{"id":33719,"date":"2018-10-01T02:27:28","date_gmt":"2018-10-01T02:27:28","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=33719"},"modified":"2018-10-02T00:28:08","modified_gmt":"2018-10-02T00:28:08","slug":"011018-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/011018-morning-session-analysis\/","title":{"rendered":"011018 Morning Session Analysis"},"content":{"rendered":"

1 October 2018\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

CAD shines as GDP exceeds expectation.<\/strong><\/span><\/p>\n

Greenback opened the week at a lower level this morning over-the-backdrop of bleak US economic data which were released last Friday. The dollar index which measures its strength against six major currencies depreciates by 0.03% to 94.63. In the economics\u2019 front, US Federal Reserve\u2019s preferred inflation measure, the Core PCE Price Index was flat for the month of August, underwhelming economist expectation for a growth of 0.1%. Similarly, University of Michigan reported a slight depreciation in US Consumer Sentiment, down to 100.1 versus expected reading of 100.5 for the month of September. On the other hand, pair of USD\/CAD extended its losses by 0.46% to $1.2851 during early Asian trading session. The Canadian dollar received higher demand after Gross Domestic Product for the month of July expands at a faster pace with 0.2% versus forecast of 0.1%.<\/p>\n

 <\/p>\n

As for commodities market, crude oil price was down 0.11% to $73.70 per barrel. Crude prices received some bearish pressure after US President Donald Trump was reportedly contacted Saudi Arabia\u2019s King Salman last weekend and discussed efforts being made to ensure global oil market stability. The call came a day after Trump criticized OPEC for high oil prices and requests the cartel to boost their output. Otherwise, gold price was down 0.11% to $1,190.69 a troy ounce while higher prospect for a future US rate hike keeps limits the upside of the commodity.<\/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 HKD\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0Hong Kong \u2013 National Day<\/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 \u00a0China \u2013 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

21:00\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 USD\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0FOMC Member Bostic Speaks<\/p>\n

00:15\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 USD\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0FOMC Member Rosengren Speaks<\/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
15:55<\/td>\nEUR \u2013 German Manufacturing PMI (Sep)<\/td>\n53.7<\/td>\n53.7<\/td>\n–<\/td>\n<\/tr>\n
16:30<\/td>\nGBP \u2013 Manufacturing PMI (Sep)<\/td>\n52.8<\/td>\n52.5<\/td>\n–<\/td>\n<\/tr>\n
22:00<\/td>\nUSD \u2013 ISM Manufacturing Employment (Sep)<\/td>\n58.5<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n
22:00<\/td>\nUSD \u2013 ISM Manufacturing PMI (Sep)<\/td>\n61.3<\/td>\n60.3<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n

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

\"\"<\/p>\n

DOLLAR_INDX, H4: <\/strong>Dollar index was traded higher following prior rebound and closure above 94.65. MACD which continues to illustrate bullish signal suggests the index to extend its gains, towards the target of 95.00.<\/p>\n

 <\/p>\n

Resistance level: 95.00, 95.50<\/p>\n

Support level: 94.65, 94.00<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H4: <\/strong>GBPUSD was traded lower following prior breakout from the upward trendline. MACD which continues to illustrate bearish signal suggests the pair to extend its bearish momentum, towards the target at 1.2985.<\/p>\n

 <\/p>\n

Resistance level: 1.3055, 1.3100<\/p>\n

Support level: 1.2895, 1.2910<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, H4: <\/strong>EURUSD was traded lower following breakout from the support level near 1.1675. MACD which illustrate persistent bearish signal suggests the pair to extend its losses, towards the target at 1.1550.<\/p>\n

 <\/p>\n

Resistance level: 1.1605, 1.1675<\/p>\n

Support level: 1.1550, 1.1495<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, H1: <\/strong>USDJPY extended gains following prior breakout from the resistance of 113.70. MACD which has formed a golden cross signal suggests the pair to extend its gains after breaking the threshold of 114.00.<\/p>\n

 <\/p>\n

Resistance level: 114.00, 114.35<\/p>\n

Support level: 113.70, 113.40<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H1: <\/strong>AUDUSD was traded lower following prior retrace from the downward trendline. MACD which begins to form a death cross signal suggests the pair to extend its losses after closing below the 20-MA line (red).<\/p>\n

 <\/p>\n

Resistance level: 0.7230, 0.7240<\/p>\n

Support level: 0.7200, 0.7175<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H1: <\/strong>NZDUSD was traded lower following prior retrace from the 60-MA line (green). MACD which begins to form a death cross signal suggests the pair to extend its losses after closing below the 20-MA line (red).<\/p>\n

 <\/p>\n

Resistance level: 0.6620, 0.6635<\/p>\n

Support level: 0.6600, 0.6575<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, H4: <\/strong>USDCAD plunged sharply after breaking the strong support near 1.2900. MACD which illustrate persistent bearish signal suggests the pair to extend its losses after breaking the support near 1.2820.<\/p>\n

