6430<\/p>\n

Support level: 0.6245, 0.6140<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, Daily: <\/strong>USDCAD was traded lower following prior retracement from the resistance level at 1.2925. MACD which illustrated diminishing bearish momentum suggests the pair to undergo technical correction in short term.<\/p>\n

 <\/p>\n

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

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

 <\/p>\n

\"\"<\/p>\n

USDCHF, Daily: <\/strong>USDCHF was traded higher following prior breakout above the previous resistance level at 0.9450. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 0.9520.<\/p>\n

 <\/p>\n

Resistance level: 0.9520, 0.9590<\/p>\n

Support level: 0.9450, 0.9350<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, Daily: <\/strong>Crude oil price was traded lower following prior breakout below the previous support level at 87.30. MACD which illustrated diminishing bullish momentum suggests the commodity to extend its losses toward the support level at 84.00.<\/p>\n

 <\/p>\n

Resistance level: 87.30, 89.70<\/p>\n

Support level: 84.00, 79.65<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, Daily: <\/strong>Gold price was traded lower while currently testing the support level at 1770.05. MACD which illustrated diminishing bullish momentum suggest the commodity to extend its losses after it successfully breakout below the support level.<\/p>\n

 <\/p>\n

Resistance level: 1783.20, 1808.15<\/p>\n

Support level: 1770.05, 1729.25<\/p>\n","protected":false},"excerpt":{"rendered":"

17 August 2022\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Morning Session Analysis   Dollar lingers ahead of Retail Sales and Fed meeting minutes. The dollar index, which traded against a basket of six currencies, traded flat yesterday as the market participants are waiting for the data on retail sales in the US as well as the central bank\u2019s meeting minutes of […]<\/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\/265593"}],"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=265593"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/265593\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=265593"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=265593"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=265593"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}