{"id":70989,"date":"2019-07-30T02:58:42","date_gmt":"2019-07-30T02:58:42","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=70989"},"modified":"2019-07-30T02:58:42","modified_gmt":"2019-07-30T02:58:42","slug":"300719-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/300719-morning-session-analysis\/","title":{"rendered":"300719 Morning Session Analysis"},"content":{"rendered":"

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

 <\/p>\n

 <\/p>\n

Dollar climbs ahead of expected rate cut.<\/strong><\/span><\/p>\n

Dollar index continue to rose against its basket of six major currency pairs as market remain anticipating on Fed decision of rate cut later this week. U.S Federal Reserve is widely expected to deliver the first rate cut in a decade by at least 25 basis points. In addition, investors are also expecting an additional rate cut in September and more before the end of the year. U.S President Donald Trump continue to criticize the Fed. On his recent tweet on Twitter, he stated that a small rate cut is not sufficient, however he will still remain victorious anyway. As the rate decision draw closer, market remains focused and cautious ahead of the event. On the other hand, pound sterling continued to slide further amid Boris Johnson and his team are stepping up preparations for a no-deal Brexit. With just only three months left, newly appointed UK Prime Minster Boris Johnson have vowed to take UK out of the European Union regardless of the deal. Chancellor Sajid Javid saying he was stepping up Treasury preparations for a no-deal departure and his top aide Michael Gove writing in the Sunday Times that the government was now \u201cworking on the assumption\u201d the talks with the EU would fail. The news have provide further confirmation on the risk of no-deal Brexit, therefore diminishing further confidence of investors towards the sterling and causing investors to leave the risky market. At the time of writing, dollar index rose 0.05% to 97.79 while GBP\/USD fell 0.06% to 1.2208.<\/p>\n

 <\/p>\n

As for commodities, crude oil price bounced 0.25% to $57.09 per barrel as of writing following optimism on US-Sino trade talk. Oil price was firmer as trade talk was back on the table, with both of the largest economic powerhouse get together again for trade negotiation since last month G20. Investors are hoping that both nation could show commitments for \u201cgoodwill\u201d gestures and clear the path for future negotiations. At the same time, the tension in the Strait of Hormuz which possibly causing the ongoing supply concerns also provide further reason for investors to bet on the commodity. Next, gold price fell 0.10% to $1425.39 at the time of writing following the ongoing strong greenback which diminished the attractiveness of safe-haven assets.<\/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

11.00\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 JPY\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0BoJ Monetary Policy Statement<\/p>\n

11.00\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 JPY\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0BoJ Outlook Report (YoY)<\/p>\n

Tentative\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0JPY\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0BoJ Press Conference<\/p>\n

 <\/p>\n

 <\/p>\n

Today\u2019s Highlight Economic Data<\/u><\/p>\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
11.00<\/td>\nJPY – BoJ Interest Rate Decision<\/td>\n-0.10%<\/td>\n-0.10%<\/td>\n–<\/td>\n<\/tr>\n
20.00<\/td>\nEUR \u2013 German CPI (MoM)(Jul)<\/td>\n0.3%<\/td>\n0.3%<\/td>\n–<\/td>\n<\/tr>\n
22.00<\/td>\nUSD \u2013 CB Consumer Confidence<\/td>\n121.5<\/td>\n125.0<\/td>\n–<\/td>\n<\/tr>\n
22.00<\/td>\nUSD \u2013 Pending Home Sales (Mom) (Jun)<\/td>\n1.1%<\/td>\n0.5%<\/td>\n–<\/td>\n<\/tr>\n
04.30 (31th)<\/td>\nCrudeOIL- API Weekly Crude Oil Stock<\/td>\n-10.96M<\/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 following breakout above the previous resistance level 97.55. However, MACD which illustrate diminishing bullish momentum signal suggest the dollar to be traded lower in short term as a technical correction towards the support level 97.55.<\/p>\n

 <\/p>\n

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

 <\/p>\n

\"\"<\/p>\n

GBPUSD, Daily: <\/strong>GBPUSD was traded lower while currently testing near the support level 1.2155. MACD which illustrate persistent bearish momentum signal suggest the pair to extend its losses after it breaks below the support level.<\/p>\n

 <\/p>\n

Resistance level: 1.2440, 1.2695
\nSupport level: 1.2155, 1.1955<\/p>\n

 <\/p>\n

\"\"<\/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

 <\/p>\n

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

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

 <\/p>\n

\"\"<\/p>\n

USDJPY, H4: <\/strong>USDJPY was traded higher following prior rebound from the support level 108.60. However, MACD which illustrate bearish bias signal suggest the pair could experience a short term technical correction towards the support level 108.60.<\/p>\n

 <\/p>\n

Resistance level: 109.05, 109.75
\nSupport level: 108.60, 108.15<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, H4: <\/strong>AUDUSD was traded lower while currently testing the support level 0.6900. However, MACD which display diminishing bearish momentum suggest the pair to experience a technical correction in short term towards the resistance level 0.6930.<\/p>\n

 <\/p>\n

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

 <\/p>\n

\"\"<\/p>\n

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

 <\/p>\n

 <\/p>\n

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

 <\/p>\n


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

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

USDCAD, H4: <\/strong>USDCAD was traded lower while testing near the support level 1.3145. MACD which illustrate bearish bias signal suggest the pair to extend its losses after it breaks below the support level.<\/p>\n

 <\/p>\n

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

 <\/p>\n

\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded lower following prior retracement from the resistance level 0.9935. MACD which display bearish momentum signal with the formation of death cross suggest the pair to extend its retracement towards the support level 0.9895.<\/p>\n

 <\/p>\n

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

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

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H4: <\/strong>Crude oil price was traded higher following prior rebound from the support level 56.00. MACD which illustrate bullish bias signal suggest the commodity to extend its gains towards the resistance level 57.85.<\/p>\n

 <\/p>\n

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

 <\/p>\n

\"\"<\/p>\n

GOLD_, H4: <\/strong>Gold price was traded higher following prior rebound from the support level 1421.40. MACD which illustrate bullish bias signal suggest the commodity to extend its gains towards the resistance level 1437.95.<\/p>\n

 <\/p>\n

Resistance level: 1437.95, 1457.10
\nSupport level: 1421.40, 1403.15<\/p>\n","protected":false},"excerpt":{"rendered":"

30 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 climbs ahead of expected rate cut. Dollar index continue to rose against its basket of six major currency pairs as market remain anticipating on Fed decision of rate cut later this week. U.S Federal Reserve is widely expected to deliver the first rate cut in a […]<\/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\/70989"}],"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=70989"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/70989\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=70989"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=70989"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=70989"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}