{"id":62424,"date":"2019-06-05T02:38:10","date_gmt":"2019-06-05T02:38:10","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=62424"},"modified":"2019-06-05T02:38:10","modified_gmt":"2019-06-05T02:38:10","slug":"050619-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/050619-morning-session-analysis\/","title":{"rendered":"050619 Morning Session Analysis"},"content":{"rendered":"

05 June 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 extends loss following dovish Powell stance.<\/strong><\/p>\n

Dollar index measuring against its basket of six major currency pairs have extend its downfall after Federal Reserve Chairman Jerome Powell have bolstered the dovish expectation of rate cut. Following weeks of fears surrounding an uptick in US-China trade wars with recent worries focusing on US-Mexico tensions, the central bank have stated that they are \u201cclosely monitoring\u201d the impact of trade developments and \u201cwill act appropriate\u201d to sustain expansion. The slight dovish comment has raised expectation and signaled for a possible rate cut this year, thus dragging the market sentiment further down. Dollar index fell 0.03% to 96.94 as of writing. On the other hand, GBP\/USD rose 0.05% to 1.2700 at the time of writing despite weak economic data. According to Markit Economics, business conditions in the UK construction sector have decline to 48.6, weaker than market expectation with the reading of 50.5. The data have marked its third decline in four months and also is the first contraction since July 2016. However, the pound remain unfazed by the weak data as the soft dollar with expectation of rate cut have helped support the pound. Market remain in focus on upcoming data and developments to gauge further sentiment.<\/p>\n

 <\/p>\n

As for commodities market, crude oil price remain pressured and fall 0.10% to $52.90 per barrel as of writing following surprise gain in U.S inventories. According to API, U.S crude inventories have rose unexpectedly last week by 3.5 million barrels, which is weaker than analyst expectations for a decrease of 890,000 barrels. Besides that, oil sentiment was further dragged by comments from the head of Russian state oil producer Rosneft, Igor Sechin where he stated that Russia should pump at will and he would seek compensation from the government if cuts were extended, questioning the point of a deal with OPEC to withhold supplies. Lastly, gold price extend gains by 0.09% to $1326.48 a troy ounce as of writing following weak dollar continue to increase the demand of safe-haven gold.<\/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


\n<\/u><\/p>\n

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

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
16.30<\/td>\nGBP \u2013 Services PMI (May)<\/td>\n50.4<\/td>\n50.6<\/td>\n–<\/td>\n<\/tr>\n
20.15<\/td>\nUSD \u2013 ADP Nonfarm Employment Change (May)<\/td>\n275K<\/td>\n180K<\/td>\n–<\/td>\n<\/tr>\n
22.00<\/td>\nUSD – ISM Non-Manufacturing PMI (May)<\/td>\n55.5<\/td>\n55.5<\/td>\n–<\/td>\n<\/tr>\n
22.30<\/td>\nCrudeOIL – Crude Oil Inventories<\/td>\n-0.282M<\/td>\n-0.849M<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

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

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

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

\"\"<\/p>\n

DOLLAR_INDX, Daily: <\/strong>Dollar index was traded lower following prior breakout below previous support level at 97.00. MACD which illustrate bearish momentum suggest index to extend its losses towards the support level 96.35.<\/p>\n

 <\/p>\n

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

Support level: 96.35, 95.60<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H4: <\/strong>GBPUSD was traded higher following prior breakout above previous resistance level at 1.2690. MACD which display bullish signal suggest the pair to extend its gains towards the resistance level 1.2785.<\/p>\n

 <\/p>\n

Resistance level: 1.2785, 1.2865<\/p>\n

Support level: 1.2690, 1.2615<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, H4: <\/strong>EURUSD was traded higher after breaking above previous resistance level at 1.1240. However, MACD which display diminishing bullish momentum suggest the pair to undergo short-term technical correction and retrace back towards the support level 1.1240.<\/p>\n

 <\/p>\n

Resistance level: 1.1305, 1.1360<\/p>\n

Support level: 1.1240, 1.1180<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, H4: <\/strong>USDJPY remained traded in a sideway channel following prior rebound from support level 107.85. However, due to lack of signal from the MACD, a breakout above the resistance level 108.45 or below the support level 107.85 is required for further confirmation before entering the market.<\/p>\n

 <\/p>\n

Resistance level: 108.45, 109.15<\/p>\n

Support level: 107.85, 107.40<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H4: <\/strong>AUDUSD was traded higher following prior breakout previous resistance level 0.6970. However, MACD which display diminishing bullish momentum suggest the pair to undergo short-term technical correction and retrace back towards the support level 0.6970.<\/p>\n

 <\/p>\n

Resistance level: 0.7030, 0.7070<\/p>\n

Support level: 0.6970, 0.6930<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded higher following prior breakout previous resistance level 0.6580. However, MACD which display diminishing bullish momentum suggest the pair to undergo short-term technical correction and retrace back towards the support level 0.6580.<\/p>\n

 <\/p>\n

Resistance level: 0.6635, 0.6675<\/p>\n

Support level: 0.6580, 0.6540<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, H4: <\/strong>USDCAD was traded lower while currently testing near the support level 1.3380. MACD which illustrate persistent bearish momentum suggest the pair to extend its losses after successfully breaking below the support level.<\/p>\n

 <\/p>\n

Resistance level: 1.3435, 1.3490<\/p>\n

Support level: 1.3380, 1.3305<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded higher following prior rebound from the support level 0.9905. MACD which display diminishing bearish momentum suggest the pair to extend its rebound towards the resistance level 0.9940.<\/p>\n

 <\/p>\n

Resistance level: 0.9940, 0.9980<\/p>\n

Support level: 0.9905, 0.9860<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H1: <\/strong>Crude oil price remained traded in a sideway channel after rebounding from the support level 52.65. MACD which illustrate bullish bias signal suggest the commodity to extend its rebound towards the resistance level 53.85.<\/p>\n

 <\/p>\n

Resistance level: 53.85, 55.05<\/p>\n

Support level: 52.65, 50.50<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H1: <\/strong>Gold price was traded higher following prior breakout above previous resistance level at 1324.35. MACD which illustrate bullish bias signal suggest gold to extend its gains towards the resistance level 1331.15.<\/p>\n

 <\/p>\n

Resistance level: 1331.15, 1339.10<\/p>\n

Support level: 1324.35, 1318.25<\/p>\n","protected":false},"excerpt":{"rendered":"

05 June 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 extends loss following dovish Powell stance. Dollar index measuring against its basket of six major currency pairs have extend its downfall after Federal Reserve Chairman Jerome Powell have bolstered the dovish expectation of rate cut. Following weeks of fears surrounding an uptick in US-China trade wars with […]<\/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\/62424"}],"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=62424"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/62424\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=62424"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=62424"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=62424"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}