{"id":49537,"date":"2019-03-14T00:41:48","date_gmt":"2019-03-14T00:41:48","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=49537"},"modified":"2019-03-14T00:41:48","modified_gmt":"2019-03-14T00:41:48","slug":"140319-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/140319-morning-session-analysis\/","title":{"rendered":"140319 Morning Session Analysis"},"content":{"rendered":"

14 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

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Sterling shines as MP reject No-Deal Brexit.<\/strong><\/span><\/p>\n

Pound sterling remains as the focus of the week as investors mull parliamentary voting results which would determine UK\u2019s Brexit fate. Overnight, pound sterling jumped more than 1,600 basis points despite political chaos in the UK as members of the parliament (MP) rejects the motion to leave European Union without a withdrawal agreement under any circumstances. While the vote which is passed with 312 to 308 is not legally binding, MPs will now set to cast their vote tomorrow morning over a motion to delay Brexit deadline on March 29th<\/sup>. Following the vote earlier today, UK Prime Minister Theresa May mentioned that the options remains the same and it includes a \u201cdamaging\u201d second referendum that may cancel Brexit altogether. Otherwise, greenback remains in the foreground following a slew of bearish economic data from the region. According to US Labor Department, Producer Price Index (PPI) for the month of February came in at only 0.1%, missing economist forecast for 0.2%. In addition, US Commerce Department reported that total Core Durable Goods Orders fell by 0.1%, confounding forecast for a rise of up to 0.1%. Overall, prior optimism which surrounds US economy has somehow faded and it begins with last week\u2019s lull Nonfarm Payrolls report despite decade high pace of wage growth and lower unemployment rate. For the time being, investors will continue to scrutinize the probable change in Federal Reserve\u2019s policy stance by assessing future economic release from the US. As of writing, pair of GBP\/USD depreciate slightly by 0.18% to 1.3314 while the dollar index extended losses by 0.48% to 96.36.<\/p>\n

 <\/p>\n

In the commodities market, crude oil price extended its bullish momentum by 0.07% to $58.36 per barrel. Oil futures received a bullish boost after Energy Information Administration reported a draw in US crude oil stocks by 3.9 million barrels last week, better than economist forecast for an increase of 2.65 million barrels. Similarly, gold price rose 0.07% to $1,309.65 a troy ounce following weaker 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 Event<\/strong><\/p>\n

19:00\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 CrudeOIL\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0OPEC Monthly Report<\/p>\n

03:00 (15th<\/sup>)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 GBP\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 UK Parliament vote on Extension of Brexit Date<\/p>\n

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 <\/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
15:00<\/td>\nEUR \u2013 German CPI (MoM) (Feb)<\/td>\n0.5%<\/td>\n0.5%<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nUSD \u2013 Import Price Index (MoM) (Feb)<\/td>\n-0.5%<\/td>\n0.3%<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nUSD \u2013 Initial Jobless Claims<\/td>\n223K<\/td>\n225K<\/td>\n–<\/td>\n<\/tr>\n
22:00<\/td>\nUSD \u2013 New Home Sales (Jan)<\/td>\n621K<\/td>\n622K<\/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 higher following prior rebound from its lower level. MACD which illustrate diminished downward momentum may suggests the index to be traded higher in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 96.45, 97.05<\/p>\n

Support level: 95.95, 95.55<\/p>\n

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\"\"<\/p>\n

GBPUSD, H1: <\/strong>GBPUSD was traded lower following prior retracement from 1.3350. MACD which illustrate diminishing upward momentum suggests the pair to be traded lower in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 1.3350, 1.3400<\/p>\n

Support level: 1.3240, 1.3170<\/p>\n

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\"\"<\/p>\n

EURUSD, H4: <\/strong>EURUSD was traded higher following prior closure above 1.1300. However, MACD histogram which illustrate diminished upward momentum suggests the pair to experience technical correction for short-term.<\/p>\n

 <\/p>\n

Resistance level: 1.1340, 1.1400<\/p>\n

Support level: 1.1300, 1.1260<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, H4: <\/strong>USDJPY remains traded within an ascending channel while currently testing at the bottom level. MACD which begins to form a death cross signal suggests the pair to extend its losses following a successful breakout from the bottom.<\/p>\n

 <\/p>\n

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

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

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\"\"<\/p>\n

AUDUSD, H1: <\/strong>AUDUSD was traded lower following prior retracement from the resistance at 0.7100. 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: 0.7100, 0.7120<\/p>\n

Support level: 0.7075, 0.7050<\/p>\n

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\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded lower following prior retracement from its higher levels. MACD which begins to form a death cross signal suggests the pair to be traded lower in short-term towards 0.6840.<\/p>\n

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

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

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\"\"<\/p>\n

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

 <\/p>\n

Resistance level: 1.3300, 1.3350<\/p>\n

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

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\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded lower following prior closure below 1.0040. MACD which continues to illustrate bearish signal suggests the pair to extend its losses in mid-term, towards the direction of 0.9995.<\/p>\n

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

Support level: 0.9995, 0.9945<\/p>\n

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\"\"<\/p>\n

CrudeOIL, H4: <\/strong>Crude oil price was traded lower following prior retracement from the resistance of 58.55. MACD which illustrate diminished upward momentum suggests its prices to be traded lower in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 58.55, 59.65<\/p>\n

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

 <\/p>\n

\"\"<\/p>\n

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

 <\/p>\n

Resistance level: 1315.45, 1326.50<\/p>\n

Support level: 1305.60, 1294.00<\/p>\n

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

14 March 2019\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Morning Session Analysis   Sterling shines as MP reject No-Deal Brexit. Pound sterling remains as the focus of the week as investors mull parliamentary voting results which would determine UK\u2019s Brexit fate. Overnight, pound sterling jumped more than 1,600 basis points despite political chaos in the UK as members of the parliament […]<\/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\/49537"}],"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=49537"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/49537\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=49537"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=49537"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=49537"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}