{"id":70722,"date":"2019-07-29T02:36:06","date_gmt":"2019-07-29T02:36:06","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=70722"},"modified":"2019-07-29T02:36:06","modified_gmt":"2019-07-29T02:36:06","slug":"290719-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/290719-morning-session-analysis\/","title":{"rendered":"290719 Morning Session Analysis"},"content":{"rendered":"

29 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 gains on GDP but pressured by rate cut.<\/strong><\/p>\n

Dollar index measuring its value against a basket of six major currency pairs surged to its 2-months high on Friday after the release of upbeat US second quarter GDP data. According to US Bureau of Economic Analysis, US GDP growth was higher than expected at 2.1% as compared to forecast of 1.8%, however showing signs of contraction falling from previous 3.1%. The higher than expected data provided support for dollar as investors place their bets on a less aggressive rate cut by the Fed this week. However, some fears that the slowdown in growth during the second quarter might cause the Fed to change their monetary policy stance, signaling more than one rate cut throughout this year during its Thursday policy meeting hence limiting the gains on dollar. In other news, the safe-haven Yen was gaining against the dollar following upbeat Retail Sales data with a reading of 0.5%, exceeding economists\u2019 forecast of 0.2%. Last Friday, Japan had also announced its Tokyo Core CPI data with a reading of 0.9% compared to its forecasted value of 0.8%, just ahead of this week Bank of Japan (BoJ) Policy Statement. With a set of bullish data supporting its economy, BoJ is widely expected to remain their low-interest rate level unchanged while investors focus on its statement to obtain further signals. As of writing, dollar index fell by 0.09% to 97.60 while pair of USD\/JPY fell 0.20% to 108.43.<\/p>\n

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As for commodities, crude oil price fell 0.07% to $56.11 per barrel following diminishing tensions in the Middle East as Oman was reported to act as a mediator to resolve dispute between UK and Iran. However, oil sentiment remained mixed as recent US crude inventory data showed a major retracement while US Baker Hughes reduced its\u2019 rig count by 3 to 776, lowering oil drilling activities. On the other hand, gold price increased by 0.37% to $1423.65 a troy ounce following a weaker dollar.<\/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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Today\u2019s Highlight Economic Data<\/u><\/p>\n

N\/A<\/p>\n

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

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

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

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DOLLAR_INDX, H4: <\/strong>Dollar index was traded lower following prior retracement from its high level. MACD which illustrate bearish bias signal with the formation of death cross suggest the dollar to extend its retracement towards the support level 97.55.<\/p>\n

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Resistance level: 98.00, 98.50
\nSupport level: 97.55, 97.10<\/p>\n

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

GBPUSD, H4: <\/strong>GBPUSD was traded lower while currently testing the support level 1.2375. However, MACD which illustrate diminishing bearish momentum suggest the pair to experience a technical correction in short term towards the resistance level 1.2440.<\/p>\n

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Resistance level: 1.2440, 1.2510
\nSupport level: 1.2375, 1.2295<\/p>\n

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

EURUSD, H4: <\/strong>EURUSD was traded higher following prior rebound from the support level 1.1120. MACD which illustrate bullish momentum signal suggest the pair to extend its rebound towards the resistance level 1.1185.<\/p>\n

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

Support level: 1.1120, 1.1080<\/p>\n

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

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

USDJPY, H4: <\/strong>USDJPY was traded lower following prior retracement from its resistance level 108.60. MACD which illustrate bearish bias signal suggest the pair to extend its retracement towards the support level 108.15.<\/p>\n

 <\/p>\n

Resistance level: 108.60, 109.05
\nSupport level: 108.15, 107.60<\/p>\n

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\"\"<\/p>\n

AUDUSD, H4: <\/strong>AUDUSD was traded higher following prior rebound from the support level 0.6900. MACD which display diminishing bearish momentum suggest the pair to extend its rebound towards the resistance level 0.6930.<\/p>\n

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Resistance level: 0.6930, 0.6965
\nSupport level: 0.6900, 0.6865<\/p>\n

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\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded lower following recent breakout below the previous support level 0.6650. However, MACD which illustrate diminishing bearish momentum suggest the pair to be traded higher as a short term technical correction towards the resistance level 0.6650.<\/p>\n

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Resistance level: 0.6650, 0.6720
\nSupport level: 0.6600, 0.6550<\/p>\n

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

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

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USDCAD, H4: <\/strong>USDCAD was traded lower following prior retracement from its high level. MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to extend its retracement towards the support level 1.3145.<\/p>\n

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Resistance level: 1.3230, 1.3290
\nSupport level: 1.3145, 1.3095<\/p>\n

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\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded lower following prior retracement from the resistance level 0.9935. MACD which display diminishing bullish momentum suggest the pair to extend its retracement towards the support level 0.9895.<\/p>\n

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Resistance level: 0.9935, 1.0005<\/p>\n

Support level: 0.9895, 0.9840<\/p>\n

 <\/p>\n

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

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

CrudeOIL, H4: <\/strong>Crude oil price was traded flat near the support level 56.00. Due to lack of signal and direction from MACD, it is suggested to wait until further clear signal appear before entering the market.<\/p>\n

 <\/p>\n

Resistance level: 57.85, 59.25
\nSupport level: 56.00, 54.50<\/p>\n

 <\/p>\n

 <\/p>\n

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GOLD_, H4: <\/strong>Gold price was traded higher while currently testing the resistance level 1421.40. MACD which illustrate bullish bias signal with the starting formation of golden cross suggest the commodity to extend its gains after it breaks above the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 1421.40, 1437.95
\nSupport level: 1403.15, 1386.35<\/p>\n","protected":false},"excerpt":{"rendered":"

29 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 gains on GDP but pressured by rate cut. Dollar index measuring its value against a basket of six major currency pairs surged to its 2-months high on Friday after the release of upbeat US second quarter GDP data. According to US Bureau of Economic Analysis, US GDP […]<\/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\/70722"}],"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=70722"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/70722\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=70722"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=70722"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=70722"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}