{"id":49400,"date":"2019-03-13T00:40:05","date_gmt":"2019-03-13T00:40:05","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=49400"},"modified":"2019-03-13T00:40:05","modified_gmt":"2019-03-13T00:40:05","slug":"130319-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/130319-morning-session-analysis\/","title":{"rendered":"130319 Morning Session Analysis"},"content":{"rendered":"

13 March 2019\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Morning Session Analysis<\/strong><\/p>\n

 <\/p>\n

Dollar-bulls tamed by timid inflation.<\/strong><\/span><\/p>\n

US dollar retreats further on Tuesday as recent inflationary data reaffirmed the course for Federal Reserve to hold off monetary policy tightening. Against six major peers, the dollar index slipped 0.23% to 96.90 as of writing. According to US Labor Department, its Core Consumer Price Index slowed down to 0.1% for the month of February, missing economist expectation for a rise up to 0.2%. With current core metrics lingers around the optimal rate of 2%, the data has done little to upon Federal Reserve to abandon its wait-and-see approach on interest rate hikes. Although recent labor costs seen some minor appreciation, its pass through towards consumer prices inflation is quite modest. Stronger productivity in growth over the years has kept labor costs in check while historically high profit margins encourage companies to absorb the costs themselves. As such, some investors suggest that inflationary pressure is less likely to get out of hand. In the UK front, pair of GBP\/USD rose 0.02% to 1.3076 during Asian trading session. As expected by some, it was a second defeat for PM Theresa May after her Brexit deal was being voted down with 391 votes against 242. With her deal rejected, UK Parliament will now set to vote upon a No-Deal Brexit initiative. If that fails, they will set to vote on extending the Article 50 or Brexit deadline this coming Friday. In conjunction with the recent defeat, President of European Council Donald Tusk said that the EU will consider any request to delay Brexit if \u201cconsiderable and credible justification\u201d is being presented.<\/p>\n

 <\/p>\n

In the commodities market, crude oil price rose 0.18% to $57.15 per barrel. Oil futures remained supported after American Petroleum Institute reported a draw in last week\u2019s oil inventories by 2.580 million barrels. As for gold, its prices tick up 0.01% to $1,301.13 a troy ounce following further setback on the greenback.<\/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

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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 \u00a0Event<\/strong><\/p>\n

Tentative\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 GBP\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 Annual Budget Release<\/p>\n

20:30\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 GBP\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 Spring Forecast Statement<\/p>\n

03:00 (14th<\/sup>)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 GBP\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 UK Parliament vote on No-Deal Brexit<\/p>\n

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\n<\/u><\/p>\n

\u00a0<\/u><\/p>\n

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
18:00<\/td>\nEUR \u2013 Industrial Production (MoM) (Jan)<\/td>\n-0.9%<\/td>\n1.0%<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nUSD \u2013 Core Durable Goods Orders (MoM) (Jan)<\/td>\n0.1%<\/td>\n0.1%<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nUSD \u2013 PPI (MoM) (Feb)<\/td>\n-0.1%<\/td>\n0.2%<\/td>\n–<\/td>\n<\/tr>\n
22:30<\/td>\nCrudeOIL \u2013 Crude Oil Inventories<\/td>\n7.069M<\/td>\n2.655M<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

\u00a0<\/u><\/strong><\/p>\n

\u00a0<\/u><\/strong><\/p>\n

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

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DOLLAR_INDX, Daily: <\/strong>Dollar index was traded lower following prior retrace from the upper level. MACD which illustrate diminished upward momentum suggests the index to be traded lower in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 97.80, 99.10<\/p>\n

Support level: 95.95, 95.00
\n<\/strong><\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H4: <\/strong>GBPUSD remains traded within a descending wedge following prior retrace from the top. MACD which illustrate diminished upward momentum suggests the pair to be traded lower in short-term.<\/p>\n

 <\/p>\n

Resistance level: 1.3100, 1.3170<\/p>\n

Support level: 1.3010, 1.2880<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, H4: <\/strong>EURUSD was traded lower following prior retracement from the resistance of 1.1300. MACD which illustrate diminished upward momentum suggests the pair to be traded lower in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 1.1300, 1.1345<\/p>\n

Support level: 1.1260, 1.1220<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, H4: <\/strong>USDJPY was traded higher following prior rebound from the bottom level of ascending channel. MACD which illustrate bullish signal suggests the pair to extend its gains after closing above 111.45.<\/p>\n

 <\/p>\n

Resistance level: 111.45, 112.20<\/p>\n

Support level: 111.00, 110.50<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H1: <\/strong>AUDUSD was traded lower while currently testing near the 60-MA line (green). MACD which illustrate bearish signal suggests the pair to extend its losses after closing below the MA line.<\/p>\n

 <\/p>\n

Resistance level: 0.7075, 0.7100<\/p>\n

Support level: 0.7050, 0.7025<\/p>\n

 <\/p>\n

\"\"<\/p>\n

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

 <\/p>\n

Resistance level: 0.6885, 0.6940<\/p>\n

Support level: 0.6840, 0.6820<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, H4: <\/strong>USDCAD was traded lower following prior closure below the support of 1.3370. MACD which continues to illustrate bearish signal suggests the pair to advance further down, towards the direction of 1.3300.<\/p>\n

 <\/p>\n

Resistance level: 1.3370, 1.3435<\/p>\n

Support level: 1.3300, 1.3220<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded lower while currently testing the bottom level of sideways channel. Although MACD illustrate persistent bearish signal, a close below this level is required to attain further confirmation.<\/p>\n

 <\/p>\n

Resistance level: 1.0095, 1.0120<\/p>\n

Support level: 1.0070, 1.0040<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H4: <\/strong>Crude oil price remains traded within a sideways channel following prior retrace from the top. MACD which illustrate diminished upward momentum suggests its prices to experience technical correction in short-term.<\/p>\n

 <\/p>\n

Resistance level: 57.45, 58.55<\/p>\n

Support level: 56.45, 55.60<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H4: <\/strong>Gold price extended its gains following prior rebound from the support of 1294.00. MACD which illustrate persistent bullish signal suggests its prices to advance further up, towards the direction of 1305.60.<\/p>\n

 <\/p>\n

Resistance level: 1305.60, 1315.45<\/p>\n

Support level: 1294.00, 1280.20<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

13 March 2019\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Morning Session Analysis   Dollar-bulls tamed by timid inflation. US dollar retreats further on Tuesday as recent inflationary data reaffirmed the course for Federal Reserve to hold off monetary policy tightening. Against six major peers, the dollar index slipped 0.23% to 96.90 as of writing. According to US Labor Department, its Core […]<\/p>\n","protected":false},"author":25,"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\/49400"}],"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\/25"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/comments?post=49400"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/49400\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=49400"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=49400"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=49400"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}