{"id":68666,"date":"2019-07-16T01:58:32","date_gmt":"2019-07-16T01:58:32","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=68666"},"modified":"2019-07-16T01:58:32","modified_gmt":"2019-07-16T01:58:32","slug":"160719-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/160719-morning-session-analysis\/","title":{"rendered":"160719 Morning Session Analysis"},"content":{"rendered":"

16 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 Morning Session Analysis<\/strong><\/p>\n

 <\/p>\n

Dollar jumped following upbeat Empire State data.<\/strong><\/p>\n

Index dollar rose against a basket of six major currency pairs following the positive release of NY Empire State data. According to the New York Federal Reserve, manufacturing activity in New York have record its biggest increase in more than two years with the manufacturing index reading came in at 4.3, exceed market expectation with the reading of 1.6 and also previous reading of -8.6 in June. The data suggest that the region have starting to expand and bounce back which could help alleviate the economy, therefore provide some support for the greenback. However, market remains cautious as expectation of 25 basis points rate cut by Fed continue to dominate the market sentiment and investors awaiting further data to look for more clues. The dollar edge higher by 0.02% to 96.52 at the time of writing. On the other hand, NZD\/USD extend its gains by 0.20% to 0.6726 as of writing following the release of CPI data. According to Statistics New Zealand, consumer price index for second quarter have matched market expectation with the reading of 0.6%. The data have shown that economy in New Zealand remain modest, however the numbers still in line with the Reserve Bank of New Zealand\u2019s (RBNZ) recent forecast, thus also highlight the possibilities of a rate cut in August.<\/p>\n

 <\/p>\n

In the commodities market, crude oil price fell 0.11% to $59.37 per barrel as of writing as output increase and diminishing demand outlook. According to recent reports, oil producers have start to restoring some of the nearly 74% of output that was shut at U.S. Gulf of Mexico platforms on Hurricane Barry, fear of oversupply remains lingering among investors. At the same time, China data which showed the country’s slowest quarterly economic growth in decades also pointing out for weaker oil consumption by the biggest importer, therefore dragging further the commodity for the second day. Next, gold price inched lower by 0.17% to $1411.53 a troy ounce following the rebound of US dollar.<\/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

20.00\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\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

01.00(17th<\/sup>)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 USD\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 Fed Chair Powell 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\n
Time<\/strong><\/td>\nNation & Data<\/strong><\/td>\nPrevious<\/strong><\/td>\nForecast<\/strong><\/td>\nActual<\/strong><\/td>\n<\/tr>\n
16.30<\/td>\nGBP – Average Earnings Index +Bonus (May)<\/td>\n3.1%<\/td>\n3.1%<\/td>\n–<\/td>\n<\/tr>\n
16.30<\/td>\nGBP – Claimant Count Change (Jun)<\/td>\n23.2K<\/td>\n18.9K<\/td>\n–<\/td>\n<\/tr>\n
16.30<\/td>\nGBP – Unemployment Rate (May)<\/td>\n3.8%<\/td>\n3.8%<\/td>\n–<\/td>\n<\/tr>\n
17.00<\/td>\nEUR – German ZEW Economic Sentiment (Jul)<\/td>\n-21.1<\/td>\n-22.1<\/td>\n–<\/td>\n<\/tr>\n
20.30<\/td>\nUSD \u2013 Core Retail Sales (MoM) (Jun)<\/td>\n0.5%<\/td>\n0.1%<\/td>\n–<\/td>\n<\/tr>\n
20.30<\/td>\nUSD \u2013 Retail Sales (MoM) (Jun)<\/td>\n0.5%<\/td>\n0.1%<\/td>\n–<\/td>\n<\/tr>\n
04.30(17th<\/sup>)<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 CrudeOIL – API Weekly Crude Oil Stock<\/td>\n-8.129M<\/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, H4: <\/strong>Dollar index was traded higher while currently testing its MA-line. MACD which display bullish bias signal and the starting formation of golden cross suggest the dollar to extend its gains after successfully closing above its MA-line.<\/p>\n