 <\/p>\n

Resistance level: 1.2900, 1.2955<\/p>\n

Support level: 1.2820, 1.2750<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF extended gains following prior rebound near the support of 0.9760. MACD histogram which illustrate bullish momentum suggests the pair to advance further upwards after closing above 0.9810.<\/p>\n

 <\/p>\n

Resistance level: 0.9810, 0.9850<\/p>\n

Support level: 0.9760, 0.9710<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H4: <\/strong>Crude oil price was traded higher following prior rebound from the upward trendline. MACD which illustrate the formation of golden cross signal suggests the commodity price to extend its gains after breaking 73.55.<\/p>\n

 <\/p>\n

Resistance level: 73.55, 75.00<\/p>\n

Support level: 71.35, 69.30<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H1: <\/strong>Gold price was traded lower following prior retrace from the trendline. MACD histogram which begins to form a death cross signal suggests the commodity price to be traded lower in short-term, towards the direction of 1184.00.<\/p>\n

 <\/p>\n

Resistance level: 1192.00, 1202.00<\/p>\n

Support level: 1184.00, 1177.00<\/p>\n

 <\/p>\n

Highlighted economy data and events for the week: <\/u><\/strong>October 1 \u2013 5 \u00a0<\/u><\/strong><\/p>\n\n\n\n\n\n\n\n
Monday, October 1<\/strong><\/td>\n <\/p>\n

Data<\/strong><\/p>\n

JPY \u2013 <\/strong>Tankan Large Non-Manufacturers Index (Q3)<\/p>\n

EUR \u2013 <\/strong>German Manufacturing PMI (Sep)<\/p>\n

GBP \u2013 <\/strong>Manufacturing PMI (Sep)<\/p>\n

USD \u2013 <\/strong>ISM Manufacturing PMI (Sep)<\/p>\n

 <\/p>\n

Events<\/strong><\/p>\n

N\/A<\/strong><\/p>\n

 <\/td>\n<\/tr>\n

Tuesday, October 2<\/strong><\/td>\n <\/p>\n

Data<\/strong><\/p>\n

AUD \u2013<\/strong> RBA Interest Rate Decision (Oct)
\nGBP \u2013 <\/strong>Construction PMI (Sep)<\/p>\n

 <\/p>\n

Events<\/strong><\/p>\n

AUD \u2013<\/strong> RBA Rate Statement<\/p>\n

 <\/td>\n<\/tr>\n

Wednesday, October 3<\/strong><\/td>\n <\/p>\n

Data<\/strong><\/p>\n

GBP \u2013 <\/strong>Services PMI (Sep)<\/p>\n

USD \u2013 <\/strong>ADP Nonfarm Employment Change (Sep)<\/p>\n

USD \u2013 <\/strong>ISM Non-Manufacturing Employment (Sep)<\/p>\n

USD \u2013 <\/strong>ISM Non-Manufacturing PMI (Sep)<\/p>\n

CrudeOIL \u2013 <\/strong>Crude Oil Inventories<\/p>\n

 <\/p>\n

Events<\/strong><\/p>\n

USD<\/strong> \u2013 Fed Chair Powell Speaks<\/p>\n

 <\/td>\n<\/tr>\n

Thursday, <\/strong>October 4<\/strong><\/td>\n\u00a0<\/strong><\/p>\n

Data<\/strong><\/p>\n

USD \u2013 <\/strong>Initial Jobless Claims<\/p>\n

USD \u2013 <\/strong>Factory Orders (MoM) (Aug)<\/p>\n

CAD \u2013 <\/strong>Ivey PMI (Sep)<\/p>\n

 <\/p>\n

Events<\/strong><\/p>\n

N\/A<\/strong><\/p>\n

 <\/td>\n<\/tr>\n

\u00a0<\/strong><\/p>\n

Friday, October 5<\/strong><\/p>\n

\u00a0<\/strong><\/td>\n

 <\/p>\n

Data<\/strong><\/p>\n

AUD \u2013 <\/strong>Retail Sales (MoM) (Aug)<\/p>\n

USD \u2013 <\/strong>Average Hourly Earnings (MoM) (Sep)<\/p>\n

USD \u2013 <\/strong>Nonfarm Payrolls (Sep)<\/p>\n

USD<\/strong> \u2013 Unemployment Rate (Sep)<\/p>\n

CAD \u2013 <\/strong>Employment Change (Sep)<\/p>\n

 <\/p>\n

Events<\/strong><\/p>\n

N\/A<\/strong><\/p>\n

 <\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

1 October 2018\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Morning Session Analysis   CAD shines as GDP exceeds expectation. Greenback opened the week at a lower level this morning over-the-backdrop of bleak US economic data which were released last Friday. The dollar index which measures its strength against six major currencies depreciates by 0.03% to 94.63. In the economics\u2019 front, US […]<\/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\/33719"}],"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=33719"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/33719\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=33719"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=33719"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=33719"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}