{"id":44187,"date":"2019-01-17T02:01:59","date_gmt":"2019-01-17T02:01:59","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=44187"},"modified":"2019-01-17T02:01:59","modified_gmt":"2019-01-17T02:01:59","slug":"170119-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/170119-morning-session-analysis\/","title":{"rendered":"170119 Morning Session Analysis"},"content":{"rendered":"

17 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

 <\/p>\n

Market flattens as further signals is required.<\/strong><\/span><\/p>\n

Pound sterling struggled to determine its direction on yesterday after UK Prime Minister Theresa May survives a vote of no-confidence with a slim margin. May\u2019s government garnered 325 votes of support against 306 votes of no-confidence. The motion was brought against May by Labor Party leader Jeremy Corbyn following a widely expected defeat of Brexit withdrawal deal last Tuesday. In a speech given subsequent to the vote of no confidence, May invites the leaders of all parties to have a private meeting with her as soon as yesterday tonight in order to seek a consensus with regards to Brexit conundrum. Her government is expected to deliver an alternative solution as soon as next Monday (21st<\/sup> January). On the other hand, US dollar failed to extends its gains on yesterday following dovish signal from Federal Reserve. Several senior Fed officials commented that they are in no hurry to raise interest rates further due to the possibility of a slowing global economic growth. As of writing, pair of GBP\/USD ticks up 0.02% to 1.2882 while the dollar index oscillates at around 95.68.<\/p>\n

 <\/p>\n

In the commodities market, crude oil price settled down 0.29% to $52.17 per barrel. According to EIA, US daily oil production rose by 200,000 barrels per day (bpd), reaching a massive 11.9 million bpd last week. The continuing rise in supply has overshadowed bullish inventory data which recorded a larger than expected draw by -2.683 million versus forecast of only -1.323 million. Otherwise, gold price continues to be traded in a sideways fashion at around $1,293.72 a troy ounce due to the lack of market signals.<\/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

23:45\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 FOMC Member Quarles Speaks<\/p>\n

 <\/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
18:00<\/td>\nEUR \u2013 CPI (YoY) (Dec)<\/td>\n1.6%<\/td>\n1.6%<\/td>\n–<\/td>\n<\/tr>\n
21:30<\/td>\nUSD \u2013 Building Permits (Dec)<\/td>\n1.328M<\/td>\n1.290M<\/td>\n–<\/td>\n<\/tr>\n
21:30<\/td>\nUSD \u2013 Initial Jobless Claims<\/td>\n216K<\/td>\n219K<\/td>\n–<\/td>\n<\/tr>\n
21:30<\/td>\nUSD \u2013 Philadelphia Fed Manufacturing Index (Jan)<\/td>\n9.4<\/td>\n9.7<\/td>\n–<\/td>\n<\/tr>\n
21:30<\/td>\nUSD \u2013 Philly Fed Employment (Jan)<\/td>\n19.1<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n

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

\"\"<\/p>\n

DOLLAR_INDX, H4:<\/strong> Dollar index was traded lower following prior retracement from the downward trendline. MACD which illustrate diminished bearish momentum suggests the index to extend its losses, towards the direction of 95.30.<\/p>\n

Resistance level: 95.75, 96.10<\/p>\n

Support level: 95.30, 95.00<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H1: <\/strong>GBPUSD was traded flat near the support level of 1.2860. Due to the lack of signal from MACD and price action, it is suggested to wait for a breakout before entering the market.<\/p>\n

Resistance level: 1.2910, 1.2960<\/p>\n

Support level: 1.2860, 1.2800<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, H1: <\/strong>EURUSD was traded higher following prior rebound from the support level near 1.1380. MACD which illustrate bullish signal suggests the pair to advance further up, towards the direction of 1.1420.<\/p>\n

Resistance level: 1.1420, 1.1450<\/p>\n

Support level: 1.1380, 1.1330<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, H1: <\/strong>USDJPY was traded lower following prior retracement from its prior high levels. MACD which illustrate the formation of death cross signal suggests the pair to extend its losses in short-term as technical correction.<\/p>\n

Resistance level: 108.95, 109.35<\/p>\n

Support level: 108.25, 107.50<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H1: <\/strong>AUDUSD was traded higher following prior rebound from the lower level of descending channel. MACD which illustrates diminished downward momentum suggests the pair to be traded higher in short-term as technical correction.<\/p>\n

Resistance level: 0.7180, 0.7220<\/p>\n

Support level: 0.7145, 0.7110<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded lower while currently testing near the upward trendline. MACD which illustrate bearish signal suggests the pair to extend its losses after successfully breaking the trendline.<\/p>\n

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

Support level: 0.6710, 0.6645<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, H1: <\/strong>USDCAD was traded higher following prior rebound from the lower level. However, both MACD and Stochastic Oscillator which illustrate bearish signal suggests the pair to be traded lower in short-term, towards 1.3230.<\/p>\n

Resistance level: 1.3260, 1.3290<\/p>\n

Support level: 1.230, 1.3180<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded lower following a retrace from the downward trendline. MACD which illustrate diminished upward momentum suggests the pair to be traded lower, towards the direction of 0.9935.<\/p>\n

Resistance level: 0.9905, 0.9950<\/p>\n

Support level: 0.9935, 0.9790<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H1: <\/strong>Crude oil price was traded lower following prior retracement from its previous high. MACD which illustrate diminished upward momentum suggests its prices to advance further down, towards the direction of 51.50.<\/p>\n

Resistance level: 52.75, 54.10<\/p>\n

Support level: 51.50, 50.50<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H1: <\/strong>Gold price extended gains following prior rebound from its mid-level of sideways channel. Stochastic Oscillator which illustrate bullish signal suggests its price to advance further up, towards the direction of 1297.00.<\/p>\n

Resistance level: 1297.00, 1303.00<\/p>\n

Support level: 1287.20, 1284.35<\/p>\n","protected":false},"excerpt":{"rendered":"

17 January 2019\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Morning Session Analysis     Market flattens as further signals is required. Pound sterling struggled to determine its direction on yesterday after UK Prime Minister Theresa May survives a vote of no-confidence with a slim margin. May\u2019s government garnered 325 votes of support against 306 votes of no-confidence. The motion was brought […]<\/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\/44187"}],"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=44187"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/44187\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=44187"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=44187"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=44187"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}