{"id":66227,"date":"2019-07-02T01:06:37","date_gmt":"2019-07-02T01:06:37","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=66227"},"modified":"2019-07-02T01:06:37","modified_gmt":"2019-07-02T01:06:37","slug":"020719-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/020719-morning-session-analysis\/","title":{"rendered":"020719 Morning Session Analysis"},"content":{"rendered":"

2 July 2019\u00a0\u00a0\u00a0\u00a0\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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Greenback rebounds, limited by rate cuts.<\/strong><\/span><\/p>\n

US dollar extended its gains on yesterday over the backdrop of bullish economic data from the region. As of writing, the dollar index was quoted up 0.71% to 96.32 against a basket of six major currencies. According to Institute for Supply Management, its Manufacturing PMI for the month of June inched up to 51.7, exceeding forecast of a slump to 51.0. The better-than-expected data has eased some concerns over imminent recession in the United States as recent data portrays slight diminishing economic momentum. Nonetheless, gains on the greenback remains limited as investors keep an eye over future economic data from the US such as ADP Nonfarm Employment Change and Nonfarm Payrolls due later this week. Both data which provides more signals with regards to US employment market may catalyze higher market volatility as it may clarifies recent weakness in terms of jobs hiring. For the time being, Fed Rate Monitor Tool shows that the possibility for a rate cut in July comes in at 100%. On the other hand, pair of EUR\/USD slumped 0.02% to 1.1285. Euro received bearish pressure after regional data from German such as Manufacturing PMI and Unemployment Change missed economists\u2019 forecast.<\/p>\n

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In the commodities market, crude oil price depreciates by 0.44% to $58.77 per barrel. Oil prices depreciates slightly after OPEC announced to extend its supply cuts until March 2020, an announcement which has been fully priced in by the market participants. Subsequently, gold price rose 0.22% to $1,387.35 a troy ounce as imminent rate cut in the US lifts up the appeal of 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

12:30\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 AUD\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 RBA Rate Statement<\/p>\n

22:05\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\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 BoE Gov Carney Speaks<\/p>\n

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Today\u2019s Highlight Economic Data<\/u><\/p>\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
12:30<\/td>\nAUD \u2013 RBA Interest Rate Decision (Jul)<\/td>\n1.25%<\/td>\n1.00%<\/td>\n–<\/td>\n<\/tr>\n
16:30<\/td>\nGBP \u2013 Construction PMI (Jun)<\/td>\n48.6<\/td>\n49.3<\/td>\n–<\/td>\n<\/tr>\n
04:30<\/p>\n

(3rd<\/sup>)<\/td>\n

CrudeOIL \u2013 API Weekly Crude Oil Stock<\/td>\n-7.550M<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

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Technical Analysis<\/u><\/strong>\u00a0\"\"<\/p>\n

DOLLAR_INDX, H4: <\/strong>Dollar index was traded higher while currently testing at the resistance of 96.35. MACD which illustrate bullish signal suggests the index to advance further up after closing above 96.35.<\/p>\n

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Resistance level: 96.35, 97.05<\/p>\n

Support level: 95.80, 95.50<\/p>\n

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\"\"<\/p>\n

GBPUSD, H4: <\/strong>GBPUSD was traded lower while currently testing at the support of 1.2630. MACD which illustrate bearish signal suggests the pair to extend its losses after closing below 1.2630.<\/p>\n

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Resistance level: 1.2670, 1.2745<\/p>\n

Support level: 1.2630, 1.2575<\/p>\n

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EURUSD, H4: <\/strong>EURUSD was traded lower while currently testing at the support of 1.1275. MACD which illustrate bearish signal suggests the pair to advance further down after closing below 1.1275.<\/p>\n

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Resistance level: 1.1345, 1.1380<\/p>\n

Support level: 1.1275, 1.1210<\/p>\n

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USDJPY, H4: <\/strong>USDJPY was traded flat near the support of 108.25. However, MACD which illustrate persistent bullish signal suggests the pair to extend its gains in the mid-term, towards the direction of 108.70.<\/p>\n

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Resistance level: 108.70, 109.20<\/p>\n

Support level: 108.25, 107.70<\/p>\n

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AUDUSD, H4: <\/strong>AUDUSD was traded lower while currently testing the support of 0.6960. MACD which illustrate bearish signal suggests the pair to extend its losses after closing below 0.6960.<\/p>\n

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Resistance level: 0.7005, 0.7040<\/p>\n

Support level: 0.6960, 0.6900<\/p>\n

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NZDUSD, H4: <\/strong>NZDUSD was traded lower following prior retrace from the resistance of 0.6710. MACD which illustrate bearish signals suggests the pair to advance further down, towards the direction of 0.6655.<\/p>\n

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Resistance level: 0.6710, 0.6765<\/p>\n

Support level: 0.6655, 0.6590<\/p>\n

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USDCAD, H4: <\/strong>USDCAD was traded higher following prior rebound from the support of 1.3050. MACD which illustrate persistent bullish signal suggests the pair to extend its gains, towards the direction of 1.3220.<\/p>\n

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Resistance level: 1.3220, 1.3325<\/p>\n

Support level: 1.3120, 1.3050<\/p>\n

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\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded higher following prior rebound from the lower level. MACD which illustrate bullish signal suggests the pair to advance further up after closing above 0.9890.<\/p>\n

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Resistance level: 0.9890, 0.9970<\/p>\n

Support level: 0.9835, 0.9805<\/p>\n

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CrudeOIL, H4: <\/strong>Crude oil price remains traded within an upward channel. However, MACD which illustrate bearish signal suggests its price to be traded lower in short-term, towards the lower level of the channel.<\/p>\n

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Resistance level: 58.85, 59.60<\/p>\n

Support level: 57.25, 55.70<\/p>\n

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GOLD_, H4: <\/strong>Gold price was traded lower after closing below the support of 1390.00. MACD which illustrate bearish signal suggests its prices to extend its losses after breaking the upward trendline.<\/p>\n

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Resistance level: 1390.00, 1415.00<\/p>\n

Support level: 1374.10, 1340.00<\/p>\n","protected":false},"excerpt":{"rendered":"

2 July 2019\u00a0\u00a0\u00a0\u00a0\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 rebounds, limited by rate cuts. US dollar extended its gains on yesterday over the backdrop of bullish economic data from the region. As of writing, the dollar index was quoted up 0.71% to 96.32 against a basket of six major currencies. According to Institute for Supply […]<\/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\/66227"}],"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=66227"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/66227\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=66227"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=66227"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=66227"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}