{"id":43167,"date":"2019-01-08T03:30:38","date_gmt":"2019-01-08T03:30:38","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=43167"},"modified":"2019-01-08T03:30:38","modified_gmt":"2019-01-08T03:30:38","slug":"080119-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/080119-morning-session-analysis\/","title":{"rendered":"080119 Morning Session Analysis"},"content":{"rendered":"

08 January 2019 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Morning Session Analysis<\/strong><\/p>\n

 <\/p>\n

Dollar plunges amid poor ISM data.<\/strong><\/p>\n

Dollar index fell against a basket of six major currency pair amid the announcement of ISM Non-Manufacturing PMI data which measures the overall condition of the US economy excluding manufacturing sector. The data had an actual reading of 57.6, missing economists\u2019 expectation of 59.6, indicating a weaker expansion while remaining above 50.0 which still indicates an expanding economy. Recent economy outlook for the US remained cloudy while being pressured by downbeat data and also concerns of future rate hike paused after Fed Chairman Jerome Powell stated that the Fed are ready to change policy swiftly according to the economical status of the country. Dollar index was down by 0.04% to 95.65 as of writing. In other news, pair of USD\/CAD further its bearish momentum by 0.05% to 1.3295 after plunging to new lows amid pro Ivey PMI data. The data which generally measures the overall economic performance came in at 59.7, exceeding its expectation of 58.1 which led investors to sell the currency pair. As Canada represents one of the largest oil exporters, the hike in oil prices further supported the value of Canadian dollar.<\/p>\n

 <\/p>\n

For the commodities market, crude oil price surged by 0.60% to $48.80 while hitting higher levels. Recent sentiment towards the oil market turned positive supported by OPEC production cut taken into effect on 1st<\/sup> January last week. Furthermore, hopes on trade war easing between China and US also supported demand for oil as both countries meet up for trade negotiations this week. On the other hand, gold price fell by 0.26% to $1285.75 amid investors\u2019 higher risk appetite.<\/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

Today\u2019s Highlight Economic Data<\/u><\/p>\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 Industrial Production (MoM) (Nov)<\/td>\n-0.5%<\/td>\n0.3%<\/td>\n–<\/td>\n<\/tr>\n
23:00<\/td>\nUSD \u2013 JOLTS Job Openings (Nov)<\/td>\n7.079M<\/td>\n7.170M<\/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 was higher following prior rebound from the support level at 95.20. MACD which illustrate diminishing bearish momentum suggest the index to extend its rebound toward the resistance level at 95.65.<\/p>\n

 <\/p>\n

Resistance level: 95.65, 96.00<\/p>\n

Support level: 95.20, 94.60<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H4: <\/strong>GBPUSD was traded lower following prior retracement from the resistance level at 1.2785. MACD which display diminishing bullish momentum suggest the pair to extend its retracement toward the support level at 1.2715.<\/p>\n

 <\/p>\n

Resistance level: 1.2785, 1.2855<\/p>\n

Support level: 1.2715, 1.2600<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, H4: <\/strong>EURUSD was traded lower following prior retracement from resistance level 1.1480. MACD which display bearish momentum and the formation of death cross suggest the pair to extend its losses toward the support level at 1.1430.<\/p>\n

 <\/p>\n

Resistance level: 1.1480, 1.1515<\/p>\n

Support level: 1.1430, 1.1395<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, H4: <\/strong>USDJPY was traded higher following prior breakout above the previous resistance level at 108.55. MACD which illustrate bullish bias momentum suggest the pair to extend its gains toward the resistance level at 109.30.<\/p>\n

 <\/p>\n

Resistance level: 109.30, 110.25<\/p>\n

Support level: 108.55, 107.70<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H4: <\/strong>AUDUSD was traded higher following prior breakout above the previous resistance level at 0.7115. However, MACD which illustrate diminishing bullish momentum suggest the pair to undergo technical correction in short term toward the support level at 0.7115.<\/p>\n

 <\/p>\n

Resistance level: 0.7170, 0.7225<\/p>\n

Support level: 0.7115, 0.7070<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H1: <\/strong>NZDUSD was traded higher following prior rebound from the support level 0.6740. MACD which display diminishing bearish momentum suggest the pair to extend its gains towards the resistance level 0.6785.<\/p>\n

 <\/p>\n

Resistance level: 0.6785, 0.6840<\/p>\n

Support level: 0.6740, 0.6715<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, H4:<\/strong> USDCAD was traded lower while currently testing the support level at 1.3280. However, MACD which illustrate diminishing bearish momentum suggest the pair to undergo short term technical correction towards the resistance level at 1.3330.<\/p>\n

 <\/p>\n

Resistance level: 1.3330, 1.3415<\/p>\n

Support level: 1.3280, 1.3175<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H1: <\/strong>USDCHF was traded higher while currently testing the resistance level at 0.9810. MACD which illustrate bullish momentum and the formation of golden cross suggest the pair to extend its gains after successfully breakout above the resistance level at 0.9810.<\/p>\n

 <\/p>\n

Resistance level: 0.9810, 0.9835<\/p>\n

Support level: 0.9790, 0.9755<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H4: <\/strong>Crude oil price was traded lower while currently testing the support level at 48.35. MACD which display diminishing bullish momentum suggest the commodity to extend its losses after successfully breakout below the support level at 48.35.<\/p>\n

 <\/p>\n

Resistance level: 49.75, 51.05<\/p>\n

Support level: 48.35, 46.65<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H1: <\/strong>Gold price was traded lower following prior retracement near the resistance level at 1289.70. MACD which display bearish momentum suggest gold to extend its losses toward the support level 1283.80.<\/p>\n

 <\/p>\n

Resistance level: 1289.70, 1296.95<\/p>\n

Support level: 1283.80, 1277.10<\/p>\n","protected":false},"excerpt":{"rendered":"

08 January 2019 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Morning Session Analysis   Dollar plunges amid poor ISM data. Dollar index fell against a basket of six major currency pair amid the announcement of ISM Non-Manufacturing PMI data which measures the overall condition of the US economy excluding manufacturing sector. The data had an actual reading of 57.6, missing economists\u2019 […]<\/p>\n","protected":false},"author":20,"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\/43167"}],"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\/20"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/comments?post=43167"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/43167\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=43167"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=43167"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=43167"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}