{"id":339697,"date":"2023-08-07T00:11:57","date_gmt":"2023-08-07T00:11:57","guid":{"rendered":"https:\/\/www.gcmasia.co\/analysis\/en\/?p=339697"},"modified":"2023-08-07T00:11:57","modified_gmt":"2023-08-07T00:11:57","slug":"070823-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/070823-morning-session-analysis\/","title":{"rendered":"070823 Morning Session Analysis"},"content":{"rendered":"

07 August 2023\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Morning Session Analysis<\/strong><\/p>\n

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Greenback plunged amid US jobs growth deteriorated.<\/strong><\/span><\/p>\n

The dollar index, which was traded against a basket of six major currencies, lost its ground of gains as the latest job data showed sign of loosening in July. Last month, the U.S. economy experienced a lower-than-anticipated increase in jobs. However, there were positive signs in the labor market, including solid wage gains and a decrease in the unemployment rate to 3.5%, indicating that the job market remained tight. According to the Labor Department’s survey of households, nonfarm payrolls experienced a growth of 187,000 jobs, falling short of the 200,000 jobs forecasted by economists in Reuters’ survey. The revisions for job growth in May and June showed a slowdown in labor demand, in response to the significant rate hikes implemented by the Federal Reserve. The jobs number, which was softer than expected, had immediate impacts on the financial markets. It halted the surge in Treasury yields that had been happening throughout the week and put a stop to the recent climb of the dollar. Going forward, the investors will eye on the upcoming inflation data in order to gauge the further direction of the dollar index. A surprise jump in inflation may urge the Fed to implement another round of rate hike in the next meeting. As of writing, the dollar index edged down -0.02% to 102.00.<\/p>\n

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In the commodities market, crude oil prices were up by 1.10% to $82.65 per barrel as the US dollar eased further following the announcement of NFP data, which prompted the investors to rush into the oil market. Besides, gold prices surged by 0.07% to $1944.25 per troy ounce amid the weakness of dollar index.<\/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\u00a0 CAD\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 Civic Holiday<\/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

20:15\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\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 FOMC Member Harker Speaks<\/p>\n

20:30\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\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 FOMC Member Bowman Speaks<\/p>\n

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

N\/A<\/p>\n

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

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DOLLAR_INDX, Daily: <\/strong>Dollar index was traded lower while currently testing the support level at 101.65. MACD which illustrated diminishing bullish momentum suggests the index to extend its losses after it successfully breakout below the support level.<\/p>\n

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

Support level: 101.65, 100.65<\/p>\n

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GBPUSD, Daily: <\/strong>GBPUSD was traded higher while currently testing the resistance level at 1.2765. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.<\/p>\n

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

Support level: 1.2605, 1.2415<\/p>\n

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EURUSD, Daily: <\/strong>EURUSD was traded higher following the prior rebound near the support level at 1.0960. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 1.1065.<\/p>\n

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Resistance level: 1.1065, 1.1155<\/p>\n

Support level: 1.0960, 1.0850<\/p>\n

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USDJPY, Daily: <\/strong>USDJPY was traded lower while currently testing the support level at 141.60. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.<\/p>\n

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Resistance level: 143.40, 144.90<\/p>\n

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

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AUDUSD, Daily: <\/strong>AUDUSD was traded higher following the prior rebound from the support level at 0.6565. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 0.6675.<\/p>\n

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

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

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NZDUSD, Daily: <\/strong>NZDUSD was traded higher following the prior rebound from the lower level. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 0.6150.<\/p>\n

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Resistance level: 0.6150, 0.6290<\/p>\n

Support level: 0.6040, 0.5925<\/p>\n

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USDCAD, Daily: <\/strong>USDCAD was traded higher following the prior breakout above the previous resistance level at 1.3330. MACD which illustrated bullish bias momentum suggests the pair to extend its gains toward the resistance level at 1.3395.<\/p>\n

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Resistance level: 1.3395, 1.3485<\/p>\n

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

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USDCHF, Daily: <\/strong>USDCHF was traded higher following the prior breakout above the previous resistance level at 0.8670. MACD which illustrated bullish bias momentum suggest the pair to extend its gains toward the resistance level at 0.8835.<\/p>\n

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Resistance level: 0.8835, 0.8980<\/p>\n

Support level: 0.8670, 0.8535<\/p>\n

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\u00a0CrudeOIL, Daily: <\/strong>Crude oil price was traded higher while currently testing the resistance level at 83.05. MACD which illustrated bullish bias momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.<\/p>\n

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Resistance level: 83.05, 86.05<\/p>\n

Support level: 80.75, 79.75<\/p>\n

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GOLD_, Daily: <\/strong>Gold price was traded higher following the prior breakout above the previous resistance level at 1939.75. MACD which illustrated diminishing bearish momentum suggests the commodity to extend its gains toward the resistance level at 1951.60.<\/p>\n

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Resistance level: 1951.60, 1980.00<\/p>\n

Support level: 1939.75, 1889.55<\/p>\n

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

07 August 2023\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Morning Session Analysis   Greenback plunged amid US jobs growth deteriorated. The dollar index, which was traded against a basket of six major currencies, lost its ground of gains as the latest job data showed sign of loosening in July. Last month, the U.S. economy experienced a lower-than-anticipated increase in jobs. However, […]<\/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\/339697"}],"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=339697"}],"version-history":[{"count":1,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/339697\/revisions"}],"predecessor-version":[{"id":339739,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/339697\/revisions\/339739"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=339697"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=339697"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=339697"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}