{"id":58196,"date":"2019-05-10T02:49:04","date_gmt":"2019-05-10T02:49:04","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=58196"},"modified":"2019-05-10T02:49:04","modified_gmt":"2019-05-10T02:49:04","slug":"100519-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/100519-morning-session-analysis\/","title":{"rendered":"100519 Morning Session Analysis"},"content":{"rendered":"

10 May 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

FX Market sour amid trade war tension.<\/strong><\/p>\n

Dollar index measuring against a basket of six major currency pairs remained pressured amid deadline for additional tariff while edging lower by 0.01% to 97.12. US President Donald Trump threatened to raise tariffs on $200 billion of Chinese goods from 10% to 25% on Friday if no deal was achieved in their negotiations, right after the accusation of China for breaking promises. Besides that, dollar was further pressured by the Producer Price Index (PPI) data which fell from previous of 0.6% to 0.2%, further reaffirming Federal Reserve \u201cwait and see\u201d approach as investors wait for today\u2019s CPI data to gauge US inflationary level. Investors seek protection from the riskier assets into safe-haven Yen, sending the pair of USD\/JPY to its lowest level in 3 months. In other news, pair of GBP\/USD remained traded flat at 1.3010 while investors focus on Brexit talks between May\u2019s Conservative Party and opposition Labour Party which are expected to result in a deadlock. Market participants will place their focus on UK\u2019s GDP data later today to further gauge the movement of the pair.<\/p>\n

 <\/p>\n

As for commodities, crude oil price rebounded by 1.17% to $62.27 per barrel. Recent sentiment for the crude oil market remains cloudy amid trade war tensions and geopolitical risks. Fears of additional tariff as well as ongoing fights in Libya and Russia\u2019s production halt kept the commodity traded sideways. On the other hand, gold price edged higher by 0.05% to $1284.45 a troy ounce amid increased demand for safe-haven assets.<\/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
\n<\/u><\/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 GDP (QoQ) (Q1)<\/td>\n0.2%<\/td>\n0.5%<\/td>\n–<\/td>\n<\/tr>\n
16:30<\/td>\nGBP \u2013 GDP (MoM)<\/td>\n0.2%<\/td>\n0.0%<\/td>\n–<\/td>\n<\/tr>\n
16:30<\/td>\nGBP \u2013 Manufacturing Production (MoM) (Mar)<\/td>\n0.3%<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nUSD \u2013 Core CPI (MoM) (Apr)<\/td>\n0.1%<\/td>\n0.2%<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nCAD \u2013 Employment Change (Apr)<\/td>\n-7.2K<\/td>\n10.0K<\/td>\n–<\/td>\n<\/tr>\n
01:00 (11th<\/sup>)<\/td>\nCrudeOIL \u2013 US Baker Hughes Oil Rig Count<\/td>\n807<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

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

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

\"\"<\/p>\n

DOLLAR_INDX, H4: <\/strong>Dollar index remain traded in a sideway channel while currently testing near the support level 97.05. However, MACD which illustrate bearish bias signal could suggest the dollar to be traded lower after it breaks below the support level 97.05.<\/p>\n

 <\/p>\n

Resistance level: 97.60, 98.00<\/p>\n

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

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H4: <\/strong>GBPUSD was traded higher following recent rebound from the support level 1.3000. MACD which illustrate diminishing bearish momentum suggest the pair to extend its rebound towards the resistance level 1.3100.<\/p>\n

 <\/p>\n

Resistance level: 1.3100, 1.3190<\/p>\n

Support level: 1.3000, 1.2940<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, H4: <\/strong>EURUSD was traded higher following prior breakout above the previous resistance level 1.1215. MACD which illustrate bullish bias signal suggest the pair to extend its gains towards the resistance level 1.1245.<\/p>\n

 <\/p>\n

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

Support level: 1.1215, 1.1180<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, H4: <\/strong>USDJPY was traded higher following prior rebound from the support level 109.70. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to extend its rebound towards the resistance level 110.35.<\/p>\n

 <\/p>\n

Resistance level: 110.35, 110.90<\/p>\n

Support level: 109.70, 108.95<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H4: <\/strong>AUDUSD was traded higher while currently testing the resistance level 0.6995. MACD which illustrate bullish bias signal with the starting formation of golden cross suggest the pair to extend its gains after it breaks above the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 0.6995, 0.7035<\/p>\n

Support level: 0.6965, 0.6900<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded higher following prior rebound from the support level 0.6580. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to extend its rebound towards the resistance level 0.6645.<\/p>\n

 <\/p>\n

Resistance level: 0.6645, 0.6680<\/p>\n

Support level: 0.6580, 0.6515<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, H4: <\/strong>USDCAD was traded lower following prior breakout below the previous support level 1.3475. MACD which display bearish momentum signal with the formation of death cross suggest the pair to extend its losses towards the support level 1.3430.<\/p>\n

 <\/p>\n

Resistance level: 1.3475, 1.3520<\/p>\n

Support level: 1.3430, 1.3390<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded higher while currently testing near the resistance level 1.0160. MACD which illustrate diminishing bearish momentum suggest the pair to extend its gain after it breaks above the resistance level 1.0160.<\/p>\n

 <\/p>\n

Resistance level: 1.0160, 1.0200
\nSupport level: 1.0115, 1.0080<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H4: <\/strong>Crude oil price was traded higher following prior breakout above the previous resistance level 61.75. MACD which illustrate persistent bullish bias signal suggest the commodity to extend its gains towards the resistance level 62.85.<\/p>\n

 <\/p>\n

Resistance level: 62.85, 64.55<\/p>\n

Support level: 61.75, 60.35<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H4: <\/strong>Gold price was traded lower following recent retracement from the resistance level 1287.00. However, due to lack of momentum and clear direction from MACD, a breakout above the resistance level 1287.00 or below the support level 1278.10 is required to attain further confirmation before entering the market.<\/p>\n

 <\/p>\n

Resistance level: 1287.00, 1296.40<\/p>\n

Support level: 1279.10, 1269.40<\/p>\n","protected":false},"excerpt":{"rendered":"

10 May 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   FX Market sour amid trade war tension. Dollar index measuring against a basket of six major currency pairs remained pressured amid deadline for additional tariff while edging lower by 0.01% to 97.12. US President Donald Trump threatened to raise tariffs on $200 billion of Chinese goods from 10% […]<\/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\/58196"}],"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=58196"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/58196\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=58196"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=58196"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=58196"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}