{"id":70262,"date":"2019-07-25T00:47:59","date_gmt":"2019-07-25T00:47:59","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=70262"},"modified":"2019-07-25T00:47:59","modified_gmt":"2019-07-25T00:47:59","slug":"250719-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/250719-morning-session-analysis\/","title":{"rendered":"250719 Morning Session Analysis"},"content":{"rendered":"

25 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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Greenback flats, eyes over Federal Reserve.<\/strong><\/span><\/p>\n

US dollar was traded flat against other major currencies while market participants ponder upon the developments with regards to trade war and next week\u2019s Federal Reserve monetary policy meeting. As of writing, the dollar index ticked down 0.03% to 97.35 during Asian session. On yesterday, US Treasury Steven Mnuchin told CNBC that he and US Trade Representative Robert Lighthizer will be traveling to Shanghai next week for a two-day meeting starting on Tuesday. However, he said that there were \u201ca lot of issues\u201d to be discussed with regards to trade with China. On the other hand, no speech was schedule for any members of the Federal Reserve as next monetary policy inches closer. Due to recent mixed signals with regards to US economy, traders were concerned that the Fed may adopt a more aggressive rate cut in order to support growth and inflation momentum. According to Fed Rate Monitor Tool, market participants are currently anticipating a 100% for a rate cut by 25 basis points next week. However, the limelight will be placed upon Fed\u2019s statement and press conference in order to attain more signals with regards to their economic outlook and policy forward guidance.<\/p>\n

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On the other hand, crude oil price recovered its losses by 0.11% to $55.83 per barrel. According to Energy Information Administration, US crude stockpiles fell by -10.835 million barrels last week, a higher drop when compared to forecast of only -4.011 million barrels. However, oil prices failed to gain bullish momentum from the report after several analyst concluded that the massive draw in oil inventories may be distorted by the production shutdown during Hurricane Barry. As for gold, price of the yellow metal rose 0.02% to $1,425.84 a troy ounce as major central banks around the globe begins to adopt monetary policy easing.<\/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

19:45\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 EUR\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 ECB Monetary Policy Statement<\/p>\n

20:30\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 EUR\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 ECB Press Conference<\/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
16:00<\/td>\nEUR \u2013 German Ifo Business Climate Index (Jul)<\/td>\n97.4<\/td>\n97.1<\/td>\n–<\/td>\n<\/tr>\n
19:45<\/td>\nEUR \u2013 ECB Interest Rate Decision (Jul)<\/td>\n0.00%<\/td>\n0.00%<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nUSD \u2013 Core Durable Goods Orders (MoM) (Jun)<\/td>\n0.4%<\/td>\n0.2%<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nUSD \u2013 Initial Jobless Claims<\/td>\n216K<\/td>\n220K<\/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, H1: <\/strong>Dollar index was traded flat while currently testing near the upward trendline. MACD which illustrate diminished bearish momentum suggests the index to extend its gains after a successful rebound from the trendline.<\/p>\n

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Resistance level: 97.50, 97.90<\/p>\n

Support level: 97.05, 96.75<\/p>\n

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GBPUSD, H4: <\/strong>GBPUSD was traded lower following prior retrace from 1.2500. MACD which illustrate diminished upward momentum suggests the pair to be traded lower in short-term after closing below the 20-MA line (red).<\/p>\n

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Resistance level: 1.2500, 1.2535<\/p>\n

Support level: 1.2450, 1.2400<\/p>\n

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EURUSD, H4: <\/strong>EURUSD was traded flat near the resistance of 1.1150. However, both MA line which continues to expand downward suggests the pair to extend its losses in mid-term.<\/p>\n

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Resistance level: 1.1150, 1.1200<\/p>\n

Support level: 1.1110, 1.1060<\/p>\n

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USDJPY, H4: <\/strong>USDJPY was traded lower following prior retracement from 108.25. MACD which illustrate diminishing upward momentum suggests the pair to be traded lower in short-term towards the direction of 108.00.<\/p>\n

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

Support level: 108.00, 107.70<\/p>\n

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AUDUSD, Daily: <\/strong>AUDUSD was traded lower following prior retracement from the higher levels. MACD which illustrate bearish signal suggests the pair to extend its losses after breaking the upward trendline.<\/p>\n

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

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

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NZDUSD, Daily: <\/strong>NZDUSD was traded lower while currently testing near the 20-MA line (red). MACD which has formed a bearish signal suggests the pair to extend its losses after closing below the MA line.<\/p>\n

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Resistance level: 0.6710, 0.6735<\/p>\n

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

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USDCAD, H1: <\/strong>USDCAD was traded flat in between 1.3140 and 1.3125. Due to the lack of signal from both MACD and price action, it is suggested to wait for a breakout before entering the market.<\/p>\n

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Resistance level: 1.3140, 1.3190<\/p>\n

Support level: 1.3125, 1.3090<\/p>\n

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USDCHF, H4: <\/strong>USDCHF was traded lower following prior retracement from the upper level of descending wedge. MACD which illustrate diminished upward momentum suggests the pair to be traded lower in short-term after breaking 0.9835.<\/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, H1: <\/strong>Crude oil price was traded higher following prior rebound from the support of 55.70. MACD which illustrate diminishing downward momentum suggests its price to be traded higher in short-term.<\/p>\n

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

Support level: 55.70, 55.00<\/p>\n

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GOLD_, H1: <\/strong>Gold price was traded lower following a retracement prior to the resistance near 1428.30. MACD which illustrate diminished upward momentum suggests its price to be traded lower in short-term as technical correction.<\/p>\n

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Resistance level: 1428.30, 1435.00<\/p>\n

Support level: 1423.00, 1415.00<\/p>\n","protected":false},"excerpt":{"rendered":"

25 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     Greenback flats, eyes over Federal Reserve. US dollar was traded flat against other major currencies while market participants ponder upon the developments with regards to trade war and next week\u2019s Federal Reserve monetary policy meeting. As of writing, the dollar index ticked down 0.03% to 97.35 during […]<\/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\/70262"}],"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=70262"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/70262\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=70262"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=70262"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=70262"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}