{"id":72416,"date":"2019-08-07T00:47:02","date_gmt":"2019-08-07T00:47:02","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=72416"},"modified":"2019-08-07T00:47:02","modified_gmt":"2019-08-07T00:47:02","slug":"070819-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/070819-morning-session-analysis\/","title":{"rendered":"070819 Morning Session Analysis"},"content":{"rendered":"

7 August 2019\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Morning Session Analysis<\/p>\n

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Greenback alleviated, eyes on future data.<\/strong><\/span><\/p>\n

US dollar managed to pare its losses on yesterday after China took steps to limit recent weakness in Chinese yuan while reassuring investors that it would not weaponize its currency for trade dispute in between US and China. Greenback extended its recovery from prior low level following diminishing demand for safe-haven such as Japanese yen and Swiss Franc after People\u2019s Bank of China (PBOC) set the daily currency limit for Chinese yuan at a stronger than expected rate. The move came after yuan slipped past 7RMB per dollar which Washington officially labelled China as a \u201ccurrency manipulator\u201d. However, overall gains on the US dollar were limited following weaker-than-expected employment data from yesterday night. According to JOLTs, Job Openings for the month of June came in at only 7.348 million, slightly lower than economists\u2019 forecast of 7.450 million. For the time being, investors will continue to scrutinize economic releases from the US in order to gauge the sentiment for next rate cut from the Federal Reserve. On the other hand, pound sterling remained pressured amid rising fears upon UK whom may leave the European Union without any substantial trade deal on 31st<\/sup> October 2019. Senior EU and UK diplomats reportedly left Brussels with the impression that a \u201cNo-Deal Brexit\u201d is the center of scenario after EU counterpart rejected to renegotiate Brexit deal. As of writing, the dollar index was quoted up 0.06% to 97.33 while pair of GBP\/USD ticked down 0.01% to 1.2164.<\/p>\n

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In the commodities market, crude oil price depreciates by 0.17% to $53.31 per barrel. Oil futures were dumped as US-China trade tension continue to rise which may threaten global economic growth and its demand towards crude oil in the future. On the other hand, gold price slumped by 0.09% to $1.473.19 a troy ounce due to a rebound in the US 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

10:00\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 NZD\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 RBNZ Rate 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 NZD\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 RBNZ Press Conference<\/p>\n

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Today\u2019s Highlight Economic Data<\/u><\/p>\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
10:00<\/td>\nNZD \u2013 RBNZ Interest Rate Decision<\/td>\n1.50%<\/td>\n1.25%<\/td>\n–<\/td>\n<\/tr>\n
22:00<\/td>\nCAD \u2013 Ivey PMI (Jul)<\/td>\n52.4<\/td>\n53.0<\/td>\n–<\/td>\n<\/tr>\n
22:30<\/td>\nCrudeOIL \u2013 Crude Oil Inventories<\/td>\n-8.496M<\/td>\n-2.845M<\/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 following prior retrace from its higher levels. MACD which illustrate increasing downward momentum suggests its price to be traded lower, towards the direction of 96.95.<\/p>\n

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Resistance level: 97.80, 99.00<\/p>\n

Support level: 96.95, 96.00<\/p>\n

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GBPUSD, H1: <\/strong>GBPUSD was traded higher following prior rebound from its lower level. MACD which begins to form a bullish signal suggests the pair to be traded higher in short-term, towards the direction of 1.2190.<\/p>\n

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Resistance level: 1.2190, 1.2220<\/p>\n

Support level: 1.2135, 1.2090<\/p>\n

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EURUSD, H1: <\/strong>EURUSD was traded higher following prior rebound from the upward trendline. MACD which begins to form a bullish signal suggests the pair to be traded higher, towards the direction of 1.1220.<\/p>\n

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Resistance level: 1.1220, 1.1265<\/p>\n

Support level: 1.1170, 1.1115<\/p>\n

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USDJPY, H4: <\/strong>USDJPY was traded lower following prior retrace from the resistance of 104.50. MACD which illustrate diminished upward momentum suggests the pair to be traded lower, towards the direction of 105.60.<\/p>\n

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Resistance level: 106.50, 107.25<\/p>\n

Support level: 105.60, 104.85<\/p>\n

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AUDUSD, H4: <\/strong>AUDUSD was traded lower while currently testing near 0.6760. MACD which illustrate increasing upward momentum suggests the pair to be traded higher in short-term as technical correction.<\/p>\n

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Resistance level: 0.6830, 0.6925<\/p>\n

Support level: 0.6760, 0.6675<\/p>\n

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NZDUSD, H4: <\/strong>NZDUSD was traded higher following a rebound near 0.6520. MACD which illustrate increasing upward momentum suggests the pair to be traded higher in short-term as technical correction.<\/p>\n

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

Support level: 0.6520, 0.6480<\/p>\n

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USDCAD, H4: <\/strong>USDCAD was traded higher while currently testing at the top level of the channel. MACD which illustrate bullish signal suggests the pair to extend its gains after a successful breakout from the top.<\/p>\n

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Resistance level: 1.3290, 1.3315<\/p>\n

Support level: 1.3255, 1.3220<\/p>\n

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USDCHF, H1: <\/strong>USDCHF was traded lower while currently testing at the support of 0.9745. MACD which begins to form a bearish signal suggests the pair to extend its losses after closing below 0.9745.<\/p>\n

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Resistance level: 0.9820, 0.9890<\/p>\n

Support level: 0.9745, 0.9700<\/p>\n

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CrudeOIL, H4: <\/strong>Crude oil price extended its losses after closing below the support of 53.75. MACD which illustrate bearish signal suggests its price to advance further down, towards the direction of 52.70.<\/p>\n

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Resistance level: 53.75, 55.00<\/p>\n

Support level: 52.70, 50.60<\/p>\n

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GOLD_, H1: <\/strong>Gold price was traded higher following prior closure above 1471.50. MACD which illustrate bullish signal suggests its price to extend its gains, towards the direction of 1483.50.<\/p>\n

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Resistance level: 1483.50, 1500.00<\/p>\n

Support level: 1471.50, 1456.50<\/p>\n","protected":false},"excerpt":{"rendered":"

7 August 2019\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Morning Session Analysis     Greenback alleviated, eyes on future data. US dollar managed to pare its losses on yesterday after China took steps to limit recent weakness in Chinese yuan while reassuring investors that it would not weaponize its currency for trade […]<\/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\/72416"}],"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=72416"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/72416\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=72416"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=72416"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=72416"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}