{"id":71227,"date":"2019-07-31T02:50:39","date_gmt":"2019-07-31T02:50:39","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=71227"},"modified":"2019-07-31T02:50:39","modified_gmt":"2019-07-31T02:50:39","slug":"310719-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/310719-morning-session-analysis\/","title":{"rendered":"310719 Morning Session Analysis"},"content":{"rendered":"

31 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

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Dollar remain steady following encouraging data.<\/strong><\/span><\/p>\n

Dollar index continue to strengthen against other currencies as positive data on Tuesday encouraging further on greenback buyers. According to the Conference Board, the level of confidence in consumers towards the U.S economy have rose 135.7, higher than economist expectation with the reading of 125.0. At the same time, housing data also providing a further boost for the greenback as pending home sales data hugely improved to 2.8% which exceed market expectation with the reading of only 0.5%. The heartening data have diminishing further expectation of an aggressive Fed rate cut of 50 basis point and also point out that economy in the U.S is not as slowed as market expected, therefore strengthening further its value. On the other hand, sterling continue to plummets further as the concerns on no-deal Brexit further worsen. According to recent reports, Prime Minister have told the Irish Prime Minister Leo Varadkar that he wants to take the U.K. out of the European Union by Oct. 31 regardless of whether or not there is a deal and reiterated that he will not negotiate with the EU unless they take out the Irish backstop, an insurance policy to prevent a hard border between Northern Ireland and the Republic of Ireland. As the worries grow over the potential impact of a no-deal Brexit on Ireland, investors continue to shy away from the risky market, therefore dragging down further on the pound sterling. Dollar index rose 0.02% to 97.78 while GBP\/USD slips 0.06% to 1.2151 at the time of writing.<\/p>\n

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As for commodities, crude oil price rose 0.12% to $58.30 per barrel as of writing following a sharp decline in Iranian oil exports. According to recent data from Reuters, Iranian oil exports have dropped in July to as low as 100,000 barrels per day due to sanctions and rising tensions with the U.S and U.K. The drop in Iran export could help deepen further the impact of OPEC supply cut pact, therefore leading investors to rush into the commodity market. Next, gold price slips 0.10% to $1429.19 at the time of writing as the strong dollar continue to drag the safe-haven asset to the downside.<\/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 \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 \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

02.00(Aug 1st<\/sup>)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\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 FOMC Statement<\/p>\n

02.00(Aug 1st<\/sup>)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\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 FOMC Press Conference<\/p>\n

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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
15.55<\/td>\nEUR \u2013 German Unemployment Change (Jul)<\/td>\n-1K<\/td>\n2K<\/td>\n–<\/td>\n<\/tr>\n
17.00<\/td>\nEUR – CPI (YoY) (Jul)<\/td>\n1.3%<\/td>\n1.1%<\/td>\n–<\/td>\n<\/tr>\n
20.15<\/td>\nUSD \u2013 ADP Nonfarm Employment Change (Jul)<\/td>\n102K<\/td>\n150K<\/td>\n–<\/td>\n<\/tr>\n
20.30<\/td>\nCAD – GDP (MoM) (May)<\/td>\n0.3%<\/td>\n0.1%<\/td>\n–<\/td>\n<\/tr>\n
21.45<\/td>\nUSD \u2013 Chicago PMI (Jul)<\/td>\n49.7<\/td>\n51.7<\/td>\n–<\/td>\n<\/tr>\n
22.30<\/td>\nCrudeOIL – Crude Oil Inventories<\/td>\n-10.835M<\/td>\n-2.588M<\/td>\n–<\/td>\n<\/tr>\n
02.00 (Aug 1st<\/sup>)<\/td>\nUSD \u2013 Fed Interest Rate Decision<\/td>\n2.50%<\/td>\n2.25%<\/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 higher following breakout above the previous resistance level 97.55. However, MACD which illustrate bearish momentum signal suggest the dollar to be traded lower in short term as a technical correction 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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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

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

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EURUSD, H4: <\/strong>EURUSD was traded in a sideway channel following recent retracement from its high level. However, MACD which illustrate diminishing bullish momentum signal suggest the pair to be traded lower towards the support level 1.1120.<\/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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\u00a0\"\"<\/strong><\/p>\n

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

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

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AUDUSD, H4: <\/strong>AUDUSD was traded lower while currently testing the support level 0.6865. MACD which display bearish bias signal suggest the pair to extend its losses after it breaks below the support level.<\/p>\n

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Resistance level: 0.6900, 0.6930
\nSupport level: 0.6865, 0.6825<\/p>\n

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NZDUSD, H4: <\/strong>NZDUSD was traded lower while currently testing the support level 0.6600. MACD which display bearish bias signal suggest the pair to extend its losses after it breaks below the support level.<\/p>\n

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

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USDCAD, H4: <\/strong>USDCAD was traded lower following prior breakout below the previous support level 1.3145. MACD which illustrate persistent bearish momentum signal suggest the pair to extend its losses towards the support level 1.3095.<\/p>\n

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Resistance level: 1.3145, 1.3230
\nSupport level: 1.3095, 1.3020<\/p>\n

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USDCHF, H4: <\/strong>USDCHF was traded higher following prior rebound from the support level 0.9895. MACD which illustrate diminishing bearish momentum suggest the pair to extend its rebound from 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

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

CrudeOIL, H4: <\/strong>Crude oil price was traded higher following prior breakout above the resistance level 57.85. MACD which illustrate bullish momentum signal suggest the commodity to extend its gains towards the resistance level 59.25.<\/p>\n

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Resistance level: 59.25, 61.05
\nSupport level: 57.85, 56.00<\/p>\n

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GOLD_, H4: <\/strong>Gold price was traded higher following prior breakout above the previous resistance level 1421.40. However, MACD which illustrate diminishing bullish momentum suggest the commodity to experience a technical correction in short term towards the support level 1421.40.<\/p>\n

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

31 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 remain steady following encouraging data. Dollar index continue to strengthen against other currencies as positive data on Tuesday encouraging further on greenback buyers. According to the Conference Board, the level of confidence in consumers towards the U.S economy have rose 135.7, higher than economist expectation with […]<\/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\/71227"}],"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=71227"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/71227\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=71227"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=71227"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=71227"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}