{"id":54171,"date":"2019-04-16T02:37:00","date_gmt":"2019-04-16T02:37:00","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=54171"},"modified":"2019-04-16T02:37:00","modified_gmt":"2019-04-16T02:37:00","slug":"160419-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/160419-morning-session-analysis\/","title":{"rendered":"160419 Morning Session Analysis"},"content":{"rendered":"

16 April 2019\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

 <\/p>\n

Dollar pressured by Trump\u2019s criticism, upbeat data limited losses.<\/strong><\/p>\n

Greenback measuring its value against a basket of six major currency pairs edged lower by 0.02% to 96.50 during early Asian trading session following President Donald Trump\u2019s tweet regarding poor economic growth due to Fed\u2019s decision to tighten monetary policy. In his tweet, Trump criticized that if the Fed did its job properly, both the stock market and GDP would be higher than it is now. Although in the last FOMC meeting where the Fed signaled that they will hold their \u2018wait and see\u2019 approach towards further rate hike, however if the 2nd<\/sup> quarter growth is doing well, Fed will most likely be open to raise hike sooner. Besides that, yesterday release of upbeat NY state manufacturing index which exceed its expectation with the reading of 10.10 vs 6.70 help limits dollar fall, keeping the greenback strong above 96.40 level. In other news, pair of USD\/CAD was up by 0.12% to 1.3375 amid Bank of Canada (BoC) dovish business outlook survey. According to BoC\u2019s quarterly report, the bank stated that business sentiment had softened in the first quarter of 2019, with their outlook indicator plunging from 2.2 to a low of -0.6. The bank also stated that although expectations for sales remained on the upside, however several business are now more pessimistic about the market\u2019s demand. Furthermore, the commodity-backed currency was further pressured as crude oil pared its last week\u2019s gains on Monday.<\/p>\n

 <\/p>\n

As for commodities, crude oil price was continuing its bearish momentum while falling by 0.28% to $63.36 per barrel amid growing concerns on Russia\u2019s commitment to OPEC cuts. Last Saturday, Moscow showed its reluctance to further output cuts with OPEC+ beyond June as their worries of losing market share to US crude grew. According to Russian Finance Minister Anton Siluanov, both Russia and OPEC may decide to boost output to fight for market share with the US although it may risk in fall of oil prices to as low as $40 per barrel. Investors will now focus on key inventory data due later today by the American Petroleum Institute to further gauge the oil market. Likewise, gold price fell by 0.08% to $1286.55 per troy ounce following the large sales of $400M worth of gold by Venezuela amid its sanctions from the US.<\/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

 <\/p>\n

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

N\/A<\/p>\n

 <\/p>\n

Today\u2019s Highlight Economic Data<\/u><\/p>\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>\nGBP \u2013 Average Earnings Index +Bonus (Feb)<\/td>\n3.4%<\/td>\n3.5%<\/td>\n–<\/td>\n<\/tr>\n
16:30<\/td>\nGBP \u2013 Claimant Count Change (Mar)<\/td>\n27.0K<\/td>\n20.0K<\/td>\n–<\/td>\n<\/tr>\n
16:30<\/td>\nGBP \u2013 Unemployment Rate (Feb)<\/td>\n3.9%<\/td>\n3.9%<\/td>\n–<\/td>\n<\/tr>\n
17:00<\/td>\nEUR \u2013 German ZEW Economic Sentiment (Apr)<\/td>\n-3.6<\/td>\n0.8<\/td>\n–<\/td>\n<\/tr>\n
21:15<\/td>\nUSD \u2013 Industrial Production (MoM) (Mar)<\/td>\n0.1%<\/td>\n0.2%<\/td>\n–<\/td>\n<\/tr>\n
04:30 (17th<\/sup>)<\/td>\nCrudeOIL \u2013 API Weekly Crude Oil Stock<\/td>\n4.091M<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

