{"id":39629,"date":"2018-11-29T01:39:56","date_gmt":"2018-11-29T01:39:56","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=39629"},"modified":"2018-11-29T01:39:56","modified_gmt":"2018-11-29T01:39:56","slug":"291118-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/291118-morning-session-analysis\/","title":{"rendered":"291118 Morning Session Analysis"},"content":{"rendered":"

29 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

Dollar trips as Powell deliver doves.<\/strong><\/span><\/p>\n

Greenback swooped lower on yesterday after Fed Chairman Jerome Powell delivers dovish signal on top of lower-than-expected economic growth data for the third quarter. According to Powell, current levels of interest rates were \u201cjust below\u201d the neutral level, suggesting that the neutral rate is somewhere in between 2.5% to 3.5%. Current interest rates stand at 2% to 2.25% range. His dovishness has latched into the market which are previously optimistic towards a more aggressive stance towards interest rate hike in the future. In addition, the greenback suffered from further losses following the release of downbeat economic growth data for the third quarter. According to US Bureau of Economic Analysis, Gross Domestic Product came in at only 3.5%, missing economist forecast for a reading of 3.6%. The data has accompanied a slew of recent bearish economic releases, pointing towards an imminent economic cooldown in the near future. On the other hand, pound sterling rose sharply on yesterday following slightly hawkish tone from Bank of England\u2019s Governor Mark Carney. According to Carney, a disorderly Brexit is seen to be unlikely while UK financial system remains \u201cresilient\u201d to any potential shock which includes a no-deal Brexit. As of writing, the dollar index was down 0.55% to 96.71 while pair of GBP\/USD ticked up 0.02% to 1.2825.<\/p>\n

 <\/p>\n

In the commodities market, crude oil price slumped 3.36% to $50.52 per barrel. Oil prices retreat towards the $50 threshold after EIA reported that US crude oil stockpiles rose for 10th<\/sup> consecutive week by 3.58 million barrels last week. Otherwise, gold price tacks up 0.02% to $1,220.94 a troy ounce following broader weakness on the greenback.<\/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

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

16:00\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 President Draghi Speaks<\/p>\n

03:00 (30th<\/sup>)\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 Meeting Minutes<\/p>\n

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

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

Today\u2019s Highlight Economic Data<\/u><\/p>\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
16:55<\/td>\nEUR \u2013 German Unemployment Change (Nov)<\/td>\n-11K<\/td>\n-10K<\/td>\n–<\/td>\n<\/tr>\n
21:30<\/td>\nUSD \u2013 Initial Jobless Claims<\/td>\n224K<\/td>\n221K<\/td>\n–<\/td>\n<\/tr>\n
21:30<\/td>\nUSD \u2013 Core PCE Price Index (MoM) (Oct)<\/td>\n0.2%<\/td>\n0.2%<\/td>\n–<\/td>\n<\/tr>\n
21:30<\/td>\nUSD \u2013 Personal Spending (MoM) (Oct)<\/td>\n0.4%<\/td>\n0.4%<\/td>\n–<\/td>\n<\/tr>\n
21:30<\/td>\nUSD \u2013 Personal Income (MoM) (Oct)<\/td>\n0.2%<\/td>\n0.4%<\/td>\n–<\/td>\n<\/tr>\n
23:00<\/td>\nUSD \u2013 Pending Home Sales (MoM) (Oct)<\/td>\n0.5%<\/td>\n0.8%<\/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 rebound from the upward trendline. MACD which illustrate diminishing downward momentum suggests the index to be traded higher in short-term, towards the direction of 97.00.<\/p>\n

 <\/p>\n

Resistance level: 97.00, 97.40<\/p>\n

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

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H1: <\/strong>GBPUSD was traded lower following prior retrace from the threshold of 1.2835. 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: 1.2835, 1.2895<\/p>\n

Support level: 1.2770, 1.2690<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, H1: <\/strong>EURUSD was traded lower while currently testing at the support level of 1.1360. MACD which shows diminishing upward momentum suggests the pair to extend its losses after closing below the support of 1.1360.<\/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, H4: <\/strong>USDJPY 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 direction of 113.30.<\/p>\n

 <\/p>\n

Resistance level: 113.70, 113.85<\/p>\n

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

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H1: <\/strong>AUDUSD was traded lower following prior retracement from the upper level. MACD which illustrate diminishing upward momentum suggests the pair to extend its losses in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 0.7300, 0.7340<\/p>\n

Support level: 0.7265, 0.7215<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H1: <\/strong>NZDUSD was traded lower following prior retracement from the resistance level at 0.6890. MACD which illustrate diminishing upward momentum suggests the pair to extend its losses in short-term, towards the direction of 0.6830.<\/p>\n

 <\/p>\n

Resistance level: 0.6890, 0.6940<\/p>\n

Support level: 0.6830, 0.6710<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, H1: <\/strong>USDCAD was traded higher following prior rebound from the lower levels. MACD which illustrate diminishing downward momentum suggests the pair to extend its gains after closing above the 60-MA line (green).<\/p>\n

 <\/p>\n

Resistance level: 1.3320, 1.3385<\/p>\n

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

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded lower following prior breakout from the upward channel. MACD which illustrate bearish signal suggests the pair to extend its losses after closing below the threshold of 0.9930.<\/p>\n

 <\/p>\n

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

Support level: 0.9930, 0.9905<\/p>\n

 <\/p>\n

\"\"<\/p>\n

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

 <\/p>\n

Resistance level: 52.00, 53.90<\/p>\n

Support level: 49.50, 47.50<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H1: <\/strong>Gold price was traded higher following prior rebound from the lower levels. MACD which illustrate bullish signal suggests its prices to move further upwards after breaking the downward trendline.<\/p>\n

 <\/p>\n

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

Support level: 1220.00, 1215.95<\/p>\n

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

29 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   Dollar trips as Powell deliver doves. Greenback swooped lower on yesterday after Fed Chairman Jerome Powell delivers dovish signal on top of lower-than-expected economic growth data for the third quarter. According to Powell, current levels of interest rates were \u201cjust below\u201d the neutral level, suggesting that the neutral […]<\/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\/39629"}],"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=39629"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/39629\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=39629"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=39629"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=39629"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}