{"id":282696,"date":"2022-11-07T00:17:46","date_gmt":"2022-11-07T00:17:46","guid":{"rendered":"https:\/\/www.gcmasia.co\/analysis\/en\/?p=282696"},"modified":"2022-11-07T00:17:46","modified_gmt":"2022-11-07T00:17:46","slug":"071122-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/071122-morning-session-analysis\/","title":{"rendered":"071122 Morning Session Analysis"},"content":{"rendered":"

7 November 2022\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 Morning Session Analysis<\/strong><\/p>\n

 <\/p>\n

Greenback slumped following the release of mixed labor data.<\/strong><\/span><\/p>\n

The dollar index, which gauges its value against a basket of six major currencies, plunged as the US labor market showed a mixed result last Friday. According to the Bureau of Labor Statistics, the US Nonfarm Payrolls came in at 261K, stronger than the consensus forecast at 200K, showing that huge job creation is happening in the world\u2019s largest economy. However, the market optimism was pared off after the market participants digested the jobs report and paid more attention to the unemployment rate data. Surprisingly, the unemployment rate in the US rose to 3.7% from September\u2019s 3.5%, suggesting some sign of loosening in the US labor market. With these backdrops, the investors took it negatively while recking that the Federal Reserve shift toward a conservative rate hike path, whereby a smaller interest rate increase would happen in December.\u00a0 As of writing, the dollar index dropped 1.90% to 110.80.<\/p>\n

 <\/p>\n

In the commodities market, the crude oil price edged up by 0.10% to $92.55 per barrel as the G7 allies\u2019 sanctions on Russian oil go into effect in almost a month, which is largely expected to curtail Russia’s oil exports. Besides, the gold price rose by 0.05% to $1681.15 per troy ounce amid the dollar\u2019s weakening.<\/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

16:40\u00a0\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

 <\/p>\n

Today\u2019s Highlight Economic Data<\/u><\/p>\n

N\/A<\/p>\n

 <\/p>\n

 <\/p>\n

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

\"\"<\/p>\n

DOLLAR_INDX, Daily: <\/strong>Dollar index was traded lower following prior breakout below the previous support level at 111.25. MACD which illustrated bearish bias momentum suggests the index to extend its losses toward the support level at 109.00.<\/p>\n

 <\/p>\n

Resistance level: 111.25, 113.30<\/p>\n

Support level: 109.00, 107.35<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, Daily: <\/strong>GBPUSD was traded higher following prior breakout above the previous resistance level at 1.1290. However, MACD which illustrated bearish bias momentum suggest the pair to undergo technical correction in short term.<\/p>\n

 <\/p>\n

Resistance level: 1.1445, 1.1635<\/p>\n

Support level: 1.1290, 1.1175<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, Daily: <\/strong>EURUSD was traded higher following prior breakout above the previous resistance level at 0.9910. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 1.0025.<\/p>\n

 <\/p>\n

Resistance level: 1.0025, 1.0130<\/p>\n

Support level: 0.9910, 0.9830<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, Daily: <\/strong>USDJPY was traded lower following prior breakout below the previous support level at 147.30. MACD which illustrated bearish bias momentum suggest the pair to extend its losses toward the support level at 144.70.<\/p>\n

 <\/p>\n

Resistance level: 147.30, 149.35<\/p>\n

Support level: 144.70, 141.75<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, Daily: <\/strong>AUDUSD was traded higher following prior rebound from the support level at 0.6400. MACD which illustrated bullish bias momentum suggest the pair to extend its gains toward the resistance level at 0.6530.<\/p>\n

 <\/p>\n

Resistance level: 0.6530, 0.6640<\/p>\n

Support level: 0.6400, 0.6285<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, Daily: <\/strong>NZDUSD was traded higher following prior rebound from the support level at 0.5845. MACD which illustrated bullish bias momentum suggest the pair to extend its gains toward the resistance level at 0.5930.<\/p>\n

 <\/p>\n

Resistance level: 0.5930, 0.6025<\/p>\n

Support level: 0.5845, 0.5765<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, Daily: <\/strong>USDCAD was traded lower while currently testing the support level at 1.3505. MACD which illustrated bearish bias momentum suggests the pair to extend its losses after it successfully breakout below the support level at 1.3505.<\/p>\n

 <\/p>\n

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

Support level: 1.3505, 1.3400<\/p>\n

 <\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, Daily: <\/strong>USDCHF was traded lower while currently testing the support level at 0.9930. MACD which illustrated bearish bias momentum suggest the pair to extend its losses after it successfully breakout below the support level.<\/p>\n

 <\/p>\n

Resistance level: 1.0055, 1.0160<\/p>\n

Support level: 0.9930, 0.9840<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, Daily: <\/strong>Crude oil price was traded higher following prior breakout above the previous resistance level at 89.45. MACD which illustrated bullish bias momentum suggests the commodity to extend its gains toward the resistance level at 93.20.<\/p>\n

 <\/p>\n

Resistance level: 93.20, 96.65<\/p>\n

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

 <\/p>\n

\"\"<\/p>\n

GOLD_, Daily: <\/strong>Gold price was traded higher while currently testing the downward trendline. MACD which illustrated bullish bias momentum suggests the commodity to extend its gains after it successfully breakout above the trend line.<\/p>\n

 <\/p>\n

Resistance level: 1693.35, 1726.15<\/p>\n

Support level: 1661.40, 1627.60<\/p>\n

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

7 November 2022\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 Morning Session Analysis   Greenback slumped following the release of mixed labor data. The dollar index, which gauges its value against a basket of six major currencies, plunged as the US labor market showed a mixed result last Friday. According to the Bureau of Labor Statistics, the US Nonfarm Payrolls came in […]<\/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\/282696"}],"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=282696"}],"version-history":[{"count":1,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/282696\/revisions"}],"predecessor-version":[{"id":282745,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/282696\/revisions\/282745"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=282696"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=282696"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=282696"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}