{"id":333339,"date":"2023-07-06T00:37:26","date_gmt":"2023-07-06T00:37:26","guid":{"rendered":"https:\/\/www.gcmasia.co\/analysis\/en\/?p=333339"},"modified":"2023-07-06T00:37:26","modified_gmt":"2023-07-06T00:37:26","slug":"060723-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/060723-morning-session-analysis\/","title":{"rendered":"060723 Morning Session Analysis"},"content":{"rendered":"

06 July 2023\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 surged amid hawkish FOMC meeting minutes.<\/strong><\/span><\/p>\n

The dollar index, which was traded against a basket of six major currencies, managed to revert from its previous losses after the Federal Reserve released the minutes of its June monetary policy meeting, which tilted toward a hawkish stance as officials worried about a tight labor market. In the meeting minutes, it showed that the officials agreed to keep interest rates unchanged to assess the cumulative impact of previous tightening measures before a further rate hike. However, some Fed officials have advocated a quarter-point rate hike, citing a tight job market. Also, majority of the officials also noted that after rapidly tightening the stance of monetary policy last year, the Committee had already slowed the pace of tightening, and that would be appropriate to slow the pace of tightening further in order to have more time to observe the effects of the cumulative tightening and assess its impact on policy. At this point in time, the market participants are eyeing on the upcoming crucial data such as Nonfarm Payroll in order to scrutinize the future path of Fed\u2019s tightening policy. As of writing, the dollar index rose 0.29% to 103.35.<\/p>\n

 <\/p>\n

In the commodities market, crude oil prices appreciated by 1.10% to $71.85 per barrel after a further draw in US oil stockpiles were reported by API. Besides, the gold prices ticked up by 0.08% to $1916.70 per troy ounce after slumping for more than $10 amid hawkish Fed\u2019s meeting minutes.<\/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

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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

N\/A<\/p>\n

 <\/p>\n

Today\u2019s Highlight Economic Data<\/u><\/p>\n\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
20:15<\/td>\nUSD – ADP Nonfarm Employment Change (Jun)<\/td>\n278K<\/td>\n230K<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nUSD – Initial Jobless Claims<\/td>\n239K<\/td>\n245K<\/td>\n–<\/td>\n<\/tr>\n
21:45<\/td>\nUSD – Services PMI (Jun)<\/td>\n54.9<\/td>\n54.1<\/td>\n–<\/td>\n<\/tr>\n
22:00<\/td>\nUSD – ISM Non-Manufacturing PMI (Jun)<\/td>\n50.3<\/td>\n51.0<\/td>\n–<\/td>\n<\/tr>\n
22:00<\/td>\nUSD – JOLTs Job Openings (May)<\/td>\n10.103M<\/td>\n9.900M<\/td>\n–<\/td>\n<\/tr>\n
23:00<\/td>\nCrudeOIL – Crude Oil Inventories<\/td>\n-9.603M<\/td>\n-0.729M<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

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 <\/p>\n

 <\/p>\n

Technical Analysis\u00a0<\/u><\/strong><\/p>\n

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DOLLAR_INDX, Daily: <\/strong>Dollar index was traded higher while currently testing the resistance level at 103.00. MACD which illustrated bullish momentum suggests the index to extend its gains after it successfully breakout above the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 103.00, 105.00<\/p>\n

Support level: 100.65, 99.40<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, Daily: <\/strong>GBPUSD was traded higher following the prior rebound from the support level at 1.2635. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 1.2765.<\/p>\n

 <\/p>\n

 <\/p>\n

Resistance level: 1.2765, 1.2875<\/p>\n

Support level: 1.2635, 1.2525<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, Daily: <\/strong>EURUSD was traded lower while currently testing the support level at 1.0865. 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: 1.0915, 1.1010<\/p>\n

Support level: 1.0865, 1.0770<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, Daily: <\/strong>USDJPY was traded higher while currently testing the resistance level at 144.90. However, MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward the support level at 141.60.<\/p>\n

 <\/p>\n

Resistance level: 144.90, 147.20<\/p>\n

Support level: 141.60, 139.00<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, Daily: <\/strong>AUDUSD was traded higher while currently testing the resistance level at 0.6675. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level at 0.6675.<\/p>\n

 <\/p>\n

Resistance level: 0.6675, 0.6785<\/p>\n

Support level: 0.6565, 0.6425<\/p>\n

 <\/p>\n

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NZDUSD, Daily: <\/strong>NZDUSD was traded higher following the prior breakout above the previous resistance level at 0.6150. MACD which illustrated bullish bias momentum suggest the pair to extend its gains toward the resistance level at 0.6290.<\/p>\n

 <\/p>\n

Resistance level: 0.6290, 0.6455<\/p>\n

Support level: 0.6150, 0.6040<\/p>\n

 <\/p>\n

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USDCAD, Daily: <\/strong>USDCAD was traded higher while currently testing the resistance level at 1.3245. MACD which illustrated bullish bias momentum suggests the pair to extend its gains after it successfully breakout above the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 1.3245, 1.3330<\/p>\n

Support level: 1.3175, 1.3065<\/p>\n

 <\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, Daily: <\/strong>USDCHF was traded higher while currently testing the resistance level at 0.8980. 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: 0.8980, 0.9140<\/p>\n

Support level: 0.8830, 0.8670<\/p>\n

 <\/p>\n

\"\"<\/p>\n

\u00a0CrudeOIL, Daily: <\/strong>Crude oil price was traded higher following the prior breakout above the previous resistance level at 70.15. MACD which illustrated bullish bias momentum suggest the commodity to extend its gains toward the resistance level at 73.90.<\/p>\n

 <\/p>\n

Resistance level: 73.90, 77.15<\/p>\n

Support level: 70.15, 66.50<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, Daily: <\/strong>Gold price was traded lower following the prior retracement from the higher level. MACD which illustrated bearish bias momentum suggests the commodity to extend its losses toward the support level at 1889.55.<\/p>\n

 <\/p>\n

Resistance level: 1939.75, 1951.60<\/p>\n

Support level: 1889.55, 1839.40<\/p>\n

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

06 July 2023\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 surged amid hawkish FOMC meeting minutes. The dollar index, which was traded against a basket of six major currencies, managed to revert from its previous losses after the Federal Reserve released the minutes of its June monetary policy meeting, which tilted toward a hawkish stance as officials […]<\/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\/333339"}],"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=333339"}],"version-history":[{"count":1,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/333339\/revisions"}],"predecessor-version":[{"id":333381,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/333339\/revisions\/333381"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=333339"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=333339"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=333339"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}