 <\/p>\n

Resistance level: 97.00, 97.60
\nSupport level: 96.35, 95.50<\/p>\n

 <\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, H4: <\/strong>GBPUSD was traded lower following prior breakout below previous support level 1.2555. MACD which display bearish momentum with the formation of death cross suggest the pair to extend its losses towards the support level 1.2490.<\/p>\n

 <\/p>\n

Resistance level: 1.2555, 1.2610
\nSupport level: 1.2490, 1.2425<\/p>\n

 <\/p>\n

 <\/p>\n


\n<\/strong><\/p>\n

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

EURUSD, H4: <\/strong>EURUSD was traded lower following prior retracement from is top-levels. MACD which illustrate bearish bias signal with the formation of death cross suggest the pair to extend its losses 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


\n<\/strong><\/p>\n

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

USDJPY, H4: <\/strong>USDJPY was traded higher following prior rebound from its lower-levels. MACD which display bullish bias signal suggest the pair to extend its rebound towards the resistance level 108.20.<\/p>\n

 <\/p>\n

Resistance level: 108.20, 108.70
\nSupport level: 107.60, 106.80<\/p>\n

 <\/p>\n

 <\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H4: <\/strong>AUDUSD was traded higher while currently testing the resistance level 0.7040. However, MACD which display diminishing bullish momentum suggest the pair to retrace towards the support level 0.7000 as a short-term technical correction.<\/p>\n

 <\/p>\n

Resistance level: 0.7040, 0.7090
\nSupport level: 0.7000, 0.6965<\/p>\n

 <\/p>\n

 <\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded higher following prior breakout above previous resistance level 0.6720. However, MACD which illustrate diminishing bullish momentum suggest the pair to undergo short-term technical correction and traded lower after successfully closing below the support level 0.6720.<\/p>\n

 <\/p>\n

Resistance level: 0.6770, 0.6880
\nSupport level: 0.6720, 0.6675<\/p>\n

 <\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, H4: <\/strong>USDCAD was traded higher while currently testing the resistance level 1.3050. MACD which display bullish bias signal and the formation of golden cross suggest the pair to extend its gains after successfully closing above the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 1.3050, 1.3110
\nSupport level: 1.2985, 1.2900<\/p>\n

 <\/p>\n

 <\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded higher following prior rebound from its low-levels. MACD which display bullish bias signal and the starting formation of golden cross suggest the pair to extend its rebound towards the resistance level 0.9860.<\/p>\n

 <\/p>\n

Resistance level: 0.9860, 0.9905
\nSupport level: 0.9805, 0.9750<\/p>\n

 <\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H4: <\/strong>Crude oil price was traded lower following prior breakout below previous support level 60.20. MACD which display bearish momentum suggest the commodity to extend its losses towards the support level 57.95.<\/p>\n

 <\/p>\n

Resistance level: 60.20, 61.80
\nSupport level: 57.95, 56.00<\/p>\n

 <\/p>\n

 <\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H4: <\/strong>Gold price remained traded flat above its 20-MA line (green). Due to lack of signal and momentum from the MACD, a breakout above the resistance level 1421.40 or below the support level 1405.00 is required to obtain further confirmation before entering the market.<\/p>\n

 <\/p>\n

Resistance level: 1421.40, 1440.00
\nSupport level: 1405.00, 1386.35<\/p>\n","protected":false},"excerpt":{"rendered":"

16 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 Morning Session Analysis   Dollar jumped following upbeat Empire State data. Index dollar rose against a basket of six major currency pairs following the positive release of NY Empire State data. According to the New York Federal Reserve, manufacturing activity in New York have record its biggest increase in more than two […]<\/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\/68666"}],"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=68666"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/68666\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=68666"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=68666"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=68666"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}