{"id":47385,"date":"2019-02-21T02:29:05","date_gmt":"2019-02-21T02:29:05","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=47385"},"modified":"2019-02-21T02:29:05","modified_gmt":"2019-02-21T02:29:05","slug":"210219-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/210219-morning-session-analysis\/","title":{"rendered":"210219 Morning Session Analysis"},"content":{"rendered":"

21 February 2019\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

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Dollar falls amid dovish Fed, bolstered by Brexit turmoil.<\/strong><\/span><\/p>\n

Dollar index measuring against a basket of six major currency pairs plunged near to its 96.00 level following the release of FOMC Meeting Minutes for January which carried a more dovish tone. In the minutes, Fed will use a more patient approach to its interest rates while policymakers expressed their willingness to end the balance sheet unwinding program later this year and keeping rate hikes on hold to further gauge the economy outlook for US. However, dollar\u2019s fall was bolstered by political turmoil in the UK as three lawmakers defected from Prime Minister Theresa May\u2019s Conservative Party. As May is set to renew talks with the EU this week to tackle the Irish backstop issue, lack of faith towards May caused three lawmakers to quit their position thus pressuring the currency. Investors now fear that if May is unable to obtain a better deal with the EU, UK will be forced to crash out of EU without a deal, possibly leading the economy into a recession stance. As of writing, dollar index was down by 0.01% to 96.35 while pair of GBP\/USD was 0.03% to 1.3040<\/p>\n

 <\/p>\n

In the commodities market, crude oil price fell by 0.82% to $57.20 per barrel after reaching a new high in 2019. The fall on prices was caused by increasing inventories in the US as reported by American Petroleum Institute. However, current sentiment for oil market remained bullish as tensions from the trade war are slowly lifted from the market while investors expect both US and China to reach an agreement. On the other hand, OPEC\u2019s production cut and sanctions on Iran and Venezuela oil continues to support oil prices. Gold prices on the other hand was gaining by 0.15% to $1340.45, supported by political turmoil in UK and dovish statement from the FOMC.<\/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\u00a0 Event<\/strong><\/p>\n

20:30\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 Publishes Account of Monetary Policy Meeting<\/p>\n

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Today\u2019s Highlight Economic Data<\/u><\/p>\n\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
16:30<\/td>\nEUR \u2013 German Manufacturing PMI<\/td>\n49.7<\/td>\n50.0<\/td>\n–<\/td>\n<\/tr>\n
17:00<\/td>\nEUR \u2013 Markit Composite PMI (Feb)<\/td>\n51.0<\/td>\n51.1<\/td>\n–<\/td>\n<\/tr>\n
21:30<\/td>\nUSD \u2013 Core Durable Goods Orders (MoM) (Dec)<\/td>\n-0.4%<\/td>\n0.2%<\/td>\n–<\/td>\n<\/tr>\n
21:30<\/td>\nUSD \u2013 Initial Jobless Claims<\/td>\n239K<\/td>\n220K<\/td>\n–<\/td>\n<\/tr>\n
21:30<\/td>\nUSD \u2013 Philadelphia Fed Manufacturing Index (Feb)<\/td>\n17.0<\/td>\n15.6<\/td>\n–<\/td>\n<\/tr>\n
22:45<\/td>\nUSD \u2013 Markit Composite PMI (Feb)<\/td>\n54.4<\/td>\n55.1<\/td>\n–<\/td>\n<\/tr>\n
23:00<\/td>\nUSD \u2013 Existing Home Sales (Jan)<\/td>\n4.99M<\/td>\n5.01M<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

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

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DOLLAR_INDX, H4: <\/strong>Dollar index was traded higher following prior rebound from the support level 96.05. MACD which illustrate diminishing bearish momentum suggest the pair to extend its rebound towards the resistance level 96.45.<\/p>\n

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Resistance level: 96.45, 96.90<\/p>\n

Support level: 96.05, 95.55<\/p>\n

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GBPUSD, H4: <\/strong>GBPUSD was traded lower following prior retracement from the resistance level 1.3080. MACD which display bearish bias signal suggest the pair to extend its retracement towards the support level 1.2960.<\/p>\n

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Resistance level: 1.3080, 1.3205<\/p>\n

Support level: 1.2960, 1.2845<\/p>\n

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EURUSD, H4: <\/strong>EURUSD was traded flat after it breaks above the resistance level 1.1340. However, MACD which illustrate bearish bias signal suggest the pair to be traded lower when it breaks back below the support level 1.1340.<\/p>\n

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Resistance level: 1.1390, 1.1445<\/p>\n

Support level: 1.1340, 1.1300<\/p>\n

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USDJPY, H4: <\/strong>USDJPY was traded flat following recent retracement from its high level. MACD which display diminishing bullish momentum suggest the pair to extend its retracement towards the support level 110.65.<\/p>\n

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Resistance level: 111.40, 112.20<\/p>\n

Support level: 110.65, 110.00<\/p>\n

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AUDUSD, H4: <\/strong>AUDUSD was traded lower while currently testing the support level 0.7160. MACD which display bearish bias signal suggest the pair to extend its bearish momentum after it breaks below the support level.<\/p>\n

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Resistance level: 0.7225, 0.7290<\/p>\n

Support level: 0.7160, 0.7130<\/p>\n

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NZDUSD, H4: <\/strong>NZDUSD was traded lower following recent retracement from the resistance level 0.6875. MACD which illustrate bearish momentum with the formation of death cross suggest the pair to extend its retracement towards the support level 0.6845.<\/p>\n

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Resistance level: 0.6875, 0.6905<\/p>\n

Support level: 0.6845, 0.6800<\/p>\n

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USDCAD, H4:<\/strong> USDCAD was traded higher following prior rebound from its low level. MACD which illustrate diminishing bearish momentum suggest the pair to extend its rebound towards the resistance level 1.3205.<\/p>\n

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Resistance level: 1.3205, 1.3260<\/p>\n

Support level: 1.3125, 1.3060<\/p>\n

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USDCHF, H4: <\/strong>USDCHF was traded higher following prior rebound from support level 0.9985. MACD which illustrate bullish bias signal suggest the pair to extend its rebound towards the resistance level 1.0025.<\/p>\n

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Resistance level: 1.0025, 1.0085<\/p>\n

Support level: 0.9985, 0.9910<\/p>\n

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CrudeOIL, H4: <\/strong>Crude oil price was traded higher while currently testing near the resistance level 57.50. However, MACD which illustrate diminishing bullish momentum suggest the pair to be traded lower as a short term technical correction towards the support level 55.75<\/p>\n

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Resistance level: 57.50, 59.20<\/p>\n

Support level: 55.75, 54.30<\/p>\n

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GOLD_, H4: <\/strong>Gold price was traded lower while currently testing the support level 1340.50. MACD which illustrate bearish momentum with the starting formation of death cross suggest the commodity to extend its bearish momentum after it breaks below the support level 1340.50.<\/p>\n

 <\/p>\n

Resistance level: 1353.10, 1364.95<\/p>\n

Support level: 1340.50, 1329.15<\/p>\n","protected":false},"excerpt":{"rendered":"

21 February 2019\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 falls amid dovish Fed, bolstered by Brexit turmoil. Dollar index measuring against a basket of six major currency pairs plunged near to its 96.00 level following the release of FOMC Meeting Minutes for January which carried a more dovish tone. In the minutes, Fed will use […]<\/p>\n","protected":false},"author":44,"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\/47385"}],"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\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/comments?post=47385"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/47385\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=47385"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=47385"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=47385"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}