{"id":39049,"date":"2018-11-23T02:06:45","date_gmt":"2018-11-23T02:06:45","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=39049"},"modified":"2018-11-23T02:06:45","modified_gmt":"2018-11-23T02:06:45","slug":"231118-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/231118-morning-session-analysis\/","title":{"rendered":"231118 Morning Session Analysis"},"content":{"rendered":"

23 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 Morning Session Analysis<\/strong><\/p>\n

 <\/p>\n

Pound rallies as Brexit draft finalized.<\/strong><\/span><\/p>\n

Greenback extended its back foot on Thursday following a surge in pound sterling after reports shows that the UK and EU have reached an agreement on a post Brexit draft text. According to Bloomberg, the news outlet reported that the draft text explicitly mentioned both UK and EU will be committed to \u201cdeep\u201d customs operation and build on \u201csingle custom territory\u201d. Likewise, the EU is to recognize UK\u2019s independent trade policy and the transition period can be extended for up to one or two years. The draft has dialed down market anxiousness towards possibility for a \u201chard\u201d Brexit as some of the clauses mentioned are skewed towards a \u201csoft\u201d Brexit approach. According to European Council President Donald Tusk, the draft has reached the consensus of all negotiators and it will now subject to the endorsement of all EU leaders. Otherwise, greenback failed to gain any substantial support during North American session as the US market were closed for Thanksgiving holiday. We would expect light trading ahead as the US market is expected to close earlier today as well. As of writing, the dollar index was down 0.22% to 96.32 while GBP\/USD ticks up 0.03% to 1.2876.<\/p>\n

 <\/p>\n

On the commodities market, crude oil price rose 0.06% to $53.91 per barrel. The commodity price received some support after Saudi Arabian Energy Minister Khalid al-Falih said that the kingdom would respond accordingly to weak oil demand in the future. Otherwise, gold price ticks up 0.02% to $1,227.55 a troy ounce following weaker greenback.<\/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\u00a0 Japan\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Labor Thanksgiving Day<\/p>\n

All day\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 US\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Thanksgiving Day \u2013 Early close at 13:00<\/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

N\/A<\/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 GDP (QoQ) (Q3)<\/td>\n-0.2%<\/td>\n-0.2%<\/td>\n–<\/td>\n<\/tr>\n
16:30<\/td>\nEUR \u2013 German Manufacturing PMI (Nov)<\/td>\n52.2<\/td>\n52.3<\/td>\n–<\/td>\n<\/tr>\n
21:30<\/td>\nCAD \u2013 Core CPI (MoM) (Oct)<\/td>\n0.0%<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n
21:30<\/td>\nCAD \u2013 Core Retail Sales (MoM) (Sep)<\/td>\n-0.4%<\/td>\n0.3%<\/td>\n–<\/td>\n<\/tr>\n
02:00 (24th<\/sup>)<\/td>\nCrudeOIL \u2013 US Baker Hughes Oil Rig Count<\/td>\n888<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n

 <\/p>\n

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

\"\"<\/p>\n

DOLLAR_INDX, H4: <\/strong>Dollar index remains traded within a narrowing triangle following prior retrace from the top. MACD which begins to form a death cross signal suggests the pair to extend its losses in short-term, towards 96.20.<\/p>\n

 <\/p>\n

Resistance level: 96.60, 97.00<\/p>\n

Support level: 96.20, 95.95<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H4: <\/strong>GBPUSD remains traded within a descending channel while currently testing at the top level. MACD which illustrate the formation of golden cross suggests the pair to extend its gains after breaking the top level of the channel.<\/p>\n

 <\/p>\n

Resistance level: 1.2895, 1.2955<\/p>\n

Support level: 1.2805, 1.2690<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, H1: <\/strong>EURUSD was traded higher following prior rebound from the upward trendline. However, MACD which begins to form a death cross formation suggests the pair to be traded lower in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 1.1410, 1.1450<\/p>\n

Support level: 1.1360, 1.1310<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, H1: <\/strong>USDJPY was traded higher following prior rebound from the support level at 112.95. MACD which begins to form a bullish signal suggests the pair to be traded higher in short-term towards the direction of 113.30.<\/p>\n

 <\/p>\n

Resistance level: 113.30, 113.70<\/p>\n

Support level: 112.95, 112.60<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H4: <\/strong>AUDUSD remains traded within an ascending channel following prior rebound from the bottom level. MACD which illustrate diminishing downward momentum suggests the pair to be traded higher towards 0.7265.<\/p>\n

 <\/p>\n

Resistance level: 0.7265, 0.7340<\/p>\n

Support level: 0.7170, 0.7105<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H1: <\/strong>NZDUSD remains traded within a descending channel following prior retrace from the top. MACD which illustrate diminishing upward momentum suggests the pair to be traded lower in short-term after closing below the 20-MA line (red).<\/p>\n

 <\/p>\n

Resistance level: 0.6815, 0.6840<\/p>\n

Support level: 0.6795, 0.6775<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, H1: <\/strong>USDCAD was traded higher following prior rebound from the lower levels. MACD which begins to form a bullish signal suggests the pair to be traded higher in short-term, towards the direction of 1.3210.<\/p>\n

 <\/p>\n

Resistance level: 1.3210, 1.3255<\/p>\n

Support level: 1.3155, 1.3115<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H1: <\/strong>USDCHF remains traded within a tight range in between 0.9905 and 0.9955. Due to the lack of signal from MACD and price action, it is suggested to wait for a breakout to occur before entering the market.<\/p>\n

 <\/p>\n

Resistance level: 0.9955, 1.0000<\/p>\n

Support level: 0.9905, 0.9855<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H4: <\/strong>Crude oil price was traded lower and currently testing near the support level of 53.90. MACD which begins to form a bearish signal suggests its prices to extend its losses after successfully closing below the threshold of 53.90.<\/p>\n

 <\/p>\n

Resistance level: 55.35, 57.00<\/p>\n

Support level: 53.90, 49.50<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H1: <\/strong>Gold price was traded lower following prior retrace from the resistance of 1228.00. MACD which illustrate bearish signal suggests its prices to be traded lower in short-term as technical correction.<\/p>\n

 <\/p>\n

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

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

23 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 Morning Session Analysis   Pound rallies as Brexit draft finalized. Greenback extended its back foot on Thursday following a surge in pound sterling after reports shows that the UK and EU have reached an agreement on a post Brexit draft text. According to Bloomberg, the news outlet reported that the draft text […]<\/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\/39049"}],"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=39049"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/39049\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=39049"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=39049"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=39049"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}