{"id":35693,"date":"2018-10-22T02:01:36","date_gmt":"2018-10-22T02:01:36","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=35693"},"modified":"2018-10-22T02:01:36","modified_gmt":"2018-10-22T02:01:36","slug":"221018-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/221018-morning-session-analysis\/","title":{"rendered":"221018 Morning Session Analysis"},"content":{"rendered":"

22 October 2018\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Morning Session Analysis<\/strong><\/p>\n

 <\/p>\n

Saudi rift dampens market risk sentiment.<\/strong><\/span><\/p>\n

Greenback extended its losses on Monday following weaker-than-expected housing data from the United States while investors digests the latest rift that surrounds Saudi Arabia. Last Friday, National Associations of Realtors reported that the existing home sales for the month of September slipped to 5.15 million, lower than economist forecast of 5.30 million. The sale of existing homes fell for sixth consecutive month with September notching its largest decline in more than two years\u2019 time. In addition, recent rift in between Saudi Arabia and other global leaders has tempered investor\u2019s sentiment towards risky assets, inducing higher risk aversion in the financial market. Following the death of Saudi Arabia prominent journalist Jamal Khashoggi, Saudi crown prince faced increasing threat of US sanction. Although US President Donald Trump and others in his administration offered limited criticism, Treasury Secretary Steven Mnuchin canceled his participation in a Saudi investment conference this week, mounting the pressure between both nations. On the other hand, Canadian dollar slumped further following disappointing Canadian retail sales and inflation data which may change Bank of Canada\u2019s hawkish view towards the economy. As of writing, dollar index was down 0.04% to 95.37 while pairing of USD\/CAD rose 0.02% to 1.3106.<\/p>\n

 <\/p>\n

As for commodities market, crude oil price slumped 0.30% to $69.28 per barrel. Oil price experienced tremendous bearish pressure for the last two weeks following surging stockpiles and a rise in drilling activity in the US that may lead to higher supply in the market. On the other hand, gold price notched up 0.19% to $1,228.35 a troy ounce following higher geopolitical tension in between US and Saudi Arabia.<\/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 NZD\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 New Zealand \u2013 Labour Day<\/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
Time<\/strong><\/td>\nMarket & Data<\/strong><\/td>\nPrevious<\/strong><\/td>\nForecast<\/strong><\/td>\nActual<\/strong><\/td>\n<\/tr>\n
20:30<\/td>\nCAD \u2013 Wholesale Sales (MoM) (Aug)<\/td>\n1.5%<\/td>\n0.1%<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

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 <\/p>\n

 <\/p>\n

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

\"\"<\/p>\n

DOLLAR_INDX, H1: <\/strong>Dollar index was traded higher following prior rebound from the upward trendline. MACD which illustrate diminishing downward momentum suggests the index to be traded higher in short-term towards 95.50.<\/p>\n

 <\/p>\n

Resistance level: 95.50, 95.75<\/p>\n

Support level: 95.00, 94.65<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H1: <\/strong>GBPUSD was traded lower following prior retracement from the downward trendline. MACD which illustrate diminishing upward momentum suggests the pair to be traded lower in short-term, towards the support level at 1.3050.<\/p>\n

 <\/p>\n

Resistance level: 1.3090, 1.3130<\/p>\n

Support level: 1.3050, 1.3015<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, H1: <\/strong>EURUSD was traded lower while currently testing near the support level of 1.1495. MACD which illustrate diminishing upward momentum suggests the pair to extend its losses after closing below the target of 1.1495.<\/p>\n

 <\/p>\n

Resistance level: 1.1550, 1.1570<\/p>\n

Support level: 1.1495, 1.1460<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, H1: <\/strong>USDJPY remains traded within a descending channel while currently testing at the 60-MA line (green). MACD which has formed a death cross signal suggests the pair to extend its losses after closing below the 60-MA line.<\/p>\n

 <\/p>\n

Resistance level: 112.45, 112.70<\/p>\n

Support level: 112.15, 111.90<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H4: <\/strong>AUDUSD was traded lower while currently testing at the strong support of 0.7090. MACD which begins to form a death cross signal suggests the pair to extend its losses after closing below the target of 0.7090.<\/p>\n

 <\/p>\n

Resistance level: 0.7130, 0.7150<\/p>\n

Support level: 0.7090, 0.7045<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H1: <\/strong>NZDUSD was traded lower following prior retracement from the higher levels. MACD which begins to form a death cross signal suggests the pair to extend its losses, towards the support level near 0.6575.<\/p>\n

 <\/p>\n

Resistance level: 0.6595, 0.6615<\/p>\n

Support level: 0.6575, 0.6540<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, Daily: <\/strong>USDCAD was traded higher following prior breakout from the downward trendline. MACD which illustrate persistent upward signal suggests the pair to extend its gains, towards the direction of 1.3155.<\/p>\n

 <\/p>\n

Resistance level: 1.3155, 1.3255<\/p>\n

Support level: 1.3080, 1.3010<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H1: <\/strong>USDCHF was traded higher following prior rebound from the upward trendline. MACD which illustrate diminishing downward momentum suggests the pair to be traded higher in short-term, towards the target of 0.9975.<\/p>\n

 <\/p>\n

Resistance level: 0.9975, 1.0000<\/p>\n

Support level: 0.9945, 0.9915<\/p>\n

 <\/p>\n

\"\"<\/p>\n

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

 <\/p>\n

Resistance level: 69.30, 70.65<\/p>\n

Support level: 68.55, 67.35<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H1: <\/strong>Gold price remains traded within a descending channel while currently testing at the 20-MA line (red). Stochastic Oscillator which begins to form a death cross signal suggests the commodity price to extend its losses after closing below the 20-MA line.<\/p>\n

 <\/p>\n

Resistance level: 1228.00, 1237.00<\/p>\n

Support level: 1218.00, 1210.60<\/p>\n","protected":false},"excerpt":{"rendered":"

22 October 2018\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Morning Session Analysis   Saudi rift dampens market risk sentiment. Greenback extended its losses on Monday following weaker-than-expected housing data from the United States while investors digests the latest rift that surrounds Saudi Arabia. Last Friday, National Associations of Realtors reported that the existing home sales for the month of September slipped […]<\/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\/35693"}],"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=35693"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/35693\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=35693"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=35693"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=35693"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}