{"id":64917,"date":"2019-06-20T00:33:17","date_gmt":"2019-06-20T00:33:17","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=64917"},"modified":"2019-06-20T00:33:17","modified_gmt":"2019-06-20T00:33:17","slug":"200619-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/200619-morning-session-analysis\/","title":{"rendered":"200619 Morning Session Analysis"},"content":{"rendered":"

20 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

Greenback falls as rate cut approaches.<\/strong><\/span><\/p>\n

Greenback tumbled to two-weeks low against other major currencies as Federal Reserve continues to adopt dovish-tilted stance. As widely expected, Fed concluded its two-day meeting by keeping their interest rate unchanged within the range of 2.25% – 2.50%. According to their statement, Fed noted that uncertainties continues to increase when referring to US economic outlook. In addition, they also reiterate to \u201cact as appropriate\u201d in order to sustain economic expansion and strong labor market while keeping inflation near their target. However, Fed deleted their statement that they would be \u201cpatient\u201d with regards to future policy adjustments. Such omission has hiked up market speculation for a rate cut as soon as July. During the press conference, Fed Chairman Jerome Powell stated that there is not much of support to cut rates as of now due to lack of signal with regards to maximum employment capacity. His statement has eased some losses upon the greenback. Nevertheless, Powell indicated that a depreciation in inflation would boost the factor for rate cuts in the future while ongoing trade news will remain as the important driver of sentiment for the central bank. For the time being, market participants will continue to monitor future economic releases from the United States to gauge future rate hike timing and probability. As of writing, the dollar index recorded a loss of 0.44% to 96.68.<\/p>\n

 <\/p>\n

As for commodities market, crude oil price rose 0.20% to $54.27 per barrel. Oil futures remains in demand after Energy Information Administration recorded a draw in last week\u2019s oil inventories by -3.11 million barrels, slightly higher than forecast of -1.08 million barrels. On the other hand, gold price rose more by 0.05% to $1,359.71 a troy ounce due to weaker greenback.<\/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

Tentative\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0JPY\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 BoJ Monetary Policy Statement<\/p>\n

Tentative\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 JPY\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 BoJ Press Conference<\/p>\n

19:00\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 GBP\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0BoE MPC Meeting Minutes<\/p>\n

04:00 (21st<\/sup>)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 GBP\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0BoE Gov Carney Speaks<\/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\n\n
Time<\/strong><\/td>\nNation & Data<\/strong><\/td>\nPrevious<\/strong><\/td>\nForecast<\/strong><\/td>\nActual<\/strong><\/td>\n<\/tr>\n
Tentative<\/td>\nJPY \u2013 BoJ Interest Rate Decision<\/td>\n-0.10%<\/td>\n-0.10%<\/td>\n–<\/td>\n<\/tr>\n
16:30<\/td>\nGBP \u2013 Retail Sales (MoM) (May)<\/td>\n0.0%<\/td>\n-0.5%<\/td>\n–<\/td>\n<\/tr>\n
19:00<\/td>\nGBP \u2013 BoE Interest Rate Decision (Jun)<\/td>\n0.75%<\/td>\n0.75%<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nUSD \u2013 Initial Jobless Claims<\/td>\n222K<\/td>\n220K<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nUSD \u2013 Philadelphia Fed Manufacturing Index (Jun)<\/td>\n16.6<\/td>\n10.6<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nUSD \u2013 Philly Fed Employment (Jun)<\/td>\n18.2<\/td>\n–<\/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 while currently testing at the upward trendline. MACD which illustrate bearish signal suggests the index to advance further down after a successful breakout occur.<\/p>\n

 <\/p>\n

Resistance level: 97.05, 97.50<\/p>\n

Support level: 96.35, 95.75<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H4: <\/strong>GBPUSD was traded higher following prior rebound from the lower level. MACD which illustrate bullish signal suggests the pair to advance further up, towards the direction of 1.2745.<\/p>\n

 <\/p>\n

Resistance level: 1.2745, 1.2790<\/p>\n

Support level: 1.2630, 1.2515<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, H4: <\/strong>EURUSD was traded higher following prior rebound from the lower level. MACD which has formed a bullish signal suggests the pair to advance further up, towards the direction of 1.1245.<\/p>\n

 <\/p>\n

Resistance level: 1.1245, 1.1275<\/p>\n

Support level: 1.1210, 1.1150<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, H1: <\/strong>USDJPY was traded lower following prior breakout from the target of 108.20. MACD which continues to illustrate bearish signal suggests the pair to advance further down, towards the direction of 107.95.<\/p>\n

 <\/p>\n

Resistance level: 108.20, 108.50<\/p>\n

Support level: 107.95, 107.70<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H1: <\/strong>AUDUSD was traded higher following prior close above 0.6880. MACD which illustrate bullish signal suggests the pair to advance further up, towards the direction of 0.6900.<\/p>\n

 <\/p>\n

Resistance level: 0.6900, 0.6930<\/p>\n

Support level: 0.6880, 0.6850<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded higher while currently testing at the resistance of 0.6555. MACD which illustrate bullish signal suggests the pair to extend its gains after closing above 0.6555.<\/p>\n

 <\/p>\n

Resistance level: 0.6555, 0.6600<\/p>\n

Support level: 0.6485, 0.6450<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, H1: <\/strong>USDCAD was traded lower following prior close below 1.3280. MACD which illustrate bearish signal suggests the pair to extend its losses, towards the direction of 1.3255.<\/p>\n

 <\/p>\n

Resistance level: 1.3280, 1.3315<\/p>\n

Support level: 1.3255, 1.3220<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H1: <\/strong>USDCHF was traded lower following prior retrace near 0.9945. MACD which illustrate persistent downward signal suggests the pair to extend its losses, towards the direction of 0.9915.<\/p>\n

 <\/p>\n

Resistance level: 0.9945, 0.9975<\/p>\n

Support level: 0.9915, 0.9890<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H4: <\/strong>Crude oil price was traded higher following prior closure above 54.45. MACD which illustrate bullish signal suggests its prices to advance further up, towards the direction of 57.30.<\/p>\n

 <\/p>\n

Resistance level: 57.30, 60.85<\/p>\n

Support level: 54.45, 53.00<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H4: <\/strong>Gold price was traded higher following prior rebound from the support level of 1340.00. MACD which illustrate bullish signal suggests its price to advance further up, towards the direction of 1374.10.<\/p>\n

 <\/p>\n

Resistance level: 1374.10, 1390.00<\/p>\n

Support level: 1340.00, 1308.00<\/p>\n","protected":false},"excerpt":{"rendered":"

20 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   Greenback falls as rate cut approaches. Greenback tumbled to two-weeks low against other major currencies as Federal Reserve continues to adopt dovish-tilted stance. As widely expected, Fed concluded its two-day meeting by keeping their interest rate unchanged within the range of 2.25% – 2.50%. According to their statement, […]<\/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\/64917"}],"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=64917"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/64917\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=64917"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=64917"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=64917"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}