{"id":59176,"date":"2019-05-16T00:43:59","date_gmt":"2019-05-16T00:43:59","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=59176"},"modified":"2019-05-16T00:43:59","modified_gmt":"2019-05-16T00:43:59","slug":"160519-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/160519-morning-session-analysis\/","title":{"rendered":"160519 Morning Session Analysis"},"content":{"rendered":"

16 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

Fed warns on policy easing.<\/strong><\/span><\/p>\n

US dollar was traded flat on yesterday following mixed signals in the market from Federal Reserve officials and regional economic data. Overnight, US President Donald Trump called on Feds to \u201cmatch\u201d their policy against China in order to offset economic damage from his new tariffs. However, several Fed officials warned that lower interest rate may lead to asset price bubbles, induce financial instability and lead to recession. In a separate appearance, New York Fed President John Williams warned that tariffs may eventually push up inflation, suggesting the probability for an interest cut may diminish. Nevertheless, gains on the greenback were limited after Core Retail Sales and Retail Sales came in lower than expected with 0.1% and -0.2% respectively. A lower count in sales in terms of retail may indicate a more sluggish consumer spending ahead, which in return reflects to lower growth rate. Otherwise, pair of GBP\/USD collapse further, down by 0.03% to 1.2845. Sterling hurdle into deep losses after Labor Party warned that cross-party talks are on the verge of being called off, leading to greater uncertainty with regards to Brexit.<\/p>\n

 <\/p>\n

On the other hand, crude oil price rose 0.11% to $62.16 per barrel. Oil futures extended gains as fears over supply shortage from Saudi Arabia attack offset a rise in US crude inventories. Otherwise, gold price was traded flat around $1,297.01 a troy ounce due to stronger greenback which balance off higher risks 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

23:15\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 \u00a0BoC Gov Poloz Speaks<\/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
17:00<\/td>\nEUR \u2013 Trade Balance (Mar)<\/td>\n17.9B<\/td>\n19.9B<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nUSD \u2013 Building Permits (Apr)<\/td>\n1.288M<\/td>\n1.290M<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nUSD \u2013 Initial Jobless Claims<\/td>\n228K<\/td>\n220K<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nUSD \u2013 Philadelphia Fed Manufacturing Index (May)<\/td>\n8.5<\/td>\n10.0<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n

 <\/p>\n

 <\/p>\n

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

\"\"<\/p>\n

DOLLAR_INDX, H4: <\/strong>Dollar index was traded lower following prior retracement from its higher level. MACD which illustrate diminished upward momentum suggests the index to be traded lower in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 97.65, 97.95<\/p>\n

Support level: 97.30, 96.85<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, Daily: <\/strong>GBPUSD was traded lower following prior close below 1.2900. MACD which illustrate bearish signal suggests the pair to extend its losses in mid-term, towards the direction at 1.2790.<\/p>\n

 <\/p>\n

Resistance level: 1.2900, 1.3015<\/p>\n

Support level: 1.2790, 1.2700<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, H4: <\/strong>EURUSD was traded higher following prior rebound from its lower levels. MACD which illustrate diminished downward momentum suggests the pair to be traded higher, towards the direction of 1.1220.<\/p>\n

 <\/p>\n

Resistance level: 1.1220, 1.1250<\/p>\n

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

 <\/p>\n

\"\"<\/p>\n

USDJPY, H1: <\/strong>USDJPY was traded lower while currently testing near the support at 109.40. MACD which begins to form a bearish signal suggests the pair to extend its losses after closing below the target of 109.40.<\/p>\n

 <\/p>\n

Resistance level: 109.80, 110.10<\/p>\n

Support level: 109.40, 109.15<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, Daily: <\/strong>AUDUSD was traded lower while currently testing near the bottom level of the descending channel. MACD which illustrate bearish signal suggests the pair to extend its losses after breaking the bottom level.<\/p>\n

 <\/p>\n

Resistance level: 0.6955, 0.7020<\/p>\n

Support level: 0.6915, 0.6860<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H1: <\/strong>NZDUSD was traded lower following prior retrace from the resistance near 0.6570. MACD which illustrate diminished upward momentum suggests the pair to extend its losses, towards the direction of 0.6540.<\/p>\n

 <\/p>\n

Resistance level: 0.6570, 0.6600<\/p>\n

Support level: 0.6540, 0.6500<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, H4: <\/strong>USDCAD was traded higher following prior rebound from the upward trendline. MACD which illustrate diminished downward momentum suggests the pair to be traded higher in short-term, towards the direction of 1.3490.<\/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, H1: <\/strong>USDCHF remains traded within a sideways channel following prior retrace from the top. MACD which forms a bearish signal suggests the pair to extend its losses in short-term after closing below the 60-MA line (green).<\/p>\n

 <\/p>\n

Resistance level: 1.0095, 1.0110<\/p>\n

Support level: 1.0055, 1.0040<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H1: <\/strong>Crude oil price was traded lower following prior retracement from the top level of sideways channel. MACD which illustrate diminished upward momentum suggests its prices to be traded lower in short-term.<\/p>\n

 <\/p>\n

Resistance level: 62.40, 63.00<\/p>\n

Support level: 61.50, 60.85<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H4: <\/strong>Gold price was traded lower following prior retracement from its higher levels. MACD which has formed a bearish signal suggests its prices to be traded lower after closing below 1295.65.<\/p>\n

 <\/p>\n

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

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

16 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   Fed warns on policy easing. US dollar was traded flat on yesterday following mixed signals in the market from Federal Reserve officials and regional economic data. Overnight, US President Donald Trump called on Feds to \u201cmatch\u201d their policy against China in order to offset economic damage from his […]<\/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\/59176"}],"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=59176"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/59176\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=59176"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=59176"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=59176"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}