{"id":58661,"date":"2019-05-14T00:49:26","date_gmt":"2019-05-14T00:49:26","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=58661"},"modified":"2019-05-14T00:49:26","modified_gmt":"2019-05-14T00:49:26","slug":"140519-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/140519-morning-session-analysis\/","title":{"rendered":"140519 Morning Session Analysis"},"content":{"rendered":"

14 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

Safe-haven rise in the latest round of trade war.<\/strong><\/span><\/p>\n

Safe-haven thrives following broad risk aversion across the market after China announce to retaliate against US tariff-hike. On yesterday, China announced to impose tariff ranging from 5% to 25% across 5,000 US products worth $60 billion by June 1st<\/sup>. China also warned that they may stop purchasing US agricultural products and energy while reducing Boeing orders and restrict US service trade with China. Market participants also speculate that China may dump US Treasuries which would lead to large depreciation in greenback. The recent announcement marks a new momentous in tit-for-tat exchange between two world\u2019s largest economies after Washington escalated trade tension with a tariff hike upon $200 billion Chinese goods last Friday. Further escalation in trade war spooks off market participants towards safe-havens as it may jeopardize global economic growth. In a separate notion, US President Donald Trump commented that he has not decided whether to impose additional tariffs upon remaining $325 billion Chinese goods. He also confirmed that he plans to meet with Chinese President Xi Jinping at the upcoming G-20 summit in Japan during late June which may open further discussion with regards to ongoing trade dispute. As of writing, dollar index ticks up 0.02% to 97.11 while pair of USD\/JPY slipped 0.09% to 109.22.<\/p>\n

 <\/p>\n

On the other hand, crude oil price recovered some losses by 0.26% to $60.98 per barrel. Oil futures slumped more than 1% overnight following heightened risk aversion in the market that sees trades dump risky assets for safe-havens such as Yen and gold. Likewise, gold price tacks up 0.05% to $1,300.56 a troy ounce due to rising risk in the market.<\/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

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

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Today\u2019s Highlight Economic Data<\/u><\/p>\n\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
14:00<\/td>\nEUR \u2013 German CPI (MoM) (Apr)<\/td>\n1.0%<\/td>\n1.0%<\/td>\n–<\/td>\n<\/tr>\n
16:30<\/td>\nGBP \u2013 Average Earnings Index +Bonus (Mar)<\/td>\n3.5%<\/td>\n3.4%<\/td>\n–<\/td>\n<\/tr>\n
16:30<\/td>\nGBP \u2013 Claimant Count Change (Apr)<\/td>\n28.3K<\/td>\n24.2K<\/td>\n–<\/td>\n<\/tr>\n
17:00<\/td>\nEUR \u2013 German ZEW Economic Sentiment (May)<\/td>\n3.1<\/td>\n5.1<\/td>\n–<\/td>\n<\/tr>\n
17:00<\/td>\nEUR \u2013 Industrial Production (MoM) (Mar)<\/td>\n-0.2%<\/td>\n-0.3%<\/td>\n–<\/td>\n<\/tr>\n
17:00<\/td>\nEUR \u2013 ZEW Economic Sentiment<\/td>\n4.5<\/td>\n5.0<\/td>\n–<\/td>\n<\/tr>\n
04:30<\/p>\n

(15th<\/sup>)<\/td>\n

CrudeOIL \u2013 API Weekly Crude Oil Stock<\/td>\n2.806M<\/td>\n–<\/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 lower following prior retrace from its prior high level. MACD signal line which begins to tilt downwards suggests the index to be traded lower, towards the direction of 96.85.<\/p>\n

 <\/p>\n

Resistance level: 97.30, 97.65<\/p>\n

Support level: 96.85, 96.40<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H1: <\/strong>GBPUSD was traded higher following prior rebound from the support level at 1.2945. MACD which illustrate diminishing downward momentum suggests the pair to be traded higher in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 1.2980, 1.3000<\/p>\n

Support level: 1.2945, 1.2900<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, H4: <\/strong>EURUSD was traded lower following prior retracement from the top level. MACD which begins to form a death cross signal suggests the pair to be traded lower in short-term as technical correction.<\/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, Daily: <\/strong>USDJPY extended its losses following prior closure below 109.40. MACD which illustrate bearish signal suggests the pair to advance further down, towards the direction of 108.70 in mid-term.<\/p>\n

 <\/p>\n

Resistance level: 109.40, 110.10<\/p>\n

Support level: 108.70, 107.75<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H1: <\/strong>AUDUSD was traded higher following prior rebound from the support at 0.6935. MACD which begins to form a golden cross signal suggests the pair to be traded higher in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 0.6970, 0.6990<\/p>\n

Support level: 0.6935, 0.6885<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H1: <\/strong>NZDUSD was traded higher following prior closure above 0.6570. MACD which begins to form a golden cross signal suggests the pair to be traded higher after closing above the 20-MA line (red).<\/p>\n

 <\/p>\n

Resistance level: 0.6600, 0.6630<\/p>\n

Support level: 0.6570, 0.6540<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, H1: <\/strong>USDCAD was traded lower following prior retracement from the resistance of 1.3490. 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: 1.3490, 1.3530<\/p>\n

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

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded higher following prior rebound from its prior low level. 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: 1.0070, 1.0110<\/p>\n

Support level: 1.0040, 0.9975<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H1: <\/strong>Crude oil price remains traded within a sideways channel while currently testing at the bottom. MACD which illustrate diminished downward momentum suggests its prices to be traded higher in short-term.<\/p>\n

 <\/p>\n

Resistance level: 61.80, 62.40<\/p>\n

Support level: 60.85, 60.35<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H4: <\/strong>Gold price extended gains while currently testing near the resistance at 1302.50. MACD which illustrate bullish signal suggests its prices to be traded higher after closing above the target of 1302.50.<\/p>\n

 <\/p>\n

Resistance level: 1302.50, 1311.40<\/p>\n

Support level: 1295.65, 1285.80<\/p>\n","protected":false},"excerpt":{"rendered":"

14 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   Safe-haven rise in the latest round of trade war. Safe-haven thrives following broad risk aversion across the market after China announce to retaliate against US tariff-hike. On yesterday, China announced to impose tariff ranging from 5% to 25% across 5,000 US products worth $60 billion by June 1st. […]<\/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\/58661"}],"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=58661"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/58661\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=58661"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=58661"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=58661"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}