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

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

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DOLLAR_INDX, H4: <\/strong>Dollar index remain traded in a sideway channel while currently testing the support level 96.45. Due to lack of momentum and clear signal from MACD, a breakout below the support level or rebound from the support level is required to attain further confirmation.<\/p>\n

 <\/p>\n

Resistance level: 97.00, 97.60<\/p>\n

Support level: 96.45, 96.10<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H4: <\/strong>GBPUSD remain traded in a sideway channel following prior rebound from the MA line 50 (red). Due to lack of clear signal from MACD, it is suggested to wait until further signal appear such as breakout above the nearest resistance level or below the nearest support level before entering the market.<\/p>\n

 <\/p>\n

Resistance level: 1.3115, 1.3185<\/p>\n

Support level: 1.3020, 1.2960<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, H4: <\/strong>EURUSD was traded flat following recent retracement from the resistance level 1.1325. However, MACD which illustrate bearish momentum suggest the pair to be traded lower towards the support level 1.1280.<\/p>\n

 <\/p>\n

Resistance level: 1.1325, 1.1395<\/p>\n

Support level: 1.1280, 1.1245<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, H4: <\/strong>USDJPY was traded flat following prior retracement from the resistance level 112.10. However, MACD which display bearish bias signal with the formation of death cross suggest the pair to be traded lower towards the support level 111.75.<\/p>\n

 <\/p>\n

Resistance level: 112.10, 112.70<\/p>\n

Support level: 111.75, 111.30<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H4: <\/strong>AUDUSD was traded flat following recent retracement from its high level. However, MACD which illustrate bearish bias signal with the starting formation of death cross suggest the pair to extend its losses towards the support level 0.7155.<\/p>\n

 <\/p>\n

Resistance level: 0.7195, 0.7225<\/p>\n

Support level: 0.7155, 0.7130<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded in a sideway channel while currently testing near the resistance level 0.6770. However, MACD which illustrate diminishing bullish momentum suggest the pair to be traded lower as a technical correction in short term towards the support level 0.6725.<\/p>\n

 <\/p>\n

Resistance level: 0.6770, 0.6815<\/p>\n

Support level: 0.6725, 0.6680<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, H4: <\/strong>USDCAD was traded higher while currently testing near the resistance level 1.3380. MACD which illustrate bullish bias signal with the formation of golden cross suggest the pair to extend its gains after it breaks above the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 1.3380, 1.3460<\/p>\n

Support level: 1.3295, 1.3220<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded higher following prior breakout above the resistance level 1.0035. MACD which illustrate bullish momentum signal suggest the pair to extend its gains towards the resistance level 1.0055.<\/p>\n

 <\/p>\n

Resistance level: 1.0055, 1.0085<\/p>\n

Support level: 1.0035, 1.0005<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H4: <\/strong>Crude oil price remain traded in a sideway channel while currently testing near the support level 63.15. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to be traded higher as a technical correction towards the resistance level 64.55.<\/p>\n

 <\/p>\n

Resistance level: 64.55, 65.85<\/p>\n

Support level: 63.15, 61.75<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H4: <\/strong>Gold price remain traded in a sideway channel while currently testing near the support level 1287.00. However, MACD which illustrate diminishing bearish momentum suggest the commodity to be traded higher as a short term technical correction towards the resistance level 1296.40.<\/p>\n

 <\/p>\n

Resistance level: 1296.40, 1310.70<\/p>\n

Support level: 1287.00, 1280.85<\/p>\n","protected":false},"excerpt":{"rendered":"

16 April 2019\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 pressured by Trump\u2019s criticism, upbeat data limited losses. Greenback measuring its value against a basket of six major currency pairs edged lower by 0.02% to 96.50 during early Asian trading session following President Donald Trump\u2019s tweet regarding poor economic growth due to Fed\u2019s decision to tighten monetary […]<\/p>\n","protected":false},"author":20,"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\/54171"}],"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\/20"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/comments?post=54171"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/54171\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=54171"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=54171"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=54171"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}