{"id":73160,"date":"2019-08-12T02:08:31","date_gmt":"2019-08-12T02:08:31","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=73160"},"modified":"2019-08-12T02:08:31","modified_gmt":"2019-08-12T02:08:31","slug":"120819-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/120819-morning-session-analysis\/","title":{"rendered":"120819 Morning Session Analysis"},"content":{"rendered":"

12 August 2019\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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PPI failed to provide support for dollar.<\/strong><\/span><\/p>\n

Last Friday, dollar failed to extend its gains after US release of its Producer Price Index (PPI) data. According to the US Bureau of Labor Statistics, its PPI data came in as expected at 0.2%, however acting as Fed\u2019s crucial inflationary data measurement, the reading was unable to lower expectations of further rate cut by the Federal Reserve throughout this year. Investors reacted by further selling the dollar and enter into safe-haven gold market while they wait for further signal from this week\u2019s Consumer Price Index (CPI) data to further gauge the inflationary status of US. With ongoing global trade tensions as well as dampening economic growth, Fed\u2019s current interest rate level provide sufficient space for further rate cuts to support its economy. In addition to that, Fed\u2019s recent comment on its monetary policy suggest that they are still open to further loosening depending on current economic conditions. In other news, Canada dollar was able to hold its ground against the dollar despite a poor employment data. Last Friday, Canada released its Employment Change data with a reading of -24.2K, missing economists\u2019 expectation by a long shot at 12.5K while causing investors to sell the Loonie. However, the single currency managed to pared its losses due to the support from increasing crude oil price. As of writing, dollar index inched higher by 0.01% to 97.29 while pair of USD\/CAD rose by 0.03% to 1.3225.<\/p>\n

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In the commodities market, crude oil price fell 0.24% to $54.10 per barrel after surging more than 3% last Friday. Although ongoing production cut from OPEC+ continues to provide support for oil prices, however overall sentiment for crude oil market remains cloudy as trade tensions between US and China continues to dampen global growth and spiraling uncertainties towards oil demand. Besides that, gold price inched higher by 0.01% to $1496.50 a troy ounce following ongoing uncertainties in the market.<\/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

All Day\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\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Mountain Day<\/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 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

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

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DOLLAR_INDX, H4: <\/strong>Dollar index was traded higher following prior rebound from the channel\u2019s bottom level at 97.10. Due to lack of clear signal from MACD, it is suggested to wait until further signal appear before entering the market.<\/p>\n

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Resistance level: 97.50, 98.00
\nSupport level: 97.10, 96.80<\/p>\n

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GBPUSD, H4: <\/strong>GBPUSD was traded lower following prior breakout below the previous support level at 1.2090. MACD which display bearish bias momentum suggest the pair to extend its losses toward the support level at 1.1990.<\/p>\n

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Resistance level: 1.2090, 1.2155
\nSupport level: 1.1990, 1.1880<\/p>\n

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EURUSD, H4: <\/strong>EURUSD was traded higher following prior rebound from the 20 moving average line (Red). MACD which illustrate diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 1.1240.<\/p>\n

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Resistance level: 1.1240, 1.1280<\/p>\n

Support level: 1.1185, 1.1155<\/p>\n

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USDJPY, H4: <\/strong>USDJPY was traded lower while currently testing near the support level at 105.25.\u00a0 MACD which illustrate diminishing bullish momentum and the formation of death cross signal suggest the pair to extend its losses after successfully breakout below the support level at 105.25.<\/p>\n

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Resistance level: 105.60, 106.05
\nSupport level: 105.25, 104.65<\/p>\n

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AUDUSD, H4: <\/strong>AUDUSD was traded lower following prior breakout below the 20 moving average line (Red). MACD which illustrate diminishing bullish momentum suggest the pair to extend its losses toward the support level at 0.6765.<\/p>\n

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Resistance level: 0.6825, 0.6865
\nSupport level: 0.6765, 0.6695<\/p>\n

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NZDUSD, H4: <\/strong>NZDUSD was traded lower while currently testing the support level at 0.6435. MACD which display diminishing bullish momentum suggest the pair to extend its losses after successfully breakout below the support level at 0.6435.<\/p>\n

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Resistance level: 0.6490, 0.6555
\nSupport level: 0.6435, 0.6395<\/p>\n

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USDCAD, H4: <\/strong>USDCAD was traded higher while currently testing the resistance level at 1.3220. MACD which display diminishing bearish momentum suggest the pair to extend its gains after successfully breakout above the resistance level at 1.3220.<\/p>\n

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Resistance level: 1.3220, 1.3275
\nSupport level: 1.3185, 1.3140<\/p>\n

 <\/p>\n

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USDCHF, H1: <\/strong>USDCHF was traded lower following prior retracement from the 20 moving average line (Red). Due to lack of clear signal from MACD, it is suggested to wait until further signal appear before entering the market.<\/p>\n

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Resistance level: 0.9755, 0.9790
\nSupport level: 0.9705, 0.9645<\/p>\n

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CrudeOIL, H1: <\/strong>Crude oil price was traded lower following prior retracement from the resistance level at 54.65. MACD which illustrate diminishing bullish momentum and the formation of death cross suggest the commodity to extend its losses toward the support level at 53.10.<\/p>\n

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Resistance level: 54.65, 55.90
\nSupport level: 53.10, 51.15<\/p>\n

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\"\"<\/p>\n

GOLD_, H4: <\/strong>Gold price was traded lower following prior retracement from the resistance level at 1507.10. MACD which illustrate bearish momentum suggest the commodity to extend its losses toward the support level at 1490.00<\/p>\n

 <\/p>\n

Resistance level: 1507.10, 1530.00
\nSupport level: 1490.00, 1480.00<\/p>\n","protected":false},"excerpt":{"rendered":"

12 August 2019\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Morning Session Analysis     PPI failed to provide support for dollar. Last Friday, dollar failed to extend its gains after US release of its Producer Price Index (PPI) data. According to the US Bureau of Labor Statistics, its PPI data came in as expected at 0.2%, however acting as Fed\u2019s crucial […]<\/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\/73160"}],"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=73160"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/73160\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=73160"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=73160"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=73160"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}