{"id":65876,"date":"2019-06-28T02:29:49","date_gmt":"2019-06-28T02:29:49","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=65876"},"modified":"2019-06-28T02:29:49","modified_gmt":"2019-06-28T02:29:49","slug":"280619-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/280619-morning-session-analysis\/","title":{"rendered":"280619 Morning Session Analysis"},"content":{"rendered":"

28 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

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Market consolidates, all eyes on trade talks.<\/strong><\/span><\/p>\n

The FX market was traded flat ahead of this week G20 summit at Osaka, Japan where leaders from all around the world meets to discuss global economy issues. One of the major highlights is the resumption of trade negotiations between US President Donald Trump and China President Xi Jinping where market participants remains doubtful of the outcome. According to US Treasury Secretary Steven Mnuchin, trade deal was almost 90% completed and the trade talks is expected to make good progress. However, according to President Trump, he is expecting a better deal from China especially in regards to IP protection as well as opening China market for US investors. Trump threatened for substantial additional 10% – 25% tariffs on $300 billion Chinese goods if a deal cannot be met. As the trade war affects economies on a global scale, the mixed signals had cause investors to be cautious as they enter safe-haven assets while waiting for the results in trade talks. In terms of economic data, yesterday release of US GDP and Pending Home Sales provided little impact on to the market with both data meeting economists\u2019 expectation at 3.1% and 1.1% respectively. As of writing, dollar index inched lower by 0.01% to 95.67 while pair of USD\/JPY was lower by 0.07% to 107.70.<\/p>\n

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As for commodities market, crude oil price rose by 0.30% to $59.43 per barrel. Recent sentiment for oil market remained bullish supported by a drop in crude inventories reported by both API and EIA. Oil traders will now focus on the outcome of trade talks as further escalating tensions will negatively affect the demand for oil. On the other hand, gold price rose 0.57% to $1,417.70 a troy ounce following market uncertainties which boosted the demand for safe-haven assets.<\/p>\n

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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

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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

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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>\nNation & Data<\/strong><\/td>\nPrevious<\/strong><\/td>\nForecast<\/strong><\/td>\nActual<\/strong><\/td>\n<\/tr>\n
16:30<\/td>\nGBP \u2013 GDP (QoQ) (Q1)<\/td>\n0.5%<\/td>\n0.5%<\/td>\n–<\/td>\n<\/tr>\n
17:00<\/td>\nEUR -CPI (YoY) (Jun)<\/td>\n1.2%<\/td>\n1.2%<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nUSD \u2013 Core PCE Price Index (MoM) (May)<\/td>\n0.2%<\/td>\n0.2%<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nUSD \u2013 Personal Spending (MoM) (May)<\/td>\n0.3%<\/td>\n0.4%<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nCAD \u2013 GDP (MoM) (Apr)<\/td>\n0.5%<\/td>\n0.1%<\/td>\n–<\/td>\n<\/tr>\n
21:45<\/td>\nUSD \u2013 Michigan Consumer Sentiment (Jun)<\/td>\n97.9<\/td>\n98.0<\/td>\n–<\/td>\n<\/tr>\n
01:00 (29th<\/sup>)<\/td>\nCrudeOIL \u2013 US Baker Hughes Oil Rig Count<\/td>\n789<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

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

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DOLLAR_INDX, Daily: <\/strong>Dollar index was traded higher following prior rebound from the support level at 95.45. MACD which illustrate diminishing bearish momentum suggest dollar to extend its gains toward the resistance level at 95.85.<\/p>\n

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Resistance level: 95.85, 96.15
\nSupport level: 95.45, 95.10<\/p>\n

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GBPUSD, H1: <\/strong>GBPUSD was traded higher while currently testing the 20-MA line (Red). MACD which display diminishing bearish momentum suggest the pair to extend its gains after successfully breakout above the 20 moving average line.<\/p>\n

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Resistance level: 1.2710, 1.2750
\nSupport level: 1.2655, 1.2610<\/p>\n

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EURUSD, H4: <\/strong>EURUSD was traded higher following prior rebound from the support level at 1.1355. MACD which illustrate diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 1.1395.<\/p>\n

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Resistance level: 1.1395, 1.1435
\nSupport level: 1.1355, 1.1320<\/p>\n

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USDJPY, H4: <\/strong>USDJPY was traded lower while currently testing the 20 Moving average line (Red). MACD which display diminishing bullish momentum suggest the pair to extend its losses after successfully breakout below the 20 Moving average line.<\/p>\n

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Resistance level: 107.85, 108.20
\nSupport level: 107.45, 106.80<\/p>\n

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AUDUSD, Daily: <\/strong>AUDUSD was traded higher following prior breakout above the previous resistance level at 0.7000. MACD which illustrate bullish momentum suggest the pair to extend its gains toward the resistance level at 0.7025.<\/p>\n

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Resistance level: 0.7025, 0.7055
\nSupport level: 0.7000, 0.6965<\/p>\n

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NZDUSD, H1: <\/strong>NZDUSD was traded higher while currently testing the resistance level at 0.6705. Due to lack of signal from MACD, a retracement from or breakout above the resistance level is required to attain further confirmation before entering the market.<\/p>\n

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Resistance level: 0.6705, 0.6740
\nSupport level: 0.6665, 0.6635<\/p>\n

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USDCAD, H4: <\/strong>USDCAD was traded lower while currently testing the support level 1.3095. Due to lack of signal from MACD, a rebound from or breakout below the support level is required to attain further confirmation before entering the market.<\/p>\n

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Resistance level: 1.3130, 1.3165
\nSupport level: 1.3095, 1.3050<\/p>\n

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USDCHF, H4: <\/strong>USDCHF was traded lower while currently testing the support level at 0.9755. MACD which display diminishing bullish momentum suggest the pair to extend its losses after successfully breakout below the support level.<\/p>\n

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Resistance level: 0.9810, 0.9855
\nSupport level: 0.9755, 0.9705<\/p>\n

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CrudeOIL, H4: <\/strong>Crude oil price was traded higher while currently testing near the resistance level at 59.70. However, MACD which illustrate bearish bias momentum suggest the commodity to be traded lower in short term toward the support level at 58.25.<\/p>\n

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Resistance level: 59.70, 60.50
\nSupport level: 58.25, 57.05<\/p>\n

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GOLD_, H4: <\/strong>Gold was traded higher while currently testing the resistance level at 1415.00. MACD which illustrate diminishing bearish momentum suggest gold to be traded higher after successfully close its candle above the resistance level at 1415.00<\/p>\n

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Resistance level: 1415.00, 1440.00
\nSupport level: 1402.00, 1383.50<\/p>\n","protected":false},"excerpt":{"rendered":"

28 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     Market consolidates, all eyes on trade talks. The FX market was traded flat ahead of this week G20 summit at Osaka, Japan where leaders from all around the world meets to discuss global economy issues. One of the major highlights is the resumption of trade negotiations between […]<\/p>\n","protected":false},"author":54,"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\/65876"}],"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\/54"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/comments?post=65876"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/65876\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=65876"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=65876"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=65876"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}