{"id":56631,"date":"2019-05-01T00:51:39","date_gmt":"2019-05-01T00:51:39","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=56631"},"modified":"2019-05-01T00:51:39","modified_gmt":"2019-05-01T00:51:39","slug":"010519-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/010519-morning-session-analysis\/","title":{"rendered":"010519 Morning Session Analysis"},"content":{"rendered":"

1 May 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 Morning Session Analysis<\/strong><\/p>\n

 <\/p>\n

 <\/p>\n

Greenback loses its shine.<\/strong><\/span><\/p>\n

Greenback extended its decline for second consecutive days following signs of cooling inflation in the United States which has increased the chances for Federal Reserve to cut interest rates this year. As of writing, the dollar index was quoted down 0.34%, last seen around 97.18. Prior, Fed preferred inflation measure \u2013 the PCE and Core PCE Price Index shows substantial depreciation in current inflationary pressure. During its last meeting, the Fed was skewed towards dovish for the year following concerns over global growth and weak inflation while reiterates to adopt wait-and-see approach and act if necessary. For the time being, investors will be remained fixated upon Federal Reserve monetary policy meeting which would conclude past midnight today. According to Fed Rate Monitor Tool, the market is currently pricing in at more than 60% chance for an interest cut during December. On the other hand, pair of GBP\/USD rose 0.03% to 1.3034. Sterling received further bullish support following positive developments with regards to Brexit after both Conservative and Labour Party was reportedly progressing \u201cconstructively\u201d.<\/p>\n

 <\/p>\n

As for commodities, crude oil price ticked down 0.05% to $63.44 per barrel. Oil futures received substantial bearish pressure after American Petroleum Institute reported a swell in US crude inventories by 6.81 million barrels last week. On the other hand, gold price ticked down 0.04% to $1,282.94 a troy ounce following diminishing risks in the market which lead to a shift towards other assets in UK and Canada.<\/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

All Day\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Germany\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 Labour Day<\/p>\n

All Day\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Hong Kong\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Labour Day<\/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

02:00 (2nd<\/sup>)\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 FOMC Statement<\/p>\n

02:30\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 FOMC Press Conference<\/p>\n

04:15\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 CAD\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 BoC Gov Poloz Speaks<\/p>\n

 <\/p>\n

 <\/p>\n

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
16:30<\/td>\nGBP \u2013 Manufacturing PMI (Apr)<\/td>\n55.1<\/td>\n53.2<\/td>\n–<\/td>\n<\/tr>\n
20:15<\/td>\nUSD \u2013 ADP Nonfarm Employment Change (Apr)<\/td>\n129K<\/td>\n181K<\/td>\n–<\/td>\n<\/tr>\n
22:00<\/td>\nUSD \u2013 ISM Manufacturing PMI (Apr)<\/td>\n55.3<\/td>\n55.0<\/td>\n–<\/td>\n<\/tr>\n
22:30<\/td>\nCrudeOIL \u2013 Crude Oil Inventories<\/td>\n5.479M<\/td>\n1.485M<\/td>\n–<\/td>\n<\/tr>\n
02:00 (2nd<\/sup>)<\/td>\nUSD \u2013 Fed Interest Rate Decision<\/td>\n2.50%<\/td>\n2.50%<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n

 <\/p>\n

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

\"\"<\/p>\n

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

 <\/p>\n

Resistance level: 97.65, 98.60<\/p>\n

Support level: 96.85, 95.90<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H4: <\/strong>GBPUSD was traded higher while currently testing near the resistance of 1.3050. MACD which illustrate bullish signal suggests the pair to extend its gains after closing above 1.3050.<\/p>\n

 <\/p>\n

Resistance level: 1.3050, 1.3120<\/p>\n

Support level: 1.3000, 1.2900<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, H4: <\/strong>EURUSD was traded higher following prior close above 1.1200. MACD which illustrate bullish signal suggests the pair to advance further up, towards the direction of target at 1.1250.<\/p>\n

 <\/p>\n

Resistance level: 1.1250, 1.1300<\/p>\n

Support level: 1.1200, 1.1155<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, H4: <\/strong>USDJPY was traded higher following prior rebound from the support at 111.25. MACD which illustrate diminished downward momentum suggests the pair to be traded higher in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 111.50, 112.10<\/p>\n

Support level: 111.25, 111.00<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H1: <\/strong>AUDUSD remains traded within a sideways channel in between 0.7035 and 0.7070. Due to the lack of signal from both MACD and price action, it is suggested to wait for a breakout before entering the market.<\/p>\n

 <\/p>\n

Resistance level: 0.7070, 0.7115<\/p>\n

Support level: 0.7035, 0.6990<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded lower following prior retracement from the downward trendline. MACD which begins to form a death cross signal suggests the pair to advance further down, towards the direction of 0.6630.<\/p>\n

 <\/p>\n

Resistance level: 0.6670, 0.6695<\/p>\n

Support level: 0.6630, 0.6580<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, H4:<\/strong> USDCAD was traded lower following prior close below the support of 1.3400. MACD which illustrate bearish signal suggests the pair to extend its losses, towards the direction of 1.3370.<\/p>\n

 <\/p>\n

Resistance level: 1.3400, 1.3435<\/p>\n

Support level: 1.3370, 1.3340<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H1: <\/strong>USDCHF remains traded within a downward channel while recently closed below 1.0190. MACD which illustrate diminished upward momentum suggests the pair to be traded lower in short-term towards the direction of 1.0170.<\/p>\n

 <\/p>\n

Resistance level: 1.0190, 1.0205<\/p>\n

Support level: 1.0170, 1.0130<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H4: <\/strong>Crude oil price was traded lower following prior close below 63.70. MACD which illustrate diminished upward momentum suggests its prices to be traded lower, towards the direction of 63.15.<\/p>\n

 <\/p>\n

Resistance level: 63.70, 64.65<\/p>\n

Support level: 63.15, 61.60<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H1: <\/strong>Gold price was traded higher following prior rebound from the upward trendline. MACD which illustrate diminishing downward momentum suggests its prices to be traded higher, towards the direction of 1285.80.<\/p>\n

 <\/p>\n

Resistance level: 1285.80, 1295.65<\/p>\n

Support level: 1275.30, 1267.00<\/p>\n","protected":false},"excerpt":{"rendered":"

1 May 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 Morning Session Analysis     Greenback loses its shine. Greenback extended its decline for second consecutive days following signs of cooling inflation in the United States which has increased the chances for Federal Reserve to cut interest rates this year. As of writing, the dollar index was quoted down 0.34%, last seen […]<\/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\/56631"}],"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=56631"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/56631\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=56631"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=56631"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=56631"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}