{"id":33993,"date":"2018-10-03T04:21:19","date_gmt":"2018-10-03T04:21:19","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=33993"},"modified":"2018-10-03T04:21:19","modified_gmt":"2018-10-03T04:21:19","slug":"031018-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/031018-morning-session-analysis\/","title":{"rendered":"031018 Morning Session Analysis"},"content":{"rendered":"

3 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

Powell reiterates to act upon inflation. <\/strong><\/p>\n

Greenback rebounds from its session low on Wednesday following receding political conditions in the EU while investors continue to digest a rather bullish speech delivered by Fed Chair Jerome Powell earlier today. The dollar index was up 0.19%, last seen at 95.08 while pair of EUR\/USD depreciates by 0.05% to 1.1545. With regards to Powell speech, he feels that the economy is approaching a \u201chistorical era\u201d whereby the jobs market continues to inch towards ultra-low unemployment conditions. While Powell expects the inflation target to hover at 2%, he reiterates that the Feds will \u201cact with authority\u201d in the event of an inflation spike in the future. In the euro\u2019s front, the single common currency received tremendous bearish pressure following Italy\u2019s dispute with European Union over its proposed budget. EU officials warned the Italian government over its plans following a deficit target of 2.4% of their GDP may tip the bloc back into financial crisis.<\/p>\n

 <\/p>\n

As for commodities, crude oil price recovered its losses by 0.16% to $75.42 per barrel during Asian session. On yesterday, the commodity price experienced slight retracement after investors book their profit upon hitting 4 years high. On the other hand, gold price extended gains by 0.12% to $1,204.51 a troy ounce over the backdrop of heightened political crisis in the EU.<\/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 Event<\/strong><\/p>\n

All day\u00a0\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\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 China \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 Event<\/strong><\/p>\n

04:00 (4th<\/sup>)\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 Fed Chair Powell Speaks<\/p>\n

 <\/p>\n

Today\u2019s Highlight Economy Data<\/u><\/p>\n\n\n\n\n\n\n\n\n\n\n
Time<\/strong><\/td>\nMarket & Data<\/strong><\/td>\nPrevious<\/strong><\/td>\nForecast<\/strong><\/td>\nActual<\/strong><\/td>\n<\/tr>\n
16:00<\/td>\nEUR \u2013 Services PMI (Sep)<\/td>\n54.7<\/td>\n54.7<\/td>\n–<\/td>\n<\/tr>\n
16:30<\/td>\nGBP \u2013 Services PMI (Sep)<\/td>\n54.3<\/td>\n54.0<\/td>\n–<\/td>\n<\/tr>\n
17:00<\/td>\nEUR \u2013 Retail Sales (MoM) (Aug)<\/td>\n-0.2%<\/td>\n0.2%<\/td>\n–<\/td>\n<\/tr>\n
20:15<\/td>\nUSD \u2013 ADP Nonfarm Employment Change (Sep)<\/td>\n163K<\/td>\n187K<\/td>\n–<\/td>\n<\/tr>\n
22:00<\/td>\nUSD \u2013 ISM Non-Manufacturing Employment (Sep)<\/td>\n56.7<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n
22:00<\/td>\nUSD \u2013 ISM Non-Manufacturing PMI (Sep)<\/td>\n58.5<\/td>\n58.1<\/td>\n–<\/td>\n<\/tr>\n
22:30<\/td>\nCrudeOIL \u2013 Crude Oil Inventories<\/td>\n1.852M<\/td>\n1.985M<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n


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

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

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

\"\"<\/p>\n

DOLLAR_INDX, H4: <\/strong>The dollar was traded lower following prior retracement from the psychological level at 95.15. MACD which illustrate bearish momentum and the formation of a death cross suggest the dollar to extend its losses towards the support level 94.50.<\/p>\n

 <\/p>\n

Resistance level: 95.30, 95.60
\nSupport level 94.50, 93.90<\/p>\n

 <\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H1: <\/strong>GBPUSD was recently traded higher following prior rebound from the psychological level 1.2980. MACD which display persistent bullish momentum suggest the pair to extend its gains towards the resistance level 1.3010.<\/p>\n

 <\/p>\n

Resistance level: 1.3010, 1.3075
\nSupport level: 1.2940, 1.2820<\/p>\n

 <\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, H1: <\/strong>EURUSD was recently traded higher following prior breakout above the previous resistance level 1.1570. MACD which illustrate ongoing bullish momentum suggest the pair to extend its gains towards the resistance level 1.1615.<\/p>\n

 <\/p>\n

Resistance level: 1.1615, 1.1680
\nSupport level: 1.1570, 1.1530<\/p>\n

 <\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, H1: <\/strong>USDJPY was recently traded higher following prior rebound from the support level 113.55. MACD which illustrate bullish bias and the formation of golden cross suggest the pair to extend its gains towards the resistance level 113.05.<\/p>\n

 <\/p>\n

Resistance level: 114.05, 114.70
\nSupport level: 113.55, 113.30<\/p>\n

 <\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H4: <\/strong>AUDUSD was recently traded lower following prior breakout below the previous support level 0.7215. MACD which display bearish momentum and the formation of death cross suggest the pair to extend its losses towards the support level 0.7160.<\/p>\n

 <\/p>\n

Resistance level: 0.7215, 0.7295
\nSupport level: 0.7160, 0.7135<\/p>\n

 <\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded lower following prior breakout below the previous support level 0.6595. Recent price action and MACD which illustrate persistent bearish momentum suggest the pair to extend its losses towards the support level 0.6540.<\/p>\n

 <\/p>\n

Resistance level: 0.6595, 0.6635
\nSupport level: 0.6540, 0.6500<\/p>\n

 <\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, H4: <\/strong>USDCAD was traded flat while currently testing the resistance level 1.2820. MACD which illustrate bullish momentum and the starting formation of a golden cross suggest the pair to extend its gains after a breakout above the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 1.2820, 1.2900<\/p>\n

Support level: 1.2730, 1.2670<\/p>\n

 <\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H1: <\/strong>USDCHF remain traded in a sideway channel at the middle level. MACD which display bearish momentum suggest the pair to extend its losses after a breakout from the channel or below the support level 0.9815.<\/p>\n

 <\/p>\n

Resistance level: 0.9875, 0.9900<\/p>\n

Support level: 0.9815, 0.9755<\/p>\n

 <\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H4: <\/strong>Crude oil price was traded lower following prior retracement from the psychological level 75.75. MACD which illustrate bearish momentum and the starting formation of a death cross suggest the commodity to extend its losses after a breakout below the support level 74.85.<\/p>\n

 <\/p>\n

Resistance level: 77.05, 78.25<\/p>\n

Support level 74.85, 72.80<\/p>\n

 <\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD, H4: <\/strong>Gold price was traded higher while currently testing near the resistance level 1208.45. MACD which illustrate persistent bullish momentum suggest the commodity to extend its gains after a breakout above the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 1208.45, 1212.65
\nSupport level: 1203.30, 1196.00<\/p>\n","protected":false},"excerpt":{"rendered":"

3 October 2018\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Morning Session Analysis   Powell reiterates to act upon inflation. Greenback rebounds from its session low on Wednesday following receding political conditions in the EU while investors continue to digest a rather bullish speech delivered by Fed Chair Jerome Powell earlier today. The dollar index was up 0.19%, last seen at 95.08 […]<\/p>\n","protected":false},"author":20,"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\/33993"}],"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\/20"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/comments?post=33993"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/33993\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=33993"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=33993"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=33993"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}