{"id":69356,"date":"2019-07-19T02:21:49","date_gmt":"2019-07-19T02:21:49","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=69356"},"modified":"2019-07-19T02:21:49","modified_gmt":"2019-07-19T02:21:49","slug":"190719-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/190719-morning-session-analysis\/","title":{"rendered":"190719 Morning Session Analysis"},"content":{"rendered":"

19 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

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Dollar falls amid Fed\u2019s dovish comments, gold surged.<\/strong><\/p>\n

Index dollar which measures its value against a basket of six major currency pairs plunged to its lower levels following dovish comments from Federal Reserve (Fed) Vice Chairman Richard Clarida yesterday. Clarida criticized that policy makers should not delay necessary rate cuts until the economy is in total distress and emphasized that decision should be made following where the economy is actually going and the ongoing risks towards the economy. Besides that, Clarida also commented on recent mixed data in the US and also the disappointing global data which indicated more intense disinflationary pressures. The dovish comments had weighed on expectations for a rate cut of 50 basis point during Fed\u2019s July policy meeting, causing investors to sell the dollar and enter into safe-haven gold. In other news, pair of GBP\/USD rebounded from its low-levels yesterday following upbeat Retail Sales data. According to Office for National Statistics, UK retail sales for the month of June rose to 1.0% from -0.6%, beating economists\u2019 expectation of -0.3%. The large rebound in the retail activity had rekindled investors\u2019 confident towards the UK economy despite economic pressure from Brexit uncertainties. Besides that, the pound also received higher demand after the dovish comments from Fed which also led investors to escape the weaker dollar and enter into riskier assets. As of writing, index dollar inched higher by 0.02% to 96.43 while pair of GBP\/USD inched higher by 0.01% to 1.2545.<\/p>\n

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In the commodities market, crude oil price rebounded by 0.52% to $55.90 per barrel following reports on another seizing of foreign oil tankers by Iran in the Persian Gulf, heightening geopolitical tensions. Before that, oil prices were falling due to diminishing tensions in the Middle East as US President Donald Trump tried to make peace with Iran. In reaching a truce between the two countries, Iran will most probably be allowed back into global market to export oils, providing bearish expectations for oil prices. Next, gold price retraced by 0.19% to $1443.15 a troy ounce after skyrocketing more than $30 yesterday following dovish comments from the Fed which led investors to flee into safe-haven market.<\/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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\n<\/u><\/p>\n

\u00a0<\/u><\/p>\n

Today\u2019s Highlight Economic Data<\/u><\/p>\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 PPI (MoM) (Jun)<\/td>\n-0.1%<\/td>\n-0.1%<\/td>\n–<\/td>\n<\/tr>\n
20.30<\/td>\nCAD \u2013 Core Retail Sales (Mom) (May)<\/td>\n0.1%<\/td>\n0.3%<\/td>\n–<\/td>\n<\/tr>\n
22:00<\/td>\nUSD \u2013 Michigan Consumer Sentiment<\/td>\n98.2<\/td>\n98.6<\/td>\n–<\/td>\n<\/tr>\n
01:00 (20th<\/sup>)<\/td>\nCrudeOIL \u2013 US Baker Hughes Oil Rig Count<\/td>\n784<\/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, H4: <\/strong>Dollar index was traded lower while currently testing near the support level 96.30. MACD which illustrate bearish momentum signal with the formation of death cross suggest the dollar to extend its losses after it breaks below the support level 96.30.<\/p>\n

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Resistance level: 96.70, 97.10
\nSupport level: 96.30, 95.80<\/p>\n

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

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

GBPUSD, H4: <\/strong>GBPUSD was traded higher following prior breakout above the previous resistance level 1.2510. MACD which illustrate bullish bias suggest the pair to extend its gains towards the resistance level 1.2595.<\/p>\n

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Resistance level: 1.2595, 1.2655
\nSupport level: 1.2510, 1.2440<\/p>\n

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

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

EURUSD, H4: <\/strong>EURUSD was traded lower following prior retracement from the resistance level 1.1280. MACD which illustrate diminishing bullish bias signal suggest the pair to extend its retracement in short term towards the support level 1.1235.<\/p>\n

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Resistance level: 1.1280, 1.1335<\/p>\n

Support level: 1.1235, 1.1185<\/p>\n

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

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

USDJPY, H4: <\/strong>USDJPY was traded lower following prior rebound from its low levels. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its rebound in short term towards the resistance level 107.60.<\/p>\n

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Resistance level: 107.60, 108.15
\nSupport level: 107.05, 106.50<\/p>\n

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\"\"<\/p>\n

AUDUSD, H4: <\/strong>AUDUSD was traded higher following prior breakout above the previous resistance level 0.7065. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to extend its gains towards the resistance level 0.7085.<\/p>\n

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Resistance level: 0.7085, 0.7130
\nSupport level: 0.7065, 0.7035<\/p>\n

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NZDUSD, H4: <\/strong>NZDUSD was traded higher following prior breakout above the previous resistance level 0.6770. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to extend its gains towards the resistance level 0.6815.<\/p>\n

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Resistance level: 0.6815, 0.6875
\nSupport level: 0.6770, 0.6720<\/p>\n

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

USDCAD, H4: <\/strong>USDCAD was traded lower following recent breakout below the previous support level 1.3040. MACD which illustrate bearish bias signal with the formation of death cross suggest the pair to extend its losses towards the support level 1.2970.<\/p>\n

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Resistance level: 1.3040, 1.3105
\nSupport level: 1.2970, 1.2895<\/p>\n

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\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded lower while currently testing near the support level 0.9800. MACD which illustrate bearish momentum with death cross formation suggest the pair to extend its losses after successfully closing below the support level.<\/p>\n

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Resistance level: 0.9895, 0.9935
\nSupport level: 0.9800, 0.9750<\/p>\n

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

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

CrudeOIL, H4: <\/strong>Crude oil price was traded higher while currently testing the resistance level 56.00. MACD which illustrate diminishing bearish momentum suggest the commodity to extend its gains after it successfully breaks above the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 56.00, 57.85
\nSupport level: 54.50, 52.90<\/p>\n

 <\/p>\n

 <\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H4: <\/strong>Gold price was traded higher following prior breakout above the previous resistance level 1437.95. However, MACD which starting to display diminishing bullish momentum suggest the commodity to be traded lower as a technical correction in short term towards the support level 1437.95.<\/p>\n

 <\/p>\n

Resistance level: 1457.10, 1475.50
\nSupport level: 1437.95, 1421.40<\/p>\n","protected":false},"excerpt":{"rendered":"

19 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 falls amid Fed\u2019s dovish comments, gold surged. Index dollar which measures its value against a basket of six major currency pairs plunged to its lower levels following dovish comments from Federal Reserve (Fed) Vice Chairman Richard Clarida yesterday. Clarida criticized that policy makers should not delay necessary […]<\/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\/69356"}],"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=69356"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/69356\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=69356"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=69356"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=69356"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}