{"id":37553,"date":"2018-11-08T02:48:26","date_gmt":"2018-11-08T02:48:26","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=37553"},"modified":"2018-11-08T02:48:26","modified_gmt":"2018-11-08T02:48:26","slug":"081118-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/081118-morning-session-analysis\/","title":{"rendered":"081118 Morning Session Analysis"},"content":{"rendered":"

8 November 2018\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 Morning Session Analysis<\/strong><\/p>\n

 <\/p>\n

A split in the Congress upsets US dollar.<\/strong><\/span><\/p>\n

US dollar tumbles against other major currencies on yesterday as investors scrutinize the US midterm election results while waiting for the conclusion of Federal Reserve\u2019s two-day policy meeting due tomorrow morning. The Federal Reserve Open Market Committee (FOMC) is widely expected to keep their interest rates unchanged while market participants place their focus upon their statements for further clues with regards to future monetary policy stance. Overnight, US dollar received tremendous selling pressure after US midterm results shows a split in the congress. From the results, Democrats regain their control of US House of Representatives while Republicans remain in charge of the Senate. The split within the government sparked bearish sentiment as House Democrats may launch multiple investigation over Trump\u2019s finances and possibility of Russian collusion with a more aggressive manner. Likewise, a split in the government would place some difficulty over Trump’s administration as any law or policy passage would require an approval from the House before passing towards the Senate. Moreover, the midterm results have tempered some investor\u2019s sentiment towards future economic projection from the Fed as it has possibility to dial down the aggressiveness of future rate hike due to difficulty to pass through economic package or stimulus with heavy scrutiny from the Democrats. As of writing, the dollar index was up 0.11% while last quoted at 95.95 during Asian trading session.<\/p>\n

 <\/p>\n

As for commodities market, crude oil price rose 0.13% to $61.63 per barrel after US Special Representative Brian Hook commented that the government is determined to push Iranian oil exports to zero within the next six months. On the other hand, gold price was down 0.04% to $1,226.18 a troy ounce following a rebound in the US dollar.<\/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 \u00a0Event<\/strong><\/p>\n

N\/A<\/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 \u00a0Event<\/strong><\/p>\n

17:00\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 EUR\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 ECB Economic Bulletin<\/p>\n

Tentative\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 EUR\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 EU Economic Forecasts<\/p>\n

03:00 (9th<\/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\u00a0 FOMC Statement<\/p>\n

 <\/p>\n


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

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

Today\u2019s Highlight Economic Data<\/u><\/p>\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
15:00<\/td>\nEUR \u2013 German Trade Balance (Sep)<\/td>\n18.3B<\/td>\n18.0B<\/td>\n–<\/td>\n<\/tr>\n
21:15<\/td>\nCAD \u2013 Housing Starts (Oct)<\/td>\n188.7K<\/td>\n200.0K<\/td>\n–<\/td>\n<\/tr>\n
21:30<\/td>\nUSD \u2013 Initial Jobless Claims<\/td>\n214K<\/td>\n214K<\/td>\n–<\/td>\n<\/tr>\n
21:30<\/td>\nCAD \u2013 New Housing Price Index (MoM) (Sep)<\/td>\n0.0%<\/td>\n0.1%<\/td>\n–<\/td>\n<\/tr>\n
03:00 (9th<\/sup>)<\/td>\nUSD \u2013 Fed Interest Rate Decision<\/td>\n2.25%<\/td>\n2.25%<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n

 <\/p>\n

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

\"\"<\/p>\n

DOLLAR_INDX, H1: <\/strong>Dollar index was traded higher following prior breakout from the downward trendline. MACD which illustrate bullish signal suggests the index to extend its gains after closing above the 60-MA line (green).<\/p>\n

 <\/p>\n

Resistance level: 96.20, 96.60<\/p>\n

Support level: 95.95, 95.55<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H4: <\/strong>GBPUSD was traded lower following prior retracement from the resistance level of 1.3175. MACD which illustrate bearish signal suggests the pair to extend its losses in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 1.3175, 1.3275<\/p>\n

Support level: 1.3100, 1.3015<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, H1: <\/strong>EURUSD was traded lower while currently testing at the upward trendline. While MACD illustrate a bearish signal, a break below the upward trendline is required to attain further confirmation.<\/p>\n

 <\/p>\n

Resistance level: 1.1445, 1.1485<\/p>\n

Support level: 1.1415, 1.1385<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, H4: <\/strong>USDJPY was traded higher following prior breakout from the resistance level at 113.30. MACD which illustrate bullish signal suggests the pair to extend its gains, towards the direction of next target at 113.85.<\/p>\n

 <\/p>\n

Resistance level: 113.85, 114.20<\/p>\n

Support level: 113.30, 112.95<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H4: <\/strong>AUDUSD was traded lower following prior retrace from the higher levels. MACD which begins to form a negative divergence signal suggests the pair to be traded lower in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 0.7275, 0.7315<\/p>\n

Support level: 0.7250, 0.7205<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded lower following prior retracement from the resistance level of 0.6805. MACD which illustrate diminishing upward momentum suggests the pair to be traded lower in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 0.6805, 0.6850<\/p>\n

Support level: 0.6735, 0.6700<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, H1: <\/strong>USDCAD was traded higher while currently testing near the support level of 1.3115. MACD which illustrate bullish signal suggests the pair to extend its gains after a successful rebound from 1.3115.<\/p>\n

 <\/p>\n

Resistance level: 1.3155, 1.3210<\/p>\n

Support level: 1.3155, 1.3080<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded higher following prior rebound from the support level near 0.9960. MACD which illustrate diminishing downward momentum suggests the pair to extend its gains after closing above the resistance near 1.0025.<\/p>\n

 <\/p>\n

Resistance level: 1.0025, 1.0055<\/p>\n

Support level: 0.9990, 0.9960<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H1: <\/strong>Crude oil price was traded higher following prior rebound from the support level near 61.05. MACD which illustrate diminishing downward momentum suggests the commodity price to extend its gains in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 62.50, 63.80<\/p>\n

Support level: 61.05, 60.00<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H4: <\/strong>Gold price was traded lower following prior breakout from the upward trendline. MACD which illustrate bearish signal suggests the commodity price to extend its losses, towards the direction of 1215.95.<\/p>\n

 <\/p>\n

Resistance level: 1228.00, 1237.25<\/p>\n

Support level: 1215.95, 1206.00<\/p>\n","protected":false},"excerpt":{"rendered":"

8 November 2018\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 Morning Session Analysis   A split in the Congress upsets US dollar. US dollar tumbles against other major currencies on yesterday as investors scrutinize the US midterm election results while waiting for the conclusion of Federal Reserve\u2019s two-day policy meeting due tomorrow morning. The Federal Reserve Open Market Committee (FOMC) is widely […]<\/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\/37553"}],"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=37553"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/37553\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=37553"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=37553"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=37553"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}