{"id":41464,"date":"2018-12-19T02:11:37","date_gmt":"2018-12-19T02:11:37","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=41464"},"modified":"2018-12-19T02:11:37","modified_gmt":"2018-12-19T02:11:37","slug":"191218-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/191218-morning-session-analysis\/","title":{"rendered":"191218 Morning Session Analysis"},"content":{"rendered":"

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

 <\/p>\n

Greenback\u2019s fate lies upon dot-plot.<\/strong><\/span><\/p>\n

Greenback was traded lower against its rivals on Tuesday while Federal Reserve policy meeting gets underway. The dollar index was down by 0.12% to 96.44 during early Asian trading session. The dollar suffered from bearish selloffs since last Monday amid growing expectation towards Feds to adopt a more dovish outlook upon their future monetary policy and US economic outlook. Factors which supports such speculation includes recent sluggishness in economic releases as well as unresolved trade tensions between US and China. While the central bank is highly expected to raise their interest rates tonight, analysts forecast for a lower frequency of rate hikes next year with only two times as compared to previous guidance of three times. In addition, greenback failed to make any substantial recovery on yesterday after US President Donald Trump directed his criticism towards the Federal Reserve. Trump criticized the central bank in a tweet for its two-days meeting, calling officials to cease raising interest rates as economic data is \u201cmeaningless\u201d. On the other hand, pair of GBP\/USD rose 0.09% to 1.2652 as of writing. Sterling found some bullish support after British government announced to ramp up preparations for a no-deal Brexit, a situation whereby UK may leave European Union without a trade agreement.<\/p>\n

 <\/p>\n

In the commodities section, crude oil price plunged 4.52% to $46.72 per barrel, its lowest level in 15 months. Crude oil prices extended its bearish journey as holiday season approaches with lesser traders taking long position from the lower price levels. On the other hand, gold price ticks up 0.01% to $1,249.72 a troy ounce as investor\u2019s anticipates Fed\u2019s interest rate decision slated for release later tonight.<\/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

03:00 (20th<\/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 Economic Projections<\/p>\n

03:00\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\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

03:30\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\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 Press Conference<\/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
15:00<\/td>\nEUR \u2013 German PPI (MoM) (Nov)<\/td>\n0.3%<\/td>\n-0.1%<\/td>\n–<\/td>\n<\/tr>\n
17:30<\/td>\nGBP \u2013 CPI (YoY) (Nov)<\/td>\n2.4%<\/td>\n2.3%<\/td>\n–<\/td>\n<\/tr>\n
21:30<\/td>\nCAD \u2013 Core CPI (MoM) (Nov)<\/td>\n0.4%<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n
23:00<\/td>\nUSD \u2013 Existing Home Sales (Nov)<\/td>\n5.22M<\/td>\n5.20M<\/td>\n–<\/td>\n<\/tr>\n
23:30<\/td>\nCrudeOIL \u2013 EIA Crude Oil Inventories<\/td>\n-1.208M<\/td>\n-2.437M<\/td>\n–<\/td>\n<\/tr>\n
03:00<\/p>\n

(20th<\/sup>)<\/td>\n

USD \u2013 Fed Interest Rate Decision<\/td>\n2.25%<\/td>\n2.50%<\/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 lower following prior closure below 96.45. MACD which illustrate diminishing upward momentum suggests its prices to extend further down, towards the direction at 96.25.<\/p>\n

Resistance level: 96.45, 96.60<\/p>\n

Support level: 96.25, 95.95<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H4: <\/strong>GBPUSD was traded higher following prior breakout from the downward trendline. MACD which illustrate bullish signal suggests the pair to extend its gains, towards the direction of 1.2700.<\/p>\n

Resistance level: 1.2700, 1.2770<\/p>\n

Support level: 1.2575, 1.2500<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, H4: <\/strong>EURUSD was traded higher following prior breakout from the top level of descending channel. MACD which illustrate bullish signal suggests the pair to advance further up, towards the direction of 1.1410.<\/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 lower following prior retracement near the 20-MA line (red). MACD which illustrate diminishing upward momentum suggests the pair to extend its losses after closing below 112.35.<\/p>\n

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

Support level: 112.35, 112.10<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H4: <\/strong>AUDUSD was traded higher following prior rebound from the support level at 0.7170. MACD which illustrate positive divergence signal suggests the pair to be traded higher in short-term, towards 0.7220.<\/p>\n

Resistance level: 0.7220, 0.7265<\/p>\n

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

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded higher following prior rebound from the support level at 0.6840. MACD which continues to illustrate persistent bullish signal suggests the pair to advance further up, towards the direction of 0.6890.<\/p>\n

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

Support level: 0.6840, 0.6780<\/p>\n

 <\/p>\n

\"\"<\/p>\n

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

Resistance level: 1.3530, 1.3615<\/p>\n

Support level: 1.3430, 1.3380<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded lower following prior retracement from the resistance level of 0.9930. MACD which continues to illustrate bearish signal suggests the pair to be traded lower in short-term and retest near 0.9905.<\/p>\n

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

Support level: 0.9905, 0.9870<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H1: <\/strong>Crude oil price was traded higher following prior rebound from its lowest level in 15 months. MACD which illustrate diminishing downward momentum suggests its prices to be traded higher in short-term as technical correction.<\/p>\n

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

Support level: 45.40, 42.05<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H4:<\/strong> Gold price was traded higher following prior rebound from the support level near 1237.25. However, MACD which illustrate diminishing upward momentum suggests its prices to be traded lower in short-term as technical correction.<\/p>\n

Resistance level: 1253.00, 1263.20<\/p>\n

Support level: 1242.10, 1237.25<\/p>\n","protected":false},"excerpt":{"rendered":"

19 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 Morning Session Analysis   Greenback\u2019s fate lies upon dot-plot. Greenback was traded lower against its rivals on Tuesday while Federal Reserve policy meeting gets underway. The dollar index was down by 0.12% to 96.44 during early Asian trading session. The dollar suffered from bearish selloffs since last Monday amid growing expectation towards […]<\/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\/41464"}],"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=41464"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/41464\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=41464"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=41464"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=41464"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}