{"id":40464,"date":"2018-12-07T02:03:51","date_gmt":"2018-12-07T02:03:51","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=40464"},"modified":"2018-12-07T02:03:51","modified_gmt":"2018-12-07T02:03:51","slug":"071218-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/071218-morning-session-analysis\/","title":{"rendered":"071218 Morning Session Analysis"},"content":{"rendered":"

7 December 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

Dollar, oil tumbles as bears regain control<\/strong>.<\/span><\/p>\n

US dollar losses its grounds against other major currencies on yesterday as domestic jobs data fell short of forecast, keeping a cap over US government bond yields. The dollar index was quoted down 0.29%, last seen around 96.67 during Asian trading sessions. According to ADP, private payrolls for the month of November came in at only 179,000, missing economists forecast for a reading of up to 225,000. The data which has significant correlation with tonight\u2019s Nonfarm Payrolls has dialed down investor\u2019s optimism towards US labor market. At the same time, the bearish data has kept a lid over 10-year Treasury yield near three-months low, weighing further on the US dollar. As Federal Reserve policymakers are widely expected to raise interest rates again in the coming weeks, investors\u2019 attention will shift towards future economic releases and Fed\u2019s statement for further signal with regards to next year\u2019s rate hike cycle. On the other hand, Canadian dollar received fresh selloff following weaker commodity prices and bearish remarks from Bank of Canada\u2019s Governor Stephen Poloz. According to Poloz, he reiterated prior dovish stance during interest rate decision, indicating little enthusiasm to speed up the pace of interest rate hike from current levels. As of writing, loonie (USD\/CAD) tacked up 0.08% to 1.3394.<\/p>\n

 <\/p>\n

In the commodities market, crude oil price extended its losses by 0.27% to $51.44 per barrel. Oil prices tumbled down by more than 3% on yesterday after Russian counterpart remained silence over oil production cuts that OPEC has suggested prior. During the meeting held in Vienna, Saudi Arabia reiterated that the main scenario is to push for an output cut but no decision has been made as to date. Such reports have dialed down investors\u2019 confidence for an agreement to be reached by the end of Friday. On the other hand, gold price ticked down 0.03% to $1,237.49 a troy ounce as higher interest rates in the United States capped any substantial gains on the non-yielding asset.<\/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

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 Event<\/strong><\/p>\n

N\/A<\/p>\n

 <\/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
18:00<\/td>\nEUR \u2013 GDP (QoQ) (Q3)<\/td>\n0.2%<\/td>\n0.2%<\/td>\n–<\/td>\n<\/tr>\n
21:30<\/td>\nUSD \u2013 Average Hourly Earnings (MoM) (Nov)<\/td>\n0.2%<\/td>\n0.3%<\/td>\n–<\/td>\n<\/tr>\n
21:30<\/td>\nUSD \u2013 Nonfarm Payrolls (Nov)<\/td>\n250K<\/td>\n200K<\/td>\n–<\/td>\n<\/tr>\n
21:30<\/td>\nUSD \u2013 Unemployment Rate (Nov)<\/td>\n3.7%<\/td>\n3.7%<\/td>\n–<\/td>\n<\/tr>\n
21:30<\/td>\nCAD \u2013 Employment Change (Nov)<\/td>\n11.2K<\/td>\n10.3K<\/td>\n–<\/td>\n<\/tr>\n
02:00<\/p>\n

(7th<\/sup>)<\/td>\n

CrudeOIL \u2013 US Baker Hughes Oil Rig Count<\/td>\n887<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n

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

\"\"<\/p>\n

DOLLAR_INDX, H1: <\/strong>Dollar index was traded higher following prior rebound near 96.60. MACD which illustrate diminishing downward momentum suggests the index to extend its gains, towards the direction of 96.80.<\/p>\n

Resistance level: 96.80, 97.00<\/p>\n

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

 <\/p>\n

\"\"<\/p>\n

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

Resistance level: 1.2835, 1.2895<\/p>\n

Support level: 1.2770, 1.2725<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, H1: <\/strong>EURUSD was traded lower following prior retracement near 1.1410. MACD which begins to form a death cross signal suggests the pair to be traded lower in short-term as technical correction.<\/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 lower levels. MACD which has formed a golden cross signal suggests the pair to extend its gains in short-term, towards the downward trendline.<\/p>\n

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

Support level: 112.60, 112.10<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H4: <\/strong>AUDUSD was traded higher following prior rebound from the support level near 0.7215. MACD which illustrate diminishing downward momentum suggests the pair to be traded higher in short-term as technical correction.<\/p>\n

Resistance level: 0.7265, 0.7300<\/p>\n

Support level: 0.7215, 0.7170<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded lower while currently testing near the upward trendline. MACD which illustrates diminishing downward momentum suggests the pair to extend its gains in the event of a successful rebound from the trendline.<\/p>\n

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

Support level: 0.6830, 0.6780<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, H4: <\/strong>USDCAD was traded lower following prior retracement from the resistance level near 1.3430. MACD which illustrate diminishing upward momentum suggests the pair to be traded lower in short-term as technical correction.<\/p>\n

Resistance level: 1.3430, 1.3530<\/p>\n

Support level: 1.3380, 1.3315<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H1: <\/strong>USDCHF was traded higher while currently testing near the resistance level of 0.9930. MACD which begins to form a golden cross signal suggests the pair to extend its gains after closing above 0.9930.<\/p>\n

Resistance level: 0.9930, 0.9955<\/p>\n

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

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H4: <\/strong>Crude oil price was traded lower following prior retracement near the resistance level of 52.00. MACD which illustrate persistent downward signal suggests its price to extend its losses, towards the direction of 50.25.<\/p>\n

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

Support level: 50.25, 49.50<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H1: <\/strong>Gold price remains traded within an upward channel following prior rebound from the lower level. MACD which illustrate diminishing downward momentum suggests its price to extend its gains, towards the direction of 1242.10.<\/p>\n

Resistance level: 1242.10, 1253.00<\/p>\n

Support level: 1237.25, 1228.00<\/p>\n","protected":false},"excerpt":{"rendered":"

7 December 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   Dollar, oil tumbles as bears regain control. US dollar losses its grounds against other major currencies on yesterday as domestic jobs data fell short of forecast, keeping a cap over US government bond yields. The dollar index was quoted down 0.29%, last seen around 96.67 during Asian trading […]<\/p>\n","protected":false},"author":54,"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\/40464"}],"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\/54"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/comments?post=40464"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/40464\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=40464"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=40464"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=40464"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}