{"id":275460,"date":"2022-10-04T00:34:49","date_gmt":"2022-10-04T00:34:49","guid":{"rendered":"https:\/\/www.gcmasia.co\/analysis\/en\/?p=275460"},"modified":"2022-10-04T00:34:49","modified_gmt":"2022-10-04T00:34:49","slug":"041022-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/041022-morning-session-analysis\/","title":{"rendered":"041022 Morning Session Analysis"},"content":{"rendered":"

4 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

Pound Sterling revived as Truss dropped part of tax cuts plan.<\/strong><\/span><\/p>\n

The GBP\/USD, which widely traded by majority of investors surged on yesterday trading session amid the reversing plan from the Liz Truss government. According to CNBC, the UK government had announced a series of tax cuts just weeks into its tenure. However, the step taken by the government was poorly received by financial markets. The top rate of tax paid on high-paid group which set at the 40% was seen as particular politically toxic, as British citizens are dealing with their soaring living cost. Thus, the government decided to drop the plan in order to stimulus the financial stability in the nation. In the perspective of investors, the U-turn of the UK government stand would increase the national income, which boosted up the value of Pound Sterling. On the economic data front, the gains experienced by GBP\/USD was limited after the bearish economic data has been released. The UK Manufacturing Purchasing Managers Index (PMI) posted in at the reading of 48.4, missing the consensus forecast of 48.5. As of writing, GBP\/USD rose by 0.09% to 1.1333.<\/p>\n

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In the commodities market, the crude oil price dropped by 0.25% to $83.42 per barrel as of writing. Yesterday, the crude oil price surged as OPEC+ considered to reduce output by more than 1 million barrels per day, the biggest cut since 2020. In addition, the gold price appreciated by 0.50% to $1701.77 per troy ounce as of writing following the weakening of US Dollar.<\/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

All Day\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 China – National 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

11:30\u00a0\u00a0\u00a0\u00a0 \u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 AUD\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 RBA Rate Statement<\/p>\n

23:00\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 ECB President Lagarde Speaks<\/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
11:30<\/td>\nAUD – RBA Interest Rate Decision (Oct)<\/td>\n2.35%<\/td>\n2.85%<\/td>\n–<\/td>\n<\/tr>\n
22:00<\/td>\nUSD – JOLTs Job Openings (Aug)<\/td>\n11.239M<\/td>\n10.650M<\/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 while currently testing the support level. MACD which illustrated increasing bearish momentum suggest the index to extend its losses if successfully breakout the support level.<\/p>\n

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Resistance level: 113.00, 114.10<\/p>\n

Support level: 111.50, 110.45<\/p>\n

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

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Resistance level: 1.1370, 1.1595<\/p>\n

Support level: 1.1085, 1.0895<\/p>\n

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EURUSD, H4: <\/strong>EURUSD 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: 0.9905, 1.0000<\/p>\n

Support level: 0.9810, 0.9730<\/p>\n

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

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Resistance level: 145.60, 147.10<\/p>\n

Support level: 144.05, 142.35<\/p>\n

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AUDUSD, H4: <\/strong>AUDUSD 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: 0.6555, 0.6650<\/p>\n

Support level: 0.6470, 0.6370<\/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: 0.5770, 0.5865<\/p>\n

Support level: 0.5680, 0.5615<\/p>\n

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USDCAD, Daily: <\/strong>USDCAD 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: 1.3820, 1.3990<\/p>\n

Support level: 1.3635, 1.3455<\/p>\n

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USDCHF, H4: <\/strong>USDCHF 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: 0.9930, 1.0020<\/p>\n

Support level: 0.9865, 0.9785<\/p>\n

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

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Resistance level: 86.05, 91.50<\/p>\n

Support level: 81.80, 78.20<\/p>\n

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

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Resistance level: 1716.10, 1733.55<\/p>\n

Support level: 1693.95, 1678.65<\/p>\n","protected":false},"excerpt":{"rendered":"

4 October 2022\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Morning Session Analysis Pound Sterling revived as Truss dropped part of tax cuts plan. The GBP\/USD, which widely traded by majority of investors surged on yesterday trading session amid the reversing plan from the Liz Truss government. According to CNBC, the UK government had announced a series of tax cuts just weeks […]<\/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\/275460"}],"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=275460"}],"version-history":[{"count":1,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/275460\/revisions"}],"predecessor-version":[{"id":275559,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/275460\/revisions\/275559"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=275460"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=275460"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=275460"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}