{"id":275162,"date":"2022-10-02T23:53:08","date_gmt":"2022-10-02T23:53:08","guid":{"rendered":"https:\/\/www.gcmasia.co\/analysis\/en\/?p=275162"},"modified":"2022-10-02T23:53:08","modified_gmt":"2022-10-02T23:53:08","slug":"031022-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/031022-morning-session-analysis\/","title":{"rendered":"031022 Morning Session Analysis"},"content":{"rendered":"

3 October 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

Pound rallied amid an unexpected reversal from the economic downturn.<\/strong><\/span><\/p>\n

The Pound, which was one of the biggest currencies markets traded by global investors, surged after the new economic figure showed a reversal from recession last Friday. According to the Office for National Statistics, the British economy grew by 0.2% in the second quarter, contrary to the consensus forecast of -0.1%, mirroring that the UK economy is not in recession while against the prediction of recession by the Bank of England earlier this month. However, the gains in the Pound market were limited as the economy was still far below its pre-pandemic peak, while the overall picture of the UK economy is still in the worst shape. Going forward, the market participants would continue to put their attention on the upcoming economic data and the new government stimulus plan to scrutinize the further movement of the currency. As of writing, the pair of GBP\/USD is up by 0.11% to 1.1170.<\/p>\n

 <\/p>\n

In the commodities market, the crude oil price edged up 2.87% to $82.00 per barrel following the depreciation of the US dollar, which boosted the shininess of oil products. Besides, the gold prices appreciated by 0.20% to $1664.40 per troy ounce following 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

All Day\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 CNY\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 National Day<\/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

N\/A<\/p>\n

 <\/p>\n

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
15:55<\/td>\nEUR \u2013 German Manufacturing PMI (Sep)<\/td>\n48.3<\/td>\n48.3<\/td>\n–<\/td>\n<\/tr>\n
16:30<\/td>\nGBP \u2013 Manufacturing PMI (Sep)<\/td>\n48.5<\/td>\n48.5<\/td>\n–<\/td>\n<\/tr>\n
22:00<\/td>\nUSD \u2013 ISM Manufacturing PMI (Sep)<\/td>\n52.5<\/td>\n51.9<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n

 <\/p>\n

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

\"\"<\/p>\n

DOLLAR_INDX, Daily: <\/strong>Dollar index was traded lower following a breakout below the previous support level at 113.30. MACD which illustrated diminishing bullish momentum suggests the index to extend its losses toward the support level at 111.25.<\/p>\n

 <\/p>\n

Resistance level: 113.30, 115.00<\/p>\n

Support level: 111.25, 109.00<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, Daily: <\/strong>GBPUSD was traded higher while currently testing the resistance level at 1.1185. MACD which illustrated bullish bias momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 1.1185, 1.1350<\/p>\n

Support level: 1.1050, 1.0870<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, Daily: <\/strong>EURUSD was traded higher while currently testing the resistance level at 0.9830. 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: 0.9830, 0.9910<\/p>\n

Support level: 0.9685, 0.9585<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, H4: <\/strong>USDJPY was traded higher while currently testing the resistance level at 144.95. 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: 144.95, 145.85<\/p>\n

Support level: 144.55, 143.75<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, Daily: <\/strong>AUDUSD was traded lower following prior breakout below the previous support level at 0.6430. MACD which illustrated bearish bias momentum suggest the pair to extend its losses toward the support level at 0.6285.<\/p>\n

 <\/p>\n

Resistance level: 0.6430, 0.6530<\/p>\n

Support level: 0.6285, 0.6165<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, Daily: <\/strong>NZDUSD was traded lower following prior breakout below the previous support level at 0.5625. \u00a0MACD which illustrated bearish bias momentum suggest the pair to extend losses toward the support level at 0.5560.<\/p>\n

 <\/p>\n

Resistance level: 0.5625, 0.5710<\/p>\n

Support level: 0.5560, 0.5500<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, Daily: <\/strong>USDCAD was traded higher following prior breakout above the previous resistance level at 1.3715. MACD which illustrated bullish bias momentum suggests the pair to extend gains toward the resistance level at 1.3855.<\/p>\n

 <\/p>\n

Resistance level: 1.3855, 1.4000<\/p>\n

Support level: 1.3715, 1.3600<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, Daily: <\/strong>USDCHF was traded higher following prior breakout above the previous resistance level at 0.9825. MACD which illustrated bullish bias momentum suggest the pair to extend its gains toward the resistance level at 0.9920.<\/p>\n

 <\/p>\n

Resistance level: 0.9920, 1.0030<\/p>\n

Support level: 0.9825, 0.9750<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, Daily: <\/strong>Crude oil price was traded higher while currently testing the downward trendline. MACD which illustrated diminishing bearish momentum suggests the commodity to extend its gains after it successfully breakout above the downward trendline.<\/p>\n

 <\/p>\n

Resistance level: 86.15, 89.45<\/p>\n

Support level: 80.60, 76.70<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H4: <\/strong>Gold price was traded higher following prior rebound from the lower level. However, MACD which illustrated diminishing bullish momentum suggest the commodity to undergo technical correction in short term.<\/p>\n

 <\/p>\n

Resistance level: 1677.75, 1693.35<\/p>\n

Support level: 1653.90, 1636.10<\/p>\n","protected":false},"excerpt":{"rendered":"

3 October 2022\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Morning Session Analysis   Pound rallied amid an unexpected reversal from the economic downturn. The Pound, which was one of the biggest currencies markets traded by global investors, surged after the new economic figure showed a reversal from recession last Friday. According to the Office for National Statistics, the British economy grew […]<\/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\/275162"}],"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=275162"}],"version-history":[{"count":1,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/275162\/revisions"}],"predecessor-version":[{"id":275208,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/275162\/revisions\/275208"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=275162"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=275162"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=275162"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}