{"id":67036,"date":"2019-07-05T00:27:46","date_gmt":"2019-07-05T00:27:46","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=67036"},"modified":"2019-07-05T00:27:46","modified_gmt":"2019-07-05T00:27:46","slug":"050719-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/050719-morning-session-analysis\/","title":{"rendered":"050719 Morning Session Analysis"},"content":{"rendered":"

5 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

 <\/p>\n

 <\/p>\n

Market anticipates the release of US Nonfarm Payrolls.<\/strong><\/span><\/p>\n

Greenback was traded flat against other major currencies on yesterday following the closure of US market in conjunction with Independence Day. In a quiet economic calendar for the whole day, market participants take a \u201cwait-and-see\u201d approach while waiting for the release of Nonfarm Payrolls report later tonight. Prior, ADP report shows a lower-than-expected jobs creation within the US private sector. As the data is highly correlated with tonight\u2019s Nonfarm Payrolls, investors halt from making large amount of trading. Likewise, tonight\u2019s jobs report will likely provide market participants with more signals with regards to Federal Reserve monetary policy stance whom is expected to cut its interest rates within 25 \u2013 50 basis points range at the end of the month. Thus, a bearish Nonfarm Payrolls report may further emphasize the need for a shift in monetary policy from tightening to loosening in order to support any downfall in the US economy. Likewise, investors will also place their attention upon jobs report from Canada which would also provide further signals with regards to Bank of Canada\u2019s future monetary policy sentiment. As of writing, the dollar index ticked down 0.03% to 96.29 while pair of USD\/CAD was traded flat around 1.3047.<\/p>\n

 <\/p>\n

In the commodities market, crude oil price recovered its losses by 0.12% to $56.73 per barrel. Oil prices was traded in a tight range as traders await further signals from the market. On the other hand, gold price rose 0.52% to $1,422.75 a troy ounce as investors currently pricing in a 100% chance for an interest rate cut from the US later this month.<\/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

 <\/p>\n

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
14:00<\/td>\nEUR \u2013 German Factory Orders (MoM) (May)<\/td>\n0.3%<\/td>\n-0.1%<\/td>\n–<\/td>\n<\/tr>\n
14:00<\/td>\nEUR \u2013 German Industrial Production (MoM) (May)<\/td>\n-1.9%<\/td>\n-0.4%<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nUSD \u2013 Average Hourly Earnings (MoM) (Jun)<\/td>\n0.2%<\/td>\n0.3%<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nUSD \u2013 Nonfarm Payrolls (Jun)<\/td>\n75K<\/td>\n160K<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nUSD \u2013 Unemployment Rate (Jun)<\/td>\n3.6%<\/td>\n3.6%<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nCAD \u2013 Employment Change (Jun)<\/td>\n27.7K<\/td>\n10.0K<\/td>\n–<\/td>\n<\/tr>\n
22:00<\/td>\nCAD \u2013 Ivey PMI (Jun)<\/td>\n55.9<\/td>\n55.0<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n

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

\"\"<\/p>\n

DOLLAR_INDX, H4: <\/strong>Dollar index was traded flat near the 20-MA line (red). MACD which illustrate bearish signal suggests the index to be traded lower after closing below the 20-MA line.<\/p>\n

 <\/p>\n

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

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

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H1: <\/strong>GBPUSD was traded flat near the support level of 1.2570. Due to the lack of signal from MACD and price action, it is suggested to wait for further signal before entering the market.<\/p>\n

 <\/p>\n

Resistance level: 1.2630, 1.2670<\/p>\n

Support level: 1.2575, 1.2515<\/p>\n

 <\/p>\n

\"\"<\/p>\n

EURUSD, H1: <\/strong>EURUSD remains traded within a sideways channel. Due to the lack of signal from MACD and price action, it is suggested to wait for further signals before entering the market.<\/p>\n

 <\/p>\n

Resistance level: 1.1305, 1.1345<\/p>\n

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

 <\/p>\n

\"\"<\/p>\n

USDJPY, H1: <\/strong>USDJPY remains traded within a narrowing triangle formation. Due to the lack of signal from MACD and price action, it is suggested to wait for a breakout before entering the market.<\/p>\n

 <\/p>\n

Resistance level: 108.25, 108.50<\/p>\n

Support level: 107.70, 107.30<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, Daily: <\/strong>AUDUSD was traded lower following prior retracement from the top level of descending channel. MACD which illustrate diminishing upward momentum suggests the pair to be traded lower in short-term as technical correction.<\/p>\n

 <\/p>\n

Resistance level: 0.7040, 0.7110<\/p>\n

Support level: 0.7005, 0.6960<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD remains traded within a narrowing triangle formation. Both MACD and Stochastic which illustrate rebound signal suggests the pair to be traded higher in short-term.<\/p>\n

 <\/p>\n

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

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

 <\/p>\n

\"\"<\/p>\n

USDCAD, H4: <\/strong>USDCAD was traded lower while currently testing at the support level near 1.3050. MACD which illustrate bearish signal suggests the pair to extend its losses after closing below 1.3050.<\/p>\n

 <\/p>\n

Resistance level: 1.3120, 1.3220<\/p>\n

Support level: 1.3050, 1.2970<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded lower while currently testing at the support level of 0.9835. MACD which illustrate bearish signal suggests the pair to extend its losses after closing below 0.9835.<\/p>\n

 <\/p>\n

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

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

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H1: <\/strong>Crude oil price was traded lower while currently testing near the upward trendline. MACD which illustrate bearish signal suggests its price to extend its losses after breaking the trendline formation.<\/p>\n

 <\/p>\n

Resistance level: 57.25, 58.85<\/p>\n

Support level: 55.70, 53.70<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H4: <\/strong>Gold price was traded higher following prior rebound from its lower level. MACD which begins to form a bullish signal suggests its price to extend further up in mid-term, in tandem within upward trendline.<\/p>\n

 <\/p>\n

Resistance level: 1435.00, 1448.00<\/p>\n

Support level: 1415.00, 1390.00<\/p>\n","protected":false},"excerpt":{"rendered":"

5 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     Market anticipates the release of US Nonfarm Payrolls. Greenback was traded flat against other major currencies on yesterday following the closure of US market in conjunction with Independence Day. In a quiet economic calendar for the whole day, market participants take a \u201cwait-and-see\u201d approach while waiting for […]<\/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\/67036"}],"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=67036"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/67036\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=67036"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=67036"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=67036"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}