{"id":47976,"date":"2019-02-27T01:11:54","date_gmt":"2019-02-27T01:11:54","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=47976"},"modified":"2019-02-27T01:11:54","modified_gmt":"2019-02-27T01:11:54","slug":"270219-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/270219-morning-session-analysis\/","title":{"rendered":"270219 Morning Session Analysis"},"content":{"rendered":"

27 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\u00a0 Morning Session Analysis<\/strong><\/p>\n

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Dollar cripples as Powell unleash doves.<\/strong><\/span><\/p>\n

US dollar tumbles further on yesterday over the backdrop of dovish statement given by Federal Reserve Chair Jerome Powell. During Asian trading session, the dollar index was quoted down 0.37% to 95.87. In his Semiannual Monetary Policy Report to the Congress, Powell noted that the US job market remains strong and they are seeing further signs of improvement in wage growth. However, he reiterates that the central bank may be patient in adjusting their monetary policy in order to maintain sustainable growth in labor market and keeping current inflationary pressure near the benchmark of 2%. His remarks have dialed down investor\u2019s expectation for further rate hikes in the US and thus shifting their focus towards portfolios in other major and emerging markets. In the UK, pair of GBP\/USD rose 0.06% to 1.3257. According to The Guardian\u2019s political editor, the opposition Labor Party is planning to bring second referendum amendment for a vote in the Parliament later today. A second referendum may avoid Brexit all-in-all and thus boosting market sentiment towards the pound sterling.<\/p>\n

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In the commodities market, crude oil price extended its recovery by 1.37% to $55.92 per barrel. Oil prices rose slightly after American Petroleum Institute (API) reported a large draw in crude oil stock by 4.2 million barrels for last week. Otherwise, gold price ticked up 0.01% to $1,328.67 a troy ounce due to weaker US 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

23:00\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 Fed Chair Powell Testifies<\/p>\n

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Today\u2019s Highlight Economic Data<\/u><\/p>\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
21:30<\/td>\nCAD \u2013 Core CPI (MoM) (Jan)<\/td>\n-0.2%<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n
23:00<\/td>\nUSD \u2013 Factory Orders (MoM) (Dec)<\/td>\n-0.6%<\/td>\n1.5%<\/td>\n–<\/td>\n<\/tr>\n
23:00<\/td>\nUSD \u2013 Pending Home Sales (MoM) (Jan)<\/td>\n-2.2%<\/td>\n0.8%<\/td>\n–<\/td>\n<\/tr>\n
23:30<\/td>\nCrudeOIL \u2013 EIA Crude Oil Inventories<\/td>\n3.672M<\/td>\n2.842M<\/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 remains traded within a descending channel while currently testing at the bottom level. MACD which illustrate bearish signal suggests the index to extend its losses after breaking the bottom level.<\/p>\n

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Resistance level: 96.00, 96.65<\/p>\n

Support level: 95.50, 95.00
\n<\/strong><\/p>\n

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GBPUSD, H4: <\/strong>GBPUSD was traded lower while currently testing at the support of 1.3255. MACD which illustrate diminishing upward momentum suggests the pair to extend its losses in short-term after closing below 1.3255.<\/p>\n

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Resistance level: 1.3345, 1.3400<\/p>\n

Support level: 1.3255, 1.3170<\/p>\n

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EURUSD, H4: <\/strong>EURUSD was traded higher while currently testing at the resistance level of 1.1400. MACD which illustrate diminishing upward momentum suggests the pair to be traded lower in short-term as technical correction.<\/p>\n

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Resistance level: 1.1400, 1.1440<\/p>\n

Support level: 1.1360, 1.1310<\/p>\n

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USDJPY, H4: <\/strong>USDJPY was traded lower while currently testing at the support level of 110.50. MACD which illustrate bearish signal suggests the pair to advance further down after breaking the support of 110.50.<\/p>\n

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Resistance level: 111.00, 111.45<\/p>\n

Support level: 110.50, 110.00<\/p>\n

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AUDUSD, H4: <\/strong>AUDUSD was traded higher following prior rebound from the lower level of ascending channel. MACD which illustrate diminishing upward momentum suggests the pair to be traded lower in short-term as technical correction.<\/p>\n

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Resistance level: 0.7225, 0.7275<\/p>\n

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

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

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Resistance level: 0.6935, 0.6970<\/p>\n

Support level: 0.6890, 0.6820<\/p>\n

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USDCAD, H4: <\/strong>USDCAD remains traded within a descending channel following prior retrace from the top. MACD which begins to form a bearish signal suggests the pair to advance further down, towards the direction of 1.3120.<\/p>\n

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Resistance level: 1.3175, 1.3220<\/p>\n

Support level: 1.3120, 1.3070<\/p>\n

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USDCHF, H1: <\/strong>USDCHF remains traded within a descending triangle while currently testing at the bottom level. 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

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Resistance level: 1.0040, 1.0080<\/p>\n

Support level: 0.9995, 0.9970<\/p>\n

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CrudeOIL, H1: <\/strong>Crude oil price was traded higher following prior rebound from the support of 55.15. MACD which illustrate bullish signal suggests its prices to extend its gains, towards the direction of 56.45.<\/p>\n

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Resistance level: 56.45, 57.45<\/p>\n

Support level: 55.60, 55.15<\/p>\n

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GOLD_, H1: <\/strong>Gold price remains traded within a descending triangle while currently testing at the top level. Although MACD has formed a bullish signal, a breakout from the top level is required to attain further confirmation.<\/p>\n

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Resistance level: 1329.00, 1333.00<\/p>\n

Support level: 1323.00, 1315.00<\/p>\n","protected":false},"excerpt":{"rendered":"

27 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\u00a0 Morning Session Analysis     Dollar cripples as Powell unleash doves. US dollar tumbles further on yesterday over the backdrop of dovish statement given by Federal Reserve Chair Jerome Powell. During Asian trading session, the dollar index was quoted down 0.37% to 95.87. In his Semiannual Monetary Policy Report to the Congress, […]<\/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\/47976"}],"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=47976"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/47976\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=47976"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=47976"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=47976"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}