{"id":285348,"date":"2022-11-17T00:23:42","date_gmt":"2022-11-17T00:23:42","guid":{"rendered":"https:\/\/www.gcmasia.co\/analysis\/en\/?p=285348"},"modified":"2022-11-17T00:23:42","modified_gmt":"2022-11-17T00:23:42","slug":"171122-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/171122-morning-session-analysis\/","title":{"rendered":"171122 Morning Session Analysis"},"content":{"rendered":"

17 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 Morning Session Analysis<\/strong><\/p>\n

 <\/p>\n

Dollar revived following the release of solid retail sales data.<\/strong><\/span><\/p>\n

The dollar index, which gauges its value against a basket of six major currencies, managed to hold its ground yesterday as upbeat economic data sparked bullish momentum in the dollar market. According to the Census Bureau, US Retail Sales came in at 1.3%, stronger than the consensus forecast of 1.0%, showing households stepped up their spending throughout the month of October. On the other hand, the US Core Retail Sales data also rose solidly, from 0.1% to 1.3%, beating the consensus forecast of 0.4%. Following the upbeat data as well as the sign of a slowdown in inflation, actually adds to cautious optimism that the economy could avoid an expected recession next year or experience only a mild one. Besides, the Fed\u2019s Waller also reiterated his point of view regarding the rate hike, whereby he is in favor of a 50-basis point of a rate hike. Similarly, he also emphasized that how high rates have to go hinges on the upcoming economic data. As of writing, the dollar index is up by 0.13% to 106.25.<\/p>\n

 <\/p>\n

In the commodities market, the crude oil price plunged by -1.77% to $85.60 per barrel as the oil supply to Hungary via the Druzhba pipeline resumed after being suspended temporarily in the past day. Besides, the gold prices edged down by -0.28% to $1773.90 per troy ounce amid the strengthening 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

20:30\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 GBP\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 Autumn Forecast Statement<\/p>\n

 <\/p>\n

Today\u2019s Highlight Economic Data<\/u><\/p>\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
18:00<\/td>\nEUR – CPI (YoY) (Oct)<\/td>\n10.7%<\/td>\n10.7%<\/td>\n–<\/td>\n<\/tr>\n
21:30<\/td>\nUSD – Building Permits (Oct)<\/td>\n1.564M<\/td>\n1.512M<\/td>\n–<\/td>\n<\/tr>\n
21:30<\/td>\nUSD – Initial Jobless Claims<\/td>\n225K<\/td>\n225K<\/td>\n–<\/td>\n<\/tr>\n
21:30<\/td>\nUSD – Philadelphia Fed Manufacturing Index (Nov)<\/td>\n-8.7<\/td>\n-6.2<\/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 prior breakout below the support level at 107.35. MACD which illustrated bearish bias momentum suggests the index to extend its losses toward the support level at 104.85<\/p>\n

 <\/p>\n

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

Support level: 104.85, 101.30<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, Daily: <\/strong>GBPUSD was traded higher following prior breakout above the previous resistance level at 1.1820. MACD which illustrated bullish bias momentum suggest the pair to extend its gains toward the resistance level at 1.2000.<\/p>\n

 <\/p>\n

Resistance level: 1.2000, 1.2200<\/p>\n

Support level: 1.1820, 1.1635<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, Daily: <\/strong>EURUSD was traded higher while currently testing the resistance level at 1.0365. 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: 1.0365, 1.0475<\/p>\n

Support level: 1.0255, 1.0130<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, Daily: <\/strong>USDJPY was traded lower while currently testing the support level ta 138.90. 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: 141.75, 144.70<\/p>\n

Support level: 138.90, 136.45<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, Daily: <\/strong>AUDUSD was traded higher following prior breakout above the previous resistance level at 0.6725. MACD which illustrated bullish bias momentum suggest the pair to extend its gains toward the resistance level at 0.6860.<\/p>\n

 <\/p>\n

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

Support level: 0.6725, 0.6640<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, Daily: <\/strong>NZDUSD was traded higher while currently testing the resistance level at 0.6170. 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: 0.6170, 0.6240<\/p>\n

Support level: 0.6105, 0.6025<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, Daily: <\/strong>USDCAD was traded higher following prior rebound from the support level at 1.3265. MACD which illustrated diminishing bearish momentum suggests the pair to extend its gains toward the resistance level at 1.3400.<\/p>\n

 <\/p>\n

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

Support level: 1.3265, 1.3155<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, Daily: <\/strong>USDCHF was traded higher following prior rebound from the support level at 0.9405. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 0.9530.<\/p>\n

 <\/p>\n

Resistance level: 0.9530, 0.9625<\/p>\n

Support level: 0.9405, 0.9310<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H4: <\/strong>Crude oil price was traded higher following prior rebound from support level at 84.35. Due to lack of signal from MACD, it is suggested to wait for further confirmation before entering into market.<\/p>\n

 <\/p>\n

Resistance level: 86.05, 87.40<\/p>\n

Support level: 84.35, 82.65<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, Daily: <\/strong>Gold price was traded higher following prior breakout above the previous resistance level at 1766.50. MACD which illustrated bullish bias momentum suggests the commodity to extend its gains toward the resistance level at 1805.90.<\/p>\n

 <\/p>\n

Resistance level: 1805.90, 1850.95<\/p>\n

Support level: 1766.50, 1726.15<\/p>\n","protected":false},"excerpt":{"rendered":"

17 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 Morning Session Analysis   Dollar revived following the release of solid retail sales data. The dollar index, which gauges its value against a basket of six major currencies, managed to hold its ground yesterday as upbeat economic data sparked bullish momentum in the dollar market. According to the Census Bureau, US Retail […]<\/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\/285348"}],"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=285348"}],"version-history":[{"count":1,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/285348\/revisions"}],"predecessor-version":[{"id":285396,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/285348\/revisions\/285396"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=285348"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=285348"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=285348"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}