{"id":47523,"date":"2019-02-22T02:37:49","date_gmt":"2019-02-22T02:37:49","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=47523"},"modified":"2019-02-22T02:37:49","modified_gmt":"2019-02-22T02:37:49","slug":"220219-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/220219-morning-session-analysis\/","title":{"rendered":"220219 Morning Session Analysis"},"content":{"rendered":"

22 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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Trade talk resumed, dollar remains steady despite weak data.<\/strong><\/span><\/p>\n

Dollar index measuring against a basket of six major currency pair remain steady on 96.00 level as trade talk have resumed between US and China. Despite the downbeat economic data released by US yesterday, dollar was able to shrug off the negative data while investors are eyeing on the progress of trade talk where both countries are trashing out structural agreements and trying to hash out a deal that could end the trade war. As the deadline for additional tariff on Chinese goods are due in a week, failure to reach an agreement will majorly benefit the US market with the additional tariff imposed, however the impact will disrupt global trade and the economy in the long-run. Dollar index was up by 0.14% to 96.45 as of writing. In other news, pair of AUD\/USD edged higher by 0.18% to 0.7105 after plunging to a week\u2019s low due to concerns of China\u2019s ban on Australian coal imports. Being one of China\u2019s major trading partner, the ban on Australian coal will drastically affect\u2019s Australian economy. However, the single currency was able to recover part of its losses supported by upbeat central bank comments and strong job data. Focus will now be placed on the outcome of trade war where a deal will boost Asian market\u2019s sentiment.<\/p>\n

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In the commodities market, crude oil price edged higher by 0.12% to $56.90 per barrel as of writing. The commodity was suffering retracement from its\u2019 high levels following downbeat Crude Oil Inventories data. According to Energy Information Administration (EIA), crude production had increased up to 12 million bpd while weekly inventories increased to 3.672M, missing economist\u2019s expectation of 3.080M. However, sentiment still remained strong for crude market following OPEC\u2019s effort on production cut. Gold prices on the other hand was gaining by 0.18% to $1325.70 after retracing from its top-levels yesterday due to strengthened dollar.<\/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

23:30\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 President Draghi Speaks<\/p>\n

00.00 (23rd) \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 Fed Monetary Policy Report<\/p>\n

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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
15:00<\/td>\nEUR \u2013 German GDP<\/td>\n0.0%<\/td>\n0.0%<\/td>\n–<\/td>\n<\/tr>\n
17.00<\/td>\nEUR \u2013 German Ifo Business Climate Index<\/td>\n99.00<\/td>\n99.1<\/td>\n–<\/td>\n<\/tr>\n
18.00<\/td>\nEUR – CPI (YoY) (Jan)<\/td>\n1.4%<\/td>\n1.4%<\/td>\n–<\/td>\n<\/tr>\n
21.30<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Core Retail Sales (MoM) (Dec)<\/td>\n-0.6%<\/td>\n-0.5%<\/td>\n–<\/td>\n<\/tr>\n
02.00<\/p>\n

(23rd)<\/td>\n

CrudeOIl – U.S. Baker Hughes Oil Rig Count<\/td>\n857<\/td>\n–<\/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 while currently testing the resistance level 96.45. MACD which illustrate bullish momentum with the formation of golden cross suggest the pair to extend its gains after It breaks above the resistance level.<\/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 flat following recent retracement from the resistance level 1.3080. MACD which illustrate bearish momentum with death cross formation suggest the pair to be traded lower 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 while currently testing the support 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 lower while currently testing near the support level. MACD which illustrate bearish momentum suggest the pair to extend its losses after it breaks below the support level.<\/p>\n

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Resistance level: 111.35, 112.20<\/p>\n

Support level: 110.60, 110.00<\/p>\n

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AUDUSD, H4: <\/strong>AUDUSD was traded higher following prior rebound from the support level 0.7085. MACD which illustrate diminishing bearish momentum suggest the pair to extend its rebound towards the resistance level 0.7130.<\/p>\n

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

Support level: 0.7085, 0.7055<\/p>\n

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NZDUSD, H4: <\/strong>NZDUSD was traded higher following recent rebound from the support level 0.6800.MACD which illustrate bullish bias signal suggest the pair to extend its rebound towards the resistance level 0.6845.<\/p>\n

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Resistance level: 0.6845,0.6875<\/p>\n

Support level: 0.6800, 0.6770<\/p>\n

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USDCAD, H4:<\/strong> USDCAD was traded higher following prior breakout above the previous resistance level 1.3200. MACD which illustrate bullish momentum with the formation of golden cross suggest the pair to extend its gains towards the resistance level 1.3260.<\/p>\n

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Resistance level: 1.3260, 1.3310<\/p>\n

Support level: 1.3200, 1.3125<\/p>\n

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USDCHF, H4: <\/strong>USDCHF remain traded flat following prior recent rebound from its low level. However, MACD which illustrate bullish momentum with golden cross suggest the pair to be traded higher 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 lower following prior retracement from the resistance level 57.50. MACD which illustrate bearish momentum with death cross formation suggest the commodity to extend its retracement 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 following prior breakout below the previous support level 1329.15. MACD which illustrate bearish momentum suggest the commodity to extend its losses towards the support level 1315.00.<\/p>\n

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Resistance level: 1329.15, 1340.55<\/p>\n

Support level: 1315.00, 1302.90<\/p>\n","protected":false},"excerpt":{"rendered":"

22 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   Trade talk resumed, dollar remains steady despite weak data. Dollar index measuring against a basket of six major currency pair remain steady on 96.00 level as trade talk have resumed between US and China. Despite the downbeat economic data released by US yesterday, dollar was able to […]<\/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\/47523"}],"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=47523"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/47523\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=47523"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=47523"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=47523"